Schedule of Investments PIMCO Low Duration Portfolio    June 30, 2026 (Unaudited)

 

(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)

 

$                      $                     
     PRINCIPAL
AMOUNT
(000s)		      MARKET
VALUE
(000s)		  

INVESTMENTS IN SECURITIES 116.8% ¤

         

CORPORATE BONDS & NOTES 18.4%

         

BANKING & FINANCE 12.0%

         

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

         

2.450% due 10/29/2026

   

$

      1,300      $ 1,292  

3.875% due 01/23/2028

         500        494  

Aircastle Ltd.

         

6.500% due 07/18/2028

         2,500        2,574  

American Express Co.

         

2.550% due 03/04/2027

         3,250        3,214  

Athene Global Funding

         

4.860% due 08/27/2026

         4,400        4,403  

5.380% due 01/07/2030

         2,500        2,509  

Avolon Holdings Funding Ltd.

         

2.750% due 02/21/2028

         2,500        2,423  

4.950% due 10/15/2032

         3,000        2,929  

Banco Santander SA

         

5.552% due 03/14/2028 •

         2,000        2,013  

Bank of America Corp.

         

1.734% due 07/22/2027 •

         3,000        2,996  

2.592% due 04/29/2031 •

         7,000        6,460  

4.271% due 07/23/2029 •

         2,000        1,984  

Banque Federative du Credit Mutuel SA

         

5.194% due 02/16/2028

         2,200        2,223  

Barclays PLC

         

4.972% due 05/16/2029 •

         1,800        1,808  

6.490% due 09/13/2029 •

         4,300        4,451  

Blackstone Holdings Finance Co. LLC

         

1.625% due 08/05/2028

         2,500        2,355  

Blue Owl Capital Corp.

         

6.450% due 09/15/2028

         3,100        3,141  

BNP Paribas SA

         

1.904% due 09/30/2028 •

         10,500        10,159  

BPCE SA

         

5.281% due 05/30/2029

         1,700        1,728  

Brighthouse Financial Global Funding

         

5.550% due 04/09/2027

         5,000        5,031  

Capital One Financial Corp.

         

7.149% due 10/29/2027 •

         950        958  

CNO Global Funding

         

4.700% due 12/11/2030

         2,000        1,969  

5.875% due 06/04/2027

         1,000        1,011  

Cooperatieve Rabobank UA

         

4.494% due 10/17/2029

         1,000        1,002  

Corebridge Financial, Inc.

         

3.850% due 04/05/2029

         1,400        1,369  

Corebridge Global Funding

         

4.498% (SOFRRATE + 0.860%) due 12/15/2028 ~

         1,200        1,196  

5.900% due 09/19/2028

         2,000        2,047  

Deutsche Bank AG

         

7.146% due 07/13/2027 •

         5,000        5,004  

Equinix, Inc.

         

3.200% due 11/18/2029

         600        572  

Equitable America Global Funding

         

4.650% due 06/09/2028

         1,600        1,597  

4.950% due 06/25/2029

         2,400        2,401  

4.950% due 06/09/2030

         2,100        2,104  

F&G Global Funding

         

4.963% (SOFRRATE + 1.325%) due 09/08/2028 ~

         3,900        3,917  

Fairfax Financial Holdings Ltd.

         

4.850% due 04/17/2028

         600        602  

5.625% due 08/16/2032

         1,500        1,539  

GA Global Funding Trust

         

1.950% due 09/15/2028

         3,600        3,376  

Goldman Sachs Group, Inc.

         

1.542% due 09/10/2027 •

         100        99  

2.640% due 02/24/2028 •

         6,125        6,052  

3.691% due 06/05/2028 •

         6,500        6,446  

5.488% (SOFRRATE + 1.850%) due 03/15/2028 ~

         5,000        5,044  

5.727% due 04/25/2030 •

         4,600        4,715  

Guardian Life Global Funding

         

5.737% due 10/02/2028

         4,000        4,105  

HSBC Holdings PLC

         

4.755% due 06/09/2028 •

         3,350        3,355  

5.887% due 08/14/2027 •

         9,000        9,013  

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)    June 30, 2026 (Unaudited)

 

$                     

Invitation Homes Operating Partnership LP

        

2.700% due 01/15/2034

      400      336  

Jackson National Life Global Funding

        

4.588% (SOFRRATE + 0.950%) due 09/12/2028 ~

      2,500      2,497  

4.600% due 10/01/2029

      1,700      1,677  

4.700% due 06/05/2028

      3,700      3,690  

JPMorgan Chase & Co.

        

3.540% due 05/01/2028 •

      4,300      4,265  

4.851% due 07/25/2028 •

      10,000      10,030  

5.571% due 04/22/2028 •

      4,500      4,538  

6.087% due 10/23/2029 •

      5,000      5,153  

Lloyds Banking Group PLC

        

3.574% due 11/07/2028 •

      600      592  

5.985% due 08/07/2027 •

      3,700      3,706  

MassMutual Global Funding II

        

4.850% due 01/17/2029

      6,300      6,343  

4.950% due 01/10/2030

      3,000      3,024  

Mitsubishi UFJ Financial Group, Inc.

