Schedule of Investments PIMCO High 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 128.3% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 22.2%

 

 

 

 

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

$

11,261

$

11,306

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

 

8,110

 

7,925

Clover Holdings 2 LLC

 

 

 

 

TBD% - 3.500% due 12/10/2029 ~µ

 

909

 

838

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

 

3,656

 

3,509

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

 

6,288

 

6,480

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

 

11,933

 

12,291

Finastra USA, Inc.

 

 

 

 

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

 

4,600

 

4,331

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

 

400

 

346

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

 

1,797

 

1,754

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

 

200

 

200

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

 

5,429

 

5,442

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

 

460

 

404

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

 

4,428

 

3,882

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

 

1,251

 

1,251

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

 

105

 

88

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

 

593

 

496

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

 

2,677

 

0

MPH Acquisition Holdings LLC

 

 

 

 

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

 

762

 

762

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

 

7,509

 

6,686

Newfold Digital Holdings Group, Inc.
9.419% - 9.442% (TSFR3M + 5.750%) due 04/30/2029 «~

 

72

 

55

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

1,900

 

2,506

Peraton Corp.

 

 

 

 

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

$

18,532

 

15,861

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

 

532

 

386

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

EUR

3,000

 

1,040

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

 

15,537

 

17,555

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

 

20,920

 

7,311

Stepstone Group Midco 2 GmbH

 

 

 

 

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

 

8,000

 

8,123

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

$

1,489

 

1,310

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

EUR

7,000

 

7,908

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

$

19,143

 

17,732

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

 

30,330

 

28,646

Unicorn Bay
13.000% due 12/31/2026 «~

HKD

35,443

 

4,577

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

$

2,474

 

1,076

Total Loan Participations and Assignments (Cost $204,492)

 

 

 

185,077

CORPORATE BONDS & NOTES 47.1%

 

 

 

 

BANKING & FINANCE 11.1%

 

 

 

 

Alamo Re Ltd.

 

 

 

 

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

 

5,300

 

5,372

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

 

 

1,200

 

1,223

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

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

 

500

 

495

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

 

1,900

 

1,737

Atlantic Marine Corps Communities LLC
5.383% due 02/15/2048 (m)

 

3,925

 

3,242

Bayou Re Ltd.
15.950% (JMMMUSTF + 12.390%) due 05/26/2030 ~

 

1,200

 

1,219

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

EUR

3,000

 

3,538

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

10.712% (FHMMUSTF + 7.202%) due 04/28/2030 ~

 

250

 

251

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

 

900

 

914

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

 

3,700

 

3,724

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

PEN

1,000

 

306

Credit Suisse AG AT1 Claim

$

600

 

210

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 ~

 

400

 

405

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

 

400

 

406

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

 

400

 

407

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

 

900

 

902

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

 

850

 

850

GLP Capital LP/GLP Financing II, Inc.
5.625% due 03/01/2036 (m)

 

1,400

 

1,363

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 ~

 

470

 

479

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

 

250

 

259

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

 

2,668

 

2,686

HA Sustainable Infrastructure Capital, Inc.
6.000% due 03/15/2036

 

100

 

97

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.

 

 

 

 

14.064% (FHMMUSTF + 10.554%) due 06/06/2026 ~

 

350

 

356

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

 

450

 

463

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

 

450

 

467

ION Platform Finance SARL

 

 

 

 

6.500% due 09/30/2030 (m)

EUR

1,400

 

1,352

6.500% due 09/30/2030

 

100

 

97

6.875% due 09/30/2032 (m)

 

1,500

 

1,386

7.875% due 05/01/2029

 

3,010

 

3,247

7.875% due 05/01/2029 (m)

 

2,800

 

3,020

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

$

1,400

 

1,085

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

 

 

 

 

5.000% due 05/01/2028 (m)

 

300

 

281

8.750% due 05/01/2029 (m)

 

2,300

 

2,141

9.000% due 08/01/2029 (m)

 

2,490

 

2,311

9.500% due 05/30/2029 (m)

 

4,900

 

4,618

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

 

5,700

 

5,715

Lower Ferry Re Ltd.

 

 

 

 

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

 

600

 

606

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

 

4,400

 

4,455

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

 

350

 

361

Marex Group PLC
6.404% due 11/04/2029 (m)

 

300

 

309

Mayflower Re Ltd.

 

 

 

 

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

 

1,000

 

1,010

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

 

7,000

 

7,091

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 ~

 

900

 

931

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

 

2,000

 

1,948

Purple Re Ltd.

 

 

 

 

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

 

250

 

250

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

 

1,200

 

1,220

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

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

EUR

250

 

289

Sanders Re III Ltd.

 

 

 

 

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

$

1,800

 

1,821

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

 

804

 

523

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

GBP

3

 

4

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

EUR

8,545

 

1,605

Torrey Pines Re Ltd.

 

 

 

 

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

$

250

 

259

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

 

250

 

259

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

 

9,263

 

8,722

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

 

250

 

252

Ursa Re Ltd.

 

 

 

 

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

 

400

 

409

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

 

1,000

 

1,028

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

 

3,223

 

0

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

 

700

 

731

 

 

 

 

92,819

INDUSTRIALS 30.8%

 

 

 

 

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

 

2,369

 

2,156

Altice France SA

 

 

 

 

6.500% due 04/15/2032 (m)

 

401

 

381

6.875% due 10/15/2030 (m)

 

540

 

517

9.500% due 11/01/2029 (m)

 

762

 

771

ams-OSRAM AG

 

 

 

 

10.500% due 03/30/2029 (m)

EUR

1,400

 

1,700

12.250% due 03/30/2029 (m)

$

500

 

532

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

 

500

 

497

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

 

1,500

 

1,130

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

 

16,360

 

16,833

Centene Corp.
3.375% due 02/15/2030

 

200

 

181

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

 

5,700

 

4,242

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

 

8,150

 

5,874

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

 

4,070

 

4,052

Cheplapharm Arzneimittel GmbH

 

 

 

 

6.750% due 02/15/2032

EUR

4,200

 

4,756

7.500% due 05/15/2030 (m)

 

5,600

 

6,539

Cogent Communications Group LLC/Cogent Finance, Inc.

 

 

 

 

6.500% due 07/01/2032 (m)

$

6,300

 

5,500

7.000% due 06/15/2027 (m)

 

10,600

 

10,481

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

 

800

 

762

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

 

1,000

 

1,008

DISH DBS Corp.

 

 

 

 

5.250% due 12/01/2026

 

6,650

 

6,597

5.750% due 12/01/2028

 

12,450

 

12,049

7.750% due 07/01/2026

 

5,500

 

5,488

Ecopetrol SA

 

 

 

 

4.625% due 11/02/2031 (m)

 

3,000

 

2,668

7.750% due 02/01/2032 (m)

 

14,600

 

14,756

Flora Food Management BV

 

 

 

 

6.875% due 07/02/2029 (m)

EUR

1,000

 

1,086

7.500% due 10/31/2030

 

600

 

687

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

$

7,745

 

7,835

General Shopping Investments Ltd.
0.000% due 09/20/2026 (j)

 

2,500

 

160

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

EUR

1,100

 

1,263

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

$

1,746

 

1,860

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

 

1,900

 

1,963

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

 

10,145

 

10,145

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

 

7,153

 

10,833

Intralot Capital Luxembourg SA

 

 

 

 

6.513% due 10/15/2031 •

EUR

1,800

 

1,993

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

6.750% due 10/15/2031 (m)

 

5,400

 

5,979

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

$

1,613

 

1,527

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

EUR

3,000

 

3,000

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

$

400

 

331

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

 

6,200

 

4,750

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

 

1,400

 

1,446

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

 

4,021

 

4,044

Newfold Digital Holdings Group, Inc.
9.419% due 04/30/2029

 

1,403

 

737

Nexstar Media, Inc.
6.500% due 09/15/2033 (m)

 

1,100

 

1,109

Nissan Motor Co. Ltd.

 

 

 

 

4.810% due 09/17/2030 (m)

 

6,600

 

5,999

7.500% due 07/17/2030 (m)

 

500

 

504

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

 

11,725

 

12,078

OAK-Eagle Acquireco, Inc.

