Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of PIMCO Funds and Shareholders of each of the funds listed in Appendix A

 

In planning and performing our audits of the financial statements of the funds listed in Appendix A (constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of and for the year ended March 31, 2026, in accordance with the auditing standards of the Public Company Accounting Oversight Board (United States) (PCAOB) and in accordance with the auditing standards generally accepted in the United States of America, we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of March 31, 2026.

 

This report is intended solely for the information and use of the Board of Trustees of PIMCO Funds and the

Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

/s/PricewaterhouseCoopersLLP

Kansas City, Missouri

May 27, 2026

 

                 

 

 

 

Appendix A

PIMCO Funds

PIMCO International Portfolio*

PIMCO EM Bond and Short-Term Investments Portfolio

PIMCO Short-Term Portfolio

PIMCO U.S. Government and Short-Term Investments Portfolio

PIMCO Mortgage and Short-Term Investments Portfolio

PIMCO High Yield and Short-Term Investments Portfolio

PIMCO Real Return Portfolio

PIMCO Investment Grade Credit Bond Portfolio

PIMCO Municipal Portfolio

PIMCO ABS and Short-Term Investments Portfolio

PIMCO Short-Term Floating NAV Portfolio II

PIMCO Low Duration Portfolio

PIMCO Moderate Duration Portfolio

PIMCO Short-Term Floating NAV Portfolio III*

PIMCO Long Duration Credit Bond Portfolio

PIMCO Short Asset Portfolio*

PIMCO Sector Fund Series – I

PIMCO Sector Fund Series - AM

PIMCO Sector Fund Series - H

PIMCO All Asset: Multi-RAE PLUS Fund

PIMCO All Asset: Multi-Real Fund*

PIMCO All Authority: Multi-RAE Plus Fund

 

* Consolidated financial statements