Schedule of Investments PIMCO Corporate & Income Strategy 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 117.7% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 36.6%

 

 

 

 

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

$

3,700

$

3,724

Altice France SA

 

 

 

 

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

 

395

 

393

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

 

1,480

 

1,476

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

EUR

75

 

87

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

$

7,004

 

6,973

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

 

3,563

 

3,577

AP Core Holdings II LLC
9.428% (TSFR3M + 5.500%) due 09/01/2027 ~

 

11,808

 

11,539

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

 

6,249

 

6,048

BDO USA PC

 

 

 

 

8.166% (TSFR3M + 4.500%) due 08/31/2028 «~

 

183

 

181

8.640% (TSFR3M + 5.000%) due 08/31/2028 «~

 

2,388

 

2,385

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

 

12,253

 

8,777

Clover Holdings 2 LLC

 

 

 

 

TBD% - 3.500% due 12/10/2029 ~µ

 

803

 

741

7.676% (TSFR1M + 4.000%) due 12/09/2031 ~

 

3,226

 

3,097

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

 

5,648

 

5,820

Cyberswift U.S. Finco LLC
7.646% (TSFR3M + 4.000%) due 10/08/2032 ~

 

1,800

 

1,777

Databricks, Inc.

 

 

 

 

1.000% due 01/05/2032 ~µ

 

399

 

397

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

 

1,801

 

1,792

Dun & Bradstreet Corp.

 

 

 

 

0.500% - 5.500% due 08/26/2032 «~µ

 

174

 

174

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

 

1,732

 

1,698

Electronic Arts, Inc.
TBD% due 03/24/2033

 

4,300

 

4,278

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

EUR

1,900

 

1,975

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

$

9,319

 

9,599

Finastra USA, Inc.

 

 

 

 

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

 

12,265

 

11,547

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

 

3,528

 

3,052

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

 

10,673

 

10,417

FPS Finance Co. 1 LLC
6.610% (EUR003M + 2.950%) due 05/26/2028 «~

 

200

 

200

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

 

5,944

 

5,158

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

 

5,199

 

5,212

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

 

52

 

52

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

 

535

 

470

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

 

8,164

 

7,159

ION Platform Finance U.S., Inc.
7.450% (TSFR3M + 3.750%) due 10/07/2032 ~

 

4,300

 

3,479

Ivanti Software, Inc.

 

 

 

 

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

 

9,426

 

6,397

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

 

1,257

 

1,258

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

 

1,143

 

1,143

Lealand Finance Co. BV
6.782% (TSFR1M + 3.000%) due 06/30/2027 ~

 

75

 

63

Lealand Finance Co. BV (7.782% Cash)
7.782% (TSFR1M + 4.000%) due 12/31/2027 ~

 

420

 

352

Magenta Security Holdings LLC

 

 

 

 

9.917% (TSFR3M + 6.250%) due 07/27/2028 ~

 

113

 

113

10.177% (TSFR3M + 6.250%) due 07/27/2028 ~

 

552

 

123

10.677% (TSFR3M + 6.750%) due 07/27/2028 ~

 

119

 

85

10.927% (TSFR3M + 7.000%) due 07/27/2028 ~

 

155

 

65

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

 

3,184

 

2,854

Mercury Aggregator LP
TBD% due 04/03/2027 «~

 

2,172

 

0

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

MH Sub I LLC
7.918% (TSFR1M + 4.250%) due 12/31/2031 ~

 

2,074

 

1,392

MPH Acquisition Holdings LLC

 

 

 

 

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

 

5,006

 

5,005

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

 

10,418

 

9,276

Newfold Digital Holdings Group, Inc.

 

 

 

 

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

 

3,200

 

2,137

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

 

223

 

170

Nexstar Broadcasting, Inc.
TBD% due 03/18/2033

 

600

 

594

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

 

3,000

 

3,000

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

GBP

1,800

 

2,374

Peraton Corp.

 

 

 

 

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

$

19,622

 

16,793

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

 

564

 

409

Polaris Newco LLC

 

 

 

 

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

EUR

5,286

 

5,204

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

$

9,627

 

8,499

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

EUR

2,400

 

832

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

 

20,771

 

23,468

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

$

7,886

 

6,940

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

 

5,841

 

5,939

Spruce Bidco II, Inc.

 

 

 

 

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

 

275

 

274

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

JPY

23,500

 

147

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

CAD

219

 

156

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

$

1,211

 

1,201

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

EUR

16,845

 

5,889

Stepstone Group Midco 2 GmbH

 

 

 

 

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

 

7,500

 

7,615

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

$

4,501

 

3,960

Stonepeak Bayou Holdings LP
6.450% (TSFR3M + 2.750%) due 10/01/2032 ~

 

4,200

 

4,091

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

EUR

6,500

 

7,343

Syniverse Holdings, Inc.
10.700% (TSFR3M + 7.000%) due 05/13/2027 «~

$

15,583

 

14,434

U.S. Renal Care, Inc.

 

 

 

 

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

 

8,240

 

8,395

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

 

21,143

 

19,969

Unicorn Bay
13.000% due 12/31/2026 «~

HKD

32,793

 

4,234

Upfield BV
TBD% due 10/31/2030

GBP

4,300

 

5,450

Westmoreland Coal Co.
8.000% due 03/15/2029 «~

$

1,415

 

615

Total Loan Participations and Assignments (Cost $336,897)

 

 

 

311,512

CORPORATE BONDS & NOTES 38.6%

 

 

 

 

BANKING & FINANCE 8.8%

 

 

 

 

Alamo Re Ltd.

 

 

 

 

12.590% (FHMMUSTF + 9.080%) due 06/07/2026 ~

 

300

 

304

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

 

2,900

 

2,957

Antares Holdings LP
6.350% due 10/23/2029 (m)

 

500

 

495

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

 

3,400

 

3,108

BGC Group, Inc.
6.600% due 06/10/2029 (m)

 

400

 

413

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

EUR

2,300

 

2,712

Cape Lookout Re Ltd.

 

 

 

 

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

$

250

 

250

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

 

250

 

250

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

 

800

 

813

CI Financial Corp.
7.500% due 05/30/2029 (m)

 

1,100

 

1,155

Commonwealth RE Ltd.
7.417% (JMMMUSTF + 3.857%) due 07/08/2030 ~

 

3,300

 

3,322

Credicorp Capital Sociedad Titulizadora SA
9.700% due 03/05/2045

PEN

1,000

 

306

Credit Suisse AG AT1 Claim
1.000% due 12/31/2060

$

1,150

 

403

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

 

250

 

250

Everglades Re II Ltd.

 

 

 

 

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

 

500

 

507

Schedule of Investments PIMCO Corporate & Income Strategy 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

F&G Annuities & Life, Inc.

 

 

 

 

6.250% due 10/04/2034 (m)

 

200

 

190

6.500% due 06/04/2029 (m)

 

500

 

502

Ford Motor Credit Co. LLC
5.676% (SOFRRATE + 2.030%) due 03/20/2028 ~(m)

 

800

 

801

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

 

850

 

850

Golden Bear Re Ltd.

 

 

 

 

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

 

250

 

250

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

 

520

 

529

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

 

250

 

259

GSPA Monetization Trust
6.422% due 10/09/2029 (m)

 

1,616

 

1,627

Hestia Re Ltd.
3.640% (BNMMDTSC + 0.100%) due 04/22/2029 ~

 

20

 

11

Integrity RE III Ltd.
29.010% (FHMMUSTF + 25.500%) due 06/06/2027 ~

 

250

 

275

Integrity Re Ltd.

 

 

 

 

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

 

400

 

412

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

 

400

 

415

ION Platform Finance SARL

 

 

 

 

6.500% due 09/30/2030 (m)

EUR

700

 

676

6.500% due 09/30/2030

 

100

 

97

6.875% due 09/30/2032 (m)

 

1,600

 

1,479

7.875% due 05/01/2029

 

3,600

 

3,883

7.875% due 05/01/2029 (m)

 

3,000

 

3,236

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

$

2,300

 

1,783

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

 

 

 

 

9.000% due 08/01/2029 (m)

 

1,700

 

1,578

9.500% due 05/30/2029 (m)

 

900

 

848

Long Point Re IV Ltd.
7.810% (BRMMUSDF + 4.250%) due 06/01/2026 ~

 

4,300

 

4,311

Lower Ferry Re Ltd.

 

 

 

 

8.176% (MSMMUSTF + 4.646%) due 07/08/2030 ~

 

600

 

606

9.034% (MSMMUSTF + 5.504%) due 07/08/2030 ~

 

4,500

 

4,557

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

 

300

 

309

Marex Group PLC

 

 

 

 

5.829% due 05/08/2028 (m)

 

300

 

303

6.404% due 11/04/2029 (m)

 

200

 

206

Mayflower Re Ltd.

 

 

 

 

8.555% (FHMMUSTF + 5.045%) due 07/08/2030 ~

 

1,000

 

1,010

10.023% (FHMMUSTF + 6.513%) due 07/08/2030 ~

 

6,000

 

6,078

Nature Coast Re Ltd.

 

 

 

 

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

 

250

 

249

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

 

250

 

259

Polestar Re Ltd.

 

 

 

 

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

 

300

 

314

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

 

800

 

827

PRIO Luxembourg Holding SARL
6.750% due 10/15/2030 (m)

 

2,000

 

1,948

Purple Re Ltd.