 

 

 

 

6.250% due 07/01/2033 (b)

EUR

1,600

 

1,890

7.250% due 07/01/2033 (b)

$

800

 

829

8.750% due 07/01/2034 (b)

 

500

 

524

Ocado Group PLC

 

 

 

 

10.500% due 08/08/2029 (m)

GBP

4,272

 

5,592

11.000% due 06/15/2030 (m)

 

4,250

 

5,618

Petroleos de Venezuela SA

 

 

 

 

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

$

4,100

 

1,411

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

 

1,900

 

794

Petroleos Mexicanos

 

 

 

 

6.700% due 02/16/2032 (m)

 

3,463

 

3,392

6.750% due 09/21/2047 (m)

 

1,098

 

877

6.840% due 01/23/2030 (m)

 

1,100

 

1,103

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

 

1,800

 

1,868

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

GBP

14

 

20

Topaz Solar Farms LLC

 

 

 

 

4.875% due 09/30/2039 (m)

$

1,754

 

1,588

5.750% due 09/30/2039 (m)

 

4,574

 

4,554

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

EUR

1,400

 

1,403

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

$

1,001

 

836

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

EUR

1,400

 

1,307

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

$

6,811

 

7,061

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

BRL

120,000

 

10,152

Venture Global LNG, Inc.

 

 

 

 

8.125% due 06/01/2028 (m)

$

900

 

921

9.500% due 02/01/2029 (m)

 

4,709

 

5,094

Viridien

 

 

 

 

8.500% due 10/15/2030 (m)

EUR

1,356

 

1,650

10.000% due 10/15/2030 (m)

$

2,508

 

2,671

Vmed O2 U.K. Financing I PLC

 

 

 

 

5.625% due 04/15/2032 (m)

EUR

1,900

 

2,024

6.750% due 01/15/2033 (m)

$

3,000

 

2,684

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

 

1,800

 

1,698

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

 

1,100

 

1,146

 

 

 

 

257,506

UTILITIES 5.2%

 

 

 

 

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

EUR

11

 

152

FORESEA Holding SA
7.500% due 06/15/2030 (m)

$

3,000

 

2,949

Genesis Energy LP/Genesis Energy Finance Corp.
6.750% due 03/15/2034 (m)

 

1,700

 

1,693

NGD Holdings BV
6.750% due 12/31/2026

 

547

 

510

Nova Securitisation SARL

 

 

 

 

5.750% due 02/03/2031 (m)

 

3,500

 

3,391

6.500% due 02/03/2036 (m)

 

1,700

 

1,619

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

 

14,404

 

6,986

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

 

29,863

 

317

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

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

 

10,469

 

10,169

Qwest Corp.
7.375% due 05/01/2030 (m)

 

5,130

 

5,090

SW Finance I PLC

 

 

 

 

1.625% due 03/30/2027

GBP

2,300

 

2,922

2.375% due 05/28/2028

 

3,500

 

4,310

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

$

3,200

 

3,111

 

 

 

 

43,219

Total Corporate Bonds & Notes (Cost $434,892)

 

 

 

393,544

CONVERTIBLE BONDS & NOTES 3.7%

 

 

 

 

INDUSTRIALS 3.7%

 

 

 

 

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

EUR

13,700

 

15,301

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

$

5,100

 

4,954

Ubisoft Entertainment SA
2.375% due 11/15/2028

EUR

9,600

 

10,597

Total Convertible Bonds & Notes (Cost $31,553)

 

 

 

30,852

MUNICIPAL BONDS & NOTES 1.9%

 

 

 

 

MICHIGAN 0.2%

 

 

 

 

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

$

2,287

 

1,763

TEXAS 1.0%

 

 

 

 

El Paso Downtown Development Corp. Texas Revenue Bonds, Series 2013
7.250% due 08/15/2043

 

7,175

 

7,869

WEST VIRGINIA 0.7%

 

 

 

 

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

 

66,200

 

6,151

Total Municipal Bonds & Notes (Cost $18,572)

 

 

 

15,783

U.S. GOVERNMENT AGENCIES 3.9%

 

 

 

 

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

 

12,567

 

8,186

Federal Home Loan Mortgage Corp. REMICS

 

 

 

 

2.313% due 07/15/2035 •(a)

 

277

 

20

2.324% due 06/25/2050 •(a)

 

2,701

 

311

2.413% due 02/15/2042 •(a)

 

332

 

24

3.353% due 08/15/2036 •(a)

 

166

 

21

5.000% due 06/15/2033 ~(a)

 

290

 

24

5.427% due 05/15/2033 •

 

15

 

15

Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust
4.221% due 11/25/2059 ~

 

5,844

 

2,978

Federal Home Loan Mortgage Corp. STACR REMICS Trust

 

 

 

 

11.162% due 10/25/2041 •

 

5,350

 

5,504

11.462% due 11/25/2041 •

 

8,200

 

8,481

12.162% due 02/25/2042 •

 

2,200

 

2,317

Federal National Mortgage Association Connecticut Avenue Securities Trust

 

 

 

 

9.162% due 12/25/2041 •

 

1,200

 

1,229

9.662% due 12/25/2041 •

 

2,700

 

2,771

Federal National Mortgage Association REMICS

 

 

 

 

2.324% due 07/25/2050 •(a)

 

2,559

 

301

3.500% due 09/25/2027 (a)

 

12

 

0

4.000% due 06/25/2050 (a)

 

1,594

 

296

10.000% due 01/25/2034 •

 

72

 

75

Government National Mortgage Association REMICS

 

 

 

 

3.500% due 06/20/2042 - 03/20/2043 (a)

 

365

 

51

4.500% due 07/20/2042 (a)

 

46

 

5

5.000% due 09/20/2042 (a)

 

85

 

10

Uniform Mortgage-Backed Security, TBA
3.000% due 06/01/2040

 

100

 

88

Total U.S. Government Agencies (Cost $34,991)

 

 

 

32,707

U.S. TREASURY OBLIGATIONS 0.1%

 

 

 

 

U.S. Treasury Bonds

 

 

 

 

4.875% due 08/15/2045 (q)

 

466

 

465

U.S. Treasury Notes

 

 

 

 

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

 

706

 

703

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

Total U.S. Treasury Obligations (Cost $1,202)

 

 

 

1,168

NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4%

 

 

 

 

Adjustable Rate Mortgage Trust
4.133% due 05/25/2036 •

 

2,761

 

1,061

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

 

5,500

 

5,407

Banc of America Alternative Loan Trust

 

 

 

 

1.807% due 06/25/2046 •(a)

 

1,824

 

138

2.847% due 06/25/2037 •(a)

 

1,592

 

184

4.153% due 06/25/2037 •

 

1,466

 

1,069

Banc of America Funding Trust

 

 

 

 

6.000% due 07/25/2037

 

239

 

205

6.250% due 10/26/2036

 

3,353

 

1,132

Banc of America Mortgage Trust
4.309% due 02/25/2036 ~

 

3

 

3

BCAP LLC Trust

 

 

 

 

4.447% due 03/26/2037 þ

 

1,085

 

1,858

6.000% due 05/26/2037 ~

 

4,145

 

1,586

CD Mortgage Trust
5.688% due 10/15/2048

 

95

 

90

Chase Mortgage Finance Trust

 

 

 

 

4.452% due 09/25/2036 ~

 

27

 

23

4.658% due 12/25/2035 ~

 

6

 

5

CHL Mortgage Pass-Through Trust

 

 

 

 

1.557% due 12/25/2036 •(a)

 

1,600

 

167

4.096% due 09/20/2036 ~

 

166

 

149

4.592% due 09/25/2047 ~

 

13

 

12

Citigroup Mortgage Loan Trust, Inc.

 

 

 

 

4.871% due 11/25/2035 ~(m)

 

8,614

 

4,080

4.972% due 07/25/2037 ~

 

46

 

42

6.500% due 09/25/2036 (m)

 

2,080

 

984

CLNY Trust

 

 

 

 

6.059% due 11/15/2038 •(m)

 

1,700

 

1,630

6.755% due 11/15/2038 •(m)

 

1,050

 

990

Countrywide Alternative Loan Trust

 

 

 

 

1.207% due 04/25/2035 •(a)

 

1,531

 

78

4.293% due 12/25/2046 •

 

1,138

 

984

4.474% due 02/25/2037 ~

 

61

 

55

6.000% due 02/25/2037

 

3,992

 

1,377

6.250% due 12/25/2036 •

 

2,122

 

842

6.500% due 06/25/2036

 

591

 

263

Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036

 

1,262

 

742

CSMC Trust

 

 

 

 

3.431% due 11/10/2032

 

1,200

 

1,017

8.044% due 07/15/2032 •

 

950

 

948

Eurosail-U.K. PLC

 

 

 

 

5.215% due 06/13/2045 •

GBP

3,347

 

3,771

7.865% due 06/13/2045 •

 

988

 

1,082

HarborView Mortgage Loan Trust

 

 

 

 

3.933% due 08/19/2036 ~

$

76

 

65

5.498% due 08/19/2036 ~

 

1

 

1

Hilton USA Trust
2.828% due 11/05/2035

 

900

 

772

IM Pastor 3 FTH
2.248% due 03/22/2043 •

EUR

1,466

 

1,497

JP Morgan Alternative Loan Trust
4.108% due 03/25/2037 ~(m)

$

2,335

 

2,066

JP Morgan Chase Commercial Mortgage Securities Trust

 

