Schedule of Investments PIMCO 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 96.9% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 31.2%

 

 

 

 

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

$

1,874

$

1,882

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

 

6,906

 

6,748

Asurion LLC
7.768% (TSFR1M + 4.000%) due 08/19/2028 ~

 

1,674

 

1,621

Auris Luxembourg III SARL

 

 

 

 

TBD% - 6.951% (TSFR1M + 3.250%) due 02/28/2029 «~

 

99

 

99

Bausch & Lomb Corp.

 

 

 

 

TBD% (TSFR1M + 3.750%) due 01/15/2031 ~

 

299

 

299

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

 

1,985

 

1,921

BDO USA PC

 

 

 

 

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

 

102

 

101

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

 

1,327

 

1,325

Cengage Learning, Inc.

 

 

 

 

TBD% - 6.676% (TSFR3M + 3.000%) due 03/24/2031 ~

 

788

 

774

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

 

2,864

 

2,051

Charlotte Buyer, Inc.
7.920% (TSFR1M + 4.250%) due 02/11/2028 ~

 

1,687

 

1,674

Columbus McKinnon Corp.
7.200% (TSFR3M + 3.500%) due 02/03/2033 ~

 

442

 

441

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

 

1,863

 

1,920

Databricks, Inc.

 

 

 

 

1.000% due 01/05/2032 ~µ

 

91

 

90

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

 

409

 

407

DTI Holdco, Inc.
7.668% (TSFR1M + 4.000%) due 04/26/2029 ~

 

2,264

 

1,960

Encina Private Credit LLC
TBD% due 11/30/2026 «~

 

55

 

45

Envision Healthcare Corp.

 

 

 

 

11.641% (TSFR3M + 7.875%) due 07/20/2026 «~

 

560

 

560

11.641% (TSFR3M + 7.875%) due 11/03/2028 «~

 

7,126

 

7,340

Finastra USA, Inc.
7.671% (TSFR3M + 4.000%) due 09/15/2032 ~

 

1,275

 

1,200

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

 

219

 

214

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

 

1,809

 

1,570

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

 

3,147

 

3,155

Guardian

 

 

 

 

1.000% due 08/29/2032 «~µ

 

100

 

100

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

 

600

 

595

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

 

1,137

 

967

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

 

300

 

264

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

 

2,288

 

2,007

Ivanti Software, Inc.
8.411% (TSFR3M + 4.750%) due 06/01/2029 ~

 

2,247

 

1,525

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

 

778

 

778

LBM Acquisition LLC
7.525% (TSFR1M + 3.750%) due 06/06/2031 ~

 

1,995

 

1,610

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

 

40

 

34

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

 

218

 

182

Magenta Security Holdings LLC

 

 

 

 

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

 

276

 

61

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

 

59

 

43

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

 

78

 

33

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

 

496

 

445

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

 

1,178

 

0

MI Windows & Doors LLC
6.418% (TSFR1M + 2.750%) due 03/28/2031 ~

 

98

 

91

MPH Acquisition Holdings LLC

 

 

 

 

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

 

508

 

508

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

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

 

4,214

 

3,752

Newfold Digital Holdings Group, Inc.

 

 

 

 

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

 

1,011

 

675

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

 

84

 

64

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

 

3,000

 

3,000

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

EUR

2,492

 

2,857

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

GBP

1,000

 

1,319

Ontario Gaming GTA LP
7.950% (TSFR3M + 4.250%) due 08/01/2030 ~

$

1,494

 

1,404

Padagis LLC
8.658% (TSFR3M + 4.750%) due 07/06/2028 «~

 

1,631

 

1,504

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

 

2,129

 

1,767

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

 

4,479

 

3,833

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

 

1,960

 

1,730

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

EUR

1,600

 

555

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

 

11,414

 

12,896

QuidelOrtho Corp.
7.668% (TSFR1M + 4.000%) due 08/20/2032 ~

$

2,488

 

2,487

RealPage, Inc.
6.961% (TSFR3M + 3.000%) due 04/24/2028 ~

 

1,394

 

1,339

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

 

2,143

 

1,886

Spa Holdings 3 OYJ
8.211% (TSFR3M + 4.512%) due 05/23/2030 ~

 

1,985

 

1,970

Steenbok Lux Finco 2 SARL
10.000% due 12/31/2028 ~

EUR

7,206

 

2,506

Stepstone Group Midco 2 GmbH
8.199% (TSFR6M + 4.500%) due 12/19/2031 ~

$

1,985

 

1,747

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

 

2,000

 

1,948

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

EUR

1,566

 

1,769

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

$

4,774

 

4,422

Trident TPI Holdings, Inc.
7.450% (TSFR3M + 3.750%) due 09/15/2028 ~

 

1,687

 

1,602

U.S. Renal Care, Inc.

 

 

 

 

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

 

1,969

 

2,006

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

 

9,399

 

8,877

Unicorn Bay
13.000% due 12/31/2026 «~

HKD

17,046

 

2,201

Virgin Media Investment Holdings Ltd.
6.978% due 08/01/2030 «~

GBP

1,000

 

1,271

Vistra Zero Operating Co. LLC
5.668% (TSFR1M + 2.000%) due 04/30/2031 ~

$

199

 

198

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

 

713

 

310

Total Loan Participations and Assignments (Cost $127,733)

 

 

 

118,535

CORPORATE BONDS & NOTES 29.5%

 

 

 

 

BANKING & FINANCE 7.0%

 

 

 

 

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

 

2,000

 

1,828

Barclays PLC

 

 

 

 

6.490% due 09/13/2029 •(j)

 

200

 

208

6.692% due 09/13/2034 •(j)

 

300

 

325

7.437% due 11/02/2033 •(j)

 

970

 

1,085

BOI Finance BV
7.500% due 02/16/2027

EUR

1,500

 

1,769

CaixaBank SA
6.840% due 09/13/2034 •(j)

$

200

 

218

CBRE Services, Inc.
5.950% due 08/15/2034 (j)

 

400

 

417

Credicorp Capital Sociedad Titulizadora SA
10.100% due 12/15/2043

PEN

500

 

156

Credit Suisse AG AT1 Claim

$

3,840

 

1,344

FS KKR Capital Corp.
7.875% due 01/15/2029 (j)

 

2,000

 

2,023

GSPA Monetization Trust
6.422% due 10/09/2029

 

751

 

757

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

 

13

 

8

Integrity Re Ltd.
26.306% (FHMMUSTF + 22.796%) due 06/08/2026 ~

 

1,000

 

1,038

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

 

 

 

 

5.750% due 05/15/2028

 

100

 

95

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

8.750% due 05/01/2029

 

1,080

 

1,006

9.500% due 05/30/2029 (j)

 

720

 

679

JAB Holdings BV

 

 

 

 

3.750% due 05/28/2051

 

250

 

171

4.500% due 04/08/2052

 

100

 

76

Kona Spc Ltd.
5.718% due 09/15/2026 «•

EUR

1,000

 

1,163

Nuveen Churchill Direct Lending Corp.
6.650% due 03/15/2030 (j)

$

2,000

 

1,987

Purple Re Ltd.
6.060% (JMMMUSTF + 2.500%) due 06/07/2033 ~

 

250

 

250

Sammons Financial Group, Inc.
6.875% due 04/15/2034 (j)

 

100

 

106

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

 

372

 

242

Societe Generale SA
6.691% due 01/10/2034 •(j)

 

400

 

427

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

EUR

3,784

 

711

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

$

4,868

 

4,584

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

 

250

 

252

Ursa Re Ltd.
12.810% (JMMMUSTF + 9.250%) due 12/07/2028 ~

 

400

 

411

VICI Properties LP/VICI Note Co., Inc.

