Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund

March 31, 2026

(Unaudited)

 

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

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 144.7% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 35.3%

 

 

 

 

Aligned Data Centers International LP
7.223% due 12/18/2029 «~

$

8,100

$

8,153

Altice France SA

 

 

 

 

6.391% (EUR003M + 4.375%) due 10/30/2028 ~

EUR

2,273

 

2,616

7.797% (TSFR3M + 4.125%) due 04/30/2028 ~

$

1,115

 

1,111

8.735% (TSFR3M + 5.063%) due 10/30/2028 ~

 

5,266

 

5,251

8.891% (EUR003M + 6.875%) due 05/30/2031 ~

EUR

75

 

87

9.047% (TSFR3M + 5.375%) due 05/14/2029 ~

$

4,879

 

4,858

10.547% (TSFR3M + 6.875%) due 05/31/2031 ~

 

8,406

 

8,439

Aston XLN Topco Ltd.
9.846% due 07/30/2032 «~

GBP

3,230

 

4,143

Bausch Health Cos., Inc.
9.918% (TSFR1M + 6.250%) due 10/08/2030 ~

$

5,257

 

5,087

Central Parent, Inc.
6.950% (TSFR3M + 3.250%) due 07/06/2029 ~

 

19,540

 

13,997

Cerba Healthcare SAS

 

 

 

 

5.839% (EUR006M + 3.700%) due 06/30/2028 ~

EUR

10,900

 

9,316

6.089% (EUR006M + 3.950%) due 02/16/2029 ~

 

8,300

 

7,085

Clover Holdings 2 LLC
TBD% - 3.500% due 12/10/2029 ~µ

$

1,808

 

1,666

Comexposium

 

 

 

 

TBD% (EUR012M + 0.000%) due 03/28/2031 «~

EUR

21,515

 

30,339

TBD% (EUR012M + 0.000%) due 07/10/2031 «~

 

17,436

 

24,587

Coreweave Compute Acquisition Co. IV LLC
9.669% - 9.700% (TSFR3M + 6.000%) due 05/16/2029 «~

$

12,751

 

13,141

Databricks, Inc.

 

 

 

 

1.000% due 01/05/2032 ~µ

 

852

 

847

8.171% (TSFR1M + 4.500%) due 01/05/2032 ~

 

3,848

 

3,829

Dun & Bradstreet Corp.

 

 

 

 

0.500% - 5.500% due 08/26/2032 «~µ

 

382

 

382

0.500% - 5.500% (TSFR1M + 5.500%) due 08/26/2032 «~

 

3,809

 

3,734

Envalior Finance GmbH
7.526% (EUR003M + 5.500%) due 03/29/2030 ~

EUR

5,200

 

5,406

Envision Healthcare Corp.
11.641% (TSFR3M + 7.875%) due 11/03/2028 «~

$

32,617

 

33,596

Espai Barca Fondo De Titulizacion (6.500% PIK)
6.500% (EUR006M + 0.000%) due 06/30/2028 «~(c)

EUR

7,243

 

9,170

Finastra USA, Inc.

 

 

 

 

7.671% (TSFR3M + 4.000%) due 09/15/2032 ~

$

14,100

 

13,275

10.674% (TSFR3M + 7.000%) due 09/15/2033 ~

 

900

 

778

Forward Air Corp.
8.167% (TSFR3M + 4.500%) due 12/19/2030 ~

 

7,877

 

7,688

Galaxy U.S. Opco, Inc.
12.667% (TSFR3M + 5.250%) due 07/31/2030 ~

 

14,719

 

12,774

Gateway Casinos & Entertainment Ltd.
9.936% (TSFR3M + 6.250%) due 12/18/2030 ~

 

33,997

 

34,082

Gray Television, Inc.
8.918% (TSFR1M + 5.250%) due 06/04/2029 ~

 

56

 

56

Guardian

 

 

 

 

1.000% due 08/29/2032 «~µ

 

700

 

700

9.167% (TSFR3M + 5.500%) due 08/29/2032 «~

 

5,100

 

5,054

Harp Finco Ltd.
8.727% due 03/27/2032 «~

GBP

5,325

 

7,099

Houghton Mifflin Harcourt Publishing Co.
9.018% (TSFR1M + 5.250%) due 04/09/2029 ~

$

199

 

170

iHeartCommunications, Inc.
9.557% (TSFR1M + 5.775%) due 05/01/2029 ~

 

6,412

 

5,640

Ineos U.S. Finance LLC
6.918% (TSFR1M + 3.250%) due 02/18/2030 ~

 

10,457

 

9,169

Ivanti Software, Inc.

 

 

 

 

8.411% (TSFR3M + 4.750%) due 06/01/2029 ~

 

11,273

 

7,650

9.411% (TSFR3M + 5.750%) due 06/01/2029 ~µ

 

1,503

 

1,505

J&J Ventures Gaming LLC
8.782% (TSFR1M + 5.000%) due 04/26/2028 «~

 

2,551

 

2,551

McAfee LLC
6.668% (TSFR1M + 3.000%) due 03/01/2029 ~

 

1,094

 

981

MPH Acquisition Holdings LLC

 

 

 

 

7.417% (TSFR3M + 3.750%) due 12/31/2030 ~

 

283

 

283

8.528% (TSFR3M + 4.600%) due 12/31/2030 ~

 

5,127

 

4,565

Newfold Digital Holdings Group, Inc.

 

 

 

 

7.269% - 9.442% (TSFR1M + 3.500%) due 04/30/2029 ~

 

8,353

 

5,806

7.269% - 9.442% (TSFR3M + 5.750%) due 04/30/2029 «~

 

804

 

611

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

Nscale AS
TBD% - 8.700% (TSFR3M + 5.000%) due 08/11/2032 «~µ

 

4,800

 

4,800

Obol France 3 SAS
7.103% (EUR006M + 5.000%) due 12/31/2028 ~

EUR

5,627

 

6,451

OCS Group Holdings Ltd.
8.980% - 9.719% due 11/28/2031 ~

GBP

2,400

 

3,166

Paradigm Parent LLC
8.200% (TSFR3M + 4.500%) due 04/16/2032 ~

$

3,582

 

2,973

Peraton Corp.

 

 

 

 

7.517% (TSFR3M + 3.750%) due 02/01/2028 ~

 

42,782

 

36,614

11.523% (TSFR3M + 7.750%) due 02/01/2029 ~

 

1,229

 

891

Polaris Newco LLC

 

 

 

 

6.026% (EUR003M + 4.000%) due 06/02/2028 ~

EUR

1,948

 

1,918

7.928% (TSFR3M + 4.000%) due 06/02/2028 ~

$

31,624

 

27,918

Poseidon Bidco SASU
7.504% (EUR006M + 5.000%) due 03/13/2030 ~

EUR

12,700

 

4,404

Project Quasar Pledgco SLU
5.190% (EUR001M + 3.250%) due 04/15/2026 «~

 

5,118

 

5,878

Promotora de Informaciones SA
7.499% (EUR003M + 5.470%) due 12/31/2029 «~

 

39,500

 

44,629

Puris LLC
9.420% - 9.451% (TSFR3M + 5.750%) due 06/30/2031 «~

$

4,161

 

4,021

Republic of Kenya Government International Bonds
9.186% (JY0003M + 5.400%) due 04/05/2028 «~

 

4,167

 

4,129

SCUR-Alpha 1503 GmbH
9.167% (TSFR3M + 5.500%) due 03/29/2030 ~

 

16,022

 

14,099

Softbank Vision Fund II
7.350% (TSFR3M + 3.650%) due 04/25/2029 «~

 

6,389

 

6,496

Spruce Bidco II, Inc.

 

 

 

 

0.500% - 8.371% (TSFR6M + 4.750%) due 01/30/2032 «~µ

 

596

 

595

0.500% - 8.371% (JY0003M + 5.000%) due 01/30/2032 «~

JPY

50,917

 

318

0.500% - 8.371% (CDOR06 + 4.750%) due 01/30/2032 «~

CAD

475

 

339

0.500% - 8.371% (TSFR6M + 4.750%) due 01/30/2032 «~

$

2,624

 

2,602

Steenbok Lux Finco 2 SARL
1TBD% due 12/31/2028 ~

EUR

64,615

 

20,323

Stepstone Group Midco 2 GmbH

 

 

 

 

6.599% (EUR006M + 4.500%) due 04/26/2032 ~

 

18,600

 

18,885

8.199% (TSFR6M + 4.500%) due 12/19/2031 ~

$

4,970

 

4,373

Strategic Gaming Commitment
10.672% (TSFR3M + 7.000%) due 10/15/2030 «~

 

5,500

 

5,610

Subcalidora 2
7.877% (EUR003M + 5.750%) due 08/14/2029 «~

EUR

14,400

 

16,269

Transnet SOC Ltd.
10.658% due 03/02/2028 «~

ZAR

59,751

 

3,485

U.S. Renal Care, Inc.

 

 

 

 

1.500% - 9.675% (TSFR1M + 6.000%) due 09/25/2030 «~

$

17,019

 

17,339

8.782% (TSFR1M + 5.000%) due 06/28/2028 ~

 

40,867

 

38,598

Unicorn Bay
13.000% due 12/31/2026 «~

HKD

78,785

 

10,173

Upfield BV
TBD% due 10/31/2030

GBP

16,900

 

21,418

Total Loan Participations and Assignments (Cost $688,674)

 

 

 

645,991

CORPORATE BONDS & NOTES 29.9%

 

 

 

 

BANKING & FINANCE 6.2%

 

 

 

 

123 Lights Re Ltd.
14.510% (FHMMUSTF + 11.000%) due 09/14/2031 ~

$

350

 

361

Alamo Re Ltd.

 

 

 

 

11.944% (FHMMUSTF + 8.434%) due 06/07/2027 ~(k)

 

550

 

570

15.390% (FHMMUSTF + 11.880%) due 06/08/2026 ~

 

250

 

255

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

 

3,100

 

2,834

Armor RE II Ltd.

 

 

 

 

12.060% (BRMMUSDF + 8.500%) due 01/07/2032 ~

 

250

 

265

13.760% (BRMMUSDF + 10.200%) due 05/07/2031 ~

 

250

 

263

Blue Ridge Re Ltd.
7.010% (FHMMUSTF + 3.500%) due 01/08/2029 ~

 

250

 

251

Bonanza RE Ltd.
3.659% (MSMMUSTF + 0.000%) due 01/08/2027 ~

 

400

 

339

Cape Lookout Re Ltd.

 

 

 

 

8.760% (FHMMUSTF + 5.250%) due 03/21/2033 ~

 

350

 

350

9.510% (FHMMUSTF + 6.000%) due 03/21/2033 ~

 

350

 

350

12.239% (GSMMUSTF + 8.702%) due 04/05/2027 ~(k)

 

1,800

 

1,828

Citrus Re Ltd.

 

 

 

 

8.922% (T-BILL 3MO + 5.250%) due 06/07/2033 ~

 

250

 

250

9.910% (T-BILL 3MO + 6.250%) due 06/07/2033 ~

 

250

 

250

Corestate Capital Holding SA (10.000% Cash or 11.000% PIK)
10.000% due 12/31/2026 (c)

EUR

223

 

238

Credit Suisse AG AT1 Claim

$

800

 

280

East Lane Re VII Ltd.
12.160% (BRMMUSDF + 8.500%) due 03/31/2032 ~

 

450

 

451

Everglades Re II Ltd.

 

 

 

 

14.041% (GSMMUSTI + 10.500%) due 05/13/2027 ~

 

500

 

507

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

15.041% (GSMMUSTI + 11.500%) due 05/13/2031 ~

 

500

 

508

16.291% (GSMMUSTI + 12.750%) due 05/13/2027 ~

 

500

 

509

Fairfax India Holdings Corp.
5.000% due 02/26/2028 (k)

 

18,350

 

17,518

Gateway Re Ltd.
5.560% (BRMMUSDF + 2.000%) due 07/06/2029 ~

 

2,050

 

2,050

Golden Bear Re Ltd.