 

 

 

5.320% due 11/15/2035 •

 

1,300

 

986

5.537% due 03/15/2036 •

 

1,750

 

1,464

5.670% due 11/15/2035 •

 

600

 

342

JP Morgan Mortgage Trust

 

 

 

 

2.827% due 01/25/2037 •(a)

 

13,154

 

1,700

3.942% due 07/27/2037 ~

 

3,928

 

3,277

Lehman XS Trust
4.233% due 06/25/2047 •(m)

 

929

 

890

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

 

1,000

 

987

Nomura Asset Acceptance Corp. Alternative Loan Trust
4.462% due 04/25/2036 ~(m)

 

2,454

 

2,211

Nomura Resecuritization Trust
3.688% due 07/26/2035 ~(m)

 

3,626

 

3,219

PRPM LLC

 

 

 

 

5.089% due 02/25/2031 þ

 

2,577

 

2,578

5.185% due 02/25/2031 þ(m)

 

6,471

 

6,408

5.503% due 08/25/2030 þ(m)

 

911

 

909

5.729% due 07/25/2030 þ

 

901

 

899

Residential Asset Securitization Trust

 

 

 

 

4.193% due 01/25/2046 •

 

165

 

44

6.250% due 09/25/2037

 

4,542

 

1,612

6.500% due 08/25/2036

 

790

 

206

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

 

1,400

 

1,337

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

Structured Adjustable Rate Mortgage Loan Trust

 

 

 

 

4.219% due 01/25/2036 ~

 

83

 

44

4.772% due 04/25/2047 ~

 

258

 

97

Structured Asset Mortgage Investments II Trust
4.173% due 07/25/2046 •(m)

 

3,489

 

2,890

WaMu Mortgage Pass-Through Certificates Trust
3.134% due 05/25/2037 ~

 

47

 

39

Washington Mutual Mortgage Pass-Through Certificates Trust

 

 

 

 

2.887% due 04/25/2037 •(a)

 

6,248

 

1,142

6.500% due 03/25/2036 (m)

 

3,757

 

2,855

Worldwide Plaza Trust
3.526% due 11/10/2036

 

1,999

 

1,598

WSTN Trust

 

 

 

 

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

 

1,600

 

1,614

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

 

1,600

 

1,602

9.835% due 07/05/2037 ~(m)

 

1,300

 

1,307

Total Non-Agency Mortgage-Backed Securities (Cost $87,884)

 

 

 

78,632

ASSET-BACKED SECURITIES 13.0%

 

 

 

 

AUTOMOBILE ABS OTHER 0.3%

 

 

 

 

Ally Bank Auto Credit-Linked Notes

 

 

 

 

6.066% due 06/15/2033

 

1,255

 

1,260

6.942% due 06/15/2033

 

554

 

553

10.219% due 06/15/2033

 

960

 

965

 

 

 

 

2,778

HOME EQUITY OTHER 5.2%

 

 

 

 

ABFC Trust
5.043% due 06/25/2037 •

 

584

 

422

ACE Securities Corp. Home Equity Loan Trust
4.073% due 07/25/2036 •(m)

 

1,360

 

1,142

Centex Home Equity Loan Trust
4.868% due 06/25/2034 •(m)

 

2,501

 

2,227

Countrywide Asset-Backed Certificates Trust
4.198% due 09/25/2046 •

 

12,459

 

10,357

Encore Credit Receivables Trust
4.843% due 07/25/2035 •(m)

 

7,527

 

6,757

Equity One Mortgage Pass-Through Trust
3.711% due 07/25/2034 þ

 

457

 

370

JP Morgan Mortgage Acquisition Trust
4.149% due 03/25/2047 þ

 

517

 

335

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

 

504

 

228

Morgan Stanley Mortgage Loan Trust

 

 

 

 

5.299% due 11/25/2036 •

 

925

 

358

6.465% due 09/25/2046 þ

 

5,713

 

1,835

People's Financial Realty Mortgage Securities Trust
3.953% due 09/25/2036 •

 

19,108

 

3,307

Renaissance Home Equity Loan Trust

 

 

 

 

6.998% due 09/25/2037 þ

 

6,148

 

2,341

7.238% due 09/25/2037 þ

 

5,319

 

2,024

Residential Asset Mortgage Products Trust
4.228% due 12/25/2036 •

 

11,152

 

9,475

Truman Capital Mortgage Loan Trust
7.918% due 01/25/2034 •

 

2,342

 

2,301

Washington Mutual Asset-Backed Certificates Trust
4.093% due 05/25/2036 •

 

120

 

95

 

 

 

 

43,574

WHOLE LOAN COLLATERAL 5.7%

 

 

 

 

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

 

3,147

 

3,100

Pretium Mortgage Credit Partners LLC

 

 

 

 

4.968% due 02/25/2056 þ

 

4,751

 

4,715

5.180% due 01/25/2056 þ(m)

 

4,093

 

4,063

5.184% due 11/25/2055 þ(m)

 

7,787

 

7,738

5.193% due 10/25/2055 þ(m)

 

1,726

 

1,728

5.265% due 12/25/2055 þ(m)

 

8,038

 

7,989

5.342% due 12/25/2055 þ(m)

 

3,962

 

3,951

5.510% due 04/25/2056 þ

 

1,300

 

1,301

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

 

3,850

 

3,842

Specialty Underwriting & Residential Finance Trust
4.768% due 06/25/2036 •

 

8,070

 

6,819

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

VCAT LLC
5.062% due 02/25/2056 þ

 

2,042

 

2,035

 

 

 

 

47,281

OTHER ABS 1.8%

 

 

 

 

Aqueduct European CLO DAC
1.000% due 01/25/2039

EUR

1,060

 

715

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

 

2,150

 

834

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

$

185,947

 

406

Carlyle Global Market Strategies Euro CLO DAC

 

 

 

 

0.000% due 01/25/2032 ~

EUR

2,200

 

542

0.000% due 04/15/2038 ~

 

548

 

373

Carlyle U.S. CLO Ltd.
0.000% due 10/15/2031 ~

$

4,200

 

68

CIFC Funding Ltd.

 

 

 

 

0.000% due 04/24/2030 ~

 

4,000

 

437

0.000% due 03/31/2038 ~

 

2,441

 

1,251

Cork Street CLO DAC
0.000% due 11/27/2028 ~

EUR

700

 

99

CVC Cordatus Loan Fund VI DAC
0.000% due 04/15/2032 ~

 

3,120

 

757

Duke Funding V Ltd.
7.390% due 08/07/2033 •

$

13,523

 

1,647

Glacier Funding CDO III Ltd.
7.020% due 08/04/2035 •

 

6,310

 

400

Man GLG Euro CLO I DAC
0.000% due 10/15/2030 ~

EUR

3,371

 

4

Marlette Funding Trust
0.000% due 07/16/2029 «(g)

$

10

 

0

Sherwood Funding CDO Ltd.
7.110% due 11/06/2039 •

 

31,208

 

5,849

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

 

2

 

296

SMB Private Education Loan Trust
0.000% due 10/15/2048 «(g)

 

5

 

1,072

 

 

 

 

14,750

Total Asset-Backed Securities (Cost $164,785)

 

 

 

108,383

SOVEREIGN ISSUES 11.7%

 

 

 

 

Angola Government International Bonds

 

 

 

 

8.000% due 11/26/2029

 

3,880

 

3,842

8.250% due 05/09/2028

 

3,500

 

3,534

9.375% due 03/31/2033

 

3,500

 

3,467

9.875% due 03/31/2037

 

3,500

 

3,468

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

 

6,494

 

5,278

Argentina Republic Government International Bonds

 

 

 

 

1.000% due 07/09/2029

 

114

 

101

3.500% due 07/09/2041 þ(m)

 

9,486

 

6,365

4.125% due 07/09/2046 þ

 

107

 

74

5.000% due 01/09/2038 þ(m)

 

1,326

 

1,003

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

 

815

 

789

Colombia Government International Bonds

 

 

 

 

1.000% due 03/26/2031

COP

223,900

 

47

3.750% due 09/19/2028 (m)

EUR

400

 

453

5.000% due 09/19/2032 (m)

 

400

 

436

5.375% due 01/21/2029 (m)

$

1,400

 

1,389

5.625% due 02/19/2036 (m)

EUR

400

 

424

6.125% due 01/21/2031 (m)

$

400

 

394

Colombia TES

 

 

 

 

1.000% due 08/22/2029

COP

364,000

 

92

9.250% due 05/28/2042

 

100,000

 

20

11.000% due 08/22/2029

 

2,003,800

 

505

11.500% due 07/25/2046

 

790,300

 

191

11.750% due 01/24/2035

 

60,785,900

 

15,071

12.000% due 03/13/2058

 

500

 

0

12.750% due 11/28/2040

 

1,983,200

 