 

 

 

 

3.875% due 02/15/2029 (j)

 

1,800

 

1,750

4.500% due 01/15/2028 (j)

 

1,280

 

1,273

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

 

1,718

 

0

Winston RE Ltd.
13.750% (BNMMDTSC + 10.210%) due 02/26/2031 ~

 

250

 

260

 

 

 

 

26,619

INDUSTRIALS 17.4%

 

 

 

 

ams-OSRAM AG
12.250% due 03/30/2029 (j)

 

1,000

 

1,064

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

 

4,930

 

5,073

Crescent Energy Finance LLC
7.875% due 04/15/2032 (j)

 

100

 

102

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

 

233

 

246

DISH DBS Corp.

 

 

 

 

5.250% due 12/01/2026

 

3,520

 

3,492

5.750% due 12/01/2028

 

3,560

 

3,445

Ecopetrol SA
8.375% due 01/19/2036

 

200

 

203

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
6.750% due 01/15/2030 (j)

 

1,600

 

1,496

Flora Food Management BV
6.875% due 07/02/2029

EUR

800

 

869

Ford Motor Co.
7.700% due 05/15/2097

$

4,805

 

4,861

Great Canadian Gaming Corp./Raptor LLC
8.750% due 11/15/2029

 

100

 

98

Grupo Nutresa SA
8.000% due 05/12/2030 (j)

 

700

 

742

HCA, Inc.
7.500% due 11/15/2095

 

1,050

 

1,119

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

 

5,087

 

5,087

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

 

3,536

 

5,356

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

 

1,700

 

1,609

LifePoint Health, Inc.

 

 

 

 

9.875% due 08/15/2030 (j)

 

400

 

424

11.000% due 10/15/2030 (j)

 

1,400

 

1,507

Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC
6.750% due 04/01/2032

 

100

 

96

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

 

1,700

 

1,756

New Albertsons LP
6.570% due 02/23/2028

 

2,800

 

2,816

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

 

673

 

374

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

 

400

 

403

Olympus Water U.S. Holding Corp.
5.375% due 10/01/2029 (j)

EUR

1,400

 

1,500

Petroleos Mexicanos

 

 

 

 

6.700% due 02/16/2032

$

830

 

813

6.840% due 01/23/2030

 

400

 

401

8.750% due 06/02/2029 (j)

 

765

 

805

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

Topaz Solar Farms LLC

 

 

 

 

4.875% due 09/30/2039

 

725

 

656

5.750% due 09/30/2039 (j)

 

3,548

 

3,532

Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC
9.500% due 05/15/2030 (j)

 

1,900

 

1,680

Transocean International Ltd.
8.250% due 05/15/2029 (j)

 

1,500

 

1,551

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

 

843

 

704

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

EUR

1,500

 

1,401

Valaris Ltd.
8.375% due 04/30/2030

$

156

 

162

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

BRL

60,000

 

5,076

Venture Global LNG, Inc.

 

 

 

 

9.500% due 02/01/2029 (j)

$

800

 

865

9.875% due 02/01/2032 (j)

 

1,200

 

1,289

Viridien
10.000% due 10/15/2030 (j)

 

1,983

 

2,112

Vmed O2 U.K. Financing I PLC
7.750% due 04/15/2032 (j)

 

700

 

672

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

 

777

 

848

 

 

 

 

66,305

UTILITIES 5.1%

 

 

 

 

FORESEA Holding SA
7.500% due 06/15/2030

 

467

 

458

NGD Holdings BV
6.750% due 12/31/2026

 

121

 

113

Nova Securitisation SARL
5.750% due 02/03/2031 (j)

 

900

 

872

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

 

7,304

 

3,542

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

 

15,147

 

161

Pacific Gas & Electric Co.

 

 

 

 

4.200% due 03/01/2029 (j)

 

900

 

890

4.450% due 04/15/2042 (j)

 

322

 

266

4.750% due 02/15/2044 (j)

 

996

 

833

Peru LNG SRL
5.375% due 03/22/2030

 

3,201

 

3,109

Qwest Corp.
7.750% due 05/01/2030

 

7,000

 

6,954

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

 

1,400

 

1,361

Vistra Operations Co. LLC
6.950% due 10/15/2033 (j)

 

800

 

871

 

 

 

 

19,430

Total Corporate Bonds & Notes (Cost $128,459)

 

 

 

112,354

CONVERTIBLE BONDS & NOTES 0.7%

 

 

 

 

INDUSTRIALS 0.7%

 

 

 

 

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

 

1,600

 

1,554

Ubisoft Entertainment SA
2.375% due 11/15/2028

EUR

900

 

994

Total Convertible Bonds & Notes (Cost $2,610)

 

 

 

2,548

MUNICIPAL BONDS & NOTES 0.8%

 

 

 

 

MICHIGAN 0.3%

 

 

 

 

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

$

1,293

 

997

WEST VIRGINIA 0.5%

 

 

 

 

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

 

21,900

 

2,035

Total Municipal Bonds & Notes (Cost $4,127)

 

 

 

3,032

U.S. GOVERNMENT AGENCIES 1.8%

 

 

 

 

Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates

 

 

 

 

0.700% due 11/25/2055 ~(a)

 

15,340

 

916

6.153% due 11/25/2055 «~

 

3,640

 

2,371

Federal Home Loan Mortgage Corp. REMICS

 

 

 

 

2.434% due 11/15/2040 •

 

95

 

82

3.000% due 11/15/2033 (a)

 

331

 

11

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust

 

 

 

 

1.612% due 11/25/2057 ~

 

94

 

36

2.205% due 08/25/2057 ~

 

467

 

136

2.263% due 08/25/2058 ~

 

469

 

174

2.694% due 05/25/2064 ~

 

297

 

148

3.429% due 05/25/2057 ~

 

277

 

119

3.551% due 10/25/2058 ~

 

481

 

219

4.654% due 02/25/2059 ~

 

564

 

237

5.118% due 05/25/2060 ~

 

294

 

171

6.934% due 03/25/2061 ~

 

97

 

60

Federal Home Loan Mortgage Corp. STACR REMICS Trust
11.462% due 11/25/2041 •

 