 

 

 

 

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

 

250

 

250

14.140% (JMMMUSTF + 10.580%) due 06/05/2026 ~

 

1,200

 

1,220

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

EUR

250

 

289

Sanders Re III Ltd.

 

 

 

 

11.280% (BRMMUSDF + 7.720%) due 06/05/2029 ~

$

1,800

 

1,821

15.880% (BRMMUSDF + 12.320%) due 04/09/2029 ~

 

628

 

409

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

GBP

3

 

3

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

EUR

6,703

 

1,259

Torrey Pines Re Ltd.

 

 

 

 

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

$

250

 

258

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

 

250

 

259

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

 

8,521

 

8,024

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

 

250

 

252

Ursa Re Ltd.

 

 

 

 

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

 

400

 

409

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

 

800

 

823

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

 

3,178

 

0

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

Winston RE Ltd.
15.230% (BNMMDTSC + 11.690%) due 02/26/2031 ~

 

600

 

626

 

 

 

 

74,842

INDUSTRIALS 26.0%

 

 

 

 

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

 

2,031

 

1,848

Altice France SA

 

 

 

 

6.875% due 10/15/2030 (m)

 

452

 

433

9.500% due 11/01/2029 (m)

 

1,295

 

1,309

ams-OSRAM AG

 

 

 

 

10.500% due 03/30/2029 (m)

EUR

1,400

 

1,700

12.250% due 03/30/2029 (m)

$

500

 

532

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

 

500

 

497

Aston Martin Capital Holdings Ltd.
10.000% due 03/31/2029 (m)

 

1,500

 

1,130

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

 

16,470

 

16,946

Centene Corp.
4.625% due 12/15/2029

 

200

 

190

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

 

890

 

662

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

 

1,980

 

1,427

Cerdia Finanz GmbH
9.375% due 10/03/2031 (m)

 

2,400

 

2,389

Cheplapharm Arzneimittel GmbH

 

 

 

 

6.750% due 02/15/2032 (m)

EUR

1,000

 

1,132

7.500% due 05/15/2030 (m)

 

11,600

 

13,546

Cogent Communications Group LLC/Cogent Finance, Inc.

 

 

 

 

6.500% due 07/01/2032 (m)

$

5,800

 

5,064

7.000% due 06/15/2027 (m)

 

2,000

 

1,980

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

 

1,800

 

1,715

CVR Energy, Inc.
7.500% due 02/15/2031 (m)

 

1,100

 

1,109

CVS Pass-Through Trust
7.507% due 01/10/2032 (m)

 

415

 

438

DISH DBS Corp.

 

 

 

 

5.250% due 12/01/2026

 

9,910

 

9,831

5.750% due 12/01/2028

 

10,820

 

10,472

7.750% due 07/01/2026

 

5,200

 

5,189

Ecopetrol SA

 

 

 

 

4.625% due 11/02/2031 (m)

 

3,000

 

2,668

7.750% due 02/01/2032 (m)

 

13,800

 

13,948

Flora Food Management BV

 

 

 

 

6.875% due 07/02/2029 (m)

EUR

1,000

 

1,086

7.500% due 10/31/2030

 

600

 

687

Ford Motor Co.
7.700% due 05/15/2097 (m)

$

4,515

 

4,568

GSG Bidco Ltd.
5.375% due 06/15/2036

EUR

1,100

 

1,263

HCA, Inc.
7.500% due 11/15/2095 (m)

$

1,200

 

1,279

HF Sinclair Corp.
6.250% due 01/15/2035 (m)

 

1,700

 

1,756

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

 

7,128

 

7,128

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

 

4,955

 

7,504

Intralot Capital Luxembourg SA

 

 

 

 

6.513% due 10/15/2031 •

EUR

1,800

 

1,993

6.750% due 10/15/2031 (m)

 

2,000

 

2,214

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

$

1,648

 

1,560

Kronos International, Inc.
9.500% due 03/15/2029 (m)

EUR

3,000

 

3,000

Motion Finco SARL
8.375% due 02/15/2032 (m)

$

300

 

248

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

 

1,400

 

1,446

New Albertsons LP
6.570% due 02/23/2028 (m)

 

5,600

 

5,632

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

 

1,250

 

675

Nexstar Media, Inc.

 

 

 

 

6.500% due 09/15/2033

 

1,100

 

1,109

7.250% due 04/15/2034 (b)

 

800

 

803

Nissan Motor Co. Ltd.
4.810% due 09/17/2030 (m)

 

6,700

 

6,090

Noble Finance II LLC
8.000% due 04/15/2030 (m)

 

10,400

 

10,713

OAK-Eagle Acquireco, Inc.

 

 

 

 

7.250% due 07/01/2033 (b)

 

800

 

829

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

8.750% due 07/01/2034 (b)

 

500

 

524

Ocado Group PLC

 

 

 

 

10.500% due 08/08/2029 (m)

GBP

2,450

 

3,207

11.000% due 06/15/2030 (m)

 

4,250

 

5,618

Petroleos de Venezuela SA

 

 

 

 

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

$

4,400

 

1,514

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

 

1,900

 

794

Petroleos Mexicanos

 

 

 

 

6.700% due 02/16/2032 (m)

 

3,488

 

3,417

6.840% due 01/23/2030 (m)

 

800

 

802

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

 

1,600

 

1,660

Russian Railways Via RZD Capital PLC
7.487% due 03/25/2031 ^(d)

GBP

1,000

 

926

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

 

11

 

17

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

$

109

 

109

Topaz Solar Farms LLC

 

 

 

 

4.875% due 09/30/2039

 

1,587

 

1,437

5.750% due 09/30/2039 (m)

 

4,816

 

4,794

Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC
8.250% due 05/15/2030 (m)

EUR

1,400

 

1,403

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

$

842

 

703

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

EUR

3,700

 

3,455

Valaris Ltd.
8.375% due 04/30/2030 (m)

$

6,637

 

6,881

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

BRL

90,000

 

7,614

Venture Global LNG, Inc.

 

 

 

 

8.125% due 06/01/2028 (m)

$

900

 

921

9.500% due 02/01/2029 (m)

 

4,370

 

4,727

Viridien

 

 

 

 

8.500% due 10/15/2030 (m)

EUR

1,356

 

1,650

10.000% due 10/15/2030 (m)

$

2,601

 

2,770

Vmed O2 U.K. Financing I PLC

 

 

 

 

5.625% due 04/15/2032 (m)

EUR

2,000

 

2,131

6.750% due 01/15/2033 (m)

$

3,000

 

2,684

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

 

1,900

 

1,793

Wayfair LLC
7.750% due 09/15/2030 (m)

 

1,300

 

1,354

 

 

 

 

220,643

UTILITIES 3.8%

 

 

 

 

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

EUR

9

 

131

FORESEA Holding SA

 

 

 

 

7.500% due 06/15/2030 (m)

$

326

 

321

7.500% due 06/15/2030

 

456

 

448

NGD Holdings BV
6.750% due 12/31/2026

 

244

 

227

Nova Securitisation SARL

 

 

 

 

5.750% due 02/03/2031 (m)

 

3,500

 

3,391

6.500% due 02/03/2036 (m)

 

1,700

 

1,619

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)

 

12,899

 

6,256

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

 

26,267

 

279

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

 

6,575

 

6,386

Qwest Corp.
7.375% due 05/01/2030

 

3,600

 

3,572

SW Finance I PLC

 

 

 

 

1.625% due 03/30/2027

GBP

2,300

 

2,922

2.375% due 05/28/2028

 

3,500

 

4,310

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

$

2,800

 

2,722

 

 

 

 

32,584

Total Corporate Bonds & Notes (Cost $361,850)

 

 

 

328,069

CONVERTIBLE BONDS & NOTES 2.6%

 

 

 

 

INDUSTRIALS 2.6%

 

 

 

 

ams-OSRAM AG
2.125% due 11/03/2027

EUR

14,000

 

15,636

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

$

3,400

 

3,303

Ubisoft Entertainment SA
2.375% due 11/15/2028

EUR

3,200

 

3,532

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

Total Convertible Bonds & Notes (Cost $22,796)

 

 

 

22,471

MUNICIPAL BONDS & NOTES 0.7%

 

 

 

 

MICHIGAN 0.2%

 

 

 

 

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044

$

2,287

 

1,763

WEST VIRGINIA 0.5%

 

 

 

 

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

 

44,400

 

4,126

Total Municipal Bonds & Notes (Cost $8,132)

 

 

 

5,889

U.S. GOVERNMENT AGENCIES 3.7%

 

 

 

 

Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates
6.153% due 11/25/2055 «~(m)

 

7,280

 

4,742

Federal Home Loan Mortgage Corp. REMICS
3.500% due 05/25/2050 (a)(m)

 

1,442

 

268

Federal Home Loan Mortgage Corp. STACR REMICS Trust

 

 

 

 

10.762% due 01/25/2042 •

 

4,200

 

4,359

11.162% due 10/25/2041 •

 

5,300

 

5,452

11.462% due 11/25/2041 •

 

8,300

 

8,584

12.162% due 02/25/2042 •

 

2,100

 

2,212

Federal National Mortgage Association Connecticut Avenue Securities Trust

 

 

 

 

9.162% due 12/25/2041 •

 

1,200

 

1,229

9.662% due 12/25/2041 •

 

2,672

 

2,742

Federal National Mortgage Association Interest STRIPS
3.000% due 02/25/2043 (a)(m)

 