526

Costa Rica Government International Bonds

 

 

 

 

5.500% due 11/21/2030

EUR

1,250

 

1,479

6.001% due 01/16/2036

 

3,000

 

3,574

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

KZT

302,800

 

651

Dominican Republic International Bonds

 

 

 

 

10.500% due 03/15/2037 (m)

DOP

389,400

 

6,686

10.750% due 06/01/2036 (m)

 

25,900

 

450

11.250% due 09/15/2035 (m)

 

53,650

 

958

Egypt Government Bonds
19.698% due 10/14/2030

EGP

746,200

 

13,442

Egypt Government International Bonds
9.450% due 02/04/2033

$

1,500

 

1,579

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

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

 

1,700

 

1,775

Ghana Government International Bonds

 

 

 

 

0.000% due 07/03/2026 (g)

 

11

 

11

0.000% due 01/03/2030 (g)

 

59

 

50

5.000% due 07/03/2029 þ

 

296

 

283

Hellenic Republic Government Bonds

 

 

 

 

2.000% due 04/22/2027

EUR

55

 

63

3.900% due 01/30/2033

 

122

 

145

4.000% due 01/30/2037

 

96

 

112

4.200% due 01/30/2042

 

119

 

138

Peru Government International Bonds

 

 

 

 

6.900% due 08/12/2037

PEN

1,800

 

514

6.950% due 08/12/2031

 

2,801

 

873

Republic of Kenya Government International Bonds

 

 

 

 

7.875% due 02/26/2034 (m)

$

2,300

 

2,094

8.700% due 02/26/2039

 

2,300

 

2,087

Romania Government International Bonds

 

 

 

 

5.125% due 09/24/2031 (m)

EUR

1,100

 

1,263

5.875% due 07/11/2032 (m)

 

2,600

 

3,048

Turkiye Government Bonds

 

 

 

 

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

TRY

31,100

 

697

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

 

268,206

 

6,011

Ukraine Government International Bonds

 

 

 

 

0.000% due 02/01/2030 þ(i)

$

40

 

24

0.000% due 02/01/2034 þ(i)

 

149

 

64

0.000% due 02/01/2035 þ(i)

 

126

 

59

0.000% due 02/01/2036 þ(i)

 

105

 

49

4.500% due 02/01/2034 þ

 

183

 

98

4.500% due 02/01/2035 þ

 

256

 

135

4.500% due 02/01/2036 þ

 

293

 

151

Venezuela Government International Bonds

 

 

 

 

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

 

365

 

141

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

 

1,552

 

745

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

 

900

 

414

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

 

400

 

206

Total Sovereign Issues (Cost $98,904)

 

 

 

97,538

 

 

SHARES

 

 

COMMON STOCKS 8.1%

 

 

 

 

COMMUNICATION SERVICES 0.9%

 

 

 

 

Clear Channel Outdoor Holdings, Inc. (e)

 

754,306

 

1,788

iHeartMedia, Inc. Class A (e)

 

178,528

 

521

iHeartMedia, Inc. Class B «(e)

 

138,545

 

356

Promotora de Informaciones SA Class A (e)

 

282,619

 

98

SES SA «(e)

 

222,366

 

3,336

Uniti Group, Inc. (e)

 

116,865

 

1,096

 

 

 

 

7,195

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

Steinhoff International Holdings NV «(e)(l)

 

27,368,642

 

0

West Marine «(e)(l)

 

3,250

 

21

 

 

 

 

21

FINANCIALS 1.7%

 

 

 

 

Banca Monte dei Paschi di Siena SpA

 

886,500

 

7,735

Windstream Services LLC (e)

 

644,440

 

6,045

XBP Global Holdings, Inc. (e)

 

968

 

4

 

 

 

 

13,784

HEALTH CARE 3.2%

 

 

 

 

AmSurg Corp. «(e)(l)

 

603,876

 

26,555

INDUSTRIALS 2.3%

 

 

 

 

Drillco Holdings Luxembourg SA «(l)

 

170,549

 

3,922

Foresea Holdings SA «

 

70,121

 

1,613

Incora New Equity «(e)(l)

 

314,058

 

11,895

Luxco Co. Ltd. «(e)(l)

 

51,446

 

951

Westmoreland Mining Holdings «(e)(l)

 

87,552

 

52

Westmoreland Mining LLC «(e)(l)

 

275,905

 

1,173

 

 

 

 

19,606

REAL ESTATE 0.0%

 

 

 

 

MNSN Holdings, Inc. «(e)(l)

 

3,757

 

233

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

Total Common Stocks (Cost $65,720)

 

 

 

67,394

WARRANTS 0.1%

 

 

 

 

COMMUNICATION SERVICES 0.1%

 

 

 

 

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

 

125,540

 

1,176

Total Warrants (Cost $765)

 

 

 

1,176

PREFERRED SECURITIES 4.5%

 

 

 

 

BANKING & FINANCE 3.8%

 

 

 

 

ADLER Group SA «

 

1,524,031

 

0

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

 

20,410,000

 

12,782

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

 

70,000

 

60

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

 

2,100,000

 

2,077

OCP CLO Ltd.
0.000% due 04/26/2036 ~

 

15,547

 

6,002

WAFC Voussoir «

 

6,443,107

 

6,443

Windstream Holdings II LLC
11.000% «

 

4,111

 

4,375

 

 

 

 

31,739

INDUSTRIALS 0.7%

 

 

 

 

Clover Holdings, Inc.
0.000% «(l)

 

14,886

 

282

SVB Financial Trust

 

 

 

 

0.000% due 11/07/2032 (g)

 

19,520

 

1

11.000% due 11/07/2032

 

4,283

 

2,024

Syniverse Holdings, Inc.
12.500% «(l)

 

3,356,868

 

2,824

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

 

530,000

 

528

 

 

 

 

5,659

Total Preferred Securities (Cost $35,627)

 

 

 

37,398

REAL ESTATE INVESTMENT TRUSTS 0.3%

 

 

 

 

REAL ESTATE 0.3%

 

 

 

 

VICI Properties, Inc.

 

95,221

 

2,601

Total Real Estate Investment Trusts (Cost $272)

 

 

 

2,601

SHORT-TERM INSTRUMENTS 2.3%

 

 

 

 

MUTUAL FUNDS 0.1%

 

 

 

 

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

3.720% (k)

 

659,987

 

660

 

 

PRINCIPAL
AMOUNT
(000s)

 

 

EGYPT TREASURY BILLS 0.0%

 

 

 

 

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

EGP

12,300

 

198

NIGERIA TREASURY BILLS 2.2%

 

 

 

 

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

NGN

28,613,500

 

17,985

TURKEY TREASURY BILLS 0.0%

 

 

 

 

38.695% due 04/07/2026 (f)(g)

TRY

11,000

 

246

U.S. TREASURY BILLS 0.0%

 

 

 

 

3.664% due 04/21/2026 - 05/26/2026 (f)(g)(q)

$

367

 

365

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

Total Short-Term Instruments (Cost $19,124)

 

 

 

19,454

Total Investments in Securities (Cost $1,198,783)

 

 

 

1,071,707

 

 

SHARES

 

 

INVESTMENTS IN AFFILIATES 7.8%

 

 

 

 

SHORT-TERM INSTRUMENTS 7.8%

 

 

 

 

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.8%

 

 

 

 

PIMCO Short-Term Floating NAV Portfolio III

 

6,728,254

 

65,526

Total Short-Term Instruments (Cost $65,520)

 

 

 

65,526

Total Investments in Affiliates (Cost $65,520)

 

 

 

65,526

Total Investments 136.1% (Cost $1,264,303)

 

 

$

1,137,233

Financial Derivative Instruments (n)(p) 0.4%(Cost or Premiums, net $57,050)

 

 

 

3,604

Other Assets and Liabilities, net (36.5)%

 

 

 

(305,397)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

835,440

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

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

 

¤

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

^

Security is in default.

«

Security valued using significant unobservable inputs (Level 3).

µ

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

~

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

•

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

þ

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

(a)

Security is an Interest Only ("IO") or IO Strip.

(b)

When-issued security.

(c)

Payment in-kind security.

(d)

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

(e)

Security did not produce income within the last twelve months.

(f)

Coupon represents a weighted average yield to maturity.

(g)

Zero coupon security.

(h)

Coupon represents a yield to maturity.

(i)

Security becomes interest bearing at a future date.

(j)

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

(k)

Coupon represents a 7-Day Yield.

(l)

RESTRICTED SECURITIES:

Issuer Description

 

 

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets Applicable to Common Shareholders

AmSurg Corp.

 

 

11/02/2023 - 11/06/2023

$

25,233

$

26,555

3.18

%

Clover Holdings, Inc.