1,900

 

1,965

Federal National Mortgage Association REMICS

 

 

 

 

2.274% due 02/25/2049 •(a)

 

158

 

15

3.500% due 12/25/2032 - 12/25/2049 (a)

 

857

 

80

3.651% due 12/25/2040 •

 

108

 

108

4.000% due 11/25/2042 (a)

 

429

 

40

Total U.S. Government Agencies (Cost $7,234)

 

 

 

6,888

U.S. TREASURY OBLIGATIONS 0.1%

 

 

 

 

U.S. Treasury Bonds

 

 

 

 

4.875% due 08/15/2045 (m)

 

175

 

175

U.S. Treasury Notes

 

 

 

 

4.250% due 08/15/2035 (m)

 

257

 

256

Total U.S. Treasury Obligations (Cost $443)

 

 

 

431

NON-AGENCY MORTGAGE-BACKED SECURITIES 9.8%

 

 

 

 

Banc of America Funding Trust
6.000% due 08/25/2036

 

287

 

268

BBCCRE Trust
4.216% due 08/10/2033

 

600

 

539

BCAP LLC Trust

 

 

 

 

3.606% due 03/27/2036 ~

 

505

 

343

4.447% due 03/26/2037 þ

 

277

 

474

Bear Stearns ALT-A Trust

 

 

 

 

4.113% due 06/25/2046 •

 

639

 

591

4.433% due 11/25/2036 ~

 

121

 

61

4.625% due 09/25/2035 ~

 

91

 

39

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

 

1,603

 

749

CD Mortgage Trust
5.688% due 10/15/2048

 

113

 

106

Chase Mortgage Finance Trust

 

 

 

 

4.658% due 12/25/2035 ~

 

1

 

1

6.000% due 02/25/2037

 

297

 

113

6.000% due 07/25/2037

 

204

 

85

6.250% due 10/25/2036

 

512

 

183

CHL Mortgage Pass-Through Trust

 

 

 

 

5.500% due 10/25/2035

 

141

 

74

6.250% due 09/25/2036

 

157

 

52

CLNY Trust

 

 

 

 

6.059% due 11/15/2038 •

 

1,100

 

1,055

6.755% due 11/15/2038 •

 

1,100

 

1,037

Countrywide Alternative Loan Trust

 

 

 

 

4.143% due 05/25/2037 •

 

131

 

41

5.500% due 03/25/2035

 

97

 

39

5.500% due 12/25/2035

 

830

 

401

5.750% due 01/25/2035

 

39

 

38

5.935% due 04/25/2036 ~

 

53

 

50

6.000% due 02/25/2035

 

101

 

82

6.000% due 08/25/2036 •

 

113

 

61

6.000% due 12/25/2036

 

1,318

 

358

6.000% due 04/25/2037

 

349

 

149

6.250% due 11/25/2036

 

178

 

129

6.250% due 12/25/2036 •

 

615

 

244

6.500% due 08/25/2036

 

183

 

52

Countrywide Alternative Loan Trust Resecuritization

 

 

 

 

6.000% due 05/25/2036

 

638

 

335

6.000% due 08/25/2037 ~

 

330

 

161

CSMC Trust

 

 

 

 

3.613% due 11/10/2032 ~

 

1,000

 

161

8.044% due 07/15/2032 •

 

3,147

 

3,141

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
4.193% due 06/25/2037 •

 

1,856

 

1,673

Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
5.743% due 06/25/2034 •

 

1,772

 

1,795

Eurosail-U.K. PLC
7.865% due 06/13/2045 •

GBP

239

 

262

GS Mortgage-Backed Securities Trust

 

 

 

 

0.000% due 11/25/2061 ~(a)

$

7,334

 

345

7.596% due 11/25/2061 ~

 

100

 

88

GSR Mortgage Loan Trust
6.000% due 02/25/2036

 

977

 

340

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

HarborView Mortgage Loan Trust

 

 

 

 

4.511% due 01/19/2035 •

 

13

 

12

4.685% due 07/19/2035 ~

 

10

 

7

Hilton USA Trust
2.828% due 11/05/2035

 

1,400

 

1,200

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

 

1,642

 

476

JP Morgan Alternative Loan Trust

 

 

 

 

4.108% due 03/25/2037 ~

 

297

 

263

4.341% due 03/25/2036 ~

 

282

 

206

JP Morgan Chase Commercial Mortgage Securities Trust

 

 

 

 

5.160% due 07/05/2033 •

 

1,182

 

1,036

5.320% due 11/15/2035 •

 

1,300

 

986

5.670% due 11/15/2035 •

 

600

 

342

6.020% due 02/15/2035 •

 

823

 

795

7.970% due 02/15/2035 •

 

1,892

 

1,645

JP Morgan Mortgage Trust

 

 

 

 

5.265% due 01/25/2037 ~

 

62

 

52

5.299% due 02/25/2036 ~

 

62

 

40

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

 

288

 

276

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

 

402

 

184

Morgan Stanley Mortgage Loan Trust
5.962% due 06/25/2036 ~

 

1,897

 

497

Morgan Stanley Residential Mortgage Loan Trust

 

 

 

 

0.325% due 01/25/2070 ~(a)

 

3,387

 

15

1.358% due 01/25/2070 ~(a)

 

3,387

 

107

7.112% due 01/25/2070 ~

 

200

 

193

New Residential Mortgage Loan Trust

 

 

 

 

0.000% due 11/25/2065 ~(a)

 

18,195

 

552

0.250% due 11/25/2065 ~(a)

 

18,195

 

75

0.250% due 12/25/2065 ~(a)

 

10,543

 

56

1.664% due 12/25/2065 ~(a)

 

10,543

 

396

6.566% due 12/25/2065 ~

 

160

 

144

6.600% due 11/25/2065 ~

 

250

 

222

RALI Trust
4.353% due 12/25/2045 •

 

1,901

 

1,043

Residential Asset Securitization Trust

 

 

 

 

5.750% due 02/25/2036

 

372

 

133

6.000% due 07/25/2037

 

1,771

 

631

6.250% due 09/25/2037

 

1,165

 

413

RFMSI Trust

 

 

 

 

6.000% due 09/25/2036

 

37

 

30

6.000% due 06/25/2037

 

511

 

408

Soho Trust
2.697% due 08/10/2038 ~

 

2,940

 

2,438

STARM Mortgage Loan Trust

 

 

 

 

5.604% due 04/25/2037 ~

 

130

 

66

5.644% due 02/25/2037 ~

 

25

 

22

Structured Adjustable Rate Mortgage Loan Trust

 

 

 

 

4.219% due 01/25/2036 ~

 

356

 

188

4.960% due 11/25/2036 ~

 

276

 

214

Verus Securitization Trust
7.799% due 06/25/2069 ~

 

500

 

505

WaMu Mortgage Pass-Through Certificates Trust

 

 

 

 