8,622

 

971

Federal National Mortgage Association REMICS
3.000% due 06/25/2050 (a)(m)

 

3,202

 

591

Total U.S. Government Agencies (Cost $36,264)

 

 

 

31,150

U.S. TREASURY OBLIGATIONS 0.2%

 

 

 

 

U.S. Treasury Bonds

 

 

 

 

4.875% due 08/15/2045 (q)

 

454

 

453

U.S. Treasury Notes

 

 

 

 

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

 

827

 

824

Total U.S. Treasury Obligations (Cost $1,312)

 

 

 

1,277

NON-AGENCY MORTGAGE-BACKED SECURITIES 5.5%

 

 

 

 

Atrium Hotel Portfolio Trust
5.470% due 12/15/2036 •(m)

 

4,600

 

4,522

Banc of America Funding Trust
6.000% due 07/25/2037

 

138

 

118

Banc of America Mortgage Trust
6.000% due 03/25/2037

 

104

 

89

BCAP LLC Trust

 

 

 

 

3.477% due 08/28/2037 ~

 

458

 

455

3.606% due 03/27/2036 ~

 

1,078

 

732

4.447% due 03/26/2037 þ

 

577

 

988

Bear Stearns ALT-A Trust

 

 

 

 

4.132% due 08/25/2036 ~

 

520

 

232

4.293% due 01/25/2036 •

 

300

 

294

4.336% due 11/25/2035 ~

 

1,565

 

1,447

4.433% due 11/25/2036 ~

 

2,169

 

1,081

4.625% due 09/25/2035 ~

 

186

 

80

Bear Stearns ALT-A Trust II
4.164% due 09/25/2047 ~

 

3,355

 

1,569

CD Mortgage Trust
5.688% due 10/15/2048

 

231

 

219

Chase Mortgage Finance Trust

 

 

 

 

4.658% due 12/25/2035 ~

 

3

 

3

6.000% due 07/25/2037

 

526

 

218

CHL Mortgage Pass-Through Trust

 

 

 

 

4.096% due 09/20/2036 ~

 

94

 

85

6.000% due 07/25/2037

 

1,101

 

447

Citigroup Mortgage Loan Trust, Inc.
4.593% due 04/25/2037 ~

 

80

 

72

CLNY Trust

 

 

 

 

6.059% due 11/15/2038 •

 

1,500

 

1,438

6.755% due 11/15/2038 •

 

1,100

 

1,037

Countrywide Alternative Loan Trust

 

 

 

 

5.500% due 03/25/2035

 

194

 

77

5.750% due 01/25/2035

 

80

 

80

5.750% due 02/25/2035

 

160

 

105

5.750% due 03/25/2037

 

360

 

177

6.000% due 02/25/2035

 

559

 

456

6.000% due 04/25/2036

 

631

 

267

6.000% due 02/25/2037

 

3,865

 

1,315

6.000% due 04/25/2037

 

698

 

297

6.250% due 12/25/2036 •

 

1,012

 

401

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

6.500% due 08/25/2036

 

367

 

104

Countrywide Alternative Loan Trust Resecuritization
6.000% due 08/25/2037 ~

 

660

 

322

CSMC Trust Capital Certificates
4.807% due 10/26/2036 ~

 

3,663

 

3,145

GSR Mortgage Loan Trust

 

 

 

 

4.413% due 08/25/2034 ~

 

200

 

190

6.000% due 02/25/2036

 

1,225

 

426

HarborView Mortgage Loan Trust

 

 

 

 

4.271% due 01/19/2036 •

 

177

 

185

4.299% due 06/19/2036 ~

 

3,187

 

1,281

Hilton USA Trust
2.828% due 11/05/2035

 

800

 

686

IndyMac IMSC Mortgage Loan Trust
6.500% due 07/25/2037

 

3,359

 

974

Jefferies Resecuritization Trust
6.000% due 05/26/2036

 

6,654

 

2,656

JP Morgan Alternative Loan Trust

 

 

 

 

4.108% due 03/25/2037 ~

 

594

 

526

6.000% due 12/25/2035

 

690

 

449

JP Morgan Chase Commercial Mortgage Securities Trust

 

 

 

 

4.860% due 07/05/2033 •

 

510

 

499

5.787% due 12/15/2036 •

 

1,000

 

13

6.537% due 12/15/2036 •

 

2,500

 

6

JP Morgan Mortgage Trust

 

 

 

 

5.182% due 04/25/2037 ~

 

2

 

2

5.265% due 01/25/2037 ~

 

160

 

135

5.299% due 02/25/2036 ~

 

696

 

453

Lehman Mortgage Trust
6.000% due 07/25/2037

 

4

 

4

Lehman XS Trust
4.233% due 06/25/2047 •

 

601

 

577

MASTR Alternative Loan Trust
6.750% due 07/25/2036

 

1,447

 

531

Merrill Lynch Mortgage Investors Trust
4.342% due 03/25/2036 ~

 

307

 

141

Morgan Stanley Capital I Trust
6.170% due 11/15/2034 •

 

504

 

498

New Orleans Hotel Trust
5.309% due 04/15/2032 •(m)

 

800

 

789

PRPM LLC

 

 

 

 

5.503% due 08/25/2030 þ(m)

 

911

 

909

5.729% due 07/25/2030 þ

 

901

 

899

RALI Trust

 

 

 

 

3.510% due 12/26/2034 ~

 

780

 

253

4.253% due 05/25/2037 •

 

68

 

60

6.000% due 08/25/2036

 

103

 

90

Residential Asset Securitization Trust

 

 

 

 

6.000% due 11/25/2036

 

2,412

 

791

6.250% due 09/25/2037

 

2,407

 

854

RFMSI Trust

 

 

 

 

4.851% due 02/25/2037 ~

 

647

 

420

6.500% due 03/25/2032

 

32

 

33

Sequoia Mortgage Trust

 

 

 

 

3.064% due 07/20/2037 ~

 

171

 

125

4.107% due 02/20/2047 ~

 

97

 

74

SG Commercial Mortgage Securities Trust
2.937% due 03/15/2037 (m)

 

1,200

 

1,146

STARM Mortgage Loan Trust

 

 

 

 

5.604% due 04/25/2037 ~

 

92

 

47

5.644% due 02/25/2037 ~

 

60

 

52

Structured Adjustable Rate Mortgage Loan Trust

 

 

 

 

4.219% due 01/25/2036 ~

 

1,038

 

549

4.638% due 07/25/2035 ~

 

208

 

184

4.960% due 11/25/2036 ~

 

811

 

629

WaMu Mortgage Pass-Through Certificates Trust

 

 

 

 

3.707% due 10/25/2036 ~

 

565

 

503

3.817% due 07/25/2037 ~

 

166

 

150

3.996% due 02/25/2037 ~

 

197

 

172

4.647% due 07/25/2037 ~

 

355

 

327

Washington Mutual Mortgage Pass-Through Certificates Trust

 

 

 

 

4.699% due 05/25/2047 •

 

4

 

13

6.000% due 10/25/2035

 

777

 

622

Worldwide Plaza Trust
3.526% due 11/10/2036

 

2,032

 

1,624

WSTN Trust

 

 

 

 

7.690% due 07/05/2037 ~(m)

 

1,300

 

1,311

8.455% due 07/05/2037 ~(m)

 

1,300

 

1,301

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

9.835% due 07/05/2037 ~

 

1,100

 

1,106

Total Non-Agency Mortgage-Backed Securities (Cost $63,310)

 

 

 

47,137

ASSET-BACKED SECURITIES 7.9%

 

 

 

 

AUTOMOBILE ABS OTHER 0.3%

 

 

 

 

Ally Bank Auto Credit-Linked Notes

 

 

 

 

6.066% due 06/15/2033

 

1,255

 

1,260

6.942% due 06/15/2033

 

554

 

553

10.219% due 06/15/2033

 

960

 

965

 

 

 

 

2,778

CMBS OTHER 0.0%

 

 

 

 

LNR CDO III Ltd.
4.069% due 02/28/2043 •

 

1,558

 

0

HOME EQUITY OTHER 3.6%

 

 

 

 

ACE Securities Corp. Home Equity Loan Trust
4.378% due 02/25/2036 •

 

24,318

 

22,188

Argent Securities Trust
4.173% due 03/25/2036 •

 

2,793

 

1,580

Bear Stearns Asset-Backed Securities I Trust
4.073% due 10/25/2036 •

 

853

 

842

Citigroup Mortgage Loan Trust, Inc.
4.113% due 12/25/2036 •

 

1,127

 

634

Home Equity Mortgage Loan Asset-Backed Trust
4.113% due 07/25/2037 •

 

6,839

 

3,818

Merrill Lynch Mortgage Investors Trust
4.113% due 04/25/2037 •

 

302

 

137

Morgan Stanley ABS Capital I, Inc. Trust
4.093% due 06/25/2036 •

 

208

 

186

Morgan Stanley Mortgage Loan Trust
6.250% due 02/25/2037 ~

 

345

 

193

Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
5.563% due 10/25/2034 •

 

573

 

548

 

 

 

 

30,126

HOME EQUITY SEQUENTIAL 0.2%

 

 

 

 

JP Morgan Mortgage Acquisition Trust
4.102% due 10/25/2030 þ

 

3,055

 

1,493

WHOLE LOAN COLLATERAL 2.7%

 

 

 

 

Bear Stearns Asset-Backed Securities Trust
6.500% due 10/25/2036

 