        

4.080% due 04/19/2028 •

      1,000      997  

5.422% due 02/22/2029 •

      5,000      5,059  

Morgan Stanley

        

2.239% due 07/21/2032 •

      4,000      3,510  

3.125% due 07/27/2026

      1,000      1,000  

4.555% due 04/10/2030 •

      1,900      1,888  

5.164% due 04/20/2029 •

      5,400      5,443  

5.652% due 04/13/2028 •

      8,000      8,070  

Mutual of Omaha Cos Global Funding

        

5.450% due 12/12/2028

      3,000      3,052  

National Securities Clearing Corp.

        

4.700% due 05/20/2030

      2,700      2,713  

NLG Global Funding

        

5.400% due 01/23/2030

      2,500      2,541  

Nomura Holdings, Inc.

        

2.999% due 01/22/2032

      1,000      900  

Norinchukin Bank

        

4.674% due 09/09/2030

      1,500      1,484  

Northwestern Mutual Global Funding

        

4.400% due 03/30/2029

      7,000      6,969  

4.960% due 01/13/2030

      1,500      1,516  

Northwestern University

        

4.940% due 12/01/2035

      4,300      4,309  

Pacific Life Global Funding II

        

4.500% due 08/28/2029

      2,500      2,481  

PNC Financial Services Group, Inc.

        

5.222% due 01/29/2031 •

      2,800      2,846  

Principal Life Global Funding II

        

4.800% due 01/09/2028

      3,800      3,815  

Prologis Targeted U.S. Logistics Fund LP

        

5.250% due 04/01/2029

      3,400      3,449  

Protective Life Global Funding

        

4.992% due 01/12/2027

      1,800      1,807  

5.432% due 01/14/2032

      3,000      3,065  

RGA Global Funding

        

5.448% due 05/24/2029

      2,000      2,035  

6.000% due 11/21/2028

      5,000      5,133  

Sammons Financial Group Global Funding

        

4.489% due 09/02/2027 •

      2,700      2,702  

4.950% due 06/12/2030

      3,000      2,990  

5.050% due 01/10/2028

      1,500      1,504  

Santander Holdings USA, Inc.

        

2.490% due 01/06/2028 •

      500      495  

Santander U.K. Group Holdings PLC

        

3.823% due 11/03/2028 •

      300      297  

SBA Tower Trust

        

1.840% due 04/15/2027

      3,600      3,522  

Sumisho Air Lease Corp.

        

4.400% due 03/24/2028

      4,600      4,577  

Sumitomo Mitsui Financial Group, Inc.

        

5.716% due 09/14/2028

      3,000      3,066  

SURA Asset Management SA

        

4.375% due 04/11/2027

      208      208  

UBS Group AG

        

3.091% due 05/14/2032 •

      3,900      3,580  

4.703% due 08/05/2027 •

      4,100      4,100  

Western-Southern Global Funding

        

4.500% due 07/16/2028

      5,600      5,576  
       

 

 

  
          286,230  
       

 

 

  

INDUSTRIALS 3.6%

        

Adventist Health System

        

2.952% due 03/01/2029

      2,500      2,374  

Amazon.com, Inc.

        

4.000% due 03/13/2029

      3,300      3,265  

4.250% due 03/13/2031

      1,800      1,773  

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)    June 30, 2026 (Unaudited)

 

$                     

American Airlines Pass-Through Trust

      

3.375% due 11/01/2028

    853      843  

Bayer U.S. Finance LLC

      

6.125% due 11/21/2026

    2,700      2,714  

Beignet Investor LLC

      

6.581% due 05/30/2049

    24,800      25,312  

CommonSpirit Health

      

4.352% due 09/01/2030

    2,400      2,348  

Cornell University

      

4.169% due 06/15/2030

    2,400      2,378  

Enbridge, Inc.

      

5.900% due 11/15/2026

    2,600      2,611  

Eni SpA

      

5.500% due 05/15/2034

    5,400      5,484  

Fiserv, Inc.

      

4.750% due 03/15/2030

    6,250      6,191  

Global Payments, Inc.

      

4.500% due 11/15/2028

    1,600      1,581  

JetBlue Pass-Through Trust

      

2.750% due 11/15/2033

    2,294      2,036  

Leland Stanford Junior University

      

4.679% due 03/01/2035

    3,400      3,326  

NTT Finance Corp.

      

4.943% (SOFRRATE + 1.310%) due 07/16/2030 ~

    1,000      1,019  

Reliance, Inc.