3.707% due 10/25/2036 ~

 

108

 

96

3.871% due 12/25/2046 •

 

113

 

105

3.996% due 02/25/2037 ~

 

99

 

86

4.693% due 10/25/2045 •

 

1,465

 

1,298

Wells Fargo Mortgage-Backed Securities Trust
6.000% due 06/25/2037

 

10

 

10

Worldwide Plaza Trust
3.526% due 11/10/2036

 

2,350

 

1,879

WSTN Trust

 

 

 

 

7.690% due 07/05/2037 ~

 

800

 

807

8.455% due 07/05/2037 ~

 

800

 

801

9.835% due 07/05/2037 ~

 

600

 

603

Total Non-Agency Mortgage-Backed Securities (Cost $41,530)

 

 

 

37,268

ASSET-BACKED SECURITIES 8.2%

 

 

 

 

AUTOMOBILE SEQUENTIAL 1.3%

 

 

 

 

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

 

4,832

 

4,901

HOME EQUITY OTHER 1.9%

 

 

 

 

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

 

5,467

 

3,092

Citigroup Mortgage Loan Trust, Inc.
4.093% due 12/25/2036 •

 

2,413

 

898

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

 

151

 

68

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

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

 

173

 

97

Ownit Mortgage Loan Trust
4.288% due 03/25/2037 •

 

2,312

 

2,484

People's Choice Home Loan Securities Trust
4.678% due 06/25/2034 •

 

323

 

306

Renaissance Home Equity Loan Trust
7.238% due 09/25/2037 þ

 

1,010

 

384

 

 

 

 

7,329

HOME EQUITY SEQUENTIAL 0.2%

 

 

 

 

Morgan Stanley Mortgage Loan Trust
4.033% due 04/25/2037 •

 

2,310

 

605

WHOLE LOAN COLLATERAL 0.9%

 

 

 

 

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

 

214

 

68

First Franklin Mortgage Loan Trust
4.663% due 06/25/2036 •

 

1,475

 

1,453

Residential Asset Mortgage Products Trust
4.353% due 09/25/2036 •

 

72

 

68

Securitized Asset-Backed Receivables LLC Trust
4.073% due 05/25/2036 •

 

3,425

 

1,839

 

 

 

 

3,428

OTHER ABS 3.9%

 

 

 

 

ABSLT DE LLC
12.175% due 05/20/2033 «

 

5,300

 

5,212

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

EUR

1,306

 

327

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

$

2,534

 

726

Avoca CLO XX DAC
0.000% due 07/15/2032 ~

EUR

1,070

 

691

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

$

85,896

 

188

CIFC Funding Ltd.

 

 

 

 

0.000% due 04/24/2030 ~

 

1,200

 

131

0.000% due 03/31/2038 ~

 

814

 

417

College Avenue Student Loans Trust

 

 

 

 

0.000% due 06/25/2054 «(e)

 

5

 

2,740

6.610% due 06/25/2054

 

626

 

649

8.660% due 06/25/2054

 

902

 

953

Deutsche Bank AG
10.918% due 01/21/2035 «•

 

500

 

502

Dryden 58 CLO Ltd.
0.000% due 07/17/2031 ~

 

5,689

 

34

Marlette Funding Trust

 

 

 

 

0.000% due 07/16/2029 (e)

 

6

 

0

0.000% due 03/15/2030 «(e)

 

3

 

1

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

 

1

 

418

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

 

2

 

371

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

 

1,471

 

1,382

 

 

 

 

14,742

Total Asset-Backed Securities (Cost $50,695)

 

 

 

31,005

SOVEREIGN ISSUES 2.4%

 

 

 

 

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

 

1,249

 

1,015

Argentina Republic Government International Bonds

 

 

 

 

1.000% due 07/09/2029

 

256

 

226

4.125% due 07/09/2046 þ

 

107

 

74

5.000% due 01/09/2038 þ

 

6,188

 

4,678

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

KZT

100,000

 

215

Dominican Republic International Bonds
10.750% due 06/01/2036

DOP

21,000

 

365

Ghana Government International Bonds

 

 

 

 

0.000% due 07/03/2026 (e)

$

7

 

7

0.000% due 01/03/2030 (e)

 

39

 

33

5.000% due 07/03/2029 þ

 

191

 

182

5.000% due 07/03/2035 þ

 

313

 

268

Peru Government International Bonds

 

 

 

 

6.900% due 08/12/2037

PEN

900

 

257

6.950% due 08/12/2031

 

161

 

50

Romania Government International Bonds

 

 

 

 

5.375% due 03/22/2031

EUR

190

 

222

5.500% due 09/18/2028

 

500

 

597

6.375% due 09/18/2033

 

500

 

595

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

Turkiye Government Bonds
39.740% (BISTREFI) due 05/17/2028 ~

TRY

13,466

 

302

Venezuela Government International Bonds

 

 

 

 

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

$

120

 

46

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

 

151

 

73

Total Sovereign Issues (Cost $8,037)

 

 

 

9,205

 

 

SHARES

 

 

COMMON STOCKS 7.9%

 

 

 

 

COMMUNICATION SERVICES 0.9%

 

 

 

 

Clear Channel Outdoor Holdings, Inc. (d)

 

261,329

 

619

iHeartMedia, Inc. Class A (d)

 

62,317

 

182

iHeartMedia, Inc. Class B «(d)

 

48,387

 

124

Promotora de Informaciones SA Class A (d)

 

130,203

 

45

SES SA «(d)

 

113,713

 

1,706

Uniti Group, Inc. (d)

 

59,579

 

559

 

 

 

 

3,235

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

Steinhoff International Holdings NV «(d)(i)

 

12,793,342

 

0

West Marine «(d)(i)

 

1,500

 

10

 

 

 

 

10

FINANCIALS 2.0%

 

 

 

 

Banca Monte dei Paschi di Siena SpA

 

523,500

 

4,568

Windstream Services LLC (d)

 

326,125

 

3,059

XBP Global Holdings, Inc. (d)

 

325

 

1

 

 

 

 

7,628

HEALTH CARE 3.2%

 

 

 

 

AmSurg Corp. «(d)(i)

 

275,005

 

12,093

INDUSTRIALS 1.8%

 

 

 

 

Drillco Holdings Luxembourg SA «(i)

 

26,444

 

609

Foresea Holdings SA «

 

10,980

 

252

Incora New Equity «(d)(i)

 

155,272

 

5,881

Westmoreland Mining Holdings «(d)(i)

 

25,226

 

15

Westmoreland Mining LLC «(d)(i)

 

46,156

 

196

 

 

 

 

6,953

REAL ESTATE 0.0%

 

 

 

 

MNSN Holdings, Inc. «(d)(i)

 

1,675

 

104

Total Common Stocks (Cost $27,896)

 

 

 

30,023

WARRANTS 0.2%

 

 

 

 

COMMUNICATION SERVICES 0.2%

 

 

 

 

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

 