 

 

12/09/2024

 

223

 

282

0.03

 

Drillco Holdings Luxembourg SA

 

 

06/08/2023

 

3,411

 

3,922

0.47

 

Incora New Equity

 

 

01/31/2025

 

15,256

 

11,895

1.42

 

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

 

 

01/31/2025 - 01/31/2026

 

7,153

 

10,833

1.30

 

Luxco Co. Ltd.

 

 

10/01/2025

 

905

 

951

0.11

 

MNSN Holdings, Inc.

 

 

03/16/2023 - 03/29/2023

 

42

 

233

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

 

3,313

 

2,824

0.34

 

West Marine

 

 

09/12/2023

 

47

 

21

0.00

 

Westmoreland Mining Holdings

 

 

07/11/2016 - 10/19/2016

 

2,140

 

52

0.01

 

Westmoreland Mining LLC

 

 

06/30/2023 - 02/03/2025

 

1,148

 

1,173

0.14

 

 

 

 

 

$

58,871

$

58,741

7.03

%

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)

 

1.600

03/30/2026

TBD(2)

 

(1,188)

 

(1,374)

 

1.750

09/01/2025

TBD(2)

 

(1,050)

 

(1,226)

 

2.250

02/26/2026

TBD(2)

 

(1,447)

 

(1,676)

 

4.173

03/26/2026

06/26/2026

GBP

(6,935)

 

(9,185)

BRC

1.400

02/24/2026

TBD(2)

EUR

(1,394)

 

(1,614)

 

1.550

02/03/2026

TBD(2)

 

(185)

 

(214)

 

2.200

02/26/2026

TBD(2)

 

(1,129)

 

(1,308)

 

3.250

12/19/2025

TBD(2)

GBP

(400)

 

(534)

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

 

3.900

02/12/2026

TBD(2)

$

(2,591)

 

(2,604)

 

4.000

02/12/2026

TBD(2)

 

(18,653)

 

(18,752)

BYR

4.130

03/16/2026

06/16/2026

 

(15,873)

 

(15,902)

 

4.130

03/23/2026

06/16/2026

 

(1,865)

 

(1,866)

CDC

4.030

03/10/2026

07/08/2026

 

(295)

 

(296)

 

4.030

03/23/2026

07/21/2026

 

(1,623)

 

(1,624)

 

4.070

03/02/2026

04/02/2026

 

(2,987)

 

(2,998)

 

4.130

03/06/2026

04/02/2026

 

(173)

 

(173)

 

4.130

03/10/2026

04/15/2026

 

(428)

 

(429)

 

4.130

03/10/2026

07/08/2026

 

(172)

 

(173)

 

4.130

03/19/2026

06/01/2026

 

(4,458)

 

(4,465)

 

4.130

03/23/2026

07/21/2026

 

(8,074)

 

(8,083)

 

4.130

03/25/2026

04/02/2026

 

(938)

 

(938)

 

4.130

03/30/2026

04/02/2026

 

(1,353)

 

(1,353)

 

4.140

03/02/2026

06/01/2026

 

(12,916)

 

(12,961)

 

4.150

03/16/2026

04/02/2026

 

(420)

 

(421)

 

4.160

03/10/2026

04/02/2026

 

(1,184)

 

(1,187)

 

4.170

03/02/2026

04/02/2026

 

(15,543)

 

(15,597)

 

4.200

03/06/2026

04/02/2026

 

(1,512)

 

(1,517)

CEW

4.120

02/26/2026

05/27/2026

 

(16,543)

 

(16,608)

DBL

4.135

03/20/2026

06/26/2026

 

(6,948)

 

(6,957)

 

4.235

03/20/2026

06/26/2026

 

(1,391)

 

(1,393)

 

4.271

03/13/2026

06/12/2026

 

(1,068)

 

(1,071)

 

4.335

03/20/2026

06/26/2026

 

(1,368)

 

(1,370)

 

4.371

03/13/2026

06/12/2026

 

(13,667)

 

(13,698)

 

4.471

03/31/2026

06/12/2026

 

(750)

 

(751)

DEU

3.960

02/12/2026

TBD(2)

 

(4,629)

 

(4,653)

 

3.960

02/20/2026

05/14/2026

 

(2,259)

 

(2,269)

 

3.970

03/05/2026

TBD(2)

 

(1,493)

 

(1,497)

 

4.010

02/12/2026

TBD(2)

 

(1,230)

 

(1,237)

IND

4.060

03/16/2026

06/16/2026

 

(489)

 

(490)

 

4.110

03/17/2026

06/16/2026

 

(3,787)

 

(3,793)

 

4.160

03/16/2026

06/16/2026

 

(753)

 

(755)

 

4.190

01/16/2026

04/15/2026

 

(13,954)

 

(14,076)

 

4.190

03/06/2026

04/15/2026

 

(566)

 

(568)

 

4.190

03/10/2026

04/15/2026

 

(2,358)

 

(2,364)

MYI

1.000

03/26/2026

TBD(2)

EUR

(574)

 

(663)

 

1.200

03/18/2026

TBD(2)

 

(2,085)

 

(2,411)

 

1.350

03/26/2026

TBD(2)

 

(1,094)

 

(1,265)

 

3.300

12/29/2025

TBD(2)

GBP

(210)

 

(280)

 

3.600

12/12/2025

TBD(2)

$

(201)

 

(203)

NOM

3.950

03/05/2026

TBD(2)

 

(1,626)

 

(1,630)

 

4.000

03/05/2026

TBD(2)

 

(7,806)

 

(7,830)

RDR

4.100

03/30/2026

03/29/2028

 

(3,719)

 

(3,720)

RTA

4.155

02/20/2026

08/20/2026

 

(6,339)

 

(6,369)

 

4.155

03/02/2026

09/02/2026

 

(5,423)

 

(5,442)

 

4.155

03/26/2026

08/20/2026

 

(2,362)

 

(2,364)

 

4.155

03/26/2026

09/18/2026

 

(410)

 

(411)

 

4.380

03/05/2026

05/04/2026

 

(4,166)

 

(4,180)

 

4.430

03/05/2026

05/04/2026

 

(1,312)

 

(1,316)

 

4.430

03/13/2026

07/10/2026

 

(31,128)

 

(31,201)

 

4.480

03/13/2026

07/10/2026

 

(4,014)

 

(4,023)

SCX

4.020

03/03/2026

04/02/2026

 

(1,999)

 

(2,006)

 

4.100

12/12/2025

TBD(2)

 

(370)

 

(375)

 

4.100

12/15/2025

TBD(2)

 

(809)

 

(819)

 

4.100

02/10/2026

TBD(2)

 

(5,919)

 

(5,952)

SOG

2.110

01/28/2026

TBD(2)

EUR

(525)

 

(609)

 

2.110

02/26/2026

TBD(2)

 

(1,113)

 

(1,289)

 

2.120

01/23/2026

TBD(2)

 

(2,199)

 

(2,552)

 

2.180

02/26/2026

TBD(2)

 

(5,675)

 

(6,573)

 

4.090

01/09/2026

04/09/2026

$

(1,849)

 

(1,866)

 

4.190

01/07/2026

04/07/2026

 

(1,051)

 

(1,061)

 

4.190

01/08/2026

04/08/2026

 

(1,629)

 

(1,645)

 

4.190

01/09/2026

04/09/2026

 

(783)

 

(790)

 

4.190

01/14/2026

04/09/2026

 

(1,733)

 

(1,749)

 

4.190

03/06/2026

04/09/2026

 

(1,606)

 

(1,611)

 

4.190

03/17/2026

04/08/2026

 

(499)

 

(500)

 

4.220

01/16/2026

04/16/2026

 

(10,567)

 

(10,660)

 

4.220

03/02/2026

04/16/2026

 

(6,145)

 

(6,167)

 

4.220

03/10/2026

04/16/2026

 

(2,541)

 

(2,547)

 

4.220

03/18/2026

04/16/2026

 

(8,637)

 

(8,651)

UBS

2.190

02/27/2026

TBD(2)

EUR

(1,645)

 

(1,905)

 

2.220

02/26/2026

TBD(2)

 

(1,212)

 

(1,404)

 

2.329

03/27/2026

06/29/2026

 

(4,184)

 

(4,837)

 

2.436

03/06/2026

06/08/2026

 

(2,627)

 

(3,042)

Total Reverse Repurchase Agreements

 

 

 

 

 

$

(324,136)

(m)

Securities with an aggregate market value of $366,181 and cash of $6,131 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 $(158,252) at a weighted average interest rate of 4.193%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2)

Open maturity reverse repurchase agreement.

