Consolidated Schedule of Investments PIMCO Access Income 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 157.1% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 39.6%

 

 

 

 

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

$

3,400

$

3,422

Altice France SA

 

 

 

 

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

 

852

 

849

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

 

3,148

 

3,139

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

 

2,628

 

2,616

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

 

1,938

 

1,946

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

 

1,844

 

1,802

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

 

2,182

 

2,112

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

 

7,496

 

5,369

Cerba Healthcare SAS

 

 

 

 

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

EUR

2,500

 

2,137

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

 

3,000

 

2,561

Circor International, Inc.
0.500% due 06/20/2029 «~µ

$

166

 

167

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

 

846

 

780

Comexposium

 

 

 

 

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

EUR

5,476

 

7,722

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

 

13,232

 

18,659

TBD% - 1.138% (EUR012M + 0.000%) due 10/16/2031 «~

 

1,916

 

2,701

Coreweave Compute Acquisition Co. II LLC
13.266% - 13.326% (TSFR3M + 9.620%) due 07/31/2028 «~

$

2,187

 

2,252

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

 

5,823

 

6,000

Databricks, Inc.

 

 

 

 

1.000% due 01/05/2032 ~µ

 

362

 

361

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

 

1,638

 

1,629

Dun & Bradstreet Corp.

 

 

 

 

0.500% - 5.500% due 08/26/2032 «~µ

 

155

 

156

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

 

1,551

 

1,520

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

EUR

2,400

 

2,495

Envision Healthcare Corp.

 

 

 

 

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

$

102

 

102

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

 

14,057

 

14,478

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

EUR

3,432

 

4,345

Finastra USA, Inc.

 

 

 

 

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

$

5,700

 

5,366

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

 

400

 

346

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

 

3,539

 

3,454

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

 

5,994

 

5,202

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

 

2,515

 

2,521

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

 

24

 

24

Guardian

 

 

 

 

1.000% due 08/29/2032 «~µ

 

300

 

300

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

 

2,100

 

2,081

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

GBP

2,319

 

3,092

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

$

100

 

85

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

 

2,795

 

2,458

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

 

4,563

 

4,001

Ivanti Software, Inc.

 

 

 

 

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

 

4,768

 

3,236

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

 

636

 

637

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

 

1,152

 

1,152

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

 

497

 

446

MPH Acquisition Holdings LLC

 

 

 

 

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

 

136

 

136

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

 

3,910

 

3,481

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

March 31, 2026 (Unaudited)

 

Newfold Digital Holdings Group, Inc.

 

 

 

 

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

 

3,170

 

2,184

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

 

316

 

240

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

1,700

 

2,242

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

$

1,393

 

1,156

Peraton Corp.

 

 

 

 

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

 

16,726

 

14,315

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

 

480

 

348

Polaris Newco LLC

 

 

 

 

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

EUR

2,726

 

2,684

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

$

9,704

 

8,567

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

EUR

3,600

 

1,248

Promotora de Informaciones SA

 

 

 

 

7.249% (EUR003M + 5.220%) due 06/29/2029 ~

 

21,112

 

24,524

7.499% (EUR003M + 5.470%) due 12/31/2029 «~

 

4,274

 

4,829

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

$

1,936

 

1,871

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

 

5,777

 

5,084

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

 

2,647

 

2,691

Spruce Bidco II, Inc.

 

 

 

 

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

 

260

 

259

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

JPY

22,195

 

139

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

CAD

207

 

148

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

$

1,144

 

1,134

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

EUR

24,948

 

7,742

Stepstone Group Midco 2 GmbH

 

 

 

 

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

 

7,800

 

7,920

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

$

1,290

 

1,135

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

 

2,200

 

2,244

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

EUR

6,400

 

7,231

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

$

9,159

 

8,483

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

ZAR

24,895

 

1,452

U.S. Renal Care, Inc.
8.782% (TSFR1M + 5.000%) due 06/28/2028 ~

$

21,147

 

19,973

Unicorn Bay
13.000% due 12/31/2026 «~

HKD

34,917

 

4,509

Upfield BV
TBD% due 10/31/2030

GBP

6,500

 

8,238

Total Loan Participations and Assignments (Cost $287,642)

 

 

 

272,928

CORPORATE BONDS & NOTES 26.8%

 

 

 

 

BANKING & FINANCE 6.1%

 

 

 

 

Alamo Re Ltd.
15.390% (FHMMUSTF + 11.880%) due 06/08/2026 ~

$

300

 

306

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

 

4,200

 

3,840

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 ~(i)

 

800

 

813

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

EUR

509

 

306

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 ~

 

300

 

304

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

 

300

 

305

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

 

300

 

305

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

 

700

 

700

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 ~

 

420

 

428

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

 

250

 

259

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

 

27

 

15

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 ~(i)

 

400

 

412

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

 

400

 

415

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

March 31, 2026 (Unaudited)

 

ION Platform Finance SARL

 

 

 

 

6.500% due 09/30/2030 (i)

EUR

2,500

 

2,414

6.875% due 09/30/2032 (i)

 

1,800

 

1,663

7.875% due 05/01/2029 (i)

 

5,600

 

6,041

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

$

200

 

155

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

 

 

 

 

5.000% due 05/01/2028 (i)

 

500

 

468

8.750% due 05/01/2029 (i)

 

1,400

 

1,303

9.000% due 08/01/2029 (i)

 

2,200

 

2,042

9.500% due 05/30/2029 (i)

 

1,100

 

1,037

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

 

300

 

309

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

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

EUR

250

 

289

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

$

1,815

 

1,180

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

GBP

27

 

34

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

EUR

18,731

 

3,518

Torrey Pines Re Ltd.

 

 

 

 

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

$

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 (i)

 

8,000

 

7,533

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 ~(i)

 

400

 

409

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

 

900

 

926

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

 

700

 

731

 

 

 

 

42,153

INDUSTRIALS 17.4%

 

 

 

 

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

 

3,178

 

2,892

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

 

998

 

1,009

ams-OSRAM AG

 

 

 

 

10.500% due 03/30/2029 (i)

EUR

4,800

 

5,830

12.250% due 03/30/2029 (i)

$

2,250

 

2,395

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

 

400

 

397

Aston Martin Capital Holdings Ltd.

 

 

 

 

10.000% due 03/31/2029 (i)

 

3,800

 

2,863

10.375% due 03/31/2029 (i)

GBP

1,600

 

1,638

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

$

2,060

 

2,120

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

 

2,870

 

2,136

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

 

3,320

 

2,393

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

EUR

400

 

467

Cogent Communications Group LLC/Cogent Finance, Inc.

 

 

 

 

7.000% due 06/15/2027 (i)

$

580

 

573

7.000% due 06/15/2027

 

100

 

99

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

 

100

 

100

DISH DBS Corp.