63,531

 

595

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

West Marine - Exp. 09/08/2028

 

195

 

0

Total Warrants (Cost $387)

 

 

 

595

PREFERRED SECURITIES 2.5%

 

 

 

 

BANKING & FINANCE 1.6%

 

 

 

 

ADLER Group SA «

 

675,204

 

0

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

 

35,000

 

30

Cooperatieve Rabobank UA
6.500% due 12/31/2099 þ(g)

 

1,246,400

 

1,596

WAFC Voussoir «

 

2,334,984

 

2,335

Windstream Holdings II LLC
11.000% «

 

2,081

 

2,214

 

 

 

 

6,175

INDUSTRIALS 0.9%

 

 

 

 

Clover Holdings, Inc.
0.000% «(i)

 

7,609

 

144

SVB Financial Trust

 

 

 

 

0.000% due 11/07/2032 (e)

 

13,600

 

1

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

11.000% due 11/07/2032

 

1,910

 

903

Syniverse Holdings, Inc.
12.500% «(i)

 

1,567,967

 

1,319

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

 

1,070,000

 

1,066

 

 

 

 

3,433

Total Preferred Securities (Cost $9,701)

 

 

 

9,608

REAL ESTATE INVESTMENT TRUSTS 0.3%

 

 

 

 

REAL ESTATE 0.3%

 

 

 

 

VICI Properties, Inc.

 

45,844

 

1,252

Total Real Estate Investment Trusts (Cost $308)

 

 

 

1,252

SHORT-TERM INSTRUMENTS 1.5%

 

 

 

 

MUTUAL FUNDS 0.8%

 

 

 

 

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

3.720% (h)

 

3,126,604

 

3,127

 

 

PRINCIPAL
AMOUNT
(000s)

 

 

NIGERIA TREASURY BILLS 0.7%

 

 

 

 

20.110% due 05/26/2026 (e)(f)

NGN

4,050,000

 

2,838

Total Short-Term Instruments (Cost $6,062)

 

 

 

5,965

Total Investments in Securities (Cost $415,272)

 

 

 

368,709

 

 

SHARES

 

 

INVESTMENTS IN AFFILIATES 12.3%

 

 

 

 

SHORT-TERM INSTRUMENTS 12.3%

 

 

 

 

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.3%

 

 

 

 

PIMCO Short-Term Floating NAV Portfolio III

 

4,796,690

 

46,715

Total Short-Term Instruments (Cost $46,695)

 

 

 

46,715

Total Investments in Affiliates (Cost $46,695)

 

 

 

46,715

Total Investments 109.2% (Cost $461,917)

 

 

$

415,424

Financial Derivative Instruments (k)(l) 0.2%(Cost or Premiums, net $(1,127))

 

 

 

998

Other Assets and Liabilities, net (9.4)%

 

 

 

(35,882)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

380,540

Schedule of Investments PIMCO 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)

Payment in-kind security.

(c)

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

(d)

Security did not produce income within the last twelve months.

(e)

Zero coupon security.

(f)

Coupon represents a yield to maturity.

(g)

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

(h)

Coupon represents a 7-Day Yield.

(i)

RESTRICTED SECURITIES:

Issuer Description

 

 

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets Applicable to Common Shareholders

AmSurg Corp.

 

 

11/02/2023 - 11/06/2023

$

11,491

$

12,093

3.18

%

Clover Holdings, Inc.

 

 

12/09/2024

 

114

 

144

0.04

 

Drillco Holdings Luxembourg SA

 

 

06/08/2023

 

529

 

609

0.16

 

Incora New Equity

 

 

01/31/2025

 

7,542

 

5,881

1.55

 

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

 

 

01/31/2025 - 01/31/2026

 

3,536

 

5,356

1.41

 

MNSN Holdings, Inc.

 

 

03/16/2023 - 03/29/2023

 

19

 

104

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

 

1,547

 

1,319

0.35

 

West Marine

 

 

09/12/2023

 

21

 

10

0.00

 

Westmoreland Mining Holdings

 

 

12/08/2014 - 10/19/2016

 

727

 

15

0.00

 

Westmoreland Mining LLC

 

 

06/30/2023 - 02/03/2025

 

231

 

196

0.04

 

 

 

 

 

$

25,757

$

25,727

6.76

%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(1)

Settlement Date

Maturity Date

 

Amount
Borrowed(1)

 

Payable for
Reverse
Repurchase
Agreements

BPS

(0.500)%

01/26/2026

TBD(2)

EUR

(171)

$

(198)

BRC

(0.100)

11/10/2025

TBD(2)

 

(1,308)

 

(1,513)

 

3.580

12/12/2025

TBD(2)

$

(1,474)

 

(1,490)

CDC

4.030

03/10/2026

07/08/2026

 

(11,347)

 

(11,374)

 

4.130

03/10/2026

07/08/2026

 

(4,450)

 

(4,461)

 

4.130

03/20/2026

04/02/2026

 

(1,557)

 

(1,559)

 

4.140

03/02/2026

06/01/2026

 

(1,564)

 

(1,570)

 

4.170

02/27/2026

04/02/2026

 

(2,513)

 

(2,522)

CEW

4.120

02/26/2026

05/27/2026

 

(4,985)

 

(5,005)

MSC

3.250

03/20/2026

05/01/2026

 

(78)

 

(78)

RDR

4.000

12/18/2025

TBD(2)

 

(257)

 

(259)

RTA

4.155

03/26/2026

08/20/2026

 

(1,868)

 

(1,869)

SOG

4.190

02/25/2026

04/07/2026

 

(1,203)

 

(1,208)

 

4.210

02/05/2026

05/06/2026

 

(1,250)

 

(1,258)

 

4.220

02/26/2026

04/16/2026

 

(3,732)

 

(3,747)

Total Reverse Repurchase Agreements

 

 

 

 

 

$

(38,111)

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

(j)

Securities with an aggregate market value of $41,919 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 $(34,008) at a weighted average interest rate of 4.155%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2)

Open maturity reverse repurchase agreement.