 

 

 

 

13.162% (T-BILL 1MO + 9.500%) due 03/08/2032 ~

 

500

 

500

13.412% (JMMMUSTF + 9.750%) due 01/08/2029 ~

 

1,080

 

1,100

Greengrove RE Ltd.
11.290% (BNMMDTSC + 7.750%) due 04/08/2032 ~

 

300

 

311

Herbie Re Ltd.
7.780% (MSMMUSTF + 4.250%) due 01/07/2030 ~

 

250

 

250

Hestia Re Ltd.

 

 

 

 

3.640% (BNMMDTSC + 0.100%) due 04/22/2029 ~

 

67

 

37

10.290% (BNMMDTSC + 6.750%) due 03/13/2032 ~

 

250

 

254

11.790% (BNMMDTSC + 8.250%) due 03/13/2032 ~

 

250

 

255

Integrity RE III Ltd.

 

 

 

 

15.760% (FHMMUSTF + 12.250%) due 06/06/2028 ~

 

400

 

416

29.010% (FHMMUSTF + 25.500%) due 06/06/2027 ~

 

300

 

330

Integrity Re Ltd.

 

 

 

 

20.744% (FHMMUSTF + 17.234%) due 06/08/2026 ~(k)

 

900

 

926

26.306% (FHMMUSTF + 22.796%) due 06/08/2026 ~

 

900

 

935

ION Platform Finance SARL

 

 

 

 

6.500% due 09/30/2030 (k)

EUR

6,500

 

6,276

6.875% due 09/30/2032 (k)

 

4,700

 

4,343

7.875% due 05/01/2029 (k)

 

13,990

 

15,091

ION Platform Finance U.S., Inc.
7.875% due 09/30/2032 (k)

$

500

 

388

ION Platform Finance U.S., Inc./ION Platform Finance SARL

 

 

 

 

5.000% due 05/01/2028 (k)

 

1,300

 

1,216

8.750% due 05/01/2029 (k)

 

3,500

 

3,259

9.000% due 08/01/2029 (k)

 

5,100

 

4,734

9.500% due 05/30/2029 (k)

 

2,700

 

2,545

Locke Tavern Re Ltd.

 

 

 

 

4.060% (JMMMUSTF + 3.250%) due 04/11/2033 ~

 

300

 

300

4.060% (JMMMUSTF + 4.250%) due 04/11/2033 ~

 

300

 

300

Longleaf Pine Re Ltd.
21.473% (GSMMUSTI + 17.932%) due 05/27/2031 ~

 

280

 

296

Luca RE Ltd.
10.810% (JMMMUSTF + 7.250%) due 07/22/2031 ~(k)

 

700

 

721

Nature Coast Re Ltd.

 

 

 

 

11.661% (T-BILL 3MO + 8.000%) due 02/26/2030 ~

 

400

 

399

13.291% (GSMMUSTI + 9.750%) due 04/10/2033 ~

 

250

 

259

Palm RE Ltd.
11.290% (BNMMDTSC + 7.750%) due 06/07/2032 ~

 

300

 

309

Polestar Re Ltd.

 

 

 

 

14.150% (BRMMUSDF + 10.590%) due 01/07/2028 ~

 

600

 

629

16.810% (BRMMUSDF + 13.250%) due 01/07/2027 ~

 

1,800

 

1,861

Purple Re Ltd.

 

 

 

 

6.060% (JMMMUSTF + 2.500%) due 06/07/2033 ~

 

350

 

350

12.686% (JMMMUSTF + 9.126%) due 06/07/2027 ~

 

300

 

309

Quercus II Re DAC
13.079% (EUR003M + 11.000%) due 01/07/2028 ~

EUR

350

 

404

Quercus Re DAC
10.020% (EUR003M + 8.000%) due 07/08/2027 ~

 

250

 

299

Sanders Re III Ltd.
15.880% (BRMMUSDF + 12.320%) due 04/09/2029 ~

$

4,164

 

2,707

Thames Ssnm Unfunded Comm
9.750% due 10/10/2027

GBP

105

 

133

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

EUR

20,125

 

3,780

Torrey Pines Re Ltd.

 

 

 

 

9.596% (JMMMUSTF + 6.036%) due 06/07/2027 ~(k)

$

400

 

414

10.666% (JMMMUSTF + 7.106%) due 06/07/2027 ~

 

300

 

311

12.938% (BRMMUSDF + 9.378%) due 06/05/2026 ~

 

300

 

303

Tremont Re Ltd.
7.661% (T-BILL 1MO + 4.000%) due 03/22/2033 ~

 

250

 

250

Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC
6.000% due 01/15/2030 (k)

 

20,302

 

19,117

Ursa Re II Ltd.
11.411% (MSMMUSTF + 7.750%) due 06/07/2028 ~

 

500

 

505

Ursa Re Ltd.

 

 

 

 

11.041% (GSMMUSTI + 7.500%) due 02/22/2028 ~(k)

 

900

 

920

12.810% (JMMMUSTF + 9.250%) due 12/07/2028 ~(k)

 

2,000

 

2,057

Veraison Re Ltd.
7.691% (GSMMUSTI + 4.150%) due 03/08/2034 ~

 

250

 

250

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(d)

 

21,907

 

0

Windrose Re Ltd.
8.790% (HSMMUSTF + 5.250%) due 02/11/2033 ~

 

250

 

249

Winston RE Ltd.

 

 

 

 

13.750% (BNMMDTSC + 10.210%) due 02/26/2031 ~

 

250

 

260

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

15.230% (BNMMDTSC + 11.690%) due 02/26/2031 ~

 

1,400

 

1,461

 

 

 

 

112,546

INDUSTRIALS 20.8%

 

 

 

 

Altice France Lux 3/Altice Holdings 1
10.000% due 01/15/2033 (k)

 

8,115

 

7,384

Altice France SA
9.500% due 11/01/2029 (k)

 

3,329

 

3,366

ams-OSRAM AG

 

 

 

 

10.500% due 03/30/2029 (k)

EUR

12,100

 

14,697

12.250% due 03/30/2029 (k)

$

5,550

 

5,908

APLD ComputeCo 2 LLC
6.750% due 03/15/2031 (k)

 

1,100

 

1,093

Aston Martin Capital Holdings Ltd.

 

 

 

 

10.000% due 03/31/2029 (k)

 

9,600

 

7,232

10.375% due 03/31/2029 (k)

GBP

3,924

 

4,017

Beignet Investor LLC
6.581% due 05/30/2049 (k)

$

5,190

 

5,340

Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.
8.000% due 06/15/2029 (k)

 

7,470

 

5,560

Central Parent, Inc./CDK Global, Inc.
7.250% due 06/15/2029 (k)

 

7,900

 

5,694

Cheplapharm Arzneimittel GmbH
7.500% due 05/15/2030 (k)

EUR

1,100

 

1,284

Cogent Communications Group LLC/Cogent Finance, Inc.
7.000% due 06/15/2027 (k)

$

1,740

 

1,720

CoreWeave, Inc.
9.000% due 02/01/2031 (k)

 

2,600

 

2,477

Directv Financing LLC
8.875% due 02/01/2030 (k)

 

300

 

300

DISH DBS Corp.

 

 

 

 

5.250% due 12/01/2026 (k)

 

30,500

 

30,256

5.750% due 12/01/2028 (k)

 

13,400

 

12,968

7.750% due 07/01/2026 (k)

 

14,600

 

14,568

Ecopetrol SA

 

 

 

 

4.625% due 11/02/2031 (k)

 

1,400

 

1,245

7.750% due 02/01/2032 (k)

 

31,500

 

31,837

Flora Food Management BV
7.500% due 10/31/2030

EUR

1,400

 

1,604

GSG Bidco Ltd.
6.375% due 06/15/2051

 

2,600

 

2,985

Incora Intermediate II LLC (0.500% PIK)
0.500% due 01/31/2030 «(c)

$

31,029

 

31,029

Incora Top Holdco LLC
6.000% due 01/30/2033 «(j)

 

21,568

 

32,666

JetBlue Airways Corp./JetBlue Loyalty LP
9.875% due 09/20/2031 (k)

 

3,624

 

3,430

Motion Finco SARL
7.375% due 06/15/2030 (k)

EUR

3,600

 

3,612

MPH Acquisition Holdings LLC
5.750% due 12/31/2030 (k)

$

17,000

 

13,024

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

 

8,983

 

8,129

National Mentor Holdings, Inc.
10.500% due 12/15/2030 (k)

 

2,900

 

2,996

Newfold Digital Holdings Group, Inc.
7.269% due 04/30/2029

 

10,077

 

4,310

Nissan Motor Co. Ltd.
7.500% due 07/17/2030 (k)

 

900

 

908

Ocado Group PLC

 

 

 

 

10.500% due 08/08/2029 (k)

GBP

11,900

 

15,576

11.000% due 06/15/2030 (k)

 

7,300

 

9,650

Petroleos de Venezuela SA

 

 

 

 

5.375% due 04/12/2027 ^(d)

$

200

 

67

6.000% due 11/15/2026 ^(d)

 

8,900

 

3,062

9.750% due 05/17/2035 ^(d)

 

4,200

 

1,755

Petroleos Mexicanos
6.700% due 02/16/2032 (k)

 

4,206

 

4,120

ProFrac Holdings II LLC
10.932% (TSFR3M + 7.250%) due 01/23/2029 ~(k)

 

5,363

 

5,350

Sonangol Finance Ltd.
10.000% due 01/29/2031

 

5,700

 

5,684

Thames Water Super Senior Issuer PLC
9.750% due 10/10/2027

GBP

452

 

653

Times Square Hotel Trust
8.528% due 08/01/2026

$

59

 

59

Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC

 

 

 

 

8.250% due 05/15/2030 (k)

EUR

12,200

 

12,223

9.500% due 05/15/2030 (k)

$

3,117

 

2,756

Turkish Airlines Pass-Through Trust
4.200% due 09/15/2028 (k)

 

71

 

71

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

 

7,141

 

5,962

Ubisoft Entertainment SA
0.878% due 11/24/2027 (k)

EUR

7,700

 

7,190

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

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

BRL

340,000

 

28,763

Venture Global LNG, Inc.
9.500% due 02/01/2029 (k)

$

3,282

 

3,550

Viridien

 

 

 

 

8.500% due 10/15/2030 (k)

EUR

4,702

 

5,720

10.000% due 10/15/2030 (k)

$

3,642

 

3,879

VZ Secured Financing BV
7.500% due 01/15/2033 (k)

 

3,200

 

3,019

 

 

 

 

380,748

UTILITIES 2.9%

 

 

 

 

Altice Holdings 1 SARL
0.010% due 12/31/2099 «

EUR

38

 

522

Gazprom PJSC via Gaz Finance PLC
3.000% due 06/29/2027

$

200

 

173

NGD Holdings BV
6.750% due 12/31/2026 (k)

 

720

 

672

OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK)
10.000% due 06/30/2027 ^(c)(d)(k)

 

33,262

 

16,132

OI SA (8.500% PIK)
8.500% due 12/31/2028 ^(c)(d)

 

69,007

 

733

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

 

11,086

 

10,768

Petersen Claim Units
0.000% due 12/31/2099 «(j)

 

121

 

543

Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC
6.500% due 02/15/2029 (k)

 

24,704

 

24,015

 

 

 

 

53,558

Total Corporate Bonds & Notes (Cost $652,791)

 

 

 

546,852

CONVERTIBLE BONDS & NOTES 0.4%

 

 

 

 

BANKING & FINANCE 0.1%

 

 

 

 

Corestate Capital Holding SA (8.000% Cash or 9.000% PIK)
8.000% due 12/31/2028 (c)

EUR

1,859

 

1,117

INDUSTRIALS 0.3%

 

 

 

 

DISH Network Corp.
3.375% due 08/15/2026

$

3,700

 

3,595

Ubisoft Entertainment SA
2.375% due 11/15/2028

EUR

3,000

 

3,311

 

 

 

 

6,906

Total Convertible Bonds & Notes (Cost $9,240)

 

 

 

8,023

MUNICIPAL BONDS & NOTES 0.1%

 

 

 

 

WEST VIRGINIA 0.1%

 

 

 