      

2.150% due 08/15/2030

    500      451  

Road Michigan Property Owner I LLC

      

7.500% due 03/30/2045

    2,000      1,995  

Salesforce, Inc.

      

4.500% due 03/15/2028

    5,000      4,995  

Snam SpA

      

5.000% due 05/28/2030

    1,600      1,609  

Sutter Health

      

2.294% due 08/15/2030

    2,800      2,549  

United Airlines Pass-Through Trust

      

2.700% due 11/01/2033

    282      258  

2.900% due 11/01/2029

    1,050      1,008  

4.550% due 02/25/2033

    1,041      1,006  

5.875% due 04/15/2029

    809      819  

Weir Group, Inc.

      

5.350% due 05/06/2030

    1,100      1,110  

Woodside Finance Ltd.

      

3.700% due 03/15/2028

    700      689  

Yale University

      

4.701% due 04/15/2032

    5,300      5,343  
     

 

 

  
        85,087  
     

 

 

  

UTILITIES 2.8%

      

AES Corp.

      

5.450% due 06/01/2028

    2,000      2,023  

Ameren Missouri Securitization Funding I LLC

      

4.850% due 10/01/2041

    2,160      2,138  

Empire District Bondco LLC

      

4.943% due 01/01/2035

    5,185      5,203  

Entergy Arkansas LLC

      

5.450% due 06/01/2034

    3,500      3,601  

Jersey Central Power & Light Co.

      

4.600% due 01/15/2030

    1,900      1,888  

National Rural Utilities Cooperative Finance Corp.

      

5.100% due 05/06/2027

    500      503  

NorthWestern Corp.

      

5.073% due 03/21/2030

    2,000      2,020  

Ohio Edison Co.

      

4.950% due 12/15/2029

    1,250      1,259  

Pacific Gas & Electric Co.

      

4.400% due 03/01/2032

    3,000      2,900  

5.000% due 06/04/2028

    1,500      1,509  

5.450% due 06/15/2027

    1,600      1,613  

PacifiCorp

      

4.650% due 04/15/2029

    2,000      1,995  

PG&E Recovery Funding LLC

      

4.838% due 06/01/2035

    3,263      3,274  

Pinnacle West Capital Corp.

      

5.150% due 05/15/2030

    500      507  

Southern California Edison Co.

      

4.875% due 02/01/2027

    3,500      3,506  

5.300% due 03/01/2028

    2,100      2,120  

Southern California Gas Co.

      

5.450% due 06/15/2035

    3,100      3,177  

Swepco Storm Recovery Funding LLC

      

4.880% due 09/01/2041

    3,487      3,463  

System Energy Resources, Inc.

      

5.300% due 12/15/2034

    4,200      4,193  

Texas Electric Market Stabilization Funding N LLC

      

4.265% due 08/01/2036

    8,329      8,184  

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)    June 30, 2026 (Unaudited)

 

$                     

Trans-Allegheny Interstate Line Co.

      

5.000% due 01/15/2031

    2,300      2,322  

Verizon Communications, Inc.

      

5.401% due 07/02/2037

    812      810  

Virginia Power Fuel Securitization LLC

      

4.877% due 05/01/2033

    5,000      5,027  

5.088% due 05/01/2029

    2,308      2,313  
     

 

 

  
        65,548  
     

 

 

  

Total Corporate Bonds & Notes (Cost $437,019)

         436,865  
     

 

 

  

MUNICIPAL BONDS & NOTES 0.9%

      

CALIFORNIA 0.2%

      

Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021

      

2.332% due 06/01/2027

    2,000      1,958  

University of California Revenue Notes, Series 2020

      

1.316% due 05/15/2027

    2,600      2,540  
     

 

 

  
        4,498  
     

 

 

  

FLORIDA 0.1%

      

Miami-Dade County, Florida Revenue Notes, Series 2021

      

1.471% due 10/01/2026

    700      695  

State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024

      

5.526% due 07/01/2034

    1,400      1,457  
     

 

 

  
        2,152  
     

 

 

  

LOUISIANA 0.1%

      

Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022

      

4.275% due 02/01/2036

    2,200      2,137  
     

 

 

  

MASSACHUSETTS 0.0%

      

University of Massachusetts Building Authority Revenue Bonds, (BABs), Series 2009

      

6.423% due 05/01/2029

    25      25  
     

 

 

  

NEW YORK 0.3%

      

New York State Urban Development Corp. Revenue Notes, Series 2019

      

3.540% due 03/15/2028

    7,000      6,913  
     

 

 

  

OREGON 0.1%

      

Oregon Department of Transportation State Revenue Notes, Series 2020

      

1.084% due 11/15/2027

    2,000      1,920  
     

 

 

  

TEXAS 0.1%

      

Houston Community College System, Texas General Obligation Notes, Series 2021

      

5.000% due 02/15/2029

    1,800      1,833  
     

 

 

  

WEST VIRGINIA 0.0%

      

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020

      

2.951% due 06/01/2031

    300      272  

Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020

      

2.551% due 06/01/2029

    500      467  
     

 

 

  
        739  
     

 

 

  

WISCONSIN 0.0%

      

Wisconsin State Revenue Notes, Series 2021

      

1.486% due 05/01/2029

    600      555  
     

 

 

  

Total Municipal Bonds & Notes (Cost $20,757)

         20,772  
     

 

 

  

U.S. GOVERNMENT AGENCIES 20.9%

      

Federal Home Loan Banks

      

1.050% due 08/13/2026

    4,800      4,784  

Federal Home Loan Mortgage Corp.