(k)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

 

Variation Margin

Description

 

 

 

Expiration
Month

 

# of
Contracts

 

Notional
Amount

 

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

U.S. Treasury 10-Year Ultra Long-Term Bond June Futures

06/2026

 

32

$

(3,633)

 

$

83

$

0

$

(10)

U.S. Treasury Long-Term Bond June Futures

06/2026

 

20

 

(2,278)

 

 

67

 

0

 

(7)

Total Futures Contracts

 

$

150

$

0

$

(17)

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

Jaguar Land Rover Automotive

5.000%

Quarterly

06/20/2026

0.772

%

EUR

200

$

14

$

(11)

$

3

$

0

$

0

Jaguar Land Rover Automotive

5.000

Quarterly

12/20/2026

0.828

 

 

1,986

 

76

 

(4)

 

72

 

1

 

0

 

 

 

 

 

 

$

90

$

(15)

$

75

$

1

$

0

CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION(1)

 

Variation Margin

Index/Tranches

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount(3)

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value(4)

 

Asset

 

Liability

CDX.HY-45 5-Year Index

5.000%

Quarterly

12/20/2030

$

8,019

$

625

$

(189)

$

436

$

72

$

0

CDX.HY-46 5-Year Index

5.000

Quarterly

06/20/2031

 

2,300

 

90

 

24

 

114

 

21

 

0

 

 

 

 

 

$

715

$

(165)

$

550

$

93

$

0

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

15,360

$

(67)

$

(588)

$

(655)

$

49

$

0

Receive

1-Day GBP-SONIO Compounded-OIS

0.750

Annual

09/21/2032

 

7,300

 

709

 

1,346

 

2,055

 

0

 

(21)

Receive

1-Day GBP-SONIO Compounded-OIS

2.000

Annual

03/15/2033

 

3,700

 

412

 

258

 

670

 

0

 

(12)

Receive

1-Day GBP-SONIO Compounded-OIS

0.750

Annual

09/21/2052

 

300

 

(1)

 

250

 

249

 

0

 

(1)

Pay

1-Day USD-SOFR Compounded-OIS

2.250

Semi-Annual

06/15/2026

$

15,300

 

249

 

(231)

 

18

 

0

 

(1)

Receive

1-Day USD-SOFR Compounded-OIS

1.350

Semi-Annual

01/20/2027

 

4,900

 

(1)

 

129

 

128

 

0

 

0

Pay

1-Day USD-SOFR Compounded-OIS

1.550

Semi-Annual

01/20/2027

 

21,600

 

(51)

 

(469)

 

(520)

 

1

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.360

Semi-Annual

02/15/2027

 

2,730

 

(1)

 

71

 

70

 

0

 

0

Pay

1-Day USD-SOFR Compounded-OIS

1.600

Semi-Annual

02/15/2027

 

10,900

 

(27)

 

(228)

 

(255)

 

1

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.450

Semi-Annual

02/17/2027

 

4,500

 

(1)

 

113

 

112

 

0

 

(1)

Pay

1-Day USD-SOFR Compounded-OIS

1.700

Semi-Annual

02/17/2027

 

18,000

 

(48)

 

(357)

 

(405)

 

2

 

0

Pay

1-Day USD-SOFR Compounded-OIS

2.500

Semi-Annual

12/20/2027

 

28,100

 

106

 

(620)

 

(514)

 

10

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.420

Semi-Annual

08/17/2028

 

15,100

 

(4)

 

890

 

886

 

0

 

(7)

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

Receive

1-Day USD-SOFR Compounded-OIS

1.380

Semi-Annual

08/24/2028

 

16,100

 

(4)

 

962

 

958

 

0

 

(8)

Pay

1-Day USD-SOFR Compounded-OIS

3.000

Semi-Annual

06/19/2029

 

49,900

 

1,404

 

(2,354)

 

(950)

 

35

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

06/20/2029

 

14,500

 

(274)

 

236

 

(38)

 

0

 

(12)

Pay

1-Day USD-SOFR Compounded-OIS

2.000

Annual

12/21/2029

 

61,800

 

(6,367)

 

2,681

 

(3,686)

 

53

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.250

Annual

06/18/2030

 

53,900

 

(504)

 

(570)

 

(1,074)

 

52

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

09/17/2030

 

39,700

 

956

 

(746)

 

210

 

40

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.160

Semi-Annual

04/12/2031

 

1,400

 

0

 

180

 

180

 

0

 

(1)

Pay

1-Day USD-SOFR Compounded-OIS

1.380

Semi-Annual

04/12/2031

 

7,000

 

(14)

 

(811)

 

(825)

 

7

 

0

Receive

1-Day USD-SOFR Compounded-OIS

0.750

Semi-Annual

06/16/2031

 

36,300

 

2,460

 

2,935

 

5,395

 

0

 

(31)

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Semi-Annual

12/15/2031

 

20,100

 

(281)

 

2,464

 

2,183

 

0

 

(19)

Pay

1-Day USD-SOFR Compounded-OIS

2.000

Annual

12/21/2032

 

12,500

 

(1,710)

 

377

 

(1,333)

 

14

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.500

Annual

12/20/2033

 

19,000

 

172

 

(516)

 

(344)

 

21

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.250

Annual

03/19/2035

 

9,300

 

782

 

(373)

 

409

 

0

 

(9)

Pay

1-Day USD-SOFR Compounded-OIS

4.500

Annual

06/19/2044

 

75,300

 

(212)

 

3,779

 

3,567

 

138

 

0

Receive

1-Day USD-SOFR Compounded-OIS

2.000

Semi-Annual

01/15/2050

 

3,200

 

(22)

 

1,230

 

1,208

 

8

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Semi-Annual

01/22/2050

 

8,400

 

(21)

 

3,511

 

3,490

 

20

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.875

Semi-Annual

02/07/2050

 

8,800

 

(34)

 

3,516

 

3,482

 

21

 

0

Receive

1-Day USD-SOFR Compounded-OIS

2.250

Semi-Annual

03/12/2050

 

1,700

 

(5)

 

579

 

574

 

4

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.150

Semi-Annual

12/11/2050

 

91,100

 

18

 

46,510

 

46,528

 

0

 

(21)

Receive

6-Month EUR-EURIBOR

0.150

Annual

03/18/2030

EUR

3,400

 

62

 

380

 

442

 

0

 

(12)

Receive

6-Month EUR-EURIBOR

0.250

Annual

09/21/2032

 

3,600

 

326

 

326

 

652

 

0

 

(20)

Receive(5)

6-Month EUR-EURIBOR

0.830

Annual

12/09/2052

 

9,900

 

139

 

1,083

 

1,222

 

12

 

0

 

 

 

 

 

 

$

(1,854)

$

65,943

$

64,089

$

488

$

(176)

Total Swap Agreements

$

(1,049)

$

65,763

$

64,714

$

582

$

(176)

Cash of $8,193 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026.

(1)

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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.