(n)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

SWAP AGREEMENTS:

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

 

Variation Margin

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
March 31, 2026(2)

 

Notional
Amount(3)

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value(4)

 

Asset

 

Liability

Morgan Stanley

1.000%

Quarterly

06/20/2026

0.303

%

$

500

$

2

$

0

$

2

$

0

$

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)

 

1

 

(13)

 

0

 

(1)

 

 

 

 

 

 

$

(51)

$

5

$

(46)

$

0

$

(7)

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

32,280

$

(440)

$

(936)

$

(1,376)

$

103

$

0

Receive

1-Day GBP-SONIO Compounded-OIS

0.750

Annual

09/21/2032

 

13,400

 

1,297

 

2,475

 

3,772

 

0

 

(39)

Receive

1-Day GBP-SONIO Compounded-OIS

2.000

Annual

03/15/2033

 

6,900

 

768

 

481

 

1,249

 

0

 

(22)

Receive

1-Day GBP-SONIO Compounded-OIS

0.750

Annual

09/21/2052

 

2,700

 

(7)

 

2,245

 

2,238

 

0

 

(5)

Receive

1-Day USD-SOFR Compounded-OIS

0.850

Semi-Annual

02/01/2027

$

43,700

 

253

 

1,093

 

1,346

 

0

 

(3)

Pay

1-Day USD-SOFR Compounded-OIS

1.750

Annual

06/15/2027

 

112,200

 

(2,687)

 

(1,983)

 

(4,670)

 

27

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.250

Annual

06/21/2028

 

23,400

 

(313)

 

(16)

 

(329)

 

10

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.370

Semi-Annual

08/25/2028

 

27,135

 

(8)

 

1,629

 

1,621

 

0

 

(13)

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/20/2028

 

89,500

 

784

 

(392)

 

392

 

61

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.000

Semi-Annual

06/19/2029

 

79,200

 

1,112

 

(2,619)

 

(1,507)

 

56

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

06/20/2029

 

76,900

 

(969)

 

1,170

 

201

 

62

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

06/20/2029

 

31,000

 

(587)

 

507

 

(80)

 

0

 

(26)

Pay

1-Day USD-SOFR Compounded-OIS

2.000

Annual

12/21/2029

 

53,300

 

(5,501)

 

2,322

 

(3,179)

 

46

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.250

Annual

06/18/2030

 

233,400

 

(2,351)

 

(2,299)

 

(4,650)

 

227

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.000

Semi-Annual

12/16/2030

 

127

 

1

 

15

 

16

 

0

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.500

Annual

03/18/2031

 

24,800

 

186

 

(321)

 

(135)

 

26

 

0

Receive

1-Day USD-SOFR Compounded-OIS

0.750

Semi-Annual

06/16/2031

 

7,300

 

427

 

659

 

1,086

 

0

 

(6)

Receive

1-Day USD-SOFR Compounded-OIS

1.350

Semi-Annual

02/09/2032

 

139,800

 

492

 

19,083

 

19,575

 

0

 

(134)

Receive

1-Day USD-SOFR Compounded-OIS

1.250

Annual

06/15/2032

 

87,000

 

4,224

 

9,466

 

13,690

 

0

 

(86)

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Annual

06/15/2032

 

59,500

 

2,570

 

4,907

 

7,477

 

0

 

(61)

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/17/2035

 

9,810

 

(161)

 

243

 

82

 

0

 

(8)

Pay

1-Day USD-SOFR Compounded-OIS

3.500

Semi-Annual

06/19/2044

 

395,600

 

59,600

 

(103,079)

 

(43,479)

 

606

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/17/2045

 

6,160

 

119

 

229

 

348

 

11

 

0

Receive

1-Day USD-SOFR Compounded-OIS

2.000

Semi-Annual

01/15/2050

 

35,600

 

(247)

 

13,684

 

13,437

 

84

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Semi-Annual

01/22/2050

 

55,100

 

(135)

 

22,872

 

22,737

 

0

 

(26)

Receive

1-Day USD-SOFR Compounded-OIS

1.875

Semi-Annual

02/07/2050

 

42,480

 

(165)

 

16,971

 

16,806

 

100

 

0

Pay

1-Day USD-SOFR Compounded-OIS

2.000

Semi-Annual

12/15/2051

 

29,200

 

2,061

 

(13,284)

 

(11,223)

 

0

 

(79)

Receive

1-Day USD-SOFR Compounded-OIS

1.700

Semi-Annual

02/01/2052

 

223,450

 

(4,208)

 

101,979

 

97,771

 

0

 

(60)

Receive

1-Day USD-SOFR Compounded-OIS

2.750

Annual

06/21/2053

 

9,700

 

916

 

1,420

 

2,336

 

32

 

0

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

Receive

1-Day USD-SOFR Compounded-OIS

3.500

Annual

06/20/2054

 

29,000

 

1,270

 

2,011

 

3,281

 

103

 

0

Pay

6-Month EUR-EURIBOR

0.650

Annual

02/26/2029

EUR

65,500

 

66

 

(4,699)

 

(4,633)

 

150

 

0

Receive

6-Month EUR-EURIBOR

0.150

Annual

06/17/2030

 

24,100

 

(1,059)

 

4,183

 

3,124

 

0

 

(81)

Receive

6-Month EUR-EURIBOR

0.250

Annual

09/21/2032

 

3,200

 

290

 

289

 

579

 

0

 

(17)

Receive

6-Month EUR-EURIBOR

1.250

Annual

08/19/2049

 

18,200

 

76

 

6,570

 

6,646

 

0

 

(139)

Pay

6-Month EUR-EURIBOR

0.500

Annual

06/17/2050

 

7,700

 

1,317

 

(5,388)

 

(4,071)

 

47

 

0

Receive(5)

6-Month EUR-EURIBOR

0.830

Annual

12/09/2052

 

26,400

 

424

 

2,836

 

3,260

 

32

 

0

Pay

Venture Global LNG, Inc.

5.000

Quarterly

12/20/2030

$

1,000

 

31

 

73

 

104

 

4

 

0

Pay

Worldline SA/France

5.000

Quarterly

12/20/2030

EUR

12,700

 

(2,066)

 

(579)

 

(2,645)

 

0

 

(187)

 

 

 

 

 

 

$

57,380

$

83,817

$

141,197

$

1,787

$

(992)

Total Swap Agreements

$

57,329

$

83,822

$

141,151

$

1,787

$

(999)

(o)

Securities with an aggregate market value of $703 and cash of $22,140 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.

(p)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

 

Unrealized Appreciation/(Depreciation)

Counterparty

Settlement
Month

 

Currency to
be Delivered

 

Currency to
be Received

 

Asset

 

Liability

AZD

04/2026

$

466

CAD

639

$

0

$

(7)

BOA

04/2026

DOP

175,850

$

2,877

 

13

 

(14)

 

04/2026

EUR

4,000

 

4,636

 

12

 

0

 

04/2026

GBP

86

 

116

 

2

 

0

 

04/2026

JPY

84,792

 

532

 

0

 

(3)

 

04/2026

$

1,910

EUR

1,642

 

0

 

(12)

 

05/2026

DOP

3,699

$

57

 

0

 

(4)

 

05/2026

$

531

JPY

84,537

 

3

 

0

BPS

04/2026

CAD

637

$

470

 

12

 

0

 

04/2026

$

696

EUR

602

 

0

 

0

 

08/2030

KWD

58

$

195

 

5

 

0

 

01/2031

 

2,065

 

6,960

 

152

 

0

BRC

04/2026

HKD

2,323

 

297

 

0

 

0

 

04/2026

TRY

335,445

 

7,291

 

0

 

(111)

 

04/2026

$

9,163

TRY

412,540

 

51

 

0

 

05/2026

TRY

88,283

$

1,894

 

0

 

(12)

 

05/2026

$

1,062

TRY

49,268

 

0

 

0

BSH

04/2026

JPY

468,671

$

2,936

 

0

 

(17)

 

04/2026

$

14,524

GBP

10,910

 

0

 

(83)

 

05/2026

GBP

10,910

$

14,523

 

83

 

0

 

05/2026

$

2,936

JPY

467,259

 

17

 

0

CBK

04/2026

EUR

2,310

$

2,678

 

8

 

0

 

04/2026

GBP

83

 

111

 

1

 

0

 

04/2026

$

1,157

EUR

996

 

0

 

(6)

 

04/2026

 

8,725

GBP

6,582

 

0

 

(13)

 

06/2026

COP

9,635,835

$

2,563

 

0

 

(17)

 

08/2026

 

51,955,506

 

13,648

 

0

 

(65)

 

09/2026

 

2,873,824

 

742

 

0

 

(11)

DUB

04/2026

HKD

11,273

 

1,441

 

2

 

0

 

06/2026

KZT

26,270

 

51

 

0

 

(3)

FAR

04/2026

GBP

24,110

 

32,582

 

670

 

0

 

04/2026

JPY

583,538

 

3,656

 

0

 

(21)

 

04/2026

$

9,366

GBP

6,924

 

0

 

(201)

 

04/2026

 

1,166

JPY

182,193

 

0

 

(18)

 