 

 

 

 

5.250% due 12/01/2026 (i)

 

4,820

 

4,781

5.750% due 12/01/2028 (i)

 

17,600

 

17,033

7.750% due 07/01/2026 (i)

 

2,500

 

2,495

Ecopetrol SA

 

 

 

 

4.625% due 11/02/2031 (i)

 

600

 

534

7.750% due 02/01/2032 (i)

 

12,800

 

12,937

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

EUR

500

 

573

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

 

1,000

 

1,148

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

$

2,627

 

2,627

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

 

1,826

 

2,765

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

 

1,438

 

1,361

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

March 31, 2026 (Unaudited)

 

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

EUR

1,400

 

1,405

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

$

5,000

 

3,831

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

 

3,362

 

3,042

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

 

1,100

 

1,136

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

 

3,878

 

1,834

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

 

400

 

403

Ocado Group PLC

 

 

 

 

10.500% due 08/08/2029 (i)

GBP

4,500

 

5,890

11.000% due 06/15/2030 (i)

 

2,810

 

3,714

Petroleos de Venezuela SA

 

 

 

 

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

$

3,300

 

1,136

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

 

1,900

 

794

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

 

1,978

 

1,937

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

 

2,496

 

2,490

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

 

2,100

 

2,094

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

GBP

117

 

169

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

 

 

 

 

8.250% due 05/15/2030 (i)

EUR

4,800

 

4,809

9.500% due 05/15/2030 (i)

$

1,200

 

1,061

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

 

4,470

 

3,732

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

EUR

3,200

 

2,988

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

BRL

10,300

 

871

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

$

820

 

887

Viridien

 

 

 

 

8.500% due 10/15/2030 (i)

EUR

1,989

 

2,420

10.000% due 10/15/2030 (i)

$

1,245

 

1,326

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

 

1,200

 

1,132

 

 

 

 

120,267

UTILITIES 3.3%

 

 

 

 

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

EUR

15

 

204

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)

$

17,124

 

8,305

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

 

35,764

 

380

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

 

7,056

 

6,854

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

 

46

 

206

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

 

6,725

 

6,538

 

 

 

 

22,487

Total Corporate Bonds & Notes (Cost $231,973)

 

 

 

184,907

CONVERTIBLE BONDS & NOTES 0.2%

 

 

 

 

INDUSTRIALS 0.2%

 

 

 

 

Ubisoft Entertainment SA
2.375% due 11/15/2028

EUR

1,200

 

1,325

Total Convertible Bonds & Notes (Cost $1,347)

 

 

 

1,325

U.S. GOVERNMENT AGENCIES 6.9%

 

 

 

 

Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust

 

 

 

 

4.500% due 02/25/2059 - 11/25/2061 ~(i)

$

14,394

 

13,764

4.750% due 08/25/2058 ~(i)

 

7,602

 

7,419

Federal Home Loan Mortgage Corp. STACR REMICS Trust

 

 

 

 

10.762% due 01/25/2042 •(i)

 

2,000

 

2,076

11.162% due 10/25/2041 •(i)

 

7,400

 

7,612

11.462% due 11/25/2041 •(i)

 

6,229

 

6,442

Federal National Mortgage Association Connecticut Avenue Securities Trust

 

 

 

 

9.662% due 10/25/2041 •(i)

 

4,755

 

4,854

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

March 31, 2026 (Unaudited)

 

13.162% due 03/25/2042 •(i)

 

5,200

 

5,558

Total U.S. Government Agencies (Cost $46,353)

 

 

 

47,725

U.S. TREASURY OBLIGATIONS 0.2%

 

 

 

 

U.S. Treasury Bonds

 

 

 

 

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

 

386

 

385

U.S. Treasury Notes

 

 

 

 

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

 

724

 

721

Total U.S. Treasury Obligations (Cost $1,138)

 

 

 

1,106

NON-AGENCY MORTGAGE-BACKED SECURITIES 27.6%

 

 

 

 

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

 

2,680

 

2,610

Ashford Hospitality Trust
6.945% due 04/15/2035 •(i)

 

14,536

 

14,342

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

 

820

 

637

BBCCRE Trust
4.563% due 08/10/2033 ~(i)

 

5,370

 

4,310

BBCMS Mortgage Trust
3.688% due 02/15/2053 ~(i)

 

4,785

 

3,001

BCAP LLC Trust

 

 

 

 

1.145% due 11/27/2036 •(i)

 

38,346

 

8,467

3.640% due 04/25/2038 ~(i)

 

2,883

 

2,221

BCP Trust
7.425% due 06/15/2038 •(i)

 

5,500

 

415

Beast Mortgage Trust

 

 

 

 

7.237% due 03/15/2036 •(i)

 

6,750

 

1,093

8.237% due 03/15/2036 •(i)

 

2,500

 

274

BMO Mortgage Trust

 

 

 

 

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

 

9,615

 

9,156

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

 

11,000

 

8,124

BSST Mortgage Trust

 

 

 

 

9.173% due 02/15/2037 •(i)

 

8,800

 

422

10.173% due 02/15/2037 •

 

1,500

 

41

CHL Mortgage Pass-Through Trust
6.500% due 01/25/2038 (i)

 

13,893

 

5,773

CLNY Trust

 

 

 

 

6.059% due 11/15/2038 •(i)

 

2,300

 

2,205

6.755% due 11/15/2038 •(i)

 

1,600

 

1,508

CSMC Trust
6.994% due 07/15/2032 •(i)

 

12,000

 

11,937

DOLP Trust
3.704% due 05/10/2041 ~(i)

 

14,250

 

10,555

GSMSC Resecuritization Trust
3.362% due 11/26/2037 (i)

 

10,882

 

10,278

JP Morgan Chase Commercial Mortgage Securities Trust

 

 

 

 

6.020% due 12/15/2031 •(i)

 

5,025

 

4,918

6.227% due 06/15/2038 •(i)

 

3,276

 

2,727

6.887% due 03/15/2036 •(i)

 

2,000

 

1,090

7.427% due 06/15/2038 •

 

250

 

162

7.637% due 03/15/2036 •(i)

 

12,756

 

6,095

8.637% due 03/15/2036 •

 

1,000

 

258

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

 

16,198

 

8,815

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

 

12,700

 

12,476

New Residential Mortgage Loan Trust
3.828% due 11/25/2059 ~(i)

 

15,500

 

9,108

Project Cashmere

 

 

 

 

0.000% due 12/30/2057 «(a)

AUD

6,100

 

4,209

7.563% due 12/30/2057 «(a)

 

2,400

 

1,656

8.643% due 12/30/2057 «(a)

 

2,700

 

1,863

SFO Commercial Mortgage Trust

 

 

 

 

6.187% due 05/15/2038 •

$

340

 

337

6.687% due 05/15/2038 •(i)

 

6,500

 

6,431

Stratton Hawksmoor PLC

 

 

 

 

5.745% due 02/25/2053 •(i)

GBP

3,800

 

5,021

6.495% due 02/25/2053 •(i)

 

8,379

 

11,071

Uropa Securities PLC
3.381% due 10/10/2040 •(i)

EUR

2,640

 

2,822

WaMu Mortgage Pass-Through Certificates Trust
4.693% due 10/25/2045 •(i)

$

7,152

 

6,336

Wells Fargo Commercial Mortgage Trust
4.928% due 12/15/2039 ~(i)

 

8,600

 

7,484

Total Non-Agency Mortgage-Backed Securities (Cost $236,934)

 

 

 

190,248

ASSET-BACKED SECURITIES 29.7%

 

 

 

 

AUTOMOBILE ABS OTHER 0.3%

 

 

 

 

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

 