343

 

109

First Franklin Mortgage Loan Trust

 

 

 

 

4.738% due 09/25/2035 •

 

3,326

 

3,137

4.768% due 05/25/2036 •

 

5,333

 

4,917

Lehman XS Trust
5.670% due 08/25/2035 þ

 

11

 

11

Pretium Mortgage Credit Partners LLC

 

 

 

 

5.180% due 01/25/2056 þ

 

2,631

 

2,612

5.184% due 11/25/2055 þ

 

1,126

 

1,119

5.193% due 10/25/2055 þ(m)

 

1,822

 

1,824

5.342% due 12/25/2055 þ(m)

 

2,170

 

2,163

5.510% due 04/25/2056 þ

 

1,300

 

1,301

5.657% due 08/25/2055 þ

 

901

 

903

5.732% due 08/25/2055 þ

 

938

 

941

5.744% due 06/25/2055 þ(m)

 

2,158

 

2,163

RCO X Mortgage LLC
5.418% due 10/25/2030 þ

 

642

 

640

Residential Asset Mortgage Products Trust
4.993% due 01/25/2035 •

 

1,361

 

1,327

 

 

 

 

23,167

OTHER ABS 1.1%

 

 

 

 

Adagio VI CLO DAC
0.000% due 04/30/2031 ~

EUR

1,343

 

336

Apidos CLO XXVIII
0.000% due 10/20/2038 ~

$

5,183

 

1,485

Avoca CLO XIII DAC
0.000% due 04/15/2034 ~

EUR

1,600

 

620

Belle Haven ABS CDO Ltd.
7.000% due 07/05/2046 •

$

175,347

 

383

Carlyle U.S. CLO Ltd.
0.000% due 10/21/2037 ~

 

1,895

 

102

CIFC Funding Ltd.

 

 

 

 

0.000% due 04/24/2030 ~

 

2,300

 

251

0.000% due 03/31/2038 ~

 

1,221

 

626

Man GLG U.S. CLO Ltd.
0.000% due 07/15/2034 ~

 

400

 

142

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

Marble Point CLO XXIII Ltd.
0.000% due 01/22/2052 ~

 

2,150

 

592

Marlette Funding Trust
0.000% due 09/17/2029 «(g)

 

7

 

0

SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(g)

 

3

 

1,045

SLM Student Loan Trust
0.000% due 01/25/2042 «(g)

 

4

 

742

SMB Private Education Loan Trust

 

 

 

 

0.000% due 09/18/2046 «(g)

 

1

 

305

0.000% due 10/15/2048 «(g)

 

1

 

238

Taberna Preferred Funding V Ltd.
4.305% due 08/05/2036 •

 

2,904

 

2,730

 

 

 

 

9,597

Total Asset-Backed Securities (Cost $85,350)

 

 

 

67,161

SOVEREIGN ISSUES 11.0%

 

 

 

 

Angola Government International Bonds

 

 

 

 

8.000% due 11/26/2029

 

2,420

 

2,396

8.250% due 05/09/2028

 

3,600

 

3,635

9.375% due 03/31/2033

 

3,500

 

3,467

9.875% due 03/31/2037

 

3,500

 

3,468

Argentina Bonar Bonds
0.750% due 07/09/2030 þ

 

2,003

 

1,628

Argentina Republic Government International Bonds

 

 

 

 

1.000% due 07/09/2029

 

468

 

412

3.500% due 07/09/2041 þ

 

5,955

 

3,996

4.125% due 07/09/2046 þ

 

107

 

74

5.000% due 01/09/2038 þ

 

10,995

 

8,313

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

 

815

 

789

Colombia Government International Bonds

 

 

 

 

1.000% due 03/26/2031

COP

228,100

 

48

3.750% due 09/19/2028 (m)

EUR

400

 

453

5.000% due 09/19/2032 (m)

 

400

 

436

5.375% due 01/21/2029

$

1,400

 

1,389

5.625% due 02/19/2036 (m)

EUR

400

 

424

6.125% due 01/21/2031

$

400

 

394

Colombia TES

 

 

 

 

1.000% due 08/22/2029

COP

372,900

 

94

9.250% due 05/28/2042

 

101,000

 

21

11.000% due 08/22/2029

 

2,039,000

 

514

11.500% due 07/25/2046

 

804,600

 

194

11.750% due 01/24/2035

 

61,792,300

 

15,321

12.000% due 03/13/2058

 

2,500

 

1

12.750% due 11/28/2040

 

2,018,900

 

535

Costa Rica Government International Bonds
5.500% due 11/21/2030 (m)

EUR

1,250

 

1,479

Development Bank of Kazakhstan JSC
18.400% due 10/16/2028

KZT

305,500

 

657

Dominican Republic International Bonds

 

 

 

 

10.500% due 03/15/2037 (m)

DOP

366,500

 

6,293

10.750% due 06/01/2036 (m)

 

73,100

 

1,271

11.250% due 09/15/2035 (m)

 

16,900

 

302

Ecuador Government International Bonds
0.000% due 07/31/2030 (g)

$

900

 

754

Egypt Government Bonds
19.698% due 10/14/2030

EGP

761,200

 

13,712

El Salvador Government International Bonds
8.625% due 02/28/2029

$

2,600

 

2,714

Ghana Government International Bonds

 

 

 

 

0.000% due 07/03/2026 (g)

 

11

 

11

0.000% due 01/03/2030 (g)

 

59

 

50

5.000% due 07/03/2029 þ

 

296

 

283

Hellenic Republic Government Bonds

 

 

 

 

2.000% due 04/22/2027

EUR

314

 

362

3.900% due 01/30/2033

 

693

 

824

4.000% due 01/30/2037

 

543

 

634

4.200% due 01/30/2042

 

678

 

784

Peru Government International Bonds

 

 

 

 

6.900% due 08/12/2037

PEN

1,600

 

457

6.950% due 08/12/2031

 

2,481

 

773

Republic of Kenya Government International Bonds

 

 

 

 

7.875% due 02/26/2034 (m)

$

2,300

 

2,094

8.700% due 02/26/2039

 

2,300

 

2,087

Romania Government International Bonds

 

 

 

 

5.125% due 09/24/2031 (m)

EUR

1,000

 

1,148

5.375% due 03/22/2031 (m)

 

1,010

 

1,177

5.875% due 07/11/2032 (m)

 

1,000

 

1,173

Russia Foreign Bonds - Eurobond
1.125% due 11/20/2027 «

 

100

 

0

Turkiye Government Bonds

 

 

 

 

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

TRY

300

 

7

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

 

200

 

4

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

 

35,400

 

794

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

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

 

177,300

 

3,974

Ukraine Government International Bonds

 

 

 

 

0.000% due 02/01/2030 þ(i)

$

29

 

17

0.000% due 02/01/2034 þ(i)

 

107

 

46

0.000% due 02/01/2035 þ(i)

 

90

 

42

0.000% due 02/01/2036 þ(i)

 

75

 

35

4.500% due 02/01/2034 þ

 

131

 

70

4.500% due 02/01/2035 þ

 

183

 

96

4.500% due 02/01/2036 þ

 

210

 

108

Venezuela Government International Bonds

 

 

 

 

6.000% due 12/09/2049 ^(d)

 

240

 

92

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

 

1,508

 

724

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

 

1,000

 

460

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

 

500

 

257

Total Sovereign Issues (Cost $94,433)

 

 

 

93,767

 

 

SHARES

 

 

COMMON STOCKS 5.9%

 

 

 

 

COMMUNICATION SERVICES 0.7%

 

 

 

 

Clear Channel Outdoor Holdings, Inc. (e)

 

531,903

 

1,260

iHeartMedia, Inc. Class A (e)

 

126,306

 

369

iHeartMedia, Inc. Class B «(e)

 

98,039

 

252

Promotora de Informaciones SA Class A (e)

 

454,519

 

158

SES SA «(e)

 

173,216

 

2,598

Uniti Group, Inc. (e)

 

107,010

 

1,004

 

 

 

 

5,641

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

Steinhoff International Holdings NV «(e)(l)

 

21,355,531

 

0

West Marine «(e)(l)

 

2,500

 

16

 

 

 

 

16

FINANCIALS 1.4%

 

 

 

 

Banca Monte dei Paschi di Siena SpA

 

687,000

 

5,995

Windstream Services LLC (e)

 

591,921

 

5,552

XBP Global Holdings, Inc. (e)

 

658

 

3

 

 

 

 

11,550

HEALTH CARE 2.5%

 

 

 

 

AmSurg Corp. «(e)(l)

 

488,175

 

21,467

INDUSTRIALS 1.3%

 

 

 

 

Drillco Holdings Luxembourg SA «(l)

 

44,290

 

1,019

Foresea Holdings SA «

 

18,411

 

423

Incora New Equity «(e)(l)

 

217,553

 

8,239

Luxco Co. Ltd. «(e)(l)

 

46,054

 

852

Westmoreland Mining Holdings «(e)(l)

 

50,075

 

30

Westmoreland Mining LLC «(e)(l)

 

157,802

 

671

 

 

 

 

11,234

REAL ESTATE 0.0%

 

 

 

 

MNSN Holdings, Inc. «(e)(l)

 

3,207

 

199

Total Common Stocks (Cost $48,241)

 

 

 

50,107

WARRANTS 0.1%

 

 

 

 

COMMUNICATION SERVICES 0.1%

 

 

 

 