 

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)

$

25,000

 

2,323

Total Municipal Bonds & Notes (Cost $4,207)

 

 

 

2,323

U.S. GOVERNMENT AGENCIES 5.9%

 

 

 

 

Federal Home Loan Mortgage Corp. REMICS

 

 

 

 

2.000% due 11/25/2050 - 01/25/2051 (a)(k)

 

16,277

 

1,598

2.213% due 07/15/2042 •(a)(k)

 

1,329

 

128

2.413% due 03/15/2043 •(a)(k)

 

6,184

 

591

2.413% due 11/15/2047 •(a)

 

171

 

25

3.000% due 11/25/2050 - 09/25/2051 (a)(k)

 

36,852

 

5,482

3.500% due 04/25/2041 (a)(k)

 

6,130

 

638

4.000% due 11/25/2048 - 06/25/2051 (a)(k)

 

11,043

 

2,283

4.500% due 12/25/2050 (a)(k)

 

3,504

 

788

Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust

 

 

 

 

2.626% due 06/25/2057 ~(a)

 

5,011

 

984

3.429% due 05/25/2057 ~(k)

 

18,114

 

7,798

4.250% due 09/25/2060 (k)

 

5,706

 

5,586

4.250% due 03/25/2061 ~

 

3,263

 

3,049

12.435% due 09/25/2060 ~

 

4,178

 

3,292

13.072% due 11/25/2060 ~

 

5,393

 

4,192

Federal Home Loan Mortgage Corp. STACR REMICS Trust

 

 

 

 

8.412% due 01/25/2051 •(k)

 

1,700

 

1,902

10.762% due 01/25/2042 •(k)

 

4,800

 

4,982

11.162% due 10/25/2041 •(k)

 

23,500

 

24,175

11.462% due 11/25/2041 •(k)

 

14,300

 

14,789

Federal National Mortgage Association Connecticut Avenue Securities Trust

 

 

 

 

9.162% due 12/25/2041 •(k)

 

8,900

 

9,117

9.662% due 10/25/2041 •(k)

 

7,100

 

7,248

Federal National Mortgage Association Interest STRIPS

 

 

 

 

3.500% due 05/25/2030 (a)

 

1,649

 

59

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

5.000% due 08/25/2043 (a)(k)

 

1,936

 

384

Federal National Mortgage Association REMICS

 

 

 

 

2.500% due 04/25/2049 - 02/25/2050 (a)(k)

 

18,088

 

2,489

3.000% due 12/25/2032 - 01/25/2051 (a)(k)

 

10,052

 

1,580

4.000% due 09/25/2051 (a)(k)

 

19,840

 

4,789

Total U.S. Government Agencies (Cost $110,436)

 

 

 

107,948

U.S. TREASURY OBLIGATIONS 0.1%

 

 

 

 

U.S. Treasury Bonds

 

 

 

 

4.875% due 08/15/2045 (m)(o)

 

935

 

932

U.S. Treasury Notes

 

 

 

 

4.250% due 08/15/2035 (m)(o)

 

1,520

 

1,515

Total U.S. Treasury Obligations (Cost $2,518)

 

 

 

2,447

NON-AGENCY MORTGAGE-BACKED SECURITIES 29.6%

 

 

 

 

280 Park Avenue Mortgage Trust
6.797% due 09/15/2034 •(k)

 

4,750

 

4,619

Adjustable Rate Mortgage Trust

 

 

 

 

4.360% due 02/25/2036 ~(k)

 

5,770

 

3,647

4.360% due 02/25/2036 ~

 

965

 

606

Ashford Hospitality Trust

 

 

 

 

5.245% due 04/15/2035 •(k)

 

4,000

 

3,981

5.945% due 04/15/2035 •(k)

 

2,500

 

2,473

6.945% due 04/15/2035 •(k)

 

8,700

 

8,584

Atrium Hotel Portfolio Trust
7.020% due 12/15/2036 •(k)

 

1,111

 

1,052

Banc of America Funding Trust

 

 

 

 

4.033% due 06/26/2036 •(k)

 

2,624

 

2,262

5.750% due 05/26/2036

 

264

 

147

8.365% due 09/26/2036 ~(k)

 

3,729

 

2,721

BBCCRE Trust

 

 

 

 

3.966% due 08/10/2033 (k)

 

3,000

 

2,805

4.563% due 08/10/2033 ~(k)

 

16,650

 

13,362

BBCMS Mortgage Trust

 

 

 

 

3.688% due 02/15/2053 ~(k)

 

15,650

 

11,655

4.970% due 07/15/2037 •(k)

 

7,000

 

6,815

7.520% due 07/15/2037 •(k)

 

2,100

 

1,551

BCP Trust

 

 

 

 

6.279% due 06/15/2038 •(k)

 

10,000

 

1,384

7.425% due 06/15/2038 •(k)

 

5,000

 

377

Bear Stearns Commercial Mortgage Securities Trust
5.566% due 01/12/2045 ~

 

15

 

14

Beast Mortgage Trust

 

 

 

 

4.837% due 03/15/2036 •(k)

 

4,000

 

3,565

7.237% due 03/15/2036 •(k)

 

5,750

 

931

8.237% due 03/15/2036 •(k)

 

7,125

 

780

Benchmark Mortgage Trust
2.437% due 09/15/2048 (k)

 

4,103

 

3,519

BSREP Commercial Mortgage Trust
4.737% due 08/15/2038 •(k)

 

2,274

 

2,164

BSST Mortgage Trust
4.973% due 02/15/2037 •(k)

 

3,000

 

2,654

BXP Trust
3.552% due 08/13/2037 ~(k)

 

2,963

 

2,478

CHL Mortgage Pass-Through Trust
5.193% due 08/25/2035 •(k)

 

2,135

 

1,631

Citigroup Commercial Mortgage Trust
3.790% due 12/15/2072 ~(k)

 

6,250

 

2,349

Citigroup Mortgage Loan Trust, Inc.
4.515% due 08/25/2036 ~(k)

 

972

 

885

CLNY Trust

 

 

 

 

6.059% due 11/15/2038 •

 

482

 

462

6.755% due 11/15/2038 •(k)

 

10,000

 

9,428

COLT Mortgage Loan Trust
7.899% due 04/25/2068 ~(k)

 

3,288

 

3,285

COMM Mortgage Trust

 

 

 

 

4.920% due 06/15/2034 •(k)

 

3,065

 

2,893

5.120% due 06/15/2034 •(k)

 

5,000

 

4,622

5.370% due 06/15/2034 •

 

500

 

452

6.214% due 06/15/2034 •(k)

 

7,400

 

5,106

8.787% due 12/15/2038 •(k)

 

5,000

 

4,674

Countrywide Alternative Loan Trust
6.250% due 12/25/2036 (k)

 

4,523

 

1,753

CSMC Trust

 

 

 

 

0.000% due 02/25/2067 ~(a)

 

330,438

 

65

0.005% due 02/25/2067 ~(a)

 

330,438

 

129

3.525% due 01/25/2058 ~(k)

 

9,148

 

7,415

3.965% due 01/25/2060 ~(k)

 

8,144

 

6,300

4.000% due 02/25/2067 ~(k)

 

23,825

 

17,429

4.052% due 02/25/2067 ~

 

9,126

 

1,173

6.287% due 10/15/2037 •(k)

 

2,000

 

1,942

6.994% due 07/15/2032 •(k)

 

19,982

 

19,878

Deutsche Mortgage & Asset Receiving Corp.
4.268% due 11/27/2036 •(k)

 

5,847

 

5,927

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

DOLP Trust

 

 

 

 

0.665% due 05/10/2041 ~(a)(k)

 

309,500

 

8,128

3.704% due 05/10/2041 ~(k)

 

32,400

 

24,715

DROP Mortgage Trust
6.537% due 10/15/2043 •(k)

 

5,500

 

5,380

Great Hall Mortgages No. 1 PLC
7.715% due 06/18/2039 •(k)

GBP

1,940

 

2,510

Greenwood Park CLO Ltd.
1.000% due 04/15/2031 «

$

27,000

 

1

GS Mortgage Securities Corp. Trust

 

 

 

 

3.104% due 05/10/2034

 

1,116

 

835

6.520% due 11/15/2032 •(k)

 

10,782

 

10,751

GS Mortgage-Backed Securities Corp. Trust

 

 

 

 

0.000% due 12/25/2060 ~

 

134

 

128

0.000% due 12/25/2060 ~(a)

 

148,832

 

4,717

0.165% due 12/25/2060 ~(a)

 

127,831

 

1,025

3.923% due 12/25/2060 ~(k)

 

34,468

 

23,357

GSR Mortgage Loan Trust
6.250% due 08/25/2036 (k)

 

3,998

 

1,044

JP Morgan Alternative Loan Trust
4.073% due 03/25/2037 •(k)

 

10,242

 

8,926

JP Morgan Chase Commercial Mortgage Securities Trust

 

 

 

 

1.974% due 01/05/2040

 

700

 

650

2.287% due 03/05/2042 (k)

 

7,000

 

6,582

4.248% due 07/05/2033 (k)

 

800

 

766

5.537% due 12/15/2036 •

 

1,700

 

54

6.020% due 02/15/2035 •(k)

 

1,234

 

1,192

6.160% due 07/05/2033 •(k)

 

5,012

 

2,631

6.510% due 07/05/2033 •(k)

 

10,000

 

3,950

6.887% due 03/15/2036 •(k)

 

25,550

 

13,924

7.637% due 03/15/2036 •(k)

 

9,500

 

4,539

8.637% due 03/15/2036 •

 

700

 

181

JP Morgan Resecuritization Trust
6.325% due 12/27/2046 •(k)

 

10,008

 

8,412

Mill City Mortgage Loan Trust

 

 

 

 

0.000% due 04/25/2057 ~

 

124,835

 

3,681

0.000% due 04/25/2057 ~(a)

 

124,835

 

378

0.000% due 11/25/2058 ~(a)

 

97,443

 

230

0.000% due 11/25/2058 ~

 

97,443

 

373

3.823% due 11/25/2058 ~(k)

 

16,205

 

11,339

3.913% due 04/25/2057 ~(k)

 

20,617

 

15,745

Morgan Stanley Capital I Trust

 

 

 

 

6.031% due 12/15/2036 •(k)

 

4,294

 

47

6.170% due 11/15/2034 •(k)

 

5,370

 

5,310

7.120% due 11/15/2034 •(k)

 

3,357

 

3,321

Morgan Stanley Re-REMICS Trust
3.065% due 03/26/2037 þ(k)

 

2,277

 

2,402

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

 

28,715

 

16,774

MSSG Trust

 

 

 

 

3.397% due 09/13/2039 (k)

 

3,000

 

2,869

3.690% due 09/13/2039 (k)

 

8,400

 

7,952

3.740% due 09/13/2039 ~(k)

 

3,000

 

2,763

Myers Park CLO Ltd.
1.000% due 10/20/2030 «

 

13,000

 

2

Natixis Commercial Mortgage Securities Trust
3.858% due 04/10/2037 (k)

 

4,250

 

4,042

New Orleans Hotel Trust
6.409% due 04/15/2032 •(k)

 

11,978

 

11,767

New Residential Mortgage Loan Trust
3.970% due 07/25/2059 ~(k)

 

5,000

 

4,009

Project Cashmere

 

 

 

 

0.000% due 12/30/2057 «(b)

AUD

15,400

 

10,626

7.563% due 12/30/2057 «(b)

 

6,100

 

4,209

8.643% due 12/30/2057 «(b)

 

6,800

 

4,692

RALI Trust
4.213% due 06/25/2037 •(k)

$

618

 

567

Residential Asset Securitization Trust
6.500% due 08/25/2036 (k)

 

5,385

 

1,406

SFO Commercial Mortgage Trust

 

 

 

 

6.687% due 05/15/2038 •(k)

 

18,000

 

17,808

7.437% due 05/15/2038 •(k)

 

8,000

 

7,879

Soho Trust
2.697% due 08/10/2038 ~(k)

 

5,000

 

4,053

Structured Adjustable Rate Mortgage Loan Trust
5.103% due 03/25/2036 ~(k)