25

 

0

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

March 31, 2026 (Unaudited)

 

Santander Bank Auto Credit-Linked Notes

 

 

 

 

7.762% due 06/15/2032

 

565

 

574

10.171% due 06/15/2032

 

732

 

752

13.030% due 06/15/2032

 

847

 

876

 

 

 

 

2,202

AUTOMOBILE SEQUENTIAL 0.7%

 

 

 

 

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

 

4,832

 

4,901

HOME EQUITY OTHER 19.8%

 

 

 

 

ACE Securities Corp. Home Equity Loan Trust

 

 

 

 

4.213% due 04/25/2036 •(i)

 

24,347

 

19,614

4.233% due 08/25/2036 •(i)

 

20,667

 

4,685

Aegis Asset-Backed Securities Trust
4.768% due 06/25/2035 •(i)

 

4,500

 

1,431

Bear Stearns Asset-Backed Securities I Trust
4.843% due 07/25/2034 •(i)

 

3,620

 

3,895

BNC Mortgage Loan Trust
4.083% due 05/25/2037 •(i)

 

16,250

 

14,188

Countrywide Asset-Backed Certificates Trust

 

 

 

 

4.053% due 06/25/2047 •(i)

 

15,238

 

12,737

4.168% due 06/25/2047 •(i)

 

10,600

 

9,589

4.763% due 08/25/2047 •(i)

 

2,000

 

1,791

GSAMP Trust

 

 

 

 

4.213% due 05/25/2046 •(i)

 

13,995

 

12,597

4.738% due 07/25/2045 •(i)

 

15,226

 

11,807

Home Equity Mortgage Loan Asset-Backed Trust
4.708% due 10/25/2035 •(i)

 

11,200

 

10,006

HSI Asset Securitization Corp. Trust
4.603% due 12/25/2035 •(i)

 

13,243

 

10,544

Long Beach Mortgage Loan Trust
5.368% due 02/25/2035 •(i)

 

10,308

 

9,631

Merrill Lynch Mortgage Investors Trust
4.843% due 04/25/2036 •(i)

 

5,987

 

5,447

Saxon Asset Securities Trust
4.083% due 01/25/2047 •(i)

 

1,713

 

1,675

Structured Asset Securities Corp. Mortgage Loan Trust
5.218% due 02/25/2036 •(i)

 

6,876

 

6,640

 

 

 

 

136,277

WHOLE LOAN COLLATERAL 3.1%

 

 

 

 

First Franklin Mortgage Loan Trust
4.103% due 10/25/2036 •(i)

 

14,744

 

12,366

Securitized Asset-Backed Receivables LLC Trust
4.393% due 11/25/2035 •(i)

 

5,029

 

4,396

Specialty Underwriting & Residential Finance Trust
5.593% due 12/25/2035 •(i)

 

4,749

 

4,646

 

 

 

 

21,408

OTHER ABS 5.8%

 

 

 

 

College Avenue Student Loans Trust

 

 

 

 

0.000% due 06/25/2054 «(f)

 

5

 

2,778

8.660% due 06/25/2054 (i)

 

914

 

966

Cologix Canadian Issuer LP
7.740% due 01/25/2052 (i)

CAD

5,400

 

3,828

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

EUR

4,000

 

1,886

Duke Funding VI Ltd.
7.250% due 04/08/2039 •(i)

$

125,567

 

9,688

LendingPoint Pass-Through Trust

 

 

 

 

0.000% due 04/15/2028 «(f)

 

7,600

 

716

0.000% due 05/15/2028 (f)

 

7,554

 

863

RR 1 LLC
0.000% due 07/15/2117 ~

 

3,200

 

395

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

 

4,000

 

1,232

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

 

14,600

 

3,306

SMB Private Education Loan Trust

 

 

 

 

0.000% due 11/16/2054 «(f)

 

9

 

6,620

0.000% due 02/16/2055 «(f)

 

5

 

4,450

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

 

3,500

 

3,559

 

 

 

 

40,287

Total Asset-Backed Securities (Cost $249,087)

 

 

 

205,075

SOVEREIGN ISSUES 9.4%

 

 

 

 

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

 

700

 

693

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

March 31, 2026 (Unaudited)

 

Argentina Republic Government International Bonds

 

 

 

 

0.750% due 07/09/2030 þ(i)

 

504

 

423

3.500% due 07/09/2041 þ(i)

 

1,700

 

1,141

4.125% due 07/09/2035 þ(i)

 

1,100

 

797

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

 

1,578

 

1,529

Colombia Government International Bonds
1.000% due 03/26/2031

COP

284,700

 

60

Colombia TES

 

 

 

 

1.000% due 08/22/2029

 

212,300

 

54

9.250% due 05/28/2042

 

146,000

 

30

11.000% due 08/22/2029

 

3,361,600

 

848

11.500% due 07/25/2046

 

73,000

 

18

11.750% due 01/24/2035

 

50,271,500

 

12,464

12.000% due 03/13/2058

 

481,000

 

118

12.750% due 11/28/2040

 

560,000

 

148

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

$

400

 

361

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

DOP

351,800

 

6,040

Ecuador Government International Bonds

 

 

 

 

0.000% due 07/31/2030 (f)(i)

$

2,430

 

2,037

8.750% due 01/29/2034 (i)

 

5,700

 

5,609

Egypt Government Bonds
19.698% due 10/14/2030

EGP

467,300

 

8,418

Republic of Kenya Government International Bonds

 

 

 

 

7.875% due 02/26/2034 (i)

$

1,900

 

1,729

8.700% due 02/26/2039 (i)

 

1,900

 

1,724

Romania Government International Bonds

 

 

 

 

5.875% due 07/11/2032 (i)

EUR

2,300

 

2,697

6.250% due 09/10/2034

 

3,400

 

3,993

Russia Foreign Bonds - Eurobond

 

 

 

 

5.625% due 04/04/2042

$

8,800

 

6,160

5.875% due 09/16/2043

 

200

 

137

Turkiye Government Bonds

 

 

 

 

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

TRY

27,900

 

626

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

 

240,100

 

5,381

Venezuela Government International Bonds

 

 

 

 

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

$

1,800

 

864

9.250% due 05/07/2028 ^(c)(i)

 

600

 

276

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

 

100

 

52

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

 

300

 

154

Total Sovereign Issues (Cost $63,491)

 

 

 

64,581

 

 

SHARES

 

 

COMMON STOCKS 6.5%

 

 

 

 

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

Steinhoff International Holdings NV «(d)(h)

 

39,030,044

 

0

West Marine «(d)(h)

 

8,371

 

53

 

 

 

 

53

FINANCIALS 1.3%

 

 

 

 

Banca Monte dei Paschi di Siena SpA

 

1,073,500

 

9,367

HEALTH CARE 4.6%

 

 

 

 

AmSurg Corp. «(d)(h)

 

718,727

 

31,606

INDUSTRIALS 0.6%

 

 

 

 

Incora New Equity «(d)(h)

 

80,167

 

3,036

Luxco Co. Ltd. «(d)(h)

 

60,652

 

1,122

 

 

 

 

4,158

REAL ESTATE 0.0%

 

 

 

 

MNSN Holdings, Inc. «(d)(h)

 

3,863

 