Windstream Holdings II LLC - Exp. 08/01/2035

 

115,309

 

1,080

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

West Marine - Exp. 09/08/2028 «

 

324

 

0

Total Warrants (Cost $702)

 

 

 

1,080

PREFERRED SECURITIES 2.1%

 

 

 

 

BANKING & FINANCE 1.5%

 

 

 

 

ADLER Group SA «

 

1,196,075

 

0

AGFC Capital Trust I
5.684% (US0003M + 1.750%) due 01/15/2067 ~(m)

 

2,300,000

 

1,440

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(j)

 

70,000

 

59

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

Compeer Financial ACA
4.875% due 08/15/2026 •(j)

 

1,600,000

 

1,583

WAFC Voussoir «

 

6,151,619

 

6,152

Windstream Holdings II LLC
11.000% «

 

3,776

 

4,018

 

 

 

 

13,252

INDUSTRIALS 0.6%

 

 

 

 

Clover Holdings, Inc.
0.000% «(l)

 

13,811

 

261

SVB Financial Trust

 

 

 

 

0.000% due 11/07/2032 (g)

 

18,840

 

1

11.000% due 11/07/2032

 

3,654

 

1,727

Syniverse Holdings, Inc.
12.500% «(l)

 

2,651,219

 

2,231

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

 

540,000

 

538

 

 

 

 

4,758

Total Preferred Securities (Cost $18,412)

 

 

 

18,010

REAL ESTATE INVESTMENT TRUSTS 0.3%

 

 

 

 

REAL ESTATE 0.3%

 

 

 

 

VICI Properties, Inc.

 

77,566

 

2,119

Total Real Estate Investment Trusts (Cost $316)

 

 

 

2,119

SHORT-TERM INSTRUMENTS 2.5%

 

 

 

 

MUTUAL FUNDS 0.1%

 

 

 

 

State Street Institutional U.S. Government Money Market Fund, Premier Class

3.720% (k)

 

517,410

 

517

 

 

PRINCIPAL
AMOUNT
(000s)

 

 

EGYPT TREASURY BILLS 0.0%

 

 

 

 

24.060% due 10/20/2026 (g)(h)

EGP

12,500

 

201

NIGERIA TREASURY BILLS 2.2%

 

 

 

 

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

NGN

29,168,700

 

18,334

TURKEY TREASURY BILLS 0.0%

 

 

 

 

38.685% due 04/07/2026 (f)(g)

TRY

14,000

 

313

U.S. TREASURY BILLS 0.2%

 

 

 

 

3.648% due 04/07/2026 - 06/30/2026 (f)(g)(q)

$

1,382

 

1,377

Total Short-Term Instruments (Cost $20,407)

 

 

 

20,742

Total Investments in Securities (Cost $1,098,422)

 

 

 

1,000,491

 

 

SHARES

 

 

INVESTMENTS IN AFFILIATES 5.8%

 

 

 

 

SHORT-TERM INSTRUMENTS 5.8%

 

 

 

 

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8%

 

 

 

 

PIMCO Short-Term Floating NAV Portfolio III

 

5,094,100

 

49,611

Total Short-Term Instruments (Cost $49,614)

 

 

 

49,611

Total Investments in Affiliates (Cost $49,614)

 

 

 

49,611

Total Investments 123.5% (Cost $1,148,036)

 

 

$

1,050,102

Financial Derivative Instruments (n)(p) 0.3%(Cost or Premiums, net $(19,500))

 

 

 

2,789

Other Assets and Liabilities, net (23.8)%

 

 

 

(202,554)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

850,337

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

 

NOTES TO 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)

Coupon represents a yield to maturity.

(i)

Security becomes interest bearing at a future date.

(j)

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

(k)

Coupon represents a 7-Day Yield.

(l)

RESTRICTED SECURITIES:

Issuer Description

 

 

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets

AmSurg Corp.

 

 

11/02/2023 - 11/06/2023

$

20,398

$

21,467

2.53

%

Clover Holdings, Inc.

 

 

12/09/2024

 

206

 

261

0.03

 

Drillco Holdings Luxembourg SA

 

 

06/08/2023

 

886

 

1,019

0.12

 

Incora New Equity

 

 

01/31/2025

 

10,568

 

8,239

0.97

 

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

 

 

01/31/2025 - 01/31/2026

 

4,955

 

7,504

0.88

 

Luxco Co. Ltd.

 

 

10/01/2025

 

810

 

852

0.10

 

MNSN Holdings, Inc.

 

 

03/16/2023 - 03/29/2023

 

36

 

199

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

 

2,617

 

2,231

0.26

 

West Marine

 

 

09/12/2023

 

36

 

16

0.00

 

Westmoreland Mining Holdings

 

 

12/08/2014 - 10/19/2016

 

1,442

 

30

0.00

 

Westmoreland Mining LLC

 

 

06/30/2023 - 02/03/2025

 

656

 

671

0.08

 

 

 

 

 

$

42,610

$

42,489

5.00%  

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(1)

Settlement Date

Maturity Date

 

Amount
Borrowed(1)

 

Payable for
Reverse
Repurchase
Agreements

BOS

3.550%

03/25/2026

06/12/2026

$

(1,148)

$

(1,149)

BPS

(0.500)

01/26/2026

TBD(2)

EUR

(342)

 

(395)

 

2.250

02/26/2026

TBD(2)

 

(1,447)

 

(1,676)

 

4.173

03/26/2026

06/26/2026

GBP

(5,122)

 

(6,784)

BRC

1.400

02/24/2026

TBD(2)

EUR

(1,394)

 

(1,614)

 

1.550

02/03/2026

TBD(2)

 

(185)

 

(214)

 

1.550

03/17/2026

TBD(2)

 

(701)

 

(811)

 

3.000

12/12/2025

TBD(2)

$

(4,751)

 

(4,794)

 

3.250

12/19/2025

TBD(2)

GBP

(400)

 

(534)

 

3.900

02/03/2026

TBD(2)

$

(1,603)

 

(1,613)

 

3.950

02/03/2026

TBD(2)

 

(6,265)

 

(6,304)

 

4.000

02/03/2026

TBD(2)

 

(4,838)

 

(4,869)

BYR

4.130

03/16/2026

06/16/2026

 

(13,265)

 

(13,289)

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

 

4.130

03/23/2026

06/16/2026

 

(1,621)

 

(1,623)

CDC

4.030

03/10/2026

07/08/2026

 

(4,321)

 

(4,332)

 

4.130

03/10/2026

04/02/2026

 

(358)

 

(359)

 

4.130

03/10/2026

07/08/2026

 

(4,387)

 

(4,398)

 

4.130

03/23/2026

07/21/2026

 

(1,685)

 

(1,687)

 

4.140

03/02/2026

06/01/2026

 

(15,909)

 

(15,964)

 

4.140

03/10/2026

06/01/2026

 

(5,547)

 

(5,561)

 

4.150

03/16/2026

04/02/2026

 

(420)

 

(421)

 

4.170

03/02/2026

04/02/2026

 

(1,426)

 

(1,431)

 

4.180

01/23/2026

04/23/2026

 

(7,042)

 

(7,097)

DBL

4.120

03/13/2026

05/08/2026

 

(5,105)

 

(5,117)

 

4.135

03/20/2026

06/26/2026

 

(711)

 

(712)

 

4.235

03/20/2026

06/26/2026

 

(1,131)

 

(1,132)

 

4.335

03/20/2026

06/26/2026

 

(1,111)

 

(1,113)

DEU

3.900

03/12/2026

04/13/2026

 

(4,363)

 

(4,372)

 

4.050

03/12/2026

04/13/2026

 

(1,571)

 

(1,574)

IND

4.190

03/26/2026

04/15/2026

 

(1,684)

 

(1,685)

 

4.230

03/26/2026

04/15/2026

 

(367)

 

(367)

MBC

2.200

02/26/2026

TBD(2)

EUR

(2,288)

 

(2,650)

MYI

1.200

02/27/2026

TBD(2)

 

(2,835)

 

(3,281)

 

1.350

03/26/2026

TBD(2)

 

(1,178)

 

(1,362)

 

3.300

12/29/2025

TBD(2)

GBP

(210)

 

(280)

 

3.600

12/12/2025

TBD(2)

$

(201)

 

(203)

RDR

4.000

12/18/2025

TBD(2)

 

(16,644)

 

(16,836)

RTA

4.155

02/20/2026

08/20/2026

 

(3,911)

 

(3,930)

 

4.155

03/02/2026

09/02/2026

 

(6,901)

 

(6,925)

 

4.155

03/10/2026

09/02/2026

 

(2,197)

 

(2,202)

 

4.155

03/26/2026

08/20/2026

 

(2,450)

 

(2,451)

 

4.155

03/26/2026

09/18/2026

 

(328)

 

(329)

 

4.380

03/05/2026

05/04/2026

 

(2,637)

 

(2,646)

 

4.430

03/05/2026

05/04/2026

 

(3,038)

 

(3,048)

SCX

4.020

03/03/2026

04/02/2026

 

(1,999)

 

(2,006)

 

4.050

02/17/2026

TBD(2)

 

(4,528)

 

(4,550)

 

4.100

12/12/2025

TBD(2)

 

(1,298)

 

(1,315)

 

4.100

02/10/2026

TBD(2)

 

(5,571)

 

(5,602)

SOG

2.110

02/06/2026

TBD(2)

EUR

(1,048)

 

(1,215)