 

3,410

 

3,352

Trinity Square PLC

 

 

 

 

0.000% due 07/15/2059 (g)

GBP

10

 

2,154

0.000% due 07/15/2059 (g)(k)

 

7,804

 

9,182

6.744% (SONIO/N + 3.000%) due 07/15/2059 ~(k)

 

4,682

 

6,202

7.494% (SONIO/N + 3.750%) due 07/15/2059 ~(k)

 

4,682

 

6,193

8.744% (SONIO/N + 5.000%) due 07/15/2059 ~(k)

 

6,244

 

9,600

9.244% (SONIO/N + 5.500%) due 07/15/2059 ~(k)

 

4,682

 

6,108

9.744% (SONIO/N + 6.000%) due 07/15/2059 ~(k)

 

1,191

 

1,577

VASA Trust

 

 

 

 

6.937% due 07/15/2039 •(k)

$

10,000

 

9,074

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

7.687% due 07/15/2039 •(k)

 

7,000

 

6,045

Verus Securitization Trust
8.078% due 12/25/2068 ~(k)

 

4,538

 

4,587

WaMu Mortgage Pass-Through Certificates Trust

 

 

 

 

4.669% due 07/25/2047 •(k)

 

1,689

 

1,442

4.843% due 12/25/2045 •(k)

 

11,808

 

10,600

Wells Fargo Mortgage-Backed Securities Trust
6.771% due 10/25/2036 ~

 

149

 

144

Worldwide Plaza Trust
3.526% due 11/10/2036

 

5,100

 

4,077

Total Non-Agency Mortgage-Backed Securities (Cost $669,764)

 

 

 

540,923

ASSET-BACKED SECURITIES 18.3%

 

 

 

 

AUTOMOBILE ABS OTHER 0.5%

 

 

 

 

Carvana Auto Receivables Trust
0.000% due 01/10/2028 «(g)

 

10

 

850

Exeter Automobile Receivables Trust
0.000% due 12/15/2033 (g)

 

12

 

492

Flagship Credit Auto Trust
0.000% due 04/17/2028 «(g)

 

10

 

405

Huntington Bank Auto Credit-Linked Notes

 

 

 

 

7.673% due 10/20/2032 •

 

532

 

531

11.173% due 10/20/2032 •

 

597

 

588

Santander Bank Auto Credit-Linked Notes

 

 

 

 

7.762% due 06/15/2032 (k)

 

904

 

919

10.171% due 06/15/2032 (k)

 

2,096

 

2,153

13.030% due 06/15/2032

 

1,849

 

1,912

 

 

 

 

7,850

AUTOMOBILE SEQUENTIAL 0.4%

 

 

 

 

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

 

7,730

 

7,842

HOME EQUITY OTHER 11.4%

 

 

 

 

Aames Mortgage Investment Trust
6.493% due 01/25/2035 •(k)

 

5,000

 

4,075

ACE Securities Corp. Home Equity Loan Trust
4.168% due 08/25/2036 •(k)

 

25,209

 

21,092

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
5.593% due 07/25/2035 •(k)

 

7,500

 

6,559

Argent Securities, Inc. Asset-Backed Pass-Through Certificates
4.483% due 01/25/2036 •(k)

 

21,502

 

23,489

Asset-Backed Securities Corp. Home Equity Loan Trust
4.023% due 05/25/2037 •(k)

 

7,411

 

5,353

Bear Stearns Asset-Backed Securities I Trust
4.453% due 01/25/2037 •(k)

 

6,307

 

5,878

BNC Mortgage Loan Trust
5.293% due 11/25/2037 •(k)

 

32,783

 

23,505

Countrywide Asset-Backed Certificates Trust
4.168% due 06/25/2037 •(k)

 

5,674

 

5,513

Encore Credit Receivables Trust
5.548% due 10/25/2035 •(k)

 

6,326

 

5,978

Fieldstone Mortgage Investment Trust
6.718% due 08/25/2034 •(k)

 

2,311

 

1,869

First NLC Trust
4.813% due 12/25/2035 •(k)

 

8,181

 

7,391

Fremont Home Loan Trust
4.843% due 01/25/2035 •(k)

 

7,186

 

6,209

GSAMP Trust
4.243% due 08/25/2036 •(k)

 

17,001

 

14,749

MASTR Asset-Backed Securities Trust
4.378% due 01/25/2036 •(k)

 

6,442

 

5,311

Morgan Stanley ABS Capital I, Inc. Trust
4.903% due 07/25/2035 •(k)

 

9,669

 

7,922

Morgan Stanley Home Equity Loan Trust
4.858% due 05/25/2035 •(k)

 

5,341

 

5,291

New Century Home Equity Loan Trust
4.813% due 06/25/2035 •(k)

 

17,591

 

18,465

Saxon Asset Securities Trust
4.273% due 09/25/2036 •(k)

 

11,249

 

9,487

Soundview Home Loan Trust
4.618% due 12/25/2035 •(k)

 

6,312

 

6,072

Structured Asset Investment Loan Trust
4.768% due 07/25/2035 •(k)

 

10,527

 

8,548

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

Structured Asset Securities Corp. Mortgage Loan Trust
4.093% due 04/25/2036 •(k)

 

18,161

 

15,528

 

 

 

 

208,284

WHOLE LOAN COLLATERAL 1.4%

 

 

 

 

First Franklin Mortgage Loan Trust

 

 

 

 

4.103% due 10/25/2036 •(k)

 

5,898

 

4,946

4.723% due 11/25/2035 •(k)

 

8,078

 

7,669

Residential Asset Mortgage Products Trust
5.068% due 02/25/2035 •(k)

 

5,327

 

4,680

Securitized Asset-Backed Receivables LLC Trust
4.293% due 03/25/2036 •(k)

 

1,310

 

832

Specialty Underwriting & Residential Finance Trust
4.093% due 09/25/2037 •(k)

 

20,915

 

7,056

 

 

 

 

25,183

OTHER ABS 4.6%

 

 

 

 

Ayresome CDO I Ltd.
7.120% due 12/08/2045 •(k)

 

25,992

 

6,777

College Avenue Student Loans Trust

 

 

 

 

0.000% due 06/25/2054 «(g)(k)

 

11

 

5,991

8.660% due 06/25/2054 (k)

 

1,971

 

2,082

Duke Funding High Grade III Ltd.

 

 

 

 

0.090% due 08/02/2049 (a)

 

840,370

 

144

5.100% due 08/02/2049 •

 

29,910

 

215

Greenwood Park CLO Ltd.
0.000% due 04/15/2031 ~

 

27,000

 

1,717

KKR CLO 31 Ltd.
0.000% due 04/20/2034 ~(k)

 

10,000

 

2,130

Madison Park Funding XXIII Ltd.
0.000% due 07/27/2047 ~(k)

 

5,600

 

329

Marlette Funding Trust
0.000% due 09/16/2030 «(g)

 

38

 

18

Montauk Point CDO II Ltd.

 

 

 

 

7.060% due 04/06/2046 •(k)

 

327,058

 

9,997

7.170% due 04/06/2046 •

 

4,400

 

0

Montauk Point CDO Ltd.
7.065% due 10/06/2042 •(k)

 

213,556

 

21,593

Myers Park CLO Ltd.
0.000% due 10/20/2030 «~

 

13,000

 

2,231

Reach ABS Trust
7.750% due 08/16/2032 (k)

 

500

 

521

Sierra Madre Funding Ltd.
4.164% due 09/07/2039 •

 

868

 

464

SMB Private Education Loan Trust
0.000% due 02/16/2055 «(g)

 

5

 

4,614

Stream Innovations Issuer Trust
6.270% due 07/15/2044

 

304

 

313

Structured Finance Advisors ABS CDO III Ltd.
6.750% due 07/02/2037 •(k)

 

41,770

 

5,006

Summer Street Ltd.
4.181% due 12/06/2045 •

 

56,060

 

11,542

Upstart Securitization Trust
7.410% due 09/20/2035 (k)

 

8,800

 

8,947

 

 

 

 

84,631

Total Asset-Backed Securities (Cost $430,520)

 

 

 

333,790

SOVEREIGN ISSUES 7.7%

 

 

 

 

Angola Government International Bonds
8.000% due 11/26/2029 (k)

 

1,900

 

1,881

Argentina Republic Government International Bonds
3.500% due 07/09/2041 þ(k)

 

10,733

 

7,202

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

 

3,768

 

3,651

Colombia TES

 

 

 

 

11.000% due 08/22/2029

COP

37,406,000

 

9,431

11.750% due 01/24/2035

 

35,592,000

 

8,825

12.750% due 11/28/2040

 

37,721,000

 

9,998

13.250% due 02/09/2033

 

32,653,000

 

8,755

Congolese International Bonds
9.500% due 02/17/2035 (k)

$

1,100

 

991

Ecuador Government International Bonds

 

 

 

 

0.000% due 07/31/2030 (g)(k)

 

5,580

 

4,677

6.900% due 07/31/2035 þ(k)

 

1,873

 

1,647

8.750% due 01/29/2034 (k)

 

14,900

 

14,662

Egypt Government Bonds

 

 

 

 

19.698% due 10/14/2030

EGP

418,000

 

7,530

21.954% due 03/04/2028

 

877,000

 

15,710

Republic of Kenya Government International Bonds

 

 

 

 

7.875% due 02/26/2034 (k)

$

5,000

 

4,551

8.700% due 02/26/2039 (k)

 

5,000

 

4,538

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

Romania Government International Bonds

 

 

 

 

5.875% due 07/11/2032 (k)

EUR

6,700

 

7,856

6.250% due 09/10/2034

 

6,800

 

7,986

Russia Foreign Bonds - Eurobond

 

 

 

 

5.100% due 03/28/2035 «

$

200

 

0

5.625% due 04/04/2042

 

4,200

 

2,940

Turkiye Government Bonds

 

 

 

 

39.740% (BISTREFI) due 05/20/2026 ~

TRY

600

 

14

39.740% (BISTREFI) due 08/19/2026 ~

 

400

 

9

39.740% (BISTREFI) due 05/17/2028 ~(k)

 

79,200

 

1,776

40.299% (BISTREFI) due 09/06/2028 ~(k)

 

396,200

 

8,880

Ukraine Government International Bonds

 

 

 

 

0.000% due 02/01/2030 þ(h)

$

271

 

160

0.000% due 02/01/2034 þ(h)

 

1,014

 

437

0.000% due 02/01/2035 þ(h)

 

856

 

397

0.000% due 02/01/2036 þ(h)(k)

 

714

 

330

4.500% due 02/01/2034 þ

 

1,614

 

865

4.500% due 02/01/2035 þ

 

1,738

 

914

4.500% due 02/01/2036 þ

 

1,614

 

833

Venezuela Government International Bonds

 

 

 

 

7.000% due 03/31/2038 ^(d)

 

100

 

41

9.250% due 09/15/2027 ^(d)

 

5,300

 

2,544

9.250% due 05/07/2028 ^(d)

 

1,600

 

736

11.750% due 10/21/2026 ^(d)

 

100

 

52

11.950% due 08/05/2031 ^(d)

 

800

 

412

Total Sovereign Issues (Cost $140,652)

 

 

 

141,231

 

 

SHARES

 

 

COMMON STOCKS 7.6%

 

 

 

 

COMMUNICATION SERVICES 0.6%

 

 

 

 

Promotora de Informaciones SA Class A (e)

 

1,623,357

 

564

SES SA «(e)

 

652,149

 

9,782

 

 

 

 

10,346

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

Steinhoff International Holdings NV «(e)(j)

 

115,240,755

 

0

FINANCIALS 1.1%

 

 

 

 

Banca Monte dei Paschi di Siena SpA

 

2,274,000

 

19,842

Corestate Capital Holding SA «(e)(j)

 

632,951

 

0

UBS Group AG

 

5,143

 

200

 

 

 

 

20,042

HEALTH CARE 3.8%

 

 

 

 

AmSurg Corp. «(e)(j)

 

1,571,862

 

69,123

INDUSTRIALS 2.1%

 

 

 

 

Incora New Equity «(e)(j)

 

947,048

 

35,868

Luxco Co. Ltd. «(e)(j)

 

153,918

 

2,847

 

 

 

 

38,715

REAL ESTATE 0.0%

 

 

 

 

MNSN Holdings, Inc. «(e)(j)

 

8,417

 

522

Total Common Stocks (Cost $120,018)

 

 

 

138,748

PREFERRED SECURITIES 4.7%

 

 

 

 

BANKING & FINANCE 0.2%

 

 

 

 

ADLER Group SA «

 

3,588,226

 

0

WAFC Voussoir «

 

3,846,808

 

3,847

 

 

 

 

3,847

INDUSTRIALS 4.5%

 

 

 

 

Atlas Re Ltd. «

 

140

 

14,059

Clover Holdings, Inc.
0.000% «(j)

 

27,610

 

522

Mustang Express Ltd.
0.000% «

 

53,559

 

54,697

SVB Financial Trust

 

 

 

 

0.000% due 11/07/2032 (g)

 

51,680

 

3

11.000% due 11/07/2032

 

9,596

 

4,534

Syniverse Holdings, Inc.
12.500% «(j)

 

9,101,659

 

7,658

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

Venture Global LNG, Inc.
9.000% due 09/30/2029 •(i)

 

1,260,000

 

1,256

 

 

 

 

82,729

Total Preferred Securities (Cost $88,036)

 

 

 

86,576

REAL ESTATE INVESTMENT TRUSTS 1.1%

 

 

 

 

REAL ESTATE 1.1%

 

 

 

 

Annaly Capital Management, Inc.