239

Total Common Stocks (Cost $37,251)

 

 

 

45,423

WARRANTS 0.0%

 

 

 

 

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

West Marine - Exp. 09/08/2028 «

 

14,259

 

0

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

March 31, 2026 (Unaudited)

 

Total Warrants (Cost $0)

 

 

 

0

PREFERRED SECURITIES 6.9%

 

 

 

 

BANKING & FINANCE 0.9%

 

 

 

 

ADLER Group SA «

 

3,298,852

 

0

WAFC Voussoir «

 

6,320,668

 

6,321

 

 

 

 

6,321

INDUSTRIALS 6.0%

 

 

 

 

Atlas Re Ltd. «

 

59

 

5,925

Clover Holdings, Inc.
0.000% «(h)

 

12,441

 

235

Mustang Express Ltd.
0.000% «

 

21,186

 

21,636

SVB Financial Trust

 

 

 

 

0.000% due 11/07/2032 (f)

 

19,600

 

1

11.000% due 11/07/2032

 

4,403

 

2,081

Syniverse Holdings, Inc.
12.500% «(h)

 

12,788,269

 

10,760

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

 

470,000

 

468

 

 

 

 

41,106

Total Preferred Securities (Cost $49,382)

 

 

 

47,427

 

 

PRINCIPAL
AMOUNT
(000s)

 

 

SHORT-TERM INSTRUMENTS 3.3%

 

 

 

 

EGYPT TREASURY BILLS 0.5%

 

 

 

 

24.304% due 08/04/2026 - 11/17/2026 (e)(f)

EGP

194,200

 

3,260

NIGERIA TREASURY BILLS 2.2%

 

 

 

 

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

NGN

24,105,300

 

15,151

TURKEY TREASURY BILLS 0.0%

 

 

 

 

38.693% due 04/07/2026 (e)(f)

TRY

9,000

 

201

U.S. TREASURY BILLS 0.6%

 

 

 

 

3.681% due 04/07/2026 - 07/21/2026 (e)(f)(k)(m)

$

4,530

 

4,505

Total Short-Term Instruments (Cost $23,345)

 

 

 

23,117

Total Investments in Securities (Cost $1,227,943)

 

 

 

1,083,862

 

 

SHARES

 

 

INVESTMENTS IN AFFILIATES 11.7%

 

 

 

 

COMMON STOCKS 0.9%

 

 

 

 

AFFILIATED INVESTMENTS 0.9%

 

 

 

 

Market Garden †«‡(h)

 

5,412,622

 

6,019

Total Common Stocks (Cost $5,413)

 

 

 

6,019

SHORT-TERM INSTRUMENTS 10.8%

 

 

 

 

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.8%

 

 

 

 

PIMCO Short-Term Floating NAV Portfolio III

 

7,672,172

 

74,719

Total Short-Term Instruments (Cost $74,676)

 

 

 

74,719

Total Investments in Affiliates (Cost $80,089)

 

 

 

80,738

Total Investments 168.8% (Cost $1,308,032)

 

 

$

1,164,600

Financial Derivative Instruments (j)(l) 0.4%(Cost or Premiums, net $11,919)

 

 

 

2,847

Other Assets and Liabilities, net (69.2)%

 

 

 

(477,469)

Net Assets 100.0%

 

 

$

689,978

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

March 31, 2026 (Unaudited)

 

 

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

 

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

 

¤

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

†

Represents co-investment made with Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission.

^

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.

‡

Insurance-Linked Investments.

(a)

When-issued security.

(b)

Payment in-kind security.

(c)

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

(d)

Security did not produce income within the last twelve months.

(e)

Coupon represents a weighted average yield to maturity.

(f)

Zero coupon security.

(g)

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

(h)

RESTRICTED SECURITIES:

Issuer Description

 

 

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets

AmSurg Corp.

 

 

11/02/2023 - 11/06/2023

$

30,032

$

31,606

4.58

%

Clover Holdings, Inc.

 

 

12/09/2024 - 03/10/2025

 

186

 

235

0.03

 

Incora New Equity

 

 

01/31/2025

 

3,894

 

3,036

0.44

 

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

 

 

01/31/2025 - 01/31/2026

 

1,826

 

2,765

0.40

 

Luxco Co. Ltd.

 

 

10/01/2025

 

1,068

 

1,122

0.16

 

MNSN Holdings, Inc.

 

 

03/16/2023 - 03/29/2023

 

43

 

239

0.03

 

Market Garden

 

 

03/13/2024

 

5,413

 

6,019

0.87

 

Petersen Claim Units 0.000% due 12/31/2099

 

 

12/08/2025 - 03/17/2026

 

1,323

 

206

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

 

12,622

 

10,760

1.56

 

West Marine

 

 

09/12/2023

 

120

 

53

0.01

 

 

 

 

 

$

56,527

$

56,041

8.11 %

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

(342)

$

(395)

 

1.700

02/10/2026

TBD(2)

 

(2,384)

 

(2,762)

 

1.800

02/10/2026

TBD(2)

 

(674)

 

(781)

 

2.268

03/12/2026

06/12/2026

 

(792)

 

(917)

 

4.050

02/03/2026

TBD(2)

GBP

(3,011)

 

(4,011)

 

4.750

03/18/2026

09/14/2026

$

(4,559)

 

(4,568)

 

4.830

01/27/2026

07/23/2026

 

(49,776)

 

(50,205)

 

4.830

03/18/2026

09/14/2026

 

(6,852)

 

(6,865)

BRC

1.400

02/11/2026

TBD(2)

EUR

(357)

 

(413)

 

1.500

09/29/2025

TBD(2)

 

(323)

 

(376)

 

1.600

02/11/2026

TBD(2)

 

(272)

 

(315)

 

1.650

02/11/2026

TBD(2)

 

(1,704)

 

(1,974)

 

2.000

02/26/2026

TBD(2)

 

(2,513)

 

(2,910)

 

3.250

12/19/2025

TBD(2)

GBP

(100)

 

(134)

 

3.580

03/06/2026

TBD(2)

$

(780)

 

(782)

 

4.000

02/06/2026

TBD(2)

 

(628)

 

(631)

 

4.000

03/23/2026

TBD(2)

 

(2,461)

 

(2,463)

 

4.050

03/05/2026

TBD(2)

 

(364)

 

(365)

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

March 31, 2026 (Unaudited)

 

 

4.200

03/05/2026

TBD(2)

 

(281)

 

(282)

 

4.650

03/05/2026

TBD(2)

 

(342)

 

(344)

 

4.730

01/20/2026

04/20/2026

 

(10,793)

 

(10,894)

 

4.800

02/02/2026

06/02/2026

 

(4,832)

 

(4,869)

 

4.800

02/09/2026

04/10/2026

 

(4,381)

 

(4,411)

 

4.800

03/27/2026

04/08/2026

 

(1,096)

 

(1,097)

 

4.820

03/10/2026

06/10/2026

 

(1,277)

 

(1,280)

 

4.830

12/19/2025

04/20/2026

 

(4,252)

 

(4,312)

 

4.830

01/20/2026

04/20/2026

 

(21,590)

 

(21,797)

 

4.850

02/02/2026

06/02/2026

 

(228)

 

(229)

 