05/2026

 

3,656

 

581,775

 

21

 

0

GLM

04/2026

BRL

6,093

$

1,147

 

0

 

(30)

 

04/2026

DOP

106,509

 

1,650

 

0

 

(96)

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

 

04/2026

KZT

17,692

 

36

 

0

 

0

 

04/2026

$

1,131

BRL

6,093

 

46

 

0

 

05/2026

DOP

74,311

$

1,144

 

0

 

(78)

 

06/2026

 

16,692

 

272

 

0

 

(1)

 

06/2026

$

1,147

BRL

6,175

 

30

 

0

 

07/2026

DOP

5,894

$

96

 

0

 

0

 

09/2026

 

60,157

 

992

 

23

 

(6)

IND

04/2026

EUR

122,918

 

145,140

 

3,065

 

0

JPM

04/2026

HKD

13,155

 

1,683

 

3

 

0

 

04/2026

$

3,807

EUR

3,277

 

3

 

(22)

MBC

04/2026

GBP

137

$

183

 

2

 

0

 

04/2026

JPY

180,381

 

1,128

 

0

 

(9)

 

04/2026

$

1,665

EUR

1,440

 

1

 

(1)

 

04/2026

 

1,291

JPY

200,718

 

0

 

(26)

 

05/2026

JPY

1,310,600

$

8,238

 

0

 

(45)

 

05/2026

$

1,811

EUR

1,573

 

10

 

0

 

05/2026

 

1,128

JPY

179,836

 

9

 

0

NGF

04/2026

 

2,053

TRY

94,578

 

4

 

0

 

05/2026

 

915

 

42,247

 

0

 

(2)

SCX

04/2026

 

919

JPY

143,288

 

0

 

(16)

SOG

04/2026

EUR

602

$

694

 

0

 

(1)

 

04/2026

$

141,204

EUR

121,873

 

190

 

(526)

 

04/2026

 

5,079

JPY

790,320

 

0

 

(100)

 

05/2026

EUR

102,440

$

118,401

 

0

 

(185)

 

05/2026

$

696

EUR

602

 

1

 

0

 

06/2026

EGP

3,645

$

67

 

4

 

0

 

06/2026

PEN

5,907

 

1,753

 

62

 

0

SSB

04/2026

$

6

JPY

926

 

0

 

0

UAG

04/2026

TRY

29,117

$

630

 

0

 

(11)

 

05/2026

 

4,655

 

100

 

0

 

(1)

Total Forward Foreign Currency Contracts

$

4,505

$

(1,774)

WRITTEN OPTIONS:

FOREIGN CURRENCY OPTIONS

Counterparty

Description

 

Strike
Price

Expiration
Date

 

Notional
Amount(1)

 

Premiums
(Received)

 

Market
Value

UAG

Call - OTC USD versus TRY

TRY

49.510

04/15/2026

 

1,900

$

(30)

$

(5)

 

Call - OTC USD versus TRY

 

49.650

04/17/2026

 

2,900

 

(45)

 

(10)

 

Call - OTC USD versus TRY

 

49.650

04/21/2026

 

1,000

 

(15)

 

(4)

 

Call - OTC USD versus TRY

 

49.600

04/24/2026

 

500

 

(7)

 

(3)

 

Call - OTC USD versus TRY

 

49.990

05/01/2026

 

1,000

 

(15)

 

(8)

Total Written Options

$

(112)

$

(30)

SWAP AGREEMENTS:

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

 

Swap Agreements, at Value(5)

Counterparty

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
March 31, 2026(3)

 

Notional
Amount(4)

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BRC

Argentine Republic Government International Bonds

5.000%

Quarterly

12/20/2026

2.754%

$

1,900

$

44

$

(11)

$

33

$

0

CBK

Petroleos Mexicanos

1.000

Quarterly

12/20/2026

2.033

 

300

 

(3)

 

1

 

0

 

(2)

DUB

Eskom «

4.650

Quarterly

06/30/2029

—◆

 

3,300

 

0

 

142

 

142

 

0

 

Petroleos Mexicanos «

4.750

Monthly

07/06/2026

—◆

 

94

 

0

 

1

 

1

 

0

GST

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

20,000

 

(10)

 

0

 

0

 

(10)

 

Soft Bank Group,Inc.

1.000

Quarterly

06/20/2026

1.662

$

1,400

 

(12)

 

10

 

0

 

(2)

JPM

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

20,000

 

(10)

 

1

 

0

 

(9)

MYC

Petroleos Mexicanos

1.000

Quarterly

12/20/2028

2.711

$

900

 

(176)

 

138

 

0

 

(38)

Total Swap Agreements

$

(167)

$

282

$

176

$

(61)

(q)

Securities with an aggregate market value of $721 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2026.

◆

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

(1)

Notional Amount represents the number of contracts.

(2)

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

(3)

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

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

(4)

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

(5)

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

FAIR VALUE MEASUREMENTS

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

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2026

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

112,952

$

72,125

$

185,077

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

92,819

 

0

 

92,819

 

 

Industrials

 

0

 

236,528

 

20,978

 

257,506

 

 

Utilities

 

0

 

43,067

 

152

 

43,219

 

Convertible Bonds & Notes

 

Industrials

 

0

 

30,852

 

0

 

30,852

 

Municipal Bonds & Notes

 

Michigan

 

0

 

1,763

 

0

 

1,763

 

 

Texas

 

0

 

7,869

 

0

 

7,869

 

 

West Virginia

 

0

 

6,151

 

0

 

6,151

 

U.S. Government Agencies

 

0

 

24,521

 

8,186

 

32,707

 

U.S. Treasury Obligations

 

0

 

1,168

 

0

 

1,168

 

Non-Agency Mortgage-Backed Securities

 

0

 

78,632

 

0

 

78,632

 

Asset-Backed Securities

 

Automobile ABS Other

 

0

 

2,778

 

0

 

2,778

 

 

Home Equity Other

 

0

 

43,574

 

0

 

43,574

 

 

Whole Loan Collateral

 

0

 

47,281

 

0

 

47,281

 

 

Other ABS

 

0

 

13,382

 

1,368

 

14,750

 

Sovereign Issues

 

0

 

97,538

 

0

 

97,538

 

Common Stocks

 

Communication Services

 

3,405

 

98

 

3,692

 

7,195

 

 

Consumer Discretionary

 

0

 

0

 

21

 

21

 

 

Financials

 

4

 

13,780

 

0

 

13,784

 

 

Health Care

 

0

 

0

 

26,555

 

26,555

 

 

Industrials

 

0

 

0

 

19,606

 

19,606

 

 

Real Estate

 

0

 

0

 

233

 

233

 

Warrants

 

Communication Services

 

0

 

1,176

 

0

 

1,176

 

Preferred Securities

 

Banking & Finance

 

0

 

20,921

 

10,818

 

31,739

 

 

Industrials

 

0

 

2,553

 

3,106

 

5,659

 

Real Estate Investment Trusts

 

Real Estate

 

2,601

 

0

 

0

 

2,601

 

Short-Term Instruments

 

Mutual Funds

 

0

 

660

 

0

 

660

 

 

Egypt Treasury Bills

 

0

 

198

 

0

 

198

 

 

Nigeria Treasury Bills

 

0

 

17,985

 

0

 

17,985

 

 

Turkey Treasury Bills

 

0

 

246

 

0

 

246

 

 

U.S. Treasury Bills

 

0

 

365

 

0

 

365

 

 

$

6,010

$

898,857

$

166,840

$

1,071,707

 

Investments in Affiliates, at Value

Short-Term Instruments

 

Central Funds Used for Cash Management Purposes

$

65,526

$

0

$

0

$

65,526

 

Total Investments

$

71,536

$

898,857

$

166,840

$

1,137,233

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

 

0

 

1,787

 

0

 

1,787

 

Over the counter

 

0

 

4,538

 

143

 

4,681

 

 

$

0

$

6,325

$

143

$

6,468

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

 

0

 

(999)

 

0

 

(999)

 

Over the counter

 

0

 

(1,865)

 

0

 

(1,865)

 

 

$

0

$

(2,864)

$

0

$

(2,864)

 

Total Financial Derivative Instruments

$

0

$

3,461

$

143

$

3,604

 

Totals

$

71,536

$

902,318

$

166,983

$

1,140,837

 

 

 

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

 

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

$

41,013

$

3,668

$

(8,283)

$

105

$

0

$

335

$

35,287

$

0

$

72,125

$

(350)

Corporate Bonds & Notes

 

Banking & Finance

 

302

 

0

 

(37)

 

0

 

2

 

43

 

0

 

(310)

 

0

 

0

 

Industrials

 

19,641

 

1,339

 

(1,502)

 

22

 

0

 

1,478

 

0

 

0

 

20,978

 

1,077

 

Utilities

 

0

 

129

 

0

 