(l)

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

$

526

CAD

720

$

0

$

(8)

BOA

04/2026

BRL

2,659

$

509

 

0

 

(4)

 

04/2026

DOP

7,845

 

125

 

0

 

(4)

 

04/2026

$

510

BRL

2,659

 

3

 

0

 

04/2026

 

1,200

DOP

72,975

 

0

 

(7)

 

05/2026

DOP

130

$

2

 

0

 

0

BRC

04/2026

HKD

1,133

 

145

 

0

 

0

 

04/2026

TRY

36,709

 

802

 

0

 

(11)

 

04/2026

$

932

TRY

42,589

 

10

 

0

 

05/2026

TRY

8,440

$

181

 

0

 

(1)

 

05/2026

$

673

TRY

31,204

 

0

 

0

BSH

04/2026

 

1,729

GBP

1,299

 

0

 

(10)

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

 

05/2026

GBP

1,299

$

1,729

 

10

 

0

CBK

04/2026

$

2,176

EUR

1,852

 

0

 

(36)

 

04/2026

 

2,240

GBP

1,690

 

0

 

(3)

DUB

04/2026

HKD

5,497

$

703

 

1

 

0

FAR

04/2026

GBP

1,974

 

2,668

 

55

 

0

GLM

04/2026

BRL

2,671

 

503

 

0

 

(13)

 

04/2026

$

1,023

BRL

5,341

 

8

 

0

 

05/2026

DOP

40,394

$

622

 

0

 

(42)

 

06/2026

 

736

 

12

 

0

 

0

 

06/2026

$

503

BRL

2,706

 

13

 

0

 

06/2026

 

183

MXN

3,185

 

0

 

(6)

 

07/2026

DOP

4,482

$

73

 

0

 

0

 

09/2026

 

15,832

 

264

 

8

 

0

IND

04/2026

EUR

22,888

 

27,026

 

571

 

0

JPM

04/2026

HKD

6,415

 

821

 

2

 

0

MBC

04/2026

GBP

1,015

 

1,355

 

12

 

0

 

05/2026

$

198

EUR

172

 

1

 

0

SCX

04/2026

CAD

721

$

521

 

2

 

0

 

05/2026

$

521

CAD

720

 

0

 

(2)

SOG

04/2026

 

24,276

EUR

21,036

 

39

 

0

 

05/2026

EUR

21,036

$

24,314

 

0

 

(38)

 

06/2026

PEN

1,114

 

331

 

12

 

0

Total Forward Foreign Currency Contracts

$

747

$

(185)

SWAP AGREEMENTS:

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

 

Swap Agreements, at Value(4)

Counterparty

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
March 31, 2026(2)

 

Notional
Amount(3)

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

DUB

Eskom «

4.650%

Quarterly

06/30/2029

—◆

$

1,500

$

0

$

64

$

64

$

0

MYC

Petroleos Mexicanos

1.000

Quarterly

12/20/2028

2.711

 

400

 

(78)

 

61

 

0

 

(17)

Total Swap Agreements

$

(78)

$

125

$

64

$

(17)

◆

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

(1)

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(3)

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of March 31, 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 Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

76,229

$

42,306

$

118,535

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

25,456

 

1,163

 

26,619

 

 

Industrials

 

0

 

55,862

 

10,443

 

66,305

 

 

Utilities

 

0

 

19,430

 

0

 

19,430

 

Convertible Bonds & Notes

 

Industrials

 

0

 

2,548

 

0

 

2,548

 

Municipal Bonds & Notes

 

Michigan

 

0

 

997

 

0

 

997

 

 

West Virginia

 

0

 

2,035

 

0

 

2,035

 

U.S. Government Agencies

 

0

 

4,517

 

2,371

 

6,888

 

U.S. Treasury Obligations

 

0

 

431

 

0

 

431

 

Non-Agency Mortgage-Backed Securities

 

0

 

37,268

 

0

 

37,268

 

Asset-Backed Securities

 

Automobile Sequential

 

0

 

0

 

4,901

 

4,901

 

 

Home Equity Other

 

0

 

7,329

 

0

 

7,329

 

 

Home Equity Sequential

 

0

 

605

 

0

 

605

 

 

Whole Loan Collateral

 

0

 

3,428

 

0

 

3,428

 

 

Other ABS

 

0

 

5,498

 

9,244

 

14,742

 

Sovereign Issues

 

0

 

9,205

 

0

 

9,205

 

Common Stocks

 

Communication Services

 

1,360

 

45

 

1,830

 

3,235

 

 

Consumer Discretionary

 

0

 

0

 

10

 

10

 

 

Financials

 

1

 

7,627

 

0

 

7,628

 

 

Health Care

 

0

 

0

 

12,093

 

12,093

 

 

Industrials

 

0

 

0

 

6,953

 

6,953

 

 

Real Estate

 

0

 

0

 

104

 

104

 

Warrants

 

Communication Services

 

0

 

595

 

0

 

595

 

Preferred Securities

 

Banking & Finance

 

0

 

1,626

 

4,549

 

6,175

 

 

Industrials

 

0

 

1,970

 

1,463

 

3,433

 

Real Estate Investment Trusts

 

Real Estate

 

1,252

 

0

 

0

 

1,252

 

Short-Term Instruments

 

Mutual Funds

 

0

 

3,127

 

0

 

3,127

 

 

Nigeria Treasury Bills

 

0

 

2,838

 

0

 

2,838

 

 

$

2,613

$

268,666

$

97,430

$

368,709

 

Investments in Affiliates, at Value

Short-Term Instruments

 

Central Funds Used for Cash Management Purposes

$

46,715

$

0

$

0

$

46,715

 

Total Investments

$

49,328

$

268,666

$

97,430

$

415,424

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

 

0

 

582

 

0

 

582

 

Over the counter

 

0

 

747

 

64

 

811

 

 

$

0

$

1,329

$

64

$

1,393

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

 

0

 

(193)

 

0

 

(193)

 

Over the counter

 

0

 

(202)

 

0

 

(202)

 

 

$

0

$

(395)

$

0

$

(395)

 

Total Financial Derivative Instruments

$

0

$

934

$

64

$

998

 

Totals

$

49,328

$

269,600

$

97,494

$

416,422

 

 

 

 

 

 

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

$

22,933

$

8,748

$

(7,468)

$

63

$

(1)

$

(792)

$

18,823

$

0

$

42,306

$

(840)

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

1,170

 

(19)

 

0

 

1

 

11

 

0

 

0

 

1,163

 

(6)

 

Industrials

 

9,761

 

669

 

(721)

 

9

 

0

 

725

 

0

 

0

 

10,443

 

532

U.S. Government Agencies

 

2,393

 

0

 

(47)

 

8

 

15

 

2

 

0

 

0

 

2,371

 

1

Asset-Backed Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

March 31, 2026 (Unaudited)

 

 

Communication Services

 

5,082

 

0

 

(168)

 

0

 

0

 

(13)

 

0

 

0

 

4,901

 

(9)

 

Consumer Discretionary

 

9,416

 

0

 

0

 

2

 

(584)

 

410

 

0

 

0

 

9,244

 

(105)

Common Stocks

 

Communication Services

 

5,407

 

0

 

(4,806)

 

0

 

2,554

 

(1,325)

 

0

 

0

 

1,830

 

1,755

 

Consumer Discretionary

 

9

 

0

 

0

 

0

 

0

 

1

 

0

 

0

 

10

 

0

 

Financials

 

3,923

 

0

 

(4,020)

 

0

 

(3,923)

 

4,020

 

0

 

0

 

0

 

0

 

Health Care

 

12,416

 

0

 

0

 

0

 

0

 

(323)

 

0

 

0

 

12,093

 

(322)

 

Industrials

 

6,137

 

0

 

0

 

0

 

0

 