4.920

01/22/2026

04/22/2026

 

(2,188)

 

(2,208)

BYR

4.110

03/03/2026

06/01/2026

 

(4,063)

 

(4,077)

 

4.130

01/21/2026

04/21/2026

 

(9,722)

 

(9,800)

 

4.130

02/03/2026

07/31/2026

 

(4,802)

 

(4,834)

 

4.130

03/10/2026

07/31/2026

 

(1,865)

 

(1,869)

 

4.130

03/18/2026

04/21/2026

 

(5,988)

 

(5,998)

 

4.130

03/31/2026

04/21/2026

 

(2,180)

 

(2,180)

 

4.155

03/25/2026

05/26/2026

 

(6,373)

 

(6,378)

CEW

4.120

02/26/2026

05/27/2026

 

(2,022)

 

(2,030)

 

5.020

01/20/2026

04/20/2026

 

(1,471)

 

(1,486)

DBL

2.100

02/23/2026

TBD(2)

EUR

(1,195)

 

(1,385)

 

3.900

12/12/2025

TBD(2)

$

(81)

 

(82)

 

3.950

12/12/2025

TBD(2)

 

(5,946)

 

(6,018)

 

3.950

03/26/2026

TBD(2)

 

(1,047)

 

(1,047)

 

4.100

03/06/2026

04/06/2026

 

(5,795)

 

(5,812)

 

4.416

02/06/2026

05/08/2026

 

(2,835)

 

(2,854)

 

4.620

03/13/2026

05/08/2026

 

(3,896)

 

(3,906)

 

4.770

03/13/2026

05/08/2026

 

(13,993)

 

(14,028)

 

4.870

03/13/2026

05/08/2026

 

(8,818)

 

(8,841)

 

4.907

03/04/2026

06/02/2026

 

(155)

 

(156)

 

4.916

02/06/2026

05/08/2026

 

(3,489)

 

(3,515)

 

5.040

02/10/2026

05/08/2026

 

(2,008)

 

(2,022)

 

5.157

03/04/2026

06/02/2026

 

(1,407)

 

(1,412)

 

5.170

03/13/2026

05/08/2026

 

(7,346)

 

(7,366)

DEU

3.970

03/06/2026

TBD(2)

 

(1,111)

 

(1,114)

 

3.970

03/10/2026

TBD(2)

 

(1,034)

 

(1,036)

 

4.000

02/02/2026

TBD(2)

 

(619)

 

(623)

IND

4.090

03/04/2026

06/04/2026

 

(362)

 

(363)

MEI

4.278

03/11/2026

06/11/2026

GBP

(3,025)

 

(4,014)

 

4.428

03/13/2026

05/13/2026

 

(6,209)

 

(8,238)

MSB

4.530

02/04/2026

08/03/2026

$

(535)

 

(539)

 

4.630

03/31/2026

09/30/2026

 

(2,059)

 

(2,059)

 

4.680

02/04/2026

08/03/2026

 

(3,176)

 

(3,199)

 

4.680

03/18/2026

07/16/2026

 

(477)

 

(478)

 

4.730

02/06/2026

08/05/2026

 

(2,831)

 

(2,851)

 

4.780

02/06/2026

08/05/2026

 

(4,020)

 

(4,049)

 

4.880

02/06/2026

08/05/2026

 

(5,331)

 

(5,370)

MSC

4.100

03/20/2026

05/01/2026

 

(1,895)

 

(1,898)

MYI

1.350

03/26/2026

TBD(2)

EUR

(84)

 

(97)

 

1.500

02/10/2026

TBD(2)

 

(273)

 

(316)

 

2.788

03/11/2026

06/11/2026

 

(1,922)

 

(2,225)

 

3.950

03/23/2026

TBD(2)

GBP

(1,172)

 

(1,553)

MZF

4.730

03/24/2026

09/24/2026

$

(62,830)

 

(62,896)

NOM

3.950

02/25/2026

TBD(2)

 

(684)

 

(686)

 

4.000

02/25/2026

TBD(2)

 

(609)

 

(612)

 

4.150

03/25/2026

TBD(2)

 

(1,583)

 

(1,585)

RBC

3.590

03/05/2026

05/14/2026

CAD

(3,603)

 

(2,597)

RTA

4.155

02/20/2026

08/20/2026

$

(2,203)

 

(2,213)

 

4.155

03/02/2026

09/02/2026

 

(4,521)

 

(4,537)

 

4.155

03/03/2026

08/20/2026

 

(85)

 

(85)

 

4.155

03/11/2026

09/11/2026

 

(721)

 

(722)

 

4.155

03/18/2026

09/18/2026

 

(857)

 

(859)

 

4.210

03/09/2026

07/09/2026

 

(1,688)

 

(1,692)

 

4.255

03/25/2026

04/27/2026

 

(14,634)

 

(14,646)

 

4.430

03/04/2026

06/04/2026

 

(2,121)

 

(2,128)

 

4.600

03/18/2026

09/18/2026

 

(8,661)

 

(8,677)

 

4.670

03/09/2026

07/09/2026

 

(1,720)

 

(1,725)

 

4.730

01/28/2026

07/28/2026

 

(1,208)

 

(1,218)

 

4.780

01/28/2026

07/28/2026

 

(1,233)

 

(1,243)

SBI

4.476

03/27/2026

07/27/2026

 

(771)

 

(772)

SCX

4.020

03/03/2026

04/02/2026

 

(1,651)

 

(1,657)

 

4.050

01/30/2026

TBD(2)

 

(1,055)

 

(1,062)

 

4.050

02/03/2026

TBD(2)

 

(5,748)

 

(5,785)

 

4.050

02/06/2026

TBD(2)

 

(4,913)

 

(4,943)

SOG

2.180

02/26/2026

TBD(2)

EUR

(559)

 

(648)

 

2.220

01/30/2026

TBD(2)

 

(1,662)

 

(1,929)

 

3.970

12/12/2025

TBD(2)

$

(1,202)

 

(1,217)

 

3.970

03/10/2026

TBD(2)

 

(380)

 

(381)

 

3.990

03/10/2026

TBD(2)

 

(5,458)

 

(5,471)

 

4.000

02/10/2026

TBD(2)

GBP

(1,645)

 

(2,189)

 

4.190

01/07/2026

04/07/2026

$

(1,589)

 

(1,605)

 

4.190

01/08/2026

04/08/2026

 

(896)

 

(905)

 

4.190

03/17/2026

04/08/2026

 

(336)

 

(337)

 

4.630

03/19/2026

09/18/2026

 

(1,248)

 

(1,250)

 

4.730

02/20/2026

08/20/2026

 

(3,291)

 

(3,308)

 

4.780

02/09/2026

08/07/2026

 

(740)

 

(745)

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

March 31, 2026 (Unaudited)

 

UBS

2.090

02/26/2026

TBD(2)

EUR

(2,461)

 

(2,850)

 

2.170

02/26/2026

TBD(2)

 

(370)

 

(429)

 

2.220

03/06/2026

06/08/2026

 

(5,183)

 

(6,001)

 

2.329

03/26/2026

06/25/2026

 

(1,086)

 

(1,256)

 

4.000

02/26/2026

TBD(2)

GBP

(1,963)

 

(2,607)

 

4.600

01/06/2026

04/06/2026

$

(5,453)

 

(5,513)

 

4.670

01/23/2026

04/23/2026

 

(6,189)

 

(6,243)

 

4.670

03/31/2026

04/01/2026

 

(1,495)

 

(1,495)

 

4.670

04/01/2026

04/23/2026

 

(997)

 

(997)

 

4.700

01/06/2026

04/06/2026

 

(5,914)

 

(5,980)

 

4.820

01/23/2026

04/23/2026

 

(4,275)

 

(4,314)

 

4.900

10/16/2025

04/16/2026

 

(8,456)

 

(8,648)

Total Reverse Repurchase Agreements

 

 

 

 

 

$

(458,366)

(i)

Securities with an aggregate market value of $575,167 and cash of $4,694 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 $(437,332) at a weighted average interest rate of 4.773%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2)

Open maturity reverse repurchase agreement.