      

0.800% due 10/28/2026

    9,200      9,108  

2.500% due 12/01/2032

    598      575  

4.000% due 08/01/2042 - 11/01/2052

    42,229      39,679  

4.170% due 04/01/2028

    5,813      5,785  

4.500% due 02/01/2049 - 02/01/2053

    14,832      14,338  

4.840% due 04/01/2028

    2,448      2,459  

5.500% due 03/01/2054 - 11/01/2055

    48,237      48,683  

5.838% due 06/01/2037 •

    39      40  

6.000% due 10/01/2054 - 04/01/2055

    15,023      15,413  

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates

      

3.004% due 07/25/2054 ~

    3,186      3,089  

4.650% due 08/25/2028 ~

    2,500      2,505  

4.850% due 09/25/2028

    4,300      4,325  

5.430% due 06/25/2031 ~

    2,600      2,662  

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)    June 30, 2026 (Unaudited)

 

$                     

Federal Home Loan Mortgage Corp. REMICS

      

1.000% due 12/15/2040 - 05/25/2047

    1,141      1,052  

2.500% due 09/25/2048

    1,093      1,011  

3.000% due 08/15/2046

    324      314  

4.264% due 07/15/2041 •

    450      446  

4.568% due 11/25/2054 •

    15,443      15,569  

4.628% due 08/25/2054 •

    1,623      1,639  

4.678% due 08/25/2054 •

    876      885  

4.778% due 03/25/2055 - 08/25/2055 •

    4,489      4,538  

Federal Home Loan Mortgage Corp. STRIPS

      

4.114% due 10/15/2037 •

    342      338  

Federal National Mortgage Association

      

1.630% due 05/01/2027

    5,400      5,274  

2.500% due 02/01/2035

    851      819  

3.000% due 01/01/2035 - 06/01/2052

    19,227      17,041  

3.020% due 03/01/2028

    2,594      2,538  

3.290% due 04/01/2027

    6,006      5,951  

3.500% due 12/01/2033

    1,078      1,054  

4.000% due 08/01/2042 - 04/01/2055

    10,998      10,323  

4.250% due 04/01/2030

    5,800      5,752  

4.300% due 12/01/2032

    1,600      1,572  

4.320% due 03/01/2030

    4,598      4,573  

4.500% due 08/01/2048 - 10/01/2052

    36,975      35,733  

4.600% due 04/01/2030

    6,700      6,737  

5.500% due 04/01/2034 - 11/01/2055

    4,456      4,534  

5.776% due 07/01/2034 •

    17      18  

6.000% due 12/01/2053 - 11/01/2055

    9,150      9,508  

6.134% due 10/01/2037 •

    32      34  

Federal National Mortgage Association REMICS

      

0.750% due 11/25/2050

    2,026      1,501  

3.982% due 06/25/2037 •

    25      25  

4.192% due 07/25/2049 •

    1,079      1,063  

4.204% due 12/25/2046 •

    277      275  

4.214% due 10/25/2046 •

    351      346  

4.252% due 03/25/2041 •

    658      657  

4.264% due 01/25/2047 •

    309      308  

4.678% due 01/25/2055 •

    1,359      1,366  

4.778% due 03/25/2055 •

    630      636  

4.828% due 10/25/2053 - 07/25/2055 •

    4,240      4,292  

Government National Mortgage Association REMICS

      

1.500% due 10/20/2045

    1,260      1,038  

4.111% due 08/20/2065 •

    95      95  

4.201% due 06/20/2065 •

    55      55  

4.221% due 02/20/2067 •

    178      178  

4.245% due 09/20/2065 •

    154      154  

4.281% due 10/20/2065 •

    315      315  

4.301% due 07/20/2063 •

    40      40  

4.331% due 06/20/2065 •

    131      132  

4.341% due 06/20/2065 •

    151      151  

4.361% due 03/20/2065 •

    372      372  

4.411% due 12/20/2064 - 11/20/2065 •

    345      346  

4.531% due 02/20/2066 •

    2      2  

4.641% due 04/20/2066 •

    422      424  

4.661% due 04/20/2066 •

    537      540  

4.761% due 01/20/2067 •

    279      281  

Government National Mortgage Association, TBA

      

5.000% due 08/01/2056

    55,000      54,172  

Tennessee Valley Authority

      