 

609,500

 

12,891

PennyMac Mortgage Investment Trust

 

556,200

 

6,485

Total Real Estate Investment Trusts (Cost $26,500)

 

 

 

19,376

 

 

PRINCIPAL
AMOUNT
(000s)

 

 

SHORT-TERM INSTRUMENTS 4.0%

 

 

 

 

EGYPT TREASURY BILLS 0.4%

 

 

 

 

24.310% due 08/04/2026 - 11/17/2026 (f)(g)

EGP

389,900

 

6,552

NIGERIA TREASURY BILLS 2.2%

 

 

 

 

20.606% due 01/14/2027 - 01/28/2027 (f)(g)

NGN

63,333,400

 

39,808

TURKEY TREASURY BILLS 0.0%

 

 

 

 

38.689% due 04/07/2026 (f)(g)

TRY

30,000

 

670

U.S. TREASURY BILLS 1.4%

 

 

 

 

3.665% due 04/07/2026 - 07/21/2026 (f)(g)(m)(o)

$

25,871

 

25,729

Total Short-Term Instruments (Cost $73,032)

 

 

 

72,759

Total Investments in Securities (Cost $3,016,388)

 

 

 

2,646,987

 

 

SHARES

 

 

INVESTMENTS IN AFFILIATES 14.3%

 

 

 

 

COMMON STOCKS 0.7%

 

 

 

 

AFFILIATED INVESTMENTS 0.7%

 

 

 

 

Market Garden «(j)

 

11,964,745

 

13,306

Total Common Stocks (Cost $11,965)

 

 

 

13,306

SHORT-TERM INSTRUMENTS 13.6%

 

 

 

 

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 13.6%

 

 

 

 

PIMCO Short-Term Floating NAV Portfolio III

 

25,488,155

 

248,229

Total Short-Term Instruments (Cost $248,110)

 

 

 

248,229

Total Investments in Affiliates (Cost $260,075)

 

 

 

261,535

Total Investments 159.0% (Cost $3,276,463)

 

 

$

2,908,522

Financial Derivative Instruments (l)(n) 0.4%(Cost or Premiums, net $23,385)

 

 

 

6,827

Other Assets and Liabilities, net (59.4)%

 

 

 

(1,086,654)

Net Assets 100.0%

 

 

$

1,828,695

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(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)

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)

Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j)

RESTRICTED SECURITIES:

Issuer Description

 

 

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets

AmSurg Corp.

 

 

11/02/2023 - 11/06/2023

$

65,680

$

69,123

3.78

%

Clover Holdings, Inc.

 

 

12/09/2024

 

414

 

522

0.03

 

Corestate Capital Holding SA

 

 

08/22/2023

 

0

 

0

0.00

 

Incora New Equity

 

 

01/31/2025

 

46,003

 

35,868

1.96

 

Incora Top Holdco LLC 6.000% due 01/30/2033

 

 

01/31/2025 - 01/31/2026

 

21,569

 

32,666

1.79

 

Luxco Co. Ltd.

 

 

10/01/2025

 

2,708

 

2,847

0.15

 

MNSN Holdings, Inc.

 

 

03/16/2023 - 03/29/2023

 

94

 

522

0.03

 

Market Garden

 

 

03/13/2024

 

11,965

 

13,306

0.73

 

Petersen Claim Units 0.000% due 12/31/2099

 

 

12/08/2025 - 03/17/2026

 

3,490

 

543

0.03

 

Steinhoff International Holdings NV

 

 

06/30/2023 - 10/30/2023

 

0

 

0

0.00

 

Syniverse Holdings, Inc.

 

 

05/12/2022 - 11/30/2025

 

8,983

 

7,658

0.42

 

 

 

 

 

$

160,906

$

149,749

8.19

%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(1)

Settlement Date

Maturity Date

 

Amount
Borrowed(1)

 

Payable for
Reverse
Repurchase
Agreements

BNY

4.730%

12/30/2025

06/30/2026

$

(4,384)

$

(4,438)

 

4.730

02/12/2026

08/12/2026

 

(13,512)

 

(13,598)

 

4.730

03/12/2026

09/14/2026

 

(9,440)

 

(9,465)

BOS

4.480

02/25/2026

06/26/2026

 

(2,445)

 

(2,456)

 

4.680

02/25/2026

06/26/2026

 

(622)

 

(625)

 

4.880

02/25/2026

06/26/2026

 

(1,328)

 

(1,335)

BPS

(0.500)

01/26/2026

TBD(2)

EUR

(683)

 

(791)

 

1.700

02/10/2026

TBD(2)

EUR

(6,274)

 

(7,270)

 

1.800

02/10/2026

TBD(2)

 

(1,723)

 

(1,996)

 

2.268

03/12/2026

06/12/2026

 

(2,059)

 

(2,383)

 

4.050

02/03/2026

TBD(2)

GBP

(11,527)

 

(15,356)

 

4.210

02/24/2026

05/26/2026

$

(10,419)

 

(10,463)

 

4.730

03/18/2026

09/14/2026

 

(4,960)

 

(4,969)

 

4.830

01/27/2026

07/23/2026

 

(86,928)

 

(87,678)

 

4.830

03/18/2026

09/14/2026

 

(6,105)

 

(6,117)

 

4.860

03/18/2026

09/14/2026

 

(15,619)

 

(15,649)

 

5.170

01/22/2026

04/22/2026

 

(14,931)

 

(15,079)

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

BRC

1.500

09/29/2025

TBD(2)

EUR

(645)

 

(752)

 

1.600

02/11/2026

TBD(2)

 

(726)

 

(841)

 

1.600

03/03/2026

TBD(2)

 

(174)

 

(202)

 

1.650

02/11/2026

TBD(2)

 

(2,167)

 

(2,511)

 

1.930

11/14/2025

04/01/2026

 

(1,510)

 

(1,758)

 

3.250

12/19/2025

TBD(2)

GBP

(100)

 

(134)

 

3.450

12/19/2025

TBD(2)

 

(619)

 

(827)

 

3.580

12/12/2025

TBD(2)

$

(1,907)

 

(1,928)

 

4.000

02/06/2026

TBD(2)

 

(1,648)

 

(1,658)

 

4.000

03/23/2026

TBD(2)

 

(6,429)

 

(6,435)

 

4.070

03/13/2026

04/13/2026

 

(16,600)

 

(16,636)

 

4.650

01/05/2026

04/06/2026

 

(3,754)

 

(3,796)

 

4.660

02/05/2026

06/05/2026

 

(6,133)

 

(6,177)

 

4.660

03/26/2026

06/24/2026

 

(4,196)

 

(4,199)

 

4.700

02/09/2026

04/10/2026

 

(6,460)

 

(6,503)

 

4.750

02/09/2026

04/10/2026

 

(8,446)

 

(8,503)

 

4.800

01/08/2026

04/08/2026

 

(3,108)

 

(3,142)

 

4.800

02/02/2026

06/02/2026

 

(12,716)

 

(12,814)

 

4.800

02/09/2026

04/10/2026

 

(46,463)

 

(46,779)

 

4.810

02/05/2026

06/05/2026

 

(1,672)

 

(1,685)

 

4.820

03/09/2026

06/09/2026

 

(10,650)

 

(10,683)

 

4.820

03/10/2026

06/10/2026

 

(21,910)

 

(21,974)

 

4.830

12/19/2025

04/20/2026

 

(2,909)

 

(2,950)

 

4.830

01/20/2026

04/20/2026

 

(8,577)

 

(8,660)

 

4.830

02/04/2026

08/04/2026

 

(10,366)

 

(10,443)

 

4.850

02/02/2026

06/02/2026

 

(10,083)

 

(10,161)

 

4.910

02/25/2026

06/24/2026

 

(367)

 

(369)

 

4.920

01/22/2026

04/22/2026

 

(1,435)

 

(1,448)

BYR

1.000

12/05/2025

04/06/2026

 

(4,662)

 

(4,677)

 

4.110

03/03/2026

06/01/2026

 

(2,109)

 

(2,116)

 

4.130

01/21/2026

04/21/2026

 

(22,397)

 

(22,578)

 

4.130

02/03/2026

07/31/2026

 

(19,035)

 

(19,160)

 

4.130

03/05/2026

07/31/2026

 

(1,367)

 

(1,371)

 

4.130

03/31/2026

04/21/2026

 

(4,684)

 

(4,684)

 

4.155

03/25/2026

05/26/2026

 

(16,611)

 

(16,624)

 

4.180

03/30/2026

04/06/2026

 

(2,977)

 

(2,977)

 

4.250

03/18/2026

04/06/2026

 

(5,692)

 

(5,701)

CDC

4.130

03/10/2026

07/08/2026

 

(3,209)

 

(3,217)

 

4.130

03/23/2026

07/21/2026

 

(4,849)

 

(4,854)

 

4.140

03/02/2026

06/01/2026

 

(1,046)

 

(1,050)

 

4.170

03/02/2026

04/02/2026

 

(3,083)

 

(3,093)

CEW

4.120

02/26/2026

05/27/2026

 

(5,157)

 

(5,177)

 

4.970

01/20/2026

04/20/2026

 

(3,637)

 

(3,673)

 

5.020

01/20/2026

04/20/2026

 

(3,531)

 

(3,566)

DBL

2.170

02/10/2026

TBD(2)

EUR

(602)

 

(698)

 

3.900

12/12/2025

TBD(2)

$

(2,031)

 

(2,056)

 

3.950

12/12/2025

TBD(2)

 

(6,278)

 

(6,354)

 

4.115

02/24/2026

05/22/2026

 

(13,955)

 

(14,012)

 

4.161

03/26/2026

06/26/2026

 

(6,999)

 

(7,004)

 

4.211

03/26/2026

06/26/2026

 

(2,401)

 

(2,403)

 

4.365

02/24/2026

05/22/2026

 

(3,147)

 

(3,161)

 

4.415

02/24/2026

05/22/2026

 

(2,247)

 

(2,257)

 

4.416

02/06/2026

05/08/2026

 

(7,128)

 

(7,175)

 

4.470

03/13/2026

05/08/2026

 

(7,521)

 

(7,539)

 

4.515

02/24/2026

05/22/2026

 

(3,885)

 

(3,902)

 

4.620

03/13/2026

05/08/2026

 

(4,624)

 

(4,635)

 

4.670

03/13/2026

05/08/2026

 

(4,653)

 

(4,665)

 

4.770

03/13/2026

05/08/2026

 

(26,317)

 

(26,383)

 

4.870

03/13/2026

05/08/2026

 

(2,413)

 

(2,420)