(j)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

 

Variation Margin

Description

 

 

 

Expiration
Month

 

# of
Contracts

 

Notional
Amount

 

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

3-Month SOFR Active Contract March Futures

06/2026

 

16

$

(3,853)

 

$

60

$

0

$

0

Total Futures Contracts

 

$

60

$

0

$

0

SWAP AGREEMENTS:

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

 

Variation Margin

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
March 31, 2026(2)

 

Notional
Amount(3)

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value(4)

 

Asset

 

Liability

Venture Global LNG, Inc.

5.000%

Quarterly

12/20/2030

2.514

%

$

7,800

$

178

$

630

$

808

$

33

$

0

Worldline SA/France

5.000%

Quarterly

12/20/2027

10.088

 

EUR

400

 

(39)

 

4

 

(35)

 

0

 

(6)

Worldline SA/France

5.000

Quarterly

12/20/2028

10.418

 

 

100

 

(14)

 

2

 

(12)

 

0

 

(1)

Worldline SA/France

5.000

Quarterly

12/20/2030

10.922

 

 

10,900

 

(1,781)

 

(489)

 

(2,270)

 

0

 

(161)

 

 

 

 

 

 

$

(1,656)

$

147

$

(1,509)

$

33

$

(168)

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

1,400

$

(6)

$

(54)

$

(60)

$

5

$

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2027

$

239,300

 

2,405

 

(2,002)

 

403

 

102

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2028

 

84,900

 

1,218

 

(847)

 

371

 

57

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

06/20/2029

 

1,400

 

(26)

 

22

 

(4)

 

0

 

(1)

Pay

1-Day USD-SOFR Compounded-OIS

3.250

Annual

06/18/2030

 

111,900

 

(1,026)

 

(1,204)

 

(2,230)

 

109

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.500

Annual

03/18/2031

 

81,820

 

610

 

(1,057)

 

(447)

 

86

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/17/2035

 

8,500

 

(139)

 

210

 

71

 

0

 

(7)

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/17/2045

 

5,250

 

102

 

195

 

297

 

10

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Annual

06/15/2052

 

25,600

 

6,320

 

4,100

 

10,420

 

71

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Annual

12/21/2052

 

17,400

 

4,191

 

2,722

 

6,913

 

50

 

0

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

March 31, 2026 (Unaudited)

 

Receive

1-Day USD-SOFR Compounded-OIS

3.400

Annual

12/21/2052

 

22,900

 

40

 

2,806

 

2,846

 

74

 

0

Receive

6-Month EUR-EURIBOR

0.500

Annual

09/21/2052

EUR

7,800

 

676

 

3,605

 

4,281

 

0

 

(49)

Receive(5)

6-Month EUR-EURIBOR

0.830

Annual

12/09/2052

 

22,900

 

313

 

2,515

 

2,828

 

27

 

0

 

 

 

 

 

 

$

14,678

$

11, 011

$

25,689

$

591

$

(57)

Total Swap Agreements

$

13,022

$

11,158

$

24,180

$

624

$

(225)

(k)

Securities with an aggregate market value of $1,734 and cash of $18,659 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026.

(1)

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

(2)

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

(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

BOA

04/2026

CAD

5,311

$

3,885

$

67

$

0

 

04/2026

DOP

165,779

 

2,713

 

12

 

(13)

 

04/2026

EUR

303

 

348

 

0

 

(2)

 

04/2026

JPY

72,395

 

454

 

0

 

(2)

 

04/2026

$

2,712

EUR

2,334

 

0

 

(15)

 

04/2026

 

101

TRY

4,576

 

1

 

0

 

05/2026

DOP

3,699

$

57

 

0

 

(4)

 

05/2026

$

349

EUR

303

 

2

 

0

 

05/2026

 

454

JPY

72,177

 

2

 

0

BPS

04/2026

CAD

566

$

418

 

11

 

0

 

05/2026

JPY

1,126,200

 

7,079

 

0

 

(38)

 

05/2026

$

149

KWD

46

 

0

 

(2)

 

06/2026

 

107

 

33

 

0

 

(1)

 

07/2026

 

67

 

20

 

0

 

(1)

 

06/2027

 

52

 

16

 

0

 

(1)

 

05/2029

KWD

238

$

820

 

39

 

0

 

07/2029

 

17

 

60

 

3

 

0

 

05/2030

 

163

 

560

 

26

 

0

BRC

04/2026

HKD

2,335

 

298

 

0

 

0

 

04/2026

TRY

281,673

 

6,122

 

0

 

(92)

 

04/2026

$

8,604

TRY

387,978

 

45

 

0

 

04/2026

ZAR

5,643

$

345

 

12

 

0

 

05/2026

TRY

84,430

 

1,812

 

0

 

(11)

 

05/2026

$

232

TRY

10,778

 

0

 

0

BSH

04/2026

JPY

400,148

$

2,507

 

0

 

(15)

 

04/2026

$

8,200

GBP

6,160

 

0

 

(47)

 

05/2026

GBP

6,160

$

8,200

 

47

 

0

 

05/2026

$

2,507

JPY

398,942

 

15

 

0

CBK

04/2026

EUR

2,730

$

3,167

 

12

 

0

 

04/2026

$

7,470

GBP

5,635

 

0

 

(11)

 

05/2026

EUR

5,297

$

6,083

 

0

 

(49)

 

06/2026

COP

16,496,311

 

4,388

 

0

 

(29)

 

08/2026

 

31,890,564

 

8,388

 

0

 

(29)

 

09/2026

 

5,358,867

 

1,384

 

0

 

(21)

DUB

04/2026

HKD

11,332

 

1,449

 

2

 

0

FAR

04/2026

GBP

13,824

 

18,681

 

384

 

0

 

04/2026

JPY

498,220

 

3,122

 

0

 

(18)

 

04/2026

$

2,919

GBP

2,158

 

0

 

(63)

 

04/2026

 

996

JPY

155,555

 

0

 

(15)

 

05/2026

 

3,122

 

496,715

 

17

 

0

GLM

04/2026

DOP

101,215

$

1,568

 

0

 

(91)

 

05/2026

 

87,462

 

1,351

 

0

 

(87)

 

06/2026

 

12,519

 

204

 

0

 

(1)

 

09/2026

 

11,373

 

180

 

0

 

(4)

IND

04/2026

EUR

112,137

 

132,409

 