4.375% due 08/01/2034

    2,700      2,699  

Uniform Mortgage-Backed Security, TBA

      

3.000% due 08/01/2056

    43,600      38,000  

4.000% due 09/01/2056

    69,500      64,906  

5.500% due 08/01/2056

    11,100      11,121  

6.500% due 08/01/2056

    18,900      19,530  
     

 

 

  

Total U.S. Government Agencies (Cost $496,107)

         495,718  
     

 

 

  

U.S. TREASURY OBLIGATIONS 40.1%

      

U.S. Treasury Inflation Protected Securities (b)

      

2.125% due 01/15/2035

    30,910      30,847  

U.S. Treasury Notes

      

3.750% due 06/30/2027 (f)

    37,300      37,173  

3.875% due 07/31/2027

    75,600      75,392  

3.875% due 03/31/2028

    375,000      373,198  

3.875% due 04/15/2029

    400,000      397,015  

4.250% due 03/31/2033

    39,800      39,682  
     

 

 

  

Total U.S. Treasury Obligations (Cost $959,726)

         953,307  
     

 

 

  

NON-AGENCY MORTGAGE-BACKED SECURITIES 6.1% 1166 Avenue of the Americas Commercial Mortgage Trust II

      

5.690% due 10/13/2037

    1,261      1,270  

1211 Avenue of the Americas Trust

      

3.901% due 08/10/2035

    7,000      6,796  

Bank

      

2.808% due 10/17/2052

    1,624      1,586  

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)    June 30, 2026 (Unaudited)

 

$                     

2.978% due 11/15/2062

    12,500      11,785  

3.432% due 05/15/2062

    1,508      1,488  

3.623% due 04/15/2052

    1,702      1,679  

4.005% due 02/15/2052

    7,100      6,953  

4.217% due 08/15/2061 ~

    7,000      6,910  

Bank5

      

4.619% due 02/15/2059

    2,800      2,771  

4.745% due 11/15/2058

    2,000      1,990  

4.793% due 12/15/2058

    6,000      5,981  

5.225% due 06/15/2059

    3,600      3,644  

BBCMS Mortgage Trust

      

3.488% due 02/15/2050

    146      145  

5.137% due 12/15/2057

    2,200      2,213  

5.433% due 02/15/2062

    3,200      3,281  

5.438% due 05/15/2069

    3,700      3,777  

Benchmark Mortgage Trust

      

3.615% due 03/15/2062

    2,539      2,508  

4.957% due 08/15/2058

    3,800      3,796  

4.984% due 05/15/2059

    3,500      3,509  

5.176% due 04/15/2057

    2,500      2,522  

5.184% due 10/15/2058

    2,100      2,122  

5.465% due 04/15/2063

    2,700      2,776  

5.660% due 04/15/2057

    2,800      2,870  

BMO Mortgage Trust

      

5.057% due 10/15/2058

    1,300      1,290  

5.092% due 11/15/2057

    3,500      3,519  

5.153% due 12/15/2057

    2,000      2,015  

5.462% due 02/15/2057

    4,000      4,048  

5.566% due 11/15/2057 ~

    1,000      1,019  

5.857% due 02/15/2057

    4,100      4,208  

BX Commercial Mortgage Trust

      

4.469% due 10/15/2036 •

    171      171  

Citigroup Commercial Mortgage Trust

      

3.268% due 09/15/2050

    193      192  

3.297% due 10/12/2050

    942      935  

COMM Mortgage Trust

      

4.181% due 05/10/2051

    665      663  

EQUS Mortgage Trust

      

4.645% due 10/15/2038 •

    5,482      5,482  

First Citizens Loan Trust

      

5.681% due 05/27/2053 «

    1,800      1,806  

Hilton USA Trust

      

3.719% due 11/05/2038

    2,000      1,993  

JP Morgan Chase Commercial Mortgage Securities Trust

      

4.248% due 07/05/2033

    2,800      2,650  

4.802% due 07/05/2033 •

    1,072      1,038  

JPMDB Commercial Mortgage Securities Trust

      

3.242% due 10/15/2050

    221      219  

3.409% due 10/15/2050

    2,000      1,968  

JPMF1 Multifamily Mortgage Trust

      

5.024% due 05/15/2059

    4,700      4,707  

MSSG Trust

      

3.397% due 09/13/2039

    3,400      3,266  

New Orleans Hotel Trust

      

4.662% due 04/15/2032 •

    2,700      2,699  

PMT Loan Trust

      

5.306% due 06/25/2057 •

    3,600      3,609  

SMRT Commercial Mortgage Trust

      

4.626% due 01/15/2039 •

    1,926      1,926  

Starwood Mortgage Trust

      

4.598% due 11/15/2036 •

    2,550      2,547  

UBS Commercial Mortgage Trust

      