816

 

0

 

0

 

6,953

 

816

 

Real Estate(4)

 

7

 

0

 

0

 

0

 

0

 

97

 

0

 

0

 

104

 

97

Warrants

 

Communication Services

 

1,060

 

0

 

(956)

 

0

 

252

 

(356)

 

0

 

0

 

0

 

0

 

Financials

 

1

 

0

 

(3)

 

0

 

(2,265)

 

2,267

 

0

 

0

 

0

 

0

Preferred Securities

 

Banking & Finance

 

0

 

4,416

 

0

 

0

 

0

 

133

 

0

 

0

 

4,549

 

133

 

Industrials

 

1,532

 

92

 

0

 

0

 

0

 

(161)

 

0

 

0

 

1,463

 

(160)

 

$

80,077

$

15,095

$

(18,208)

$

82

$

(3,951)

$

5,512

$

18,823

$

0

$

97,430

$

1,892

Financial Derivative Instruments- Assets

Over the counter

$

89

$

0

$

0

$

0

$

0

$

(25)

$

0

$

0

$

64

$

(25)

Totals

$

80,166

$

15,095

$

(18,208)

$

82

$

(3,951)

$

5,487

$

18,823

$

0

$

97,494

$

1,867


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

$

7,900

Comparable Companies

EBITDA Multiple

X

16.360

—

 

 

8,639

Discounted Cash Flow

Discount Rate

 

6.062 – 9.745

8.600

 

 

2,201

Indicative Market Quotation

Broker Quote

 

101.25

—

 

 

4,271

Recent Transaction

Purchase Price

 

96.000 – 100.000

98.810

 

 

19,295

Third Party Vendor

Broker Quote

 

43.500 – 100.125

95.215

Corporate Bonds & Notes

 

Banking & Finance

 

1,163

Discounted Cash Flow

Discount Rate

 

6.918

—

 

Industrials

 

10,443

Comparable Companies / Discounted Cash Flow

EBITDA Multiple/Discount Rate

X/
%

12.500/10.000

—

U.S. Government Agencies

 

2,371

Discounted Cash Flow

Discount Rate

 

11.670

—

Asset-Backed Securities

 

Automobile Sequential

 

4,901

Discounted Cash Flow

Discount Rate

 

10.420

—

Other ABS

 

9,244

Discounted Cash Flow

Discount Rate

 

9.150 – 20.000

11.729

Common Stocks

 

Communication Services

 

1,706

Indicative Market Quotation

Broker Quote

$

15.000

—

 

 

 

124

Reference Instrument

Liquidity Discount

 

12.000

—

 

Consumer Discretionary

 

10

Comparable Companies / Discounted Cash Flow

Revenue Multiple / Discount Rate

X / %

0.500/20.750

—

 

Health Care

 

12,093

Comparable Companies

EBITDA Multiple

X

16.360

—

 

Industrials

 

5,882

Comparable Companies / Discounted Cash Flow

EBITDA Multiple/Discount Rate

X/
%

12.500/10.000

 

 

 

 

1,071

Indicative Market Quotation

Broker Quote

$

0.594 – 23.000

19.256

 

Real Estate

 

104

Other Valuation Techniques(3)

—

 

—

—

Preferred Securities

 

Banking & Finance

 

2,214

Discounted Cash Flow

Discount Rate

 

11.900

—

 

 

 

2,335

Recent transaction

Purchase price

$

0.000

—

 

Industrials

 

144

Comparable Companies

Revenue/ EBITDA Multiple

X

4.625/18.000

—

 

 

 

1,319

Discounted Cash Flow

Discount Rate

 

19.155

—

 

Financial Derivative Instruments- Assets

 

Over the counter

 

64

Indicative Market Quotation

Broker Quote

 

4.267

—

Total

$

97,494

(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)

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

(4)

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

 

 

 

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 thanETFs), the Fund’s NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

 

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

 

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

 

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 Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

 

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

 

Notes to Financial Statements(Cont.)

 

 

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)

$

42,187

$

141,222

$

(136,700)

$

15

$

(9)

$

46,715

$

1,221

$

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   CEW   Canadian Imperial Bank of Commerce World
Markets		   MSC   Morgan Stanley & Co. LLC.
BOA   Bank of America N.A.   DUB   Deutsche Bank AG   MYC   Morgan Stanley Bank, N.A.
BPS   BNP Paribas S.A.   FAR   Wells Fargo Bank National Association   RDR   RBC Capital Markets LLC
BRC   Barclays Bank PLC   GLM   Goldman Sachs Bank USA   RTA   RBC (Barbados) Trading Bank Corp.
BSH   Banco Santander S.A. - New York Branch   IND   Crédit Agricole Corporate and Investment Bank
S.A.		   SCX   Standard Chartered Bank, London
CBK   Citibank N.A.   JPM   JP Morgan Chase Bank N.A.   SOG   Societe Generale Paris
CDC   Natixis Securities Americas LLC   MBC   HSBC Bank Plc        
                     
Currency Abbreviations:                
BRL   Brazilian Real   GBP   British Pound   NGN   Nigerian Naira
CAD   Canadian Dollar   HKD   Hong Kong Dollar   PEN   Peruvian New Sol
DOP   Dominican Peso   KZT   Kazakhstani Tenge   TRY   Turkish New Lira
EUR   Euro   MXN   Mexican Peso   USD (or $)   United States Dollar
                     
Index/Spread Abbreviations:                
BISTREFI   Turkish Lira Overnight Reference Rate   EUR006M   6 Month EUR Swap Rate   SONIO   Sterling Overnight Interbank Average Rate
BNMMDTSC   Dreyfus Treasury Securites Cash Management Fund Yield   FHMMUSTF   Federated Hermes US Treasury Cash Reserves
Fund Yield		   TSFR1M   Term SOFR 1-Month
BRMMUSDF   BlackRock Money Market US Treasury Fund Index   JMMMUSTF   JP Morgan Money Market US Treasury Fund Index   TSFR3M   Term SOFR 3-Month
CDX.HY   Credit Derivatives Index - High Yield   MSMMUSTF   MSILF Money Market US Treasury Fund Index   TSFR6M   Term SOFR 6-Month
EUR003M   3 Month EUR Swap Rate   SOFR   Secured Overnight Financing Rate        
                     
Other  Abbreviations:                
ABS   Asset-Backed Security   EBITDA    Earnings before Interest, Taxes, Depreciation and Amoritization   REMIC   Real Estate Mortgage Investment Conduit
ALT   Alternate Loan Trust   EURIBOR   Euro Interbank Offered Rate   TBA   To-Be-Announced
CDO   Collateralized Debt Obligation   JSC   Joint Stock Company   TBD   To-Be-Determined
CLO   Collateralized Loan Obligation   OIS   Overnight Index Swap   TBD%   Interest rate to be determined when loan
settles or at the time of funding
DAC   Designated Activity Company   PIK   Payment-in-Kind