2,796

 

0

JPM

04/2026

HKD

13,223

 

1,691

 

3

 

0

 

04/2026

$

2,884

CAD

3,931

 

0

 

(58)

 

04/2026

 

1,242

EUR

1,058

 

0

 

(19)

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

March 31, 2026 (Unaudited)

 

 

04/2026

ZAR

15,067

$

902

 

13

 

0

MBC

04/2026

GBP

129

 

173

 

2

 

0

 

04/2026

JPY

154,008

 

963

 

0

 

(7)

 

04/2026

$

2,093

EUR

1,809

 

1

 

(3)

 

04/2026

 

1,102

JPY

171,372

 

0

 

(22)

 

05/2026

EUR

629

$

724

 

0

 

(4)

 

05/2026

$

963

JPY

153,542

 

7

 

0

NGF

04/2026

 

1,599

TRY

73,638

 

3

 

0

 

05/2026

 

864

 

39,904

 

0

 

(2)

SCX

04/2026

 

1,407

CAD

1,948

 

0

 

(7)

 

04/2026

 

784

JPY

122,338

 

0

 

(13)

 

05/2026

CAD

1,945

$

1,407

 

7

 

0

SOG

04/2026

EUR

2,272

 

2,688

 

62

 

0

 

04/2026

$

129,625

EUR

112,241

 

201

 

(92)

 

04/2026

 

4,337

JPY

674,769

 

0

 

(85)

 

05/2026

EUR

108,798

$

125,749

 

0

 

(197)

 

06/2026

EGP

3,045

 

56

 

3

 

0

SSB

04/2026

$

5

JPY

791

 

0

 

0

Total Forward Foreign Currency Contracts

$

3,795

$

(1,171)

SWAP AGREEMENTS:

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

 

Swap Agreements, at Value(4)

Counterparty

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
March 31, 2026(2)

 

Notional
Amount(3)

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BPS

Petroleos Mexicanos

1.000%

Quarterly

12/20/2028

2.711%

$

900

$

(174)

$

136

$

0

$

(38)

BRC

Egypt Government International Bonds

1.000

Quarterly

12/20/2028

3.550

 

3,000

 

(520)

 

332

 

0

 

(188)

 

Egypt Government International Bonds

1.000

Quarterly

06/20/2029

3.628

 

800

 

(171)

 

111

 

0

 

(60)

 

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

100,000

 

(55)

 

8

 

0

 

(47)

CBK

Argentine Republic Government International Bonds

5.000

Quarterly

06/20/2027

3.980

$

400

 

(47)

 

52

 

5

 

0

DUB

Petroleos Mexicanos «

4.750

Monthly

07/06/2026

—◆

 

471

 

0

 

3

 

3

 

0

 

Petroleos Mexicanos «

4.850

Monthly

07/06/2026

—◆

 

823

 

0

 

5

 

5

 

0

GST

Argentine Republic Government International Bonds

5.000

Quarterly

06/20/2027

3.980

 

900

 

(82)

 

94

 

12

 

0

JPM

Ecuador Government International Bonds

5.000

Quarterly

06/20/2027

2.178

 

400

 

13

 

1

 

14

 

0

 

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

50,000

 

(28)

 

5

 

0

 

(23)

MYC

Argentine Republic Government International Bonds

5.000

Quarterly

12/20/2026

2.754

$

2,400

 

16

 

26

 

42

 

0

 

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

100,000

 

(55)

 

9

 

0

 

(46)

 

 

 

 

 

 

 

$

(1,103)

$

782

$

81

$

(402)

TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS

 

Swap Agreements, at Value

Counterparty

Pay/
Receive

Underlying Reference

Financing Rate

Payment
Frequency

Maturity
Date

Notional
Amount

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BPS

Pay

AP Core Holdings II, LLC

1-Day USD-SOFR

Compounded-OIS

Maturity

04/30/2026

 

204

 

0

 

145

 

145

 

0

Total Swap Agreements

$

(1,103)

$

927

$

226

$

(402)

(m)

Securities with an aggregate market value of $560 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)

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

(2)

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

(3)

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

(4)

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

FAIR VALUE MEASUREMENTS

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

March 31, 2026 (Unaudited)

 

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

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2026

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

166,549

$

106,379

$

272,928

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

42,153

 

0

 

42,153

 

 

Industrials

 

0

 

114,875

 

5,392

 

120,267

 

 

Utilities

 

0

 

22,077

 

410

 

22,487

 

Convertible Bonds & Notes

 

Industrials

 

0

 

1,325

 

0

 

1,325

 

U.S. Government Agencies

 

0

 

47,725

 

0

 

47,725

 

U.S. Treasury Obligations

 

0

 

1,106

 

0

 

1,106

 

Non-Agency Mortgage-Backed Securities

 

0

 

182,520

 

7,728

 

190,248

 

Asset-Backed Securities

 

Automobile ABS Other

 

0

 

2,202

 

0

 

2,202

 

 

Automobile Sequential

 

0

 

0

 

4,901

 

4,901

 

 

Home Equity Other

 

0

 

136,277

 

0

 

136,277

 

 

Whole Loan Collateral

 

0

 

21,408

 

0

 

21,408

 

 

Other ABS

 

0

 

25,723

 

14,564

 

40,287

 

Sovereign Issues

 

0

 

64,581

 

0

 

64,581

 

Common Stocks

 

Consumer Discretionary

 

0

 

0

 

53

 

53

 

 

Financials

 

0

 

9,367

 

0

 

9,367

 

 

Health Care

 

0

 

0

 

31,606

 

31,606

 

 

Industrials

 

0

 

0

 

4,158

 

4,158

 

 

Real Estate

 

0

 

0

 

239

 

239

 

Preferred Securities

 

Banking & Finance

 

0

 

0

 

6,321

 

6,321

 

 

Industrials

 

0

 

2,550

 

38,556

 

41,106

 

Short-Term Instruments

 

Egypt Treasury Bills

 

0

 

3,260

 

0

 

3,260

 

 

Nigeria Treasury Bills

 

0

 

15,151

 

0

 

15,151

 

 

Turkey Treasury Bills

 

0

 

201

 

0

 

201

 

 

U.S. Treasury Bills

 

0

 

4,505

 

0

 

4,505

 

 

$

0

$

863,555

$

220,307

$

1,083,862

 

Investments in Affiliates, at Value

Common Stocks

 

Affiliated Investments

 

0

 

0

 

6,019

 

6,019

 

Short-Term Instruments

 

Central Funds Used for Cash Management Purposes

 

74,719

 

0

 

0

 

74,719

 

 

$

74,719

$

0

$

6,019

$

80,738

 

Total Investments

$

74,719

$

863,555

$

226,326

$

1,164,600

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

 

0

 

624

 

0

 

624

 

Over the counter

 

0

 

4,013

 

8

 

4,021

 

 

$

0

$

4,637

$

8

$

4,645

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

 

0

 

(225)

 

0

 

(225)

 

Over the counter

 

0

 

(1,573)

 

0

 

(1,573)

 

 

$

0

$

(1,798)

$

0

$

(1,798)

 

Total Financial Derivative Instruments

$

0

$

2,839

$

8

$

2,847

 

Totals

$

74,719

$

866,394

$

226,334

$

1,167,447

 