3.215% due 08/15/2050

    533      530  

3.460% due 04/15/2052

    1,796      1,769  

3.903% due 02/15/2051

    516      512  

4.119% due 06/15/2051

    682      678  

Wells Fargo Commercial Mortgage Trust

      

3.390% due 11/15/2050

    204      203  

4.147% due 06/15/2051

    220      220  

5.439% due 11/15/2057

    4,100      4,156  

5.920% due 11/15/2057 ~

    2,700      2,778  
     

 

 

  

Total Non-Agency Mortgage-Backed Securities (Cost $144,440)

         145,188  
     

 

 

  

ASSET-BACKED SECURITIES 10.1%

      

AUTOMOBILE SEQUENTIAL 3.3%

      

Avis Budget Rental Car Funding AESOP LLC

      

5.250% due 04/20/2029

    4,000      4,038  

5.360% due 06/20/2030

    7,000      7,115  

5.440% due 02/22/2028

    4,000      4,018  

5.780% due 04/20/2028

    6,400      6,451  

6.020% due 02/20/2030

    6,550      6,747  

Bank of America Auto Trust

      

5.660% due 11/15/2029

    2,000      2,018  

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)    June 30, 2026 (Unaudited)

 

BofA Auto Trust

      

4.180% due 10/15/2030

      9,000        8,946  

Capital One Prime Auto Receivables Trust

      

5.820% due 06/15/2028

      1,429        1,438  

CarMax Auto Owner Trust

      

6.000% due 07/17/2028

      2,139        2,154  

Carvana Auto Receivables Trust

      

4.040% due 11/11/2030

      7,000        6,967  

Chesapeake Funding II LLC

      

5.520% due 05/15/2036

      899        905  

Ford Credit Auto Owner Trust

      

5.280% due 02/15/2036

      3,700        3,763  

GM Financial Consumer Automobile Receivables Trust

      

5.780% due 08/16/2028

      1,888        1,900  

GM Financial Revolving Receivables Trust

      

5.770% due 08/11/2036

      6,000        6,173  

Hertz Vehicle Financing III LLC

      

6.150% due 03/25/2030

      3,400        3,499  

Honda Auto Receivables Owner Trust

      

4.570% due 03/21/2029

      2,873        2,879  

Hyundai Auto Lease Securitization Trust

      

4.530% due 04/17/2028

      5,000        5,011  

SFS Auto Receivables Securitization Trust

      

5.470% due 10/20/2028

      804        806  

5.470% due 12/20/2029

      3,200        3,225  

World Omni Auto Receivables Trust

      

5.150% due 11/15/2028

      1,370        1,374  
     

 

 

  
        79,427  
     

 

 

  

CMBS OTHER 0.6%

      

AREIT Trust

      

4.856% due 01/20/2037 •

      697        698  

5.878% due 06/17/2039 •

      3,573        3,581  

Greystone CRE Notes LLC

      

5.106% due 01/15/2043 •

      2,150        2,155  

LoanCore Issuer Ltd.

      

5.040% due 11/15/2038 •

      52        52  

LRECS LLC

      

5.139% due 08/19/2043 •

      5,500        5,502  

MF1 Ltd.

      

4.989% due 02/19/2037 •

      1,657        1,658  
     

 

 

  
        13,646  
     

 

 

  

CREDIT CARD OTHER 0.1%

      

Synchrony Card Funding LLC

      

5.740% due 10/15/2029

      3,700        3,717  
     

 

 

  

OTHER ABS 6.1%

      

Anchorage Capital CLO 21 Ltd.

      

4.725% due 10/20/2034 •

      2,800        2,801  

Apidos CLO XI

      

4.920% due 04/17/2034 •

      2,500        2,503  

ARES LXII CLO Ltd.

      

4.737% due 01/25/2034 •

      3,000        3,002  

Atlas Senior Loan Fund XV Ltd.

      

4.886% due 10/23/2032 •

      2,078        2,080  

Atlas Senior Loan Fund XVIII Ltd.

      

4.785% due 01/18/2035 •

      2,000        2,001  

Bain Capital Credit CLO Ltd.

      

4.814% due 04/22/2035 •

      1,500        1,501  

Birch Grove CLO Ltd.

      

5.270% due 07/17/2037 •

      4,100        4,112  

Boyce Park CLO Ltd.

      

4.672% due 04/21/2035 •

      5,100        5,103  

Capital Street Master Trust

      

4.693% due 08/16/2029 •

      2,000        2,001  

CarVal CLO III Ltd.

      

4.665% due 07/20/2032 •

      2,382        2,383  

CBAMR Ltd.

      

5.303% due 07/15/2037 •

      6,000        6,010  

DLLMT LLC

      

5.340% due 03/22/2027

      499        500  

Dryden 95 CLO Ltd.