 

2.110

02/26/2026

TBD(2)

 

(1,012)

 

(1,172)

 

2.120

01/23/2026

TBD(2)

 

(838)

 

(972)

 

2.170

02/27/2026

TBD(2)

 

(2,108)

 

(2,442)

 

2.180

02/26/2026

TBD(2)

 

(7,262)

 

(8,411)

 

4.000

02/20/2026

TBD(2)

$

(10,543)

 

(10,590)

 

4.000

03/06/2026

TBD(2)

 

(626)

 

(628)

 

4.190

03/30/2026

04/08/2026

 

(4,162)

 

(4,163)

 

4.220

01/16/2026

04/16/2026

 

(787)

 

(794)

 

4.220

03/02/2026

04/16/2026

 

(5,988)

 

(6,009)

 

4.220

03/18/2026

04/16/2026

 

(6,618)

 

(6,629)

TDM

3.850

12/12/2025

TBD(2)

 

(2,207)

 

(2,233)

UBS

2.090

02/26/2026

TBD(2)

EUR

(214)

 

(248)

 

2.190

02/27/2026

TBD(2)

 

(1,731)

 

(2,005)

 

2.329

03/27/2026

06/29/2026

 

(2,728)

 

(3,155)

Total Reverse Repurchase Agreements

 

 

 

 

 

$

(213,273)

(m)

Securities with an aggregate market value of $234,259 and cash of $5,099 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 $(116,070) at a weighted average interest rate of 4.194%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2)

Open maturity reverse repurchase agreement.

(n)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

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

Morgan Stanley

1.000%

Quarterly

06/20/2026

0.303

%

$

600

$

2

$

(1)

$

1

$

0

$

0

Venture Global LNG, Inc.

5.000

Quarterly

12/20/2030

2.514

 

 

1,500

 

46

 

109

 

155

 

6

 

0

Worldline SA/France

5.000

Quarterly

12/20/2027

10.088

 

EUR

400

 

(38)

 

4

 

(34)

 

0

 

(6)

Worldline SA/France

5.000

Quarterly

12/20/2028

10.418

 

 

100

 

(14)

 

0

 

(14)

 

0

 

(1)

Worldline SA/France

5.000

Quarterly

12/20/2030

10.922

 

 

12,900

 

(2,100)

 

(586)

 

(2,686)

 

0

 

(190)

 

 

 

 

 

 

$

(2,104)

$

(474)

$

(2,578)

$

6

$

(197)

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

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

17,230

$

(76)

$

(659)

$

(735)

$

55

$

0

Receive

1-Day GBP-SONIO Compounded-OIS

0.750

Annual

09/21/2032

 

7,800

 

757

 

1,439

 

2,196

 

0

 

(23)

Receive

1-Day GBP-SONIO Compounded-OIS

2.000

Annual

03/15/2033

 

2,800

 

311

 

196

 

507

 

0

 

(9)

Receive

1-Day GBP-SONIO Compounded-OIS

0.750

Annual

09/21/2052

 

1,600

 

328

 

998

 

1,326

 

0

 

(3)

Receive

1-Day USD-SOFR Compounded-OIS

1.250

Semi-Annual

12/15/2026

$

56,800

 

(705)

 

1,681

 

976

 

0

 

(1)

Pay

1-Day USD-SOFR Compounded-OIS

2.500

Semi-Annual

12/20/2027

 

44,900

 

172

 

(993)

 

(821)

 

16

 

0

Pay

1-Day USD-SOFR Compounded-OIS

2.000

Annual

12/21/2027

 

32,300

 

(2,862)

 

1,821

 

(1,041)

 

13

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.250

Annual

06/21/2028

 

19,200

 

(257)

 

(13)

 

(270)

 

9

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.370

Semi-Annual

08/25/2028

 

16,898

 

(5)

 

1,015

 

1,010

 

0

 

(8)

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/20/2028

 

84,700

 

740

 

(369)

 

371

 

58

 

0

Pay

1-Day USD-SOFR Compounded-OIS

4.500

Annual

06/19/2029

 

69,900

 

34

 

2,150

 

2,184

 

62

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

06/20/2029

 

16,500

 

(312)

 

269

 

(43)

 

0

 

(14)

Pay

1-Day USD-SOFR Compounded-OIS

2.000

Annual

12/21/2029

 

118,700

 

(12,228)

 

5,149

 

(7,079)

 

102

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.250

Annual

06/18/2030

 

224,100

 

(2,264)

 

(2,201)

 

(4,465)

 

218

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.500

Annual

03/18/2031

 

108,660

 

810

 

(1,403)

 

(593)

 

114

 

0

Receive

1-Day USD-SOFR Compounded-OIS

0.750

Semi-Annual

06/16/2031

 

57,200

 

3,442

 

5,069

 

8,511

 

0

 

(50)

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Semi-Annual

12/15/2031

 

36,100

 

(505)

 

4,426

 

3,921

 

0

 

(34)

Pay

1-Day USD-SOFR Compounded-OIS

2.000

Annual

12/21/2032

 

23,900

 

(3,269)

 

720

 

(2,549)

 

26

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/17/2035

 

10,020

 

(164)

 

247

 

83

 

0

 

(8)

Pay

1-Day USD-SOFR Compounded-OIS

3.500

Semi-Annual

06/19/2044

 

93,400

 

(2,328)

 

(8,200)

 

(10,528)

 

0

 

(119)

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/17/2045

 

6,160

 

119

 

229

 

348

 

11

 

0

Receive

1-Day USD-SOFR Compounded-OIS

2.000

Semi-Annual

01/15/2050

 

8,300

 

(57)

 

3,190

 

3,133

 

20

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Semi-Annual

01/22/2050

 

14,500

 

(35)

 

6,060

 

6,025

 

34

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.875

Semi-Annual

02/07/2050

 

15,100

 

(58)

 

6,032

 

5,974

 

36

 

0

Receive

1-Day USD-SOFR Compounded-OIS

2.250

Semi-Annual

03/12/2050

 

10,800

 

(33)

 

3,680

 

3,647

 

26

 

0

Pay

1-Day USD-SOFR Compounded-OIS

2.000

Semi-Annual

12/15/2051

 

10,900

 

775

 

(4,964)

 

(4,189)

 

0

 

(29)

Receive

1-Day USD-SOFR Compounded-OIS

1.700

Semi-Annual

02/01/2052

 

76,450

 

(1,210)

 

34,888

 

33,678

 

207

 

0

Receive

1-Day USD-SOFR Compounded-OIS

2.750

Annual

06/21/2053

 

8,000

 

755

 

1,171

 

1,926

 

26

 

0

Receive

6-Month EUR-EURIBOR

0.150

Annual

03/18/2030

EUR

8,700

 

159

 

972

 

1,131

 

0

 

(30)

Receive

6-Month EUR-EURIBOR

0.250

Annual

09/21/2032

 

6,200

 

583

 

540

 

1,123

 

0

 

(34)

Receive

6-Month EUR-EURIBOR

0.500

Annual

09/21/2052

 

2,600

 

225

 

1,202

 

1,427

 

0

 

(16)

Receive(5)

6-Month EUR-EURIBOR

0.830

Annual

12/09/2052

 

15,300

 

192

 

1,697

 

1,889

 

18

 

0

 

 

 

 

 

 

$

(16,966)

$

66,039

$

49,073

$

1,051

$

(378)

Total Swap Agreements

$

(19,070)

$

65,565

$

46,495

$

1,057

$

(575)

(o)

Securities with an aggregate market value of $785 and cash of $23,620 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.

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

(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.

(5)

This instrument has a forward starting effective date.

(p)

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

AZD

04/2026

CAD

74

$

54

$

1

$

0

BOA

04/2026

DOP

165,629

 

2,710

 

12

 

(13)

 

04/2026

JPY

86,453

 

542

 

0

 

(3)

 

04/2026

$

858

EUR

737

 

0

 

(7)

 

05/2026

DOP

3,699

$

57

 

0

 

(4)

 

05/2026

$

542

JPY

86,193

 

3

 

0

BPS

04/2026

CAD

150

$

111

 

3

 

0

 

08/2030

KWD

57

 

193

 

5

 

0

 

01/2031

 

2,106

 

7,099

 

155

 

0

BRC

04/2026

HKD

2,050

 

262

 

0

 

0

 

04/2026

TRY

275,114

 

5,972

 

0

 

(93)

 

04/2026

$

10,853

TRY

490,750

 

56

 

0

 

05/2026

TRY

70,894

$

1,522

 

0

 

(9)

 

05/2026

$

244

TRY

11,306

 

0

 

0

BSH

04/2026

JPY

477,855

$

2,993

 

0

 

(18)

 

04/2026

$

9,694

GBP

7,282

 

0

 

(55)

 

05/2026

GBP

7,282

$

9,693

 

55

 

0

 

05/2026

$

2,993

JPY

476,416

 

18

 

0

CBK

04/2026

EUR

1,990

$

2,307

 

7

 

0

 

04/2026

$

1,027

EUR

884

 

0

 

(5)

 

04/2026

 

8,100

GBP

6,110

 

0

 

(12)

 

06/2026

COP

41,614,145

$

11,065

 

0

 

(79)

 

08/2026

 

20,519,127

 

5,390

 

0

 

(26)

 

09/2026

 

2,928,113

 

756

 

0

 

(11)

DUB

04/2026

HKD

9,947

 

1,271

 

2

 

0

 