 

4.907

03/04/2026

06/02/2026

 

(592)

 

(594)

 

4.916

02/06/2026

05/08/2026

 

(5,582)

 

(5,623)

 

5.120

03/13/2026

05/08/2026

 

(1,476)

 

(1,480)

 

5.150

03/13/2026

05/08/2026

 

(12,976)

 

(13,011)

 

5.157

03/04/2026

06/02/2026

 

(3,165)

 

(3,177)

 

5.170

03/13/2026

05/08/2026

 

(1,650)

 

(1,655)

 

5.220

03/13/2026

05/08/2026

 

(9,342)

 

(9,368)

 

5.300

03/13/2026

05/08/2026

 

(2,136)

 

(2,142)

DEU

3.970

03/06/2026

TBD(2)

 

(2,963)

 

(2,971)

 

4.000

02/02/2026

TBD(2)

 

(1,326)

 

(1,335)

 

4.010

02/02/2026

TBD(2)

 

(2,326)

 

(2,341)

GLM

4.930

12/23/2025

09/23/2026

 

(467)

 

(473)

 

5.254

07/29/2025

04/29/2026

 

(2,022)

 

(2,094)

IND

4.110

03/17/2026

06/16/2026

 

(805)

 

(806)

JML

4.200

03/20/2026

05/01/2026

 

(1,361)

 

(1,363)

MBC

4.418

03/20/2026

06/22/2026

GBP

(3,749)

 

(4,970)

MSB

4.530

02/04/2026

08/03/2026

 

(2,508)

 

(2,525)

 

4.630

02/04/2026

08/03/2026

 

(3,825)

 

(3,853)

 

4.730

02/06/2026

08/05/2026

 

(3,048)

 

(3,070)

 

4.730

03/31/2026

09/30/2026

 

(8,625)

 

(8,625)

 

4.730

04/01/2026

09/30/2026

 

(6,634)

 

(6,634)

 

4.780

03/31/2026

09/30/2026

 

(20,456)

 

(20,458)

 

4.830

03/31/2026

09/30/2026

 

(6,539)

 

(6,540)

MSC

3.630

03/20/2026

05/01/2026

 

(314)

 

(314)

 

4.100

03/20/2026

05/01/2026

 

(1,347)

 

(1,349)

 

4.780

02/06/2026

08/05/2026

 

(4,126)

 

(4,156)

MYI

1.350

03/26/2026

TBD(2)

EUR

(2,020)

 

(2,335)

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

 

1.500

02/10/2026

TBD(2)

 

(454)

 

(526)

 

1.750

11/14/2025

04/01/2026

 

(526)

 

(612)

 

2.100

01/23/2026

TBD(2)

 

(5,310)

 

(6,162)

 

2.300

12/05/2025

TBD(2)

 

(5,752)

 

(6,699)

 

2.750

01/15/2026

TBD(2)

$

(275)

 

(277)

 

3.950

12/19/2025

TBD(2)

GBP

(3,177)

 

(4,253)

 

4.368

03/11/2026

06/11/2026

 

(3,503)

 

(4,648)

 

4.398

03/11/2026

06/11/2026

 

(3,278)

 

(4,350)

 

4.428

03/11/2026

06/11/2026

 

(1,426)

 

(1,892)

 

4.498

03/11/2026

06/11/2026

 

(1,012)

 

(1,343)

 

4.648

03/11/2026

06/11/2026

 

(4,121)

 

(5,470)

 

4.848

03/11/2026

06/11/2026

 

(4,749)

 

(6,303)

MZF

4.730

03/24/2026

09/24/2026

$

(10,613)

 

(10,624)

 

4.830

03/24/2026

09/24/2026

 

(4,622)

 

(4,627)

NOM

4.000

02/25/2026

TBD(2)

 

(1,654)

 

(1,660)

 

4.150

03/25/2026

TBD(2)

 

(5,083)

 

(5,087)

RCY

4.180

03/13/2026

04/13/2026

 

(790)

 

(792)

RTA

4.155

02/20/2026

08/20/2026

 

(9,721)

 

(9,767)

 

4.155

03/02/2026

09/02/2026

 

(19,621)

 

(19,690)

 

4.155

03/03/2026

08/20/2026

 

(255)

 

(256)

 

4.155

03/11/2026

09/11/2026

 

(1,761)

 

(1,766)

 

4.155

03/18/2026

09/18/2026

 

(2,860)

 

(2,865)

 

4.155

03/25/2026

09/02/2026

 

(2,944)

 

(2,947)

 

4.255

03/25/2026

04/27/2026

 

(33,283)

 

(33,310)

 

4.310

03/10/2026

07/09/2026

 

(8,492)

 

(8,514)

 

4.480

03/04/2026

06/04/2026

 

(4,325)

 

(4,340)

 

4.710

03/09/2026

07/09/2026

 

(2,939)

 

(2,947)

 

4.760

03/09/2026

07/09/2026

 

(12,893)

 

(12,932)

 

4.780

03/04/2026

09/04/2026

 

(12,937)

 

(12,986)

 

4.780

03/09/2026

07/09/2026

 

(15,875)

 

(15,924)

 

4.790

03/09/2026

07/09/2026

 

(4,165)

 

(4,177)

SBI

4.181

03/26/2026

07/24/2026

 

(3,170)

 

(3,172)

 

4.367

03/03/2026

06/24/2026

 

(6,747)

 

(6,770)

 

4.576

03/27/2026

07/27/2026

 

(3,073)

 

(3,075)

 

4.718

01/26/2026

07/27/2026

 

(3,193)

 

(3,220)

SCX

1.700

02/10/2026

TBD(2)

EUR

(3,991)

 

(4,623)

 

4.020

03/03/2026

04/02/2026

$

(4,346)

 

(4,360)

 

4.050

01/30/2026

TBD(2)

 

(6,660)

 

(6,706)

 

4.050

02/03/2026

TBD(2)

 

(10,195)

 

(10,260)

 

4.050

02/06/2026

TBD(2)

 

(12,844)

 

(12,922)

SOG

2.100

02/26/2026

TBD(2)

EUR

(9,136)

 

(10,581)

 

2.180

02/10/2026

TBD(2)

 

(1,853)

 

(2,148)

 

2.180

02/26/2026

TBD(2)

 

(587)

 

(680)

 

2.220

01/30/2026

TBD(2)

 

(1,014)

 

(1,177)

 

3.970

12/12/2025

TBD(2)

$

(3,338)

 

(3,379)

 

3.970

03/10/2026

TBD(2)

 

(1,065)

 

(1,067)

 

3.990

03/10/2026

04/02/2026

 

(2,542)

 

(2,548)

 

3.990

03/10/2026

TBD(2)

 

(6,933)

 

(6,950)

 

4.190

01/07/2026

04/07/2026

 

(1,227)

 

(1,239)

 

4.190

01/08/2026

04/08/2026

 

(1,064)

 

(1,074)

 

4.190

03/17/2026

04/08/2026

 

(549)

 

(550)

 

4.220

03/10/2026

04/16/2026

 

(1,209)

 

(1,212)

 

4.220

03/17/2026

05/26/2026

 

(870)

 

(872)

 

4.630

03/12/2026

09/11/2026

 

(7,656)

 

(7,676)

 

4.730

02/02/2026

07/31/2026

 

(4,161)

 

(4,193)

UBS

2.220

03/06/2026

06/08/2026

EUR

(20,114)

 

(23,286)

 

2.329

03/26/2026

06/25/2026

 

(2,792)

 

(3,229)

 

4.050

01/06/2026

04/06/2026

$

(154)

 

(155)

 

4.100

01/06/2026

04/06/2026

 

(521)

 

(526)

 

4.222

03/26/2026

06/26/2026

GBP

(5,594)

 

(7,409)

 

4.820

01/23/2026

04/23/2026

$

(9,362)

 

(9,447)

WFS

4.300

02/19/2026

05/20/2026

 

(7,387)

 

(7,423)

 

4.310

03/27/2026

06/26/2026

 

(1,710)

 

(1,711)

 

4.510

03/27/2026

06/26/2026

 

(3,464)

 

(3,466)

Total Reverse Repurchase Agreements

 

 

 

 

 

$

(1,060,932)

(k)

Securities with an aggregate market value of $1,333,825 and cash of $7,894 have been pledged as collateral under the terms of master agreements as of March 31, 2026.

(1)

The average amount of borrowings outstanding during the period ended March 31, 2026 was $(937,794) at a weighted average interest rate of 4.749%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2)

Open maturity reverse repurchase agreement.

(l)

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 March Futures

06/2026

 

36

$

(8,669)

 

$

135

$

0

$

0

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

Total Futures Contracts

 

$

135

$

0

$

0

SWAP AGREEMENTS:

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

 

Variation Margin

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
March 31, 2026(2)

 

Notional
Amount(3)

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value(4)

 

Asset

 

Liability

Discovery Global Holdings, Inc.

1.000%

Quarterly

12/20/2026

0.970

%

$

2,200

$

(8)

$

9

$

1

$

0

$

0

Worldline SA/France

5.000

Quarterly

12/20/2027

10.088

 

EUR

900

 

(87)

 

10

 

(77)

 

0

 

(13)

Worldline SA/France

5.000

Quarterly

12/20/2028

10.418

 

 

200

 

(28)

 

1

 

(27)

 

0

 

(3)

 

 

 

 

 

 

$

(123)

$

20

$

(103)

$

0

$

(16)

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

03/18/2031

GBP

21,510

$

(95)

$

(822)

$

(917)

$

68

$

0

Receive

1-Day GBP-SONIO Compounded-OIS

0.750

Annual

09/21/2052

 

9,800

 

286

 

7,835

 

8,121

 

0

 

(19)

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2026

$

58,100

 

289

 

(272)

 

17

 

9

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2027

 

673,000

 

5,966

 

(4,830)

 

1,136

 

320

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2028

 

53,800

 

770

 

(535)

 

235

 

38

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

06/20/2029

 

49,800

 

(924)

 

794

 

(130)

 

0

 

(41)

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2029

 

159,500

 

2,399

 

(1,449)

 

950

 

152

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.250

Annual

06/18/2030

 

172,300

 

(1,579)

 

(1,854)

 

(3,433)

 

168

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.500

Annual

03/18/2031

 

352,060

 

1,476

 

(3,399)

 

(1,923)

 

370

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2034

 

48,600

 

1,057

 

(1,267)

 

(210)

 

49

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/17/2035

 

21,090

 

(346)

 

521

 

175

 

0

 

(17)

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/17/2045

 

13,270

 

256

 

493

 

749

 

24

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Annual

06/15/2052

 

40,100

 

9,900

 

6,422

 

16,322

 

111

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Annual

12/21/2052

 

27,100

 

6,527

 

4,240

 

10,767

 

78

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.500

Annual

12/21/2052

 

81,300

 

(245)

 

9,131

 

8,886

 

246

 

0

Pay(5)

6-Month EUR-EURIBOR

2.500

Annual

09/16/2031

EUR

47,400

 

13

 

(1,127)

 

(1,114)

 

237

 

0

Receive

6-Month EUR-EURIBOR

0.250

Annual

09/21/2032

 

50,200

 

4,740

 

4,351

 

9,091

 

0

 

(273)

Receive

6-Month EUR-EURIBOR

1.750

Annual

03/15/2033

 

5,700

 

448

 

46

 

494

 

0

 

(34)

Receive(5)

6-Month EUR-EURIBOR

0.830

Annual

12/09/2052

 

29,900

 

182

 

3,510

 

3,692

 

36

 

0

Pay

Venture Global LNG, Inc.

5.000

Quarterly

12/20/2030

$

10,500

 

113

 

975

 

1,088

 

45

 

0

Pay

Worldline SA/France

5.000

Quarterly

12/20/2030

EUR

29,100

 

(4,787)

 

(1,273)

 

(6,060)

 

0

 

(429)

 

 

 

 

 

 

$

26,446

$

21,490

$

47,936

$

1,951

$

(813)

Total Swap Agreements

$

26,323

$

21,510

$

47,833

$

1,951

$

(829)

(m)

Securities with an aggregate market value of $7,622 and cash of $50,349 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026.