(2)

 

0

 

25

 

0

 

0

 

152

 

25

U.S. Government Agencies

 

8,262

 

0

 

(161)

 

27

 

53

 

5

 

0

 

0

 

8,186

 

2

Asset-Backed Securities

 

 

 

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

Other ABS

 

1,468

 

0

 

(22)

 

0

 

(14,261)

 

(14,183)

 

0

 

0

 

1,368

 

(97)

Common Stocks

 

Communication Services

 

10,752

 

0

 

(9,497)

 

0

 

5,042

 

(2,605)

 

0

 

0

 

3,692

 

3,476

 

Consumer Discretionary

 

20

 

0

 

0

 

0

 

0

 

1

 

0

 

0

 

21

 

0

 

Financials

 

7,671

 

0

 

(7,860)

 

0

 

(8,060)

 

8,249

 

0

 

0

 

0

 

0

 

Health Care

 

27,263

 

0

 

0

 

0

 

0

 

(708)

 

0

 

0

 

26,555

 

(708)

 

Industrials

 

16,246

 

3,202

 

(2,333)

 

0

 

36

 

2,455

 

0

 

0

 

19,606

 

2,455

 

Real Estate(4)

 

15

 

0

 

0

 

0

 

0

 

218

 

0

 

0

 

233

 

218

Warrants

 

Communication Services

 

2,095

 

0

 

(1,888)

 

0

 

499

 

(706)

 

0

 

0

 

0

 

0

 

Financials

 

1

 

0

 

(3)

 

0

 

(8,989)

 

8,991

 

0

 

0

 

0

 

0

Preferred Securities

 

Banking & Finance

 

0

 

10,554

 

0

 

0

 

0

 

264

 

0

 

0

 

10,818

 

264

 

Industrials

 

3,254

 

197

 

0

 

0

 

0

 

(345)

 

0

 

0

 

3,106

 

(344)

 

$

138,003

$

19,089

$

(31,586)

$

152

$

(25,678)

$

31,883

$

35,287

$

(310)

$

166,840

$

6,018

Financial Derivative Instruments- Assets

Over the counter

$

197

$

0

$

(1)

$

0

$

0

$

(53)

$

0

$

0

$

143

$

(54)

Totals

$

138,200

$

19,089

$

(31,587)

$

152

$

(25,678)

$

31,830

$

35,287

$

(310)

$

166,983

$

5,964


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

$

12,291

Comparable Companies

EBITDA Multiple

X

16.360

—

 

 

15,839

Discounted Cash Flow

Discount Rate

 

6.790 - 9745

8.477

 

 

4,577

Indicative Market Quotation

Broker Quote

 

101.250

—

 

 

3,000

Recent Transaction

Purchase Price

 

100.000

—

 

 

36,417

Third Party Vendor

Broker Quote

 

43.500 - 97.750

93.619

Corporate Bonds & Notes

 

Industrials

 

20,978

Comparable Companies / Discounted Cash Flow

EBITDA Multiple/Discount Rate

X/
%

12.500/10.000

—

 

Utilities

 

152

Indicative Market Quotation

Broker Quote

EU
R

12.000

 

U.S. Government Agencies

 

8,186

Discounted Cash Flow

Discount Rate

 

11.670

—

Asset-Backed Securities

Other ABS

 

1,368

Discounted Cash Flow

Discount Rate

 

12.000 - 20.000

15.101

Common Stocks

 

Communication Services

 

3,335

Indicative Market Quotation

Broker Quote

$

15.000

—

 

 

 

356

Reference Instrument

Liquidity Discount

 

12.000

—

 

Consumer Discretionary

 

21

Comparable Companies / Discounted Cash Flow

Revenue Multiple / Discount Rate

X /
%

0.500/20.750

—

 

Health Care

 

26,555

Comparable Companies

EBITDA Multiple

X

16.360

—

 

Industrials

 

11,895

Comparable Companies / Discounted Cash Flow

EBITDA Multiple/Discount Rate

X/
%

12.500/10.000

 

 

 

 

6,760

Indicative Market Quotation

Broker Quote

$

0.594 - 23.000

19.575

 

Real Estate

 

233

Other Valuation Techniques(3)

—

 

—

—

 

 

 

951

Indicative Market Quotation

Broker Quote

EU
R

16.000

—

Preferred Securities

 

Banking & Finance

 

4,375

Discounted Cash Flow

Discount Rate

 

11.900

—

 

 

 

6,443

Recent Transaction

Purchase Price

$

0.000

—

 

Industrials

 

281

Comparable Companies

Revenue/ EBITDA Multiple

X

4.625/18.000

—

 

 

 

Schedule of Investments PIMCO High Income Fund (Cont.)

March 31, 2026 (Unaudited)

 

 

 

 

2,824

Discounted Cash Flow

Discount Rate

 

19.155

—

 

Financial Derivative Instruments- Assets

 

Over the counter

 

143

Indicative Market Quotation

Broker Quote

 

0.191 - 4.267

4.252

Total

$

166,983

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

 

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

 

(c) Valuation Techniques and the Fair Value Hierarchy

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

 

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

 

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

 

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

 

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

 

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

 

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

 

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

 

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value

 

Notes to Financial Statements(Cont.)

 

hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2. FEDERAL INCOME TAX MATTERS

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

 

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

 

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

 

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

 

3. INVESTMENTS IN AFFILIATES

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The table below shows the Fund’s transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2026 (amounts in thousands†):

 

Investment in PIMCO Short-Term Floating NAV Portfolio III

 

 

Market Value
06/30/2025

 

Purchases at
Cost

 

Proceeds from
Sales

 

Net
Realized
Gain (Loss)

 

Change in
Unrealized
Appreciation
(Depreciation)

 

Market Value
03/31/2026

 

Dividend
Income(1)

 

Realized Net
Capital
Gain
Distributions(1)

$

73,274

$

481,145

$

(488,900)

$

23

$

(16)

$

65,526

$

1,046

$

0

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

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

Glossary: (abbreviations that may be used in the preceding statements)       (Unaudited)
                     
Counterparty Abbreviations:                
AZD   Australia and New Zealand Banking Group   DEU   Deutsche Bank Securities, Inc.   NGF   Nomura Global Financial Products, Inc.
BOA   Bank of America N.A.   DUB   Deutsche Bank AG   NOM   Nomura Securities International, Inc.
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   GST   Goldman Sachs International   SCX   Standard Chartered Bank, London
BYR   The Bank of Nova Scotia - Toronto   IND   Crédit Agricole Corporate and Investment Bank
S.A.		   SOG   Societe Generale Paris
CBK   Citibank N.A.   JPM   JP Morgan Chase Bank N.A.   SSB   State Street Bank and Trust Co.
CDC   Natixis Securities Americas LLC   MBC   HSBC Bank Plc   UAG   UBS AG Stamford
CEW   Canadian Imperial Bank of Commerce World Markets   MYC   Morgan Stanley Bank, N.A.   UBS   UBS Securities LLC
DBL   Deutsche Bank AG London   MYI   Morgan Stanley & Co. International PLC        
                     
Currency Abbreviations:                
BRL   Brazilian Real   EUR   Euro   KZT   Kazakhstani Tenge
CAD   Canadian Dollar   GBP   British Pound   NGN   Nigerian Naira
COP   Colombian Peso   HKD   Hong Kong Dollar   PEN   Peruvian New Sol
DOP   Dominican Peso   JPY   Japanese Yen   TRY   Turkish New Lira
EGP   Egyptian Pound   KWD   Kuwaiti Dinar   USD (or $)   United States Dollar
                     
Exchange Abbreviations:                
OTC   Over the Counter                
                     
Index/Spread Abbreviations:                
BISTREFI   Turkish Lira Overnight Reference Rate   GSMMUSTF   Goldman Sachs Money Market US Treasury Fund
Index		   SONIO   Sterling Overnight Interbank Average Rate
BNMMDTSC   Dreyfus Treasury Securites Cash Management Fund Yield   GSMMUSTI   Goldman Sachs Money Market US Treasury
Instrument Index		   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
EUR003M   3 Month EUR Swap Rate   MSMMUSTF   MSILF Money Market US Treasury Fund Index   TSFR6M   Term SOFR 6-Month
EUR006M   6 Month EUR Swap Rate   SOFR   Secured Overnight Financing Rate   US0003M   ICE 3-Month USD LIBOR
FHMMUSTF   Federated Hermes US Treasury Cash Reserves Fund Yield                
                     
Municipal Bond or Agency Abbreviations:                
ACA   American Capital Access Holding Ltd.                
                     
Other  Abbreviations:                
ABS   Asset-Backed Security   EURIBOR   Euro Interbank Offered Rate   REMIC   Real Estate Mortgage Investment Conduit
CDO   Collateralized Debt Obligation   JSC   Joint Stock Company   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