 

 

 

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

$

69,500

$

8,601

$

(13,566)

$

242

$

87

$

(879)

$

42,394

$

0

$

106,379

$

(754)

Corporate Bonds & Notes

 

Banking & Finance

 

58

 

0

 

(20)

 

0

 

0

 

(4)

 

0

 

(34)

 

0

 

0

 

Industrials

 

7,749

 

345

 

(4,118)

 

82

 

0

 

1,334

 

0

 

0

 

5,392

 

275

 

Utilities

 

0

 

1,496

 

0

 

(3)

 

0

 

(1,083)

 

0

 

0

 

410

 

(1,083)

Non-Agency Mortgage-Backed Securities

 

0

 

7,322

 

0

 

0

 

0

 

406

 

0

 

0

 

7,728

 

406

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

March 31, 2026 (Unaudited)

 

Asset-Backed Securities

 

Automobile Sequential

 

5,082

 

0

 

(169)

 

0

 

0

 

(12)

 

0

 

0

 

4,901

 

(9)

 

Other ABS

 

16,763

 

0

 

0

 

0

 

0

 

(1,336)

 

0

 

(863)

 

14,564

 

(1,212)

Common Stocks

 

Consumer Discretionary

 

53

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

53

 

0

 

Health Care

 

32,448

 

0

 

0

 

0

 

0

 

(842)

 

0

 

0

 

31,606

 

(842)

 

Industrials

 

2,709

 

3,777

 

(2,750)

 

0

 

41

 

381

 

0

 

0

 

4,158

 

382

 

Real Estate(3)

 

16

 

0

 

0

 

0

 

0

 

223

 

0

 

0

 

239

 

223

Preferred Securities

 

Banking & Finance

 

0

 

6,321

 

0

 

0

 

0

 

0

 

0

 

0

 

6,321

 

0

 

Industrials

 

17,611

 

22,288

 

0

 

0

 

0

 

(1,343)

 

0

 

0

 

38,556

 

(1,343)

 

$

151,989

$

50,150

$

(20,623)

$

321

$

128

$

(3,155)

$

42,394

$

(897)

$

220,307

$

(3,957)

Investments in Affiliates

Common Stocks

 

Affiliated Investments

$

9,950

$

0

$

(4,696)

$

0

$

0

$

765

$

0

$

0

$

6,019

$

691

Financial Derivative Instruments- Assets

Over the counter

$

24

$

0

$

(10)

$

0

$

0

$

(6)

$

0

$

0

$

8

$

(7)

Totals

$

161,963

$

50,150

$

(25,329)

$

321

$

128

$

(2,396)

$

42,394

$

(897)

$

226,334

$

(3,273)


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

$

14,580

Comparable Companies

EBITDA Multiple

X

16.360

—

 

 

41,656

Discounted Cash Flow

Discount Rate

 

6.062 - 22.746

8.859

 

 

4,509

Indicative Market Quotation

Broker Quote

 

101.250

—

 

 

3,000

Recent Transaction

Purchase Price

 

100.000

—

 

 

42,634

Third Party Vendor

Broker Quote

 

76.000 - 122.000

113.149

Corporate Bonds & Notes

 

Industrials

 

5,392

Comparable Companies / Discounted Cash Flow

EBITDA Multiple/Discount Rate

X/%

12.500/10.000

—

 

Utilities

 

206

Indicative Market Quotation

Broker Quote

 

450.000

—

 

 

 

204

Indicative Market Quotation

Broker Quote

EUR

12.000

—

Non-Agency Mortgage-Backed Securities

 

7,728

Recent Transaction

Purchase Price

 

100.000

—

Asset-Backed Securities

 

Automobile Sequential

 

4,901

Discounted Cash Flow

Discount Rate

 

10.420

—

 

Other ABS

 

14,564

Discounted Cash Flow

Discount Rate

 

12.500 - 15.000

13.230

Common Stocks

 

Consumer Discretionary

 

53

Comparable Companies / Discounted Cash Flow

Revenue Multiple / Discount Rate

X/%

0.500/20.750

—

 

Health Care

 

31,606

Comparable Companies

EBITDA Multiple

X

16.360

—

 

Industrials

 

1,122

Indicative Market Quotation

Broker Quote

EUR

16.000

—

 

 

 

3,036

Comparable Companies / Discounted Cash Flow

EBITDA Multiple/Discount Rate

X/%

12.500/10.000

—

 

Real Estate

 

239

Other Valuation Techniques(4)

-

 

-

—

Preferred Securities

 

Banking & Finance

 

6,321

Recent transaction

Purchase price

$

-

—

 

Industrials

 

235

Comparable Companies

Revenue/ EBITDA Multiple

X

4.625/18.000-

—

 

 

 

23,781

Discounted Cash Flow

Discount Rate

 

3.734 -19.155

15.237

 

 

 

14,540

Other Valuation Techniques(4)

-

 

-

—

Investments in Affiliates, at Value

Common Stocks

 

Affiliated Investments

 

6,019

Sum of the Parts

Discount Rate/Mortality Assumption

X/%

15.323/2015 ANB VBT Mortality Table

—

Financial Derivative Instruments- Assets

 

Over the counter

 

8

Indicative Market Quotation

Broker Quote

 

0.191 - 0.206

0.201

Total

$

226,334

(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)

Sector 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. BASIS FOR CONSOLIDATION

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

 

Subsidiary

 

Date of Formation

Subsidiary % of Consolidated Fund Net Assets†

PAXSLS I LLC

 

12/31/2021

0.0%

RLM 4355 LLC

 

12/31/2021

0.0%

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

 

2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

 

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

 

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC (“PIMCO”) to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

 

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee (“Valuation Designee”) for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

 

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

 

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

 

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

 

Notes to Financial Statements(Cont.)

 

 

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

 

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

 

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

 

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

 

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

 

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). 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.

 

 

Notes to Financial Statements(Cont.)

 

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.

 

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

 

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

 

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

 

The Sum-of-the-Parts model is typically used when an investment or subject company has two or more separate and distinct assets that would each require its own valuation methodology, typically an income or market approach. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

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

 

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

 

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

 

3. FEDERAL INCOME TAX MATTERS

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

 

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

 

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of March 31, 2026, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

 

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

 

4. INVESTMENTS IN AFFILIATES

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund.A copy of each affiliate fund’s shareholder report is available at the U.S Securities and Exchange

Notes to Financial Statements(Cont.)

 

Commission (“SEC”) website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable.The table below shows the Fund's transactions in and earnings from investments in the affiliated funds for the period endedMarch 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)

$

64,290

$

340,909

$

(330,500)

$

18

$

2

$

74,719

$

1,909

$

0

 

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

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

 

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

 

PIMCO Access Income Fund

 

Security Name

 

Market Value at 06/30/2025

 

Purchases at cost

 

Proceeds from Sale

 

Net Realized Gain/(Loss)

 

Change in Unrealized Appreciation (Depreciation)

 

Market Value at 03/31/2026

 

Dividend Income

 

Shares Held at 03/30/2026

Market Garden Dogwood LLC

$

9,950

$

0

$

(4,696)

$

0

$

765

$

6,019

$

0

 

5,412,622

 

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

    

 

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