(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.

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

(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.

(5)

This instrument has a forward starting effective date.

(n)

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

04/2026

BRL

9,549

$

1,829

$

0

$

(14)

 

04/2026

GBP

138

 

186

 

3

 

0

 

04/2026

JPY

327,335

 

2,052

 

0

 

(11)

 

04/2026

$

1,831

BRL

9,549

 

12

 

0

 

04/2026

 

259,542

EUR

225,826

 

1,479

 

0

 

04/2026

 

2

JPY

314

 

0

 

0

 

05/2026

EUR

227,423

$

261,777

 

0

 

(1,490)

 

05/2026

$

2,052

JPY

326,349

 

11

 

0

 

06/2026

BRL

3

$

1

 

0

 

0

BPS

04/2026

 

10,122

 

1,939

 

0

 

(15)

 

04/2026

CAD

488

 

360

 

9

 

0

 

04/2026

EUR

237,739

 

281,027

 

6,236

 

0

 

04/2026

$

1,929

BRL

10,122

 

25

 

0

 

04/2026

 

3,907

EUR

3,376

 

4

 

(8)

 

05/2026

JPY

2,951,500

$

18,553

 

0

 

(100)

 

05/2026

$

348

KWD

106

 

0

 

(5)

 

06/2026

 

79

IDR

1,335,519

 

0

 

(1)

 

06/2026

 

250

KWD

76

 

0

 

(3)

 

07/2026

 

155

 

47

 

0

 

(2)

 

06/2027

 

121

 

37

 

0

 

(2)

 

05/2029

KWD

518

$

1,780

 

85

 

0

 

07/2029

 

79

 

270

 

13

 

0

 

05/2030

 

379

 

1,304

 

59

 

0

BRC

04/2026

EUR

2,698

 

3,133

 

14

 

0

 

04/2026

HKD

4,928

 

630

 

1

 

0

 

04/2026

TRY

519,652

 

11,281

 

0

 

(180)

 

04/2026

$

3,791

EUR

3,270

 

0

 

(12)

 

04/2026

 

18,599

TRY

837,323

 

89

 

0

 

04/2026

ZAR

13,844

$

846

 

29

 

0

 

05/2026

TRY

142,228

 

3,055

 

0

 

(16)

 

05/2026

$

564

COP

2,087,240

 

0

 

(1)

 

05/2026

 

3,205

TRY

148,635

 

2

 

0

 

08/2026

COP

2,131,321

$

564

 

0

 

0

BSH

04/2026

JPY

1,318,726

 

8,259

 

0

 

(51)

 

04/2026

$

37,541

GBP

28,201

 

0

 

(214)

 

05/2026

GBP

28,201

$

37,540

 

214

 

0

 

05/2026

$

8,259

JPY

1,314,751

 

50

 

0

CBK

04/2026

COP

29,108,091

$

7,638

 

0

 

(283)

 

04/2026

GBP

286

 

382

 

3

 

0

 

04/2026

$

1,708

COP

6,362,940

 

24

 

0

 

04/2026

 

19,521

GBP

14,707

 

0

 

(55)

 

05/2026

COP

20,444,145

$

5,536

 

17

 

0

 

06/2026

 

22,793,059

 

6,001

 

0

 

(103)

 

07/2026

 

9,540,613

 

2,501

 

0

 

(39)

 

09/2026

 

2,218,155

 

572

 

0

 

(9)

DUB

04/2026

HKD

23,914

 

3,057

 

4

 

0

FAR

04/2026

CHF

87

 

112

 

4

 

0

 

04/2026

GBP

43,630

 

58,961

 

1,212

 

0

 

04/2026

JPY

1,308,998

 

8,202

 

0

 

(46)

 

04/2026

$

108

CHF

86

 

0

 

0

 

04/2026

 

8,460

GBP

6,254

 

0

 

(182)

 

04/2026

 

10,444

JPY

1,631,784

 

0

 

(162)

 

05/2026

CHF

86

$

108

 

0

 

0

 

05/2026

$

1,719

COP

6,355,176

 

0

 

(4)

 

05/2026

 

8,202

JPY

1,305,044

 

46

 

0

 

08/2026

COP

6,490,842

$

1,719

 

0

 

0

GLM

04/2026

BRL

19,756

 

3,718

 

0

 

(96)

 

04/2026

$

3,785

BRL

19,756

 

29

 

0

 

04/2026

 

2,141

COP

7,925,355

 

15

 

0

 

05/2026

GBP

106

$

140

 

0

 

0

 

06/2026

BRL

8

 

1

 

0

 

0

 

06/2026

COP

100,031

 

26

 

0

 

(1)

 

06/2026

$

3,718

BRL

20,020

 

97

 

0

 

07/2026

BRL

7

$

1

 

0

 

0

 

07/2026

COP

8,079,385

 

2,133

 

0

 

(13)

JPM

04/2026

GBP

80

 

107

 

1

 

0

 

04/2026

HKD

27,906

 

3,569

 

7

 

0

 

04/2026

TRY

23,133

 

514

 

0

 

(7)

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

 

04/2026

$

9,312

EUR

7,965

 

0

 

(106)

 

04/2026

 

514

TRY

23,154

 

7

 

0

 

04/2026

ZAR

36,964

$

2,214

 

32

 

0

MYI

04/2026

$

22

JPY

3,478

 

0

 

0

NGF

04/2026

 

5,324

TRY

244,892

 

54

 

0

 

05/2026

 

1,415

 

65,551

 

0

 

0

SCX

04/2026

GBP

5,134

$

6,813

 

18

 

0

 

04/2026

$

353

CAD

489

 

0

 

(2)

 

04/2026

 

8,227

JPY

1,283,334

 

0

 

(140)

 

05/2026

CAD

488

$

353

 

2

 

0

 

06/2026

COP

4,180,207

 

1,113

 

0

 

(6)

SSB

04/2026

$

234

JPY

36,395

 

0

 

(4)

 

08/2026

COP

14,936,335

$

3,916

 

0

 

(26)

UAG

04/2026

$

3,981

COP

14,799,867

 

46

 

0

 

05/2026

 

3,290

 

12,165,261

 

0

 

(6)

 

06/2026

COP

46,588,533

$

12,290

 

0

 

(185)

 

08/2026

 

12,423,985

 

3,290

 

1

 

(1)

Total Forward Foreign Currency Contracts

$

9,954

$

(3,601)

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, 2026(2)

 

Notional
Amount(3)

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BRC

Egypt Government International Bonds

1.000%

Quarterly

12/20/2028

3.550%

$

6,200

$

(1,070)

$

682

$

0

$

(388)

 

Egypt Government International Bonds

1.000

Quarterly

06/20/2029

3.628

 

1,900

 

(405)

 

263

 

0

 

(142)

 

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

256,000

 

(140)

 

21

 

0

 

(119)

 

Petroleos Mexicanos

1.000

Quarterly

12/20/2030

3.124

$

4,800

 

(377)

 

(33)

 

0

 

(410)

CBK

Argentine Republic Government International Bonds

5.000

Quarterly

06/20/2027

3.980

 

800

 

(94)

 

105

 

11

 

0

 

Petroleos Mexicanos

1.000

Quarterly

12/20/2030

3.124

 

2,600

 

(211)

 

(11)

 

0

 

(222)

GST

Argentine Republic Government International Bonds

5.000

Quarterly

06/20/2027

3.980

 

500

 

(56)

 

63

 

7

 

0

JPM

Argentine Republic Government International Bonds

5.000

Quarterly

06/20/2027

3.980

 

500

 

7

 

0

 

7

 

0

 

Ecuador Government International Bonds

5.000

Quarterly

06/20/2027

2.178

 

1,000

 

33

 

2

 

35

 

0

 

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

134,000

 

(75)

 

13

 

0

 

(62)

MYC

Argentine Republic Government International Bonds

5.000

Quarterly

12/20/2026

2.754

$

6,600

 

33

 

83

 

116

 

0

 

Argentine Republic Government International Bonds

5.000

Quarterly

06/20/2027

3.980

 

700

 

(65)

 

75

 

10

 

0

 

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

270,000

 

(147)

 

21

 

0

 

(126)

 

Petroleos Mexicanos

1.000

Quarterly

12/20/2028

2.711

$

1,900

 

(371)

 

290

 

0

 

(81)

 

 

 

 

 

 

 

$

(2,938)

$

1,574

$

186

$

(1,550)

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

1-Day USD-SOFR Compounded-OIS

Monthly

04/30/2026

$

30

$

0

$

23

$

23

$

0

BPS

Pay

Syniverse Holdings, Inc.

1-Day USD-SOFR Compounded-OIS

Monthly

06/30/2026

 

3,938

 

0

 

693

 

693

 

0

 

 

 

 

 

 

 

$

0

$

716

$

716

$

0

Total Swap Agreements

$

(2,938)

$

2,290

$

902

$

(1,550)

(o)

Securities with an aggregate market value of $2,118 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2026.

(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.

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2026

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

376,048

$

269,943

$

645,991

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

112,546

 

0

 

112,546

 

 

Industrials

 

0

 

317,053

 

63,695

 

380,748

 

 

Utilities

 

0

 

52,493

 

1,065

 

53,558

 

Convertible Bonds & Notes

 

Banking & Finance

 

0

 

1,117

 

0

 

1,117

 

 

Industrials

 

0

 

6,906

 

0

 

6,906

 

Municipal Bonds & Notes

 

West Virginia

 

0

 

2,323

 

0

 

2,323

 

U.S. Government Agencies

 

0

 

107,948

 

0

 

107,948

 

U.S. Treasury Obligations

 

0

 

2,447

 

0

 

2,447

 

Non-Agency Mortgage-Backed Securities

 

0

 

521,393

 

19,530

 

540,923

 

Asset-Backed Securities

 

Automobile ABS Other

 

0

 

6,595

 

1,255

 

7,850

 

 

Automobile Sequential

 

0

 

0

 

7,842

 

7,842

 

 

Home Equity Other

 

0

 

208,284

 

0

 

208,284

 

 

Whole Loan Collateral

 

0

 

25,183

 

0

 

25,183

 

 

Other ABS

 

0

 

71,777

 

12,854

 

84,631

 

Sovereign Issues

 

0

 

141,231

 

0

 

141,231

 

Common Stocks

 

Communication Services

 

0

 

564

 

9,782

 

10,346

 

 

Financials

 

0

 

20,042

 

0

 

20,042

 

 

Health Care

 

0

 

0

 

69,123

 

69,123

 

 

Industrials

 

0

 

0

 

38,715

 

38,715

 

 

Real Estate

 

0

 

0

 

522

 

522

 

Preferred Securities

 

Banking & Finance

 

0

 

0

 

3,847

 

3,847

 

 

Industrials

 

0

 

5,793

 

76,936

 

82,729

 

Real Estate Investment Trusts

 

Real Estate

 

19,376

 

0

 

0

 

19,376

 

Short-Term Instruments

 

Egypt Treasury Bills

 

0

 

6,552

 

0

 

6,552

 

 

Nigeria Treasury Bills

 

0

 

39,808

 

0

 

39,808

 

 

Turkey Treasury Bills

 

0

 

670

 

0

 

670

 

 

U.S. Treasury Bills

 

0

 

25,729

 

0

 

25,729

 

 

$

19,376

$

2,052,502

$

575,109

$

2,646,987

 

Investments in Affiliates, at Value

Common Stocks

 

Affiliated Investments

 

0

 

0

 

13,306

 

13,306

 

Short-Term Instruments

 

Central Funds Used for Cash Management Purposes

 

248,229

 

0

 

0

 

248,229

 

 

$

248,229

$

0

$

13,306

$

261,535

 

Total Investments

$

267,605

$

2,052,502

$

588,415

$

2,908,522

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

 

0

 

1,951

 

0

 

1,951

 

Over the counter

 

0

 

10,856

 

0

 

10,856

 

 

$

0

$

12,807

$

0

$

12,807

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

 

0

 

(829)

 

0

 

(829)

 

Over the counter

 

0

 

(5,151)

 

0

 

(5,151)

 