      

4.682% due 08/20/2034 •

      2,300        2,301  

ECMC Group Student Loan Trust

      

4.492% due 02/27/2068 •

      848        846  

4.542% due 09/25/2068 •

      1,442        1,439  

4.742% due 07/25/2069 •

      1,879        1,889  

4.742% due 01/27/2070 •

      818        823  

4.792% due 05/25/2067 •

      583        588  

Elevation CLO Ltd.

      

4.797% due 07/25/2034 •

      1,500        1,502  

4.955% due 01/25/2035 •

      2,000        2,001  

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)    June 30, 2026 (Unaudited)

 

$                     

Flatiron CLO 19 Ltd.

      

4.829% due 11/16/2034 •

    525      526  

Harvest U.S. CLO Ltd.

      

4.823% due 01/15/2037 •

    2,400      2,405  

Kennedy Lewis CLO 7 Ltd.

      

4.839% due 04/22/2037 •

    3,500      3,503  

KKR CLO 16 Ltd.

      

4.815% due 10/20/2034 •

    1,800      1,802  

KKR CLO 21 Ltd.

      

4.935% due 04/15/2031 •

    97      97  

LCM 30 Ltd.

      

5.017% due 04/20/2031 •

    112      113  

Madison Park Funding XLIX Ltd.

      

4.725% due 10/19/2034 •

    2,600      2,602  

Madison Park Funding XLVI Ltd.

      

4.673% due 10/15/2034 •

    5,800      5,800  

Madison Park Funding XXXVI Ltd.

      

4.733% due 04/15/2035 •

    2,000      2,000  

Merit DAC

      

4.852% due 02/15/2040

    4,259      4,200  

Mountain View CLO LLC

      

4.549% due 04/14/2033 •

    2,394      2,396  

Navesink CLO 6 Ltd.

      

4.857% due 04/15/2037 •

    2,400      2,402  

Navient Private Education Loan Trust

      

5.190% due 07/16/2040 •

    489      490  

Navient Refinance Loan Trust

      

4.800% due 10/15/2055

    3,226      3,213  

Navient Student Loan Trust

      

4.892% due 07/26/2066 •

    3,162      3,196  

6.480% due 03/15/2072

    415      422  

Nelnet Student Loan Trust

      

4.784% due 04/20/2062 •

    4,800      4,808  

4.909% due 02/21/2061 •

    1,986      1,989  

4.943% due 05/17/2055 •

    2,972      2,984  

4.959% due 06/22/2065 •

    3,016      3,025  

Octagon Investment Partners 40 Ltd.

      

4.715% due 01/20/2035 •

    4,400      4,403  

OZLM XXIV Ltd.

      

5.097% due 07/20/2032 •

    151      151  

Palmer Square Loan Funding Ltd.

      

4.493% due 01/15/2033 •

    3,217      3,215  

PK ALIFT Loan Funding 7 LP

      

4.750% due 03/15/2043

    1,562      1,551  

Riserva CLO Ltd.

      

4.725% due 01/18/2034 •

    1,098      1,099  

Sandstone Peak Ltd.

      

4.843% due 04/15/2038 •

    1,700      1,701  

Silver Rock CLO II Ltd.

      

4.715% due 01/20/2035 •

    5,500      5,504  

SLM Private Education Loan Trust

      

8.490% due 10/15/2041 •

    1,441      1,496  

SMB Private Education Loan Trust

      

3.630% due 11/15/2035

    1,053      1,048  

4.470% due 01/15/2053 •

    1,591      1,576  

5.030% due 03/15/2056

    4,206      4,180  

5.043% due 02/16/2055 •

    519      519  

5.130% due 04/15/2054

    2,555      2,558  

THL Credit Wind River CLO Ltd.

      

4.873% due 04/15/2035 •

    3,000      3,003  

Tralee CLO V Ltd.

      

4.755% due 10/20/2034 •

    2,100      2,102  

Trimaran CAVU Ltd.

      

4.687% due 10/25/2034 •

    2,400      2,401  

Unity-Peace Park CLO Ltd.

      

4.735% due 04/20/2035 •

    2,400      2,401  

Verdelite Static CLO Ltd.

      

4.805% due 07/20/2032 •

    1,965      1,964  

Verizon Master Trust

      

4.170% due 08/20/2030

    3,900      3,897  

4.350% due 08/20/2032

    2,500      2,490  

Voya CLO Ltd.

      

4.735% due 04/20/2034 •

    1,200      1,201  

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)    June 30, 2026 (Unaudited)

 

$                     

Whetstone Park CLO Ltd.