06/2026

KZT

26,504

 

51

 

0

 

(3)

FAR

04/2026

GBP

18,560

 

25,082

 

516

 

0

 

04/2026

JPY

594,974

 

3,728

 

0

 

(21)

 

04/2026

$

7,092

GBP

5,243

 

0

 

(153)

 

04/2026

 

1,189

JPY

185,763

 

0

 

(18)

 

05/2026

 

3,728

 

593,177

 

21

 

0

GLM

04/2026

DOP

145,949

$

2,261

 

0

 

(131)

 

04/2026

KZT

17,850

 

37

 

0

 

0

 

05/2026

DOP

129,193

 

2,008

 

2

 

(119)

 

06/2026

 

16,201

 

264

 

0

 

(1)

 

06/2026

$

122

MXN

2,179

 

0

 

(1)

 

09/2026

DOP

14,722

$

233

 

0

 

(6)

IND

04/2026

EUR

123,433

 

145,748

 

3,078

 

0

JPM

04/2026

HKD

11,608

 

1,485

 

3

 

0

 

04/2026

$

1,437

EUR

1,224

 

0

 

(22)

MBC

04/2026

GBP

75

$

100

 

1

 

0

 

04/2026

JPY

183,916

 

1,150

 

0

 

(9)

 

04/2026

$

2,222

EUR

1,922

 

1

 

(2)

 

04/2026

 

1,316

JPY

204,652

 

0

 

(27)

 

05/2026

JPY

1,359,800

$

8,547

 

0

 

(46)

 

05/2026

$

565

EUR

491

 

3

 

0

 

05/2026

 

1,150

JPY

183,360

 

9

 

0

NGF

04/2026

 

1,686

TRY

77,661

 

3

 

0

 

05/2026

 

855

 

39,477

 

0

 

(2)

SCX

04/2026

 

162

CAD

224

 

0

 

(1)

 

04/2026

 

937

JPY

146,095

 

0

 

(16)

 

05/2026

CAD

224

$

162

 

1

 

0

SOG

04/2026

$

139,859

EUR

120,656

 

183

 

(583)

 

04/2026

 

5,179

JPY

805,808

 

0

 

(101)

 

05/2026

EUR

99,124

$

114,568

 

0

 

(179)

 

06/2026

EGP

3,718

 

69

 

4

 

0

 

06/2026

PEN

5,066

 

1,504

 

53

 

0

SSB

04/2026

$

6

JPY

945

 

0

 

0

UAG

04/2026

TRY

29,117

$

630

 

0

 

(11)

 

05/2026

 

4,655

 

100

 

0

 

(1)

Total Forward Foreign Currency Contracts

$

4,195

$

(1,788)

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

WRITTEN OPTIONS:

FOREIGN CURRENCY OPTIONS

Counterparty

Description

 

Strike
Price

Expiration
Date

 

Notional
Amount(1)

 

Premiums
(Received)

 

Market
Value

UAG

Call - OTC USD versus TRY

TRY

49.510

04/15/2026

 

1,900

$

(30)

$

(5)

 

Call - OTC USD versus TRY

 

49.650

04/17/2026

 

2,900

 

(45)

 

(10)

 

Call - OTC USD versus TRY

 

49.650

04/21/2026

 

1,000

 

(15)

 

(4)

 

Call - OTC USD versus TRY

 

49.600

04/24/2026

 

500

 

(7)

 

(3)

 

Call - OTC USD versus TRY

 

49.990

05/01/2026

 

1,000

 

(15)

 

(8)

Total Written Options

$

(112)

$

(30)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION(2)

 

Swap Agreements, at Value(5)

Counterparty

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
March 31, 2026(3)

 

Notional
Amount(4)

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BRC

Petroleos Mexicanos

1.000%

Quarterly

12/20/2030

3.124%

$

100

$

(8)

$

(1)

$

0

$

(9)

CBK

Israel Government International Bonds

1.000

Quarterly

06/20/2030

0.710

 

200

 

(3)

 

6

 

3

 

0

 

Petroleos Mexicanos

1.000

Quarterly

12/20/2030

3.124

 

600

 

(49)

 

(2)

 

0

 

(51)

DUB

Eskom «

4.650

Quarterly

06/30/2029

—◆

 

2,700

 

0

 

116

 

116

 

0

 

Petroleos Mexicanos «

4.750

Monthly

07/06/2026

—◆

 

235

 

0

 

1

 

1

 

0

GST

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

20,000

 

(11)

 

2

 

0

 

(9)

 

Petroleos Mexicanos

1.000

Quarterly

12/20/2028

2.711

$

800

 

(155)

 

121

 

0

 

(34)

 

Soft Bank Group,Inc.

1.000

Quarterly

06/20/2026

1.662

 

1,300

 

(11)

 

9

 

0

 

(2)

JPM

Israel Government International Bonds

1.000

Quarterly

06/20/2030

0.710

 

100

 

(1)

 

2

 

1

 

0

 

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

20,000

 

(10)

 

1

 

0

 

(9)

 

Petroleos Mexicanos

1.000

Quarterly

12/20/2030

3.124

$

900

 

(70)

 

(7)

 

0

 

(77)

Total Swap Agreements

$

(318)

$

248

$

121

$

(191)

(q)

Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2026.

◆

Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

(1)

Notional Amount represents the number of contracts.

(2)

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.

(3)

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.

(4)

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.

(5)

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

FAIR VALUE MEASUREMENTS

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

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2026

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

217,212

$

94,300

$

311,512

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

74,842

 

0

 

74,842

 

 

Industrials

 

0

 

206,011

 

14,632

 

220,643

 

 

Utilities

 

0

 

32,453

 

131

 

32,584

 

Convertible Bonds & Notes

 

Industrials

 

0

 

22,471

 

0

 

22,471

 

Municipal Bonds & Notes

 

Michigan

 

0

 

1,763

 

0

 

1,763

 

 

West Virginia

 

0

 

4,126

 

0

 

4,126

 

U.S. Government Agencies

 

0

 

26,408

 

4,742

 

31,150

 

U.S. Treasury Obligations

 

0

 

1,277

 

0

 

1,277

 

Non-Agency Mortgage-Backed Securities

 

0

 

47,137

 

0

 

47,137

 

Asset-Backed Securities

 

Automobile ABS Other

 

0

 

2,778

 

0

 

2,778

 

 

Home Equity Other

 

0

 

30,126

 

0

 

30,126

 

 

Home Equity Sequential

 

0

 

1,493

 

0

 

1,493

 

 

Whole Loan Collateral

 

0

 

23,167

 

0

 

23,167

 

 

Other ABS

 

0

 

7,267

 

2,330

 

9,597

 

Sovereign Issues

 

0

 

93,767

 

0

 

93,767

 

Common Stocks

 

Communication Services

 

2,633

 

158

 

2,850

 

5,641

 

 

Consumer Discretionary

 

0

 

0

 

16

 

16

 

 

Financials

 

3

 

11,547

 

0

 

11,550

 

 

Health Care

 

0

 

0

 

21,467

 

21,467

 

 

Industrials

 

0

 

0

 

11,234

 

11,234

 

 

Real Estate

 

0

 

0

 

199

 

199

 

Warrants

 

Communication Services

 

0

 

1,080

 

0

 

1,080

 

Preferred Securities

 

Banking & Finance

 

0

 

3,082

 

10,170

 

13,252

 

 

Industrials

 

0

 

2,266

 

2,492

 

4,758

 

Real Estate Investment Trusts

 

Real Estate

 

2,119

 

0

 

0

 

2,119

 

Short-Term Instruments

 

Mutual Funds

 

0

 

517

 

0

 

517

 

 

Egypt Treasury Bills

 

0

 

201

 

0

 

201

 

 

Nigeria Treasury Bills

 

0

 

18,334

 

0

 

18,334

 

 

Turkey Treasury Bills

 

0

 

313

 

0

 

313

 

 

U.S. Treasury Bills

 

0

 

1,377

 

0

 

1,377

 

 

$

4,755

$

831,173

$

164,563

$

1,000,491

 

Investments in Affiliates, at Value

Short-Term Instruments

 

Central Funds Used for Cash Management Purposes

$

49,611

$

0

$

0

$

49,611

 

Total Investments

$

54,366

$

831,173

$

164,563

$

1,050,102

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

 

0

 

1,057

 

0

 

1,057

 

Over the counter

 

0

 

4,199

 

117

 

4,316

 

 

$

0

$

5,256

$

117

$

5,373

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

 

0

 

(575)

 

0

 

(575)

 

Over the counter

 

0

 

(2,009)

 

0

 

(2,009)

 

 

$

0

$

(2,584)

$

0

$

(2,584)

 

Total Financial Derivative Instruments

$

0

$

2,672

$

117

$

2,789

 

Totals

$

54,366

$

833,845

$

164,680

$

1,052,891

 

 

 

 

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 (1)

Net
Sales/Settlements (1)

Accrued
Discounts/
(Premiums)

Realized
Gain/(Loss)

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

Transfers into
Level 3

Transfers out
of Level 3

Ending
Balance
at 03/31/2026

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
03/31/2026 (2)

Investments in Securities, at Value

Loan Participations and Assignments

$

56,725

$

12,597

$

(13,933)

$

212

$

14

$

783

$

37,902

$

0

$

94,300

$

(21)

Corporate Bonds & Notes

 

Banking & Finance

 

301

 

(2)

 

(35)

 

0

 

2

 