 

$

0

$

(5,980)

$

0

$

(5,980)

 

Total Financial Derivative Instruments

$

0

$

6,827

$

0

$

6,827

 

Totals

$

267,605

$

2,059,329

$

588,415

$

2,915,349

 

 

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:

Category and Subcategory

Beginning
Balance
at 06/30/2025

Net
Purchases

Net
Sales/Settlements

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 03/31/2026

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
03/31/2026 (1)

Investments in Securities, at Value

Loan Participations and Assignments

$

181,551

$

39,994

$

(50,919)

$

598

$

292

$

(1,128)

$

99,555

$

0

$

269,943

$

(906)

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2026

(Unaudited)

 

Corporate Bonds & Notes

 

Banking & Finance

 

224

 

(79)

 

(239)

 

0

 

13

 

214

 

0

 

(133)

 

0

 

0

 

Industrials

 

64,087

 

4,077

 

(12,619)

 

45

 

0

 

8,105

 

0

 

0

 

63,695

 

3,246

 

Utilities

 

0

 

3,932

 

0

 

(7)

 

0

 

(2,860)

 

0

 

0

 

1,065

 

(2,860)

Non-Agency Mortgage-Backed Securities

 

608

 

18,504

 

0

 

0

 

(14)

 

805

 

0

 

(373)

 

19,530

 

817

Asset-Backed Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobile ABS Other

 

2,224

 

0

 

0

 

0

 

0

 

(477)

 

0

 

(492)

 

1,255

 

(75)

 

Automobile Sequential

 

8,131

 

0

 

(270)

 

0

 

0

 

(19)

 

0

 

0

 

7,842

 

(14)

 

Other ABS

 

15,138

 

0

 

0

 

260

 

0

 

(537)

 

0

 

(2,007)

 

12,854

 

(2,540)

Common Stocks

 

Communication Services

 

0

 

0

 

0

 

0

 

0

 

9,782

 

0

 

0

 

9,782

 

9,782

 

Financials

 

22,497

 

0

 

(23,051)

 

0

 

(15,629)

 

16,183

 

0

 

0

 

0

 

0

 

Health Care

 

70,964

 

0

 

0

 

0

 

0

 

(1,841)

 

0

 

0

 

69,123

 

(1,841)

 

Industrials

 

31,997

 

9,579

 

(6,979)

 

0

 

108

 

4,010

 

0

 

0

 

38,715

 

4,010

 

Real Estate(2)

 

34

 

0

 

0

 

0

 

0

 

488

 

0

 

0

 

522

 

488

Preferred Securities

 

Banking & Finance

 

0

 

3,847

 

0

 

0

 

0

 

0

 

0

 

0

 

3,847

 

0

 

Industrials

 

22,831

 

54,979

 

0

 

0

 

0

 

(874)

 

0

 

0

 

76,936

 

(874)

 

$

420,286

$

134,833

$

(94,077)

$

896

$

(15,230)

$

31,851

$

99,555

$

(3,005)

$

575,109

$

9,233

Investments in Affiliates, at Value

Common Stocks

 

Affiliated Investments

 

21,996

 

0

 

(10,381)

 

0

 

0

 

1,691

 

0

 

0

 

13,306

 

1,528

Totals

$

442,282

$

134,833

$

(104,458)

$

896

$

(15,230)

$

33,542

$

99,555

$

(3,005)

$

588,415

$

10,761


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 03/31/2026

Valuation Technique

Unobservable Inputs

 

Input Value(s)

Weighted Average

Investments in Securities, at Value

Loan Participations and Assignments

$

33,596

Comparable Companies

EBITDA Multiple

X

16.360

—

 

 

121,209

Discounted Cash Flow

Discount Rate

 

6.062 - 22.746

9.136

 

 

10,173

Indicative Market Quotation

Broker Quote

 

101.250

—

 

 

4,800

Recent Transaction

Purchase Price

 

100.000

—

 

 

100,165

Third Party Vendor

Broker Quote

 

76.000 - 122.000

110.915

Corporate Bonds & Notes

 

Industrials

 

63,695

Comparable Companies/Discounted Cash Flow

EBITDA Multiple/Discount Rate

X/
%

12.500/10.000

—

 

Utilities

 

522

Indicative Market Quotation

Broker Quote

EUR

12.000

—

 

 

 

543

Indicative Market Quotation

Broker Quote

 

450.000

—

Non-Agency Mortgage-Backed Securities

 

3

Discounted Cash Flow

Discount Rate

 

28.000 - 38.000

33.861

 

 

19,527

Recent Transaction

Purchase Price

 

100.000

—

Asset-Backed Securities

 

Automobile ABS Other

 

1,255

Discounted Cash Flow

Discount Rate

 

10.500 - 17.000

14.902

 

Automobile Sequential

 

7,842

Discounted Cash Flow

Discount Rate

 

10.420

—

 

Other ABS

 

12,854

Discounted Cash Flow

Discount Rate

 

12.000 - 38.000

17.105

Common Stocks

 

Communication Services

 

9,782

Indicative Market Quotation

Broker Quote

$

15.000

—

 

Health Care

 

69,123

Comparable Companies

EBITDA Multiple

X

16.360

—

 

Industrials

 

35,869

Comparable Companies/Discounted Cash Flow

EBITDA Multiple/Discount Rate

X/
%

12.500/10.000

—

 

 

 

2,846

Indicative Market Quotation

Broker Quote

EUR

16.000

—

 

Real Estate

 

522

Other Valuation Techniques(3)

—

 

—

—

Preferred Securities

 

Banking & Finance

 

3,847

Recent Transaction

Purchase Price

$

0.000(4)

—

 

Industrials

 

522

Comparable Companies

Revenue/ EBITDA Multiple

X

4.625/18.000

—

 

 

 

39,656

Discounted Cash Flow

Discount Rate

 

3.734 - 19.155

13.573

 

 

 

36,758

Other Valuation Techniques(3)

—

 

—

—

Investments in Affiliates, at Value

Common Stocks

 

Affiliated Investments

 

13,306

Sum of the Parts

Discount Rate/Mortality Assumption

 

15.323/2015 ANB VBT Mortality Table

—

Total

$

588,415

(1)

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end.

(2)

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

(3)

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

(4)

Input Value is 0.0001.

 

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†

PDOLS I LLC

 

01/15/2021

0.0%

RLM 4365 LLC

 

01/15/2021

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 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 investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

 

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds (”ETFs”), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies (other thanETFs), the Fund’s NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

 

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

 

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). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

 

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

 

(c) Valuation Techniques and the Fair Value Hierarchy

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

 

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

 

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

 

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

 

Notes to Financial Statements(Cont.)

 

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.

 

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, 2026, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

 

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 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, 2026 (amounts in thousands†):

Investment in PIMCO Short-Term Floating NAV Portfolio III

 

Notes to Financial Statements(Cont.)

 

 

Market Value
06/30/2025

 

Purchases at
Cost

 

Proceeds from
Sales

 

Net
Realized
Gain (Loss)

 

Change in
Unrealized
Appreciation
(Depreciation)

 

Market Value
03/31/2026

 

Dividend
Income(1)

 

Realized Net
Capital
Gain
Distributions(1)

$

145,779

$

932,710

$

(830,300)

$

11

$

29

$

248,229

$

5,298

$

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.

 

An affiliate includes any company in which a Fund owns 5% or more of the company’s outstanding voting shares. The table below represents transactions in and earnings from these affiliated issuers for the period ended March 31, 2026 (amounts in thousands†, except number of shares).

 

PIMCO Dynamic Income Opportunities Fund

 

Security Name

 

Market Value at 06/30/2025

 

Purchases at cost

 

Proceeds from Sale

 

Net Realized Gain/(Loss)

 

Change in Unrealized Appreciation (Depreciation)

 

Market Value at 03/31/2026

 

Dividend Income

 

Shares Held at 03/31/2026

Market Garden Dogwood LLC

$

21,996

$

0

$

(10,381)

$

0

$

1,691

$

13,306

$

0

 

11,964,745

 

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

    

 

    

 

Glossary: (abbreviations that may be used in the preceding statements)       (Unaudited)
                     
Counterparty Abbreviations:                
BNY   Bank of New York Mellon   DUB   Deutsche Bank AG   MZF   Mizuho Securities USA LLC
BOA   Bank of America N.A.   FAR   Wells Fargo Bank National Association   NGF   Nomura Global Financial Products, Inc.
BOS   BofA Securities, Inc.   GLM   Goldman Sachs Bank USA   NOM   Nomura Securities International, Inc.
BPS   BNP Paribas S.A.   GST   Goldman Sachs International   RCY   Royal Bank of Canada
BRC   Barclays Bank PLC   IND   Crédit Agricole Corporate and Investment Bank
S.A.		   RTA   RBC (Barbados) Trading Bank Corp.
                     
BSH   Banco Santander S.A. - New York Branch   JML   JP Morgan Securities Plc   SBI   Citigroup Global Markets Ltd.
BYR   The Bank of Nova Scotia - Toronto   JPM   JP Morgan Chase Bank N.A.   SCX   Standard Chartered Bank, London
CBK   Citibank N.A.   MBC   HSBC Bank Plc   SOG   Societe Generale Paris
CDC   Natixis Securities Americas LLC   MSB   Morgan Stanley Bank, N.A   SSB   State Street Bank and Trust Co.
CEW   Canadian Imperial Bank of Commerce World Markets   MSC   Morgan Stanley & Co. LLC.   UAG   UBS AG Stamford
DBL   Deutsche Bank AG London   MYC   Morgan Stanley Bank, N.A.   UBS   UBS Securities LLC
DEU   Deutsche Bank Securities, Inc.   MYI   Morgan Stanley & Co. International PLC   WFS   Wells Fargo Securities, LLC
                     
Currency Abbreviations:                
AUD   Australian Dollar   EUR   Euro   KWD   Kuwaiti Dinar
BRL   Brazilian Real   GBP   British Pound   NGN   Nigerian Naira
CAD   Canadian Dollar   HKD   Hong Kong Dollar   TRY   Turkish New Lira
CHF   Swiss Franc   IDR   Indonesian Rupiah   USD (or $)   United States Dollar
COP   Colombian Peso   JPY   Japanese Yen   ZAR   South African Rand
EGP   Egyptian Pound                
                     
Index/Spread Abbreviations:                
BISTREFI   Turkish Lira Overnight Reference Rate   EUR012M   12 Month EUR Swap Rate   MSMMUSTF MSILF Money Market US Treasury Fund
Index
BNMMDTSC   Dreyfus Treasury Securites Cash Management Fund Yield   FHMMUSTF   Federated Hermes US Treasury Cash Reserves
Fund Yield		   SOFR   Secured Overnight Financing Rate
BRMMUSDF   BlackRock Money Market US Treasury Fund Index   GSMMUSTF   Goldman Sachs Money Market US Treasury Fund
Index		   SONIO   Sterling Overnight Interbank Average Rate
CDOR06   6 month CDN Swap Rate   GSMMUSTI   Goldman Sachs Money Market US Treasury
Instrument Index		   TSFR1M   Term SOFR 1-Month
EUR001M   1 Month EUR Swap Rate   HSMMUSTF   HSBC UST Money Market Yield   TSFR3M   Term SOFR 3-Month
                     
EUR003M   3 Month EUR Swap Rate   JMMMUSTF   JP Morgan Money Market US Treasury Fund Index   TSFR6M   Term SOFR 6-Month
EUR006M   6 Month EUR Swap Rate   JY0003M   3 Month JPY-LIBOR        
                     
Other  Abbreviations:                
ABS   Asset-Backed Security   EBITDA    Earnings before Interest, Taxes, Depreciation and Amoritization   REMIC   Real Estate Mortgage Investment Conduit
CDO   Collateralized Debt Obligation   EURIBOR   Euro Interbank Offered Rate   TBA   To-Be-Announced
CLO   Collateralized Loan Obligation   OIS   Overnight Index Swap   TBD   To-Be-Determined
DAC   Designated Activity Company   PIK   Payment-in-Kind   TBD%   Interest rate to be determined when loan
settles or at the time of funding