43

 

0

 

(309)

 

0

 

0

 

Industrials

 

13,912

 

937

 

(1,335)

 

18

 

0

 

1,100

 

0

 

0

 

14,632

 

746

 

Utilities

 

0

 

111

 

0

 

(2)

 

0

 

22

 

0

 

0

 

131

 

22

U.S. Government Agencies

 

4,786

 

0

 

(94)

 

16

 

30

 

4

 

0

 

0

 

4,742

 

1

Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

Asset-Backed Securities

 

Other ABS

 

2,729

 

0

 

0

 

5

 

(1,186)

 

782

 

0

 

0

 

2,303

 

(265)

Common Stocks

 

Communication Services

 

9,830

 

0

 

(8,723)

 

0

 

4,629

 

(2,886)

 

0

 

0

 

2,850

 

2,698

 

Consumer Discretionary

 

16

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

16

 

0

 

Financials

 

5,975

 

0

 

(6,123)

 

0

 

(6,417)

 

6,565

 

0

 

0

 

0

 

0

 

Health Care

 

22,039

 

0

 

0

 

0

 

0

 

(572)

 

0

 

0

 

21,467

 

(572)

 

Industrials

 

9,037

 

2,867

 

(2,088)

 

0

 

32

 

1,386

 

0

 

0

 

11,234

 

1,387

 

Real Estate

 

13

 

0

 

0

 

0

 

0

 

186

 

0

 

0

 

199

 

186

Warrants

 

Communication Services

 

1,925

 

0

 

(1,735)

 

0

 

458

 

(648)

 

0

 

0

 

0

 

0

 

Financials

 

1

 

0

 

(7)

 

0

 

(4,154)

 

4,160

 

0

 

0

 

0

 

0

Preferred Securities

 

Banking & Finance

 

0

 

9,928

 

0

 

0

 

0

 

242

 

0

 

0

 

10,170

 

242

 

Industrials

 

2,606

 

156

 

0

 

0

 

0

 

(270)

 

0

 

0

 

2,492

 

(270)

 

$

129,985

$

26,594

$

(34,073)

$

249

$

(6,592)

$

10,875

$

37,902

$

(309)

$

164,563

$

4,154

Financial Derivative Instruments - Assets

Over the counter

$

164

$

0

$

(2)

$

0

$

0

$

(45)

$

0

$

0

$

117

$

(45)

Totals

$

130,059

$

26,594

$

(34,075)

$

249

$

(6,592)

$

10,852

$

37,902

$

(309)

$

164,680

$

4,109


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

$

9,599

Comparable Companies

EBITDA Multiple

X

16.630

—

 

 

38,780

Discounted Cash Flow

Discount Rate

 

6.312 - 9.745

8.283

 

 

4,234

Indicative Market Quotation

Broker Quote

 

101.250

—

 

 

3,000

Recent Transaction

Purchase Price

 

100.000

—

 

 

38,687

Third Party Vendor

Broker Quote

 

-

—

Corporate Bonds & Notes

 

Industrials

 

14,632

Comparable Companies / Discounted Cash Flow

EBITDA Multiple/Discount Rate

X/%

12.500/10.000

—

 

Utilities

 

131

Indicative Market Quotation

Broker Quote

EUR

12.000

—

U.S. Government Agencies

 

4,742

Discounted Cash Flow

Discount Rate

 

11.670

—

Asset-Backed Securities

 

Other ABS

 

2,330

Discounted Cash Flow

Discount Rate

X

12.000 - 20.000

18.642

Common Stocks

 

Communication Services

 

2,598

Indicative Market Quotation

Broker Quote

$

15.000

—

 

 

 

252

Reference Instrument

Liquidity Discount

 

-

—

 

Consumer Discretionary

 

16

Comparable Companies / Discounted Cash Flow

Revenue Multiple / Discount Rate

X/%

0.500/20.750

—

 

Industrials

 

8,240

Comparable Companies / Discounted Cash Flow

EBITDA Multiple/Discount Rate

X/%

12.500/10.000

—

 

 

 

2,142

Indicative Market Quotation

Broker Quote

$

0.594 - 23.000

16.820

 

 

 

852

Indicative Market Quotation

Broker Quote

EUR

16.000

—

 

Health Care

 

21,467

Comparable Companies

EBITDA Multiple

X

16.360

—

 

Real Estate

 

199

Other Valuation Techniques(4)

 

 

 

—

Preferred Securities

 

Banking & Finance

 

4,018

Discounted Cash Flow

Discount Rate

 

11.900

—

 

 

 

6,152

Recent transaction

Purchase price

$

-

—

 

Industrials

 

261

Comparable Companies

Revenue/ EBITDA Multiple

X

4.625/18.000

—

 

 

 

2,231

Discounted Cash Flow

Discount Rate

 

19.155

—

Financial Derivative Instruments - Assets

Over the counter

 

117

Indicative Market Quotation

Broker Quote

 

0.191 - 4.267

4.222

Total

$

164,680

(1)

Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

(2)

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

(3)

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

(4)

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

 

Notes to Financial Statements 

 

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

 

On each day that the New York Stock Exchange (“NYSE”) is open, each Fund’s shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the 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, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

 

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) 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 of 1940, as amended (the “Act”). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

 

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

 

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

 

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.

 

 

Notes to Financial Statements (Cont.)

 

• 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 services (Level 2) to the use of a broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by pricing services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

 

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of 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, 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

 

Notes to Financial Statements (Cont.)

 

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.

 

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indices and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

 

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

 

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

 

2. 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.

 

3. 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 complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The table below shows the Fund’s transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2026 (amounts in thousands†):

 

Investment in PIMCO Short-Term Floating NAV Portfolio III

 

 

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)

$

69,943

$

352,268

$

(372,600)

$

12

$

(12)

$

49,611

$

871

$

0

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

(1) The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund.

Glossary: (abbreviations that may be used in the preceding statements)       (Unaudited)
                     
Counterparty Abbreviations:                
AZD   Australia and New Zealand Banking Group   DEU   Deutsche Bank Securities, Inc.   NGF   Nomura Global Financial Products, Inc.
BOA   Bank of America N.A.   DUB   Deutsche Bank AG   RDR   RBC Capital Markets LLC
BOS   BofA Securities, Inc.   FAR   Wells Fargo Bank National Association   RTA   RBC (Barbados) Trading Bank Corp.
BPS   BNP Paribas S.A.   GLM   Goldman Sachs Bank USA   SCX   Standard Chartered Bank, London
BRC   Barclays Bank PLC   GST   Goldman Sachs International   SOG   Societe Generale Paris
BSH   Banco Santander S.A. - New York Branch   IND   Crédit Agricole Corporate and Investment Bank
S.A.		   SSB   State Street Bank and Trust Co.
BYR   The Bank of Nova Scotia - Toronto   JPM   JP Morgan Chase Bank N.A.   TDM   TD Securities (USA) LLC
CBK   Citibank N.A.   MBC   HSBC Bank Plc   UAG   UBS AG Stamford
CDC   Natixis Securities Americas LLC   MYI   Morgan Stanley & Co. International PLC   UBS   UBS Securities LLC
DBL   Deutsche Bank AG London                
                     
Currency Abbreviations:                
BRL   Brazilian Real   GBP   British Pound   MXN   Mexican Peso
CAD   Canadian Dollar   HKD   Hong Kong Dollar   NGN   Nigerian Naira
COP   Colombian Peso   JPY   Japanese Yen   PEN   Peruvian New Sol
DOP   Dominican Peso   KWD   Kuwaiti Dinar   TRY   Turkish New Lira
EGP   Egyptian Pound   KZT   Kazakhstani Tenge   USD (or $)   United States Dollar
EUR   Euro                
                     
Exchange Abbreviations:                
OTC   Over the Counter                
                     
Index/Spread Abbreviations:                
BISTREFI   Turkish Lira Overnight Reference Rate   FHMMUSTF   Federated Hermes US Treasury Cash Reserves
Fund Yield		   SOFR   Secured Overnight Financing Rate
BNMMDTSC   Dreyfus Treasury Securites Cash Management Fund Yield   GSMMUSTF   Goldman Sachs Money Market US Treasury Fund
Index		   SONIO   Sterling Overnight Interbank Average Rate
BRMMUSDF   BlackRock Money Market US Treasury Fund Index   GSMMUSTI   Goldman Sachs Money Market US Treasury
Instrument Index		   TSFR1M   Term SOFR 1-Month
CDOR06   6 month CDN Swap Rate   JMMMUSTF   JP Morgan Money Market US Treasury Fund Index   TSFR3M   Term SOFR 3-Month
EUR003M   3 Month EUR Swap Rate   JY0003M   3 Month JPY-LIBOR   TSFR6M   Term SOFR 6-Month
EUR006M   6 Month EUR Swap Rate   MSMMUSTF   MSILF Money Market US Treasury Fund Index   US0003M   ICE 3-Month USD LIBOR
                     
Municipal Bond or Agency Abbreviations:                
ACA   American Capital Access Holding Ltd.                
                     
Other  Abbreviations:                
ABS   Asset-Backed Security   DAC   Designated Activity Company   PIK   Payment-in-Kind
ALT   Alternate Loan Trust   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   JSC   Joint Stock Company   TBD   To-Be-Determined
CMBS   Collateralized Mortgage-Backed Security   OIS   Overnight Index Swap   TBD%   Interest rate to be determined when loan
settles or at the time of funding