      

4.745% due 01/20/2035 •

    2,300      2,301  
     

 

 

  
        144,120  
     

 

 

  

Total Asset-Backed Securities (Cost $239,454)

         240,910  
     

 

 

  

SOVEREIGN ISSUES 0.1%

      

Mexico Government International Bonds

      

6.000% due 05/13/2030

    1,100      1,129  
     

 

 

  

Total Sovereign Issues (Cost $1,096)

         1,129  
     

 

 

  
     SHARES       

COMMON STOCKS 0.0%

      

REAL ESTATE 0.0%

      

MNSN Holdings, Inc. (a)(c)

    1,397      117  
     

 

 

  

Total Common Stocks (Cost $27)

         117  
     

 

 

  

PREFERRED SECURITIES 0.0%

      

INDUSTRIALS 0.0%

      

SVB Financial Trust

      

11.000% due 11/07/2032

    1,593      733  
     

 

 

  

Total Preferred Securities (Cost $1,522)

         733  
     

 

 

  

SHORT-TERM INSTRUMENTS 20.2%

      

REPURCHASE AGREEMENTS (d) 20.2%

      
        480,900  
     

 

 

  

Total Short-Term Instruments (Cost $480,900)

         480,900  
     

 

 

  

Total Investments in Securities (Cost $2,781,048)

         2,775,639  
     

 

 

  

Total Investments 116.8% (Cost $2,781,048)

       $ 2,775,639  

Financial Derivative Instruments (e) 0.0% (Cost or Premiums, net $1,341)

         655  

Other Assets and Liabilities, net (16.8)%

         (399,277 ) 
     

 

 

  

Net Assets 100.0%

       $ 2,377,017  
     

 

 

  

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)    June 30, 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 valued using significant unobservable inputs (Level 3).

~

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.

(a)

Security did not produce income within the last twelve months.

(b)

Principal amount of security is adjusted for inflation.

(c)

RESTRICTED SECURITIES:

 

Issuer Description

    Acquisition
Date		      Cost      Market
Value		      Market Value
as Percentage
of Net Assets		  

MNSN Holdings, Inc.

      03/10/2023      $ 27      $ 117        0.00 % 
     

 

 

     

 

 

     

 

 

  

BORROWINGS AND OTHER FINANCING TRANSACTIONS

 

(d)

REPURCHASE AGREEMENTS:

 

Counterparty

    Lending
Rate		     Settlement
Date		      Maturity
Date		      Principal
Amount		     

Collateralized By

    Collateral
(Received)		     Repurchase
Agreements,
at Value		      Repurchase
Agreement
Proceeds
to be
Received(1)		  
     3.660 %      06/30/2026        07/01/2026      $ 41,700      U.S. Treasury Notes 4.250% due 02/15/2028    $ (42,531 )    $ 41,700      $ 41,704  
     3.670       07/01/2026        07/02/2026        200,000      U.S. Treasury Notes 4.000% due 12/15/2027      (204,024 )      200,000        200,000  

BOS

      3.690       06/30/2026        07/01/2026        239,200      U.S. Treasury Notes 4.125% due 11/30/2029      (243,754 )      239,200        239,225  
                

 

 

    

 

 

     

 

 

  

Total Repurchase Agreements

 

       $ (490,309 )    $ 480,900      $ 480,929  
                

 

 

    

 

 

     

 

 

  

 

(1)

Includes accrued interest.

 

(e)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

 

      Variation Margin  

Description

    Expiration
Month		      # of
Contracts		      Notional
Amount		      Unrealized
Appreciation/
(Depreciation)		     Asset      Liability  

CBOT 10 Year U.S. Treasury Notes Futures

     09/2026        19      $ 2,088      $ 13     $ 0      $ (5 ) 

CBOT 2 Year U.S. Treasury Notes Futures

     09/2026        3,530        727,649        (340 )      0        (414 ) 

Ultra 10 Year U.S. Treasury Notes Futures

     09/2026        166        18,670        257       0        (65 ) 
           

 

 

    

 

 

     

 

 

  
            $ (70 )    $ 0      $ (484 ) 
           

 

 

    

 

 

     

 

 

  

SHORT FUTURES CONTRACTS

 

      Variation Margin  

Description

    Expiration
Month		      # of
Contracts		      Notional
Amount		     Unrealized
Appreciation/
(Depreciation)		     Asset      Liability  

CBOT 5 Year U.S. Treasury Notes Futures

     09/2026        291      $ (31,151 )    $ (103 )    $ 55      $ 0  

Ultra U.S. Treasury Bond Futures

     09/2026        748        (86,885 )      (1,514 )      561        0  
           $ (1,617 )    $ 616      $ 0  
          

 

 

    

 

 

     

 

 

  

Total Futures Contracts

 

   $ (1,687 )    $ 616      $ (484 ) 
          

 

 

    

 

 

     

 

 

  

SWAP AGREEMENTS:

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

 

       Variation Margin  

Index/Tranches

    Fixed
Receive
Rate		     Payment
Frequency		      Maturity
Date		      Notional
Amount(2)		      Premiums
Paid/
(Received)		      Unrealized
Appreciation/
(Depreciation)		      Market
Value(3)		      Asset      Liability  

CDX.IG-46 5-Year Index

      1.000 %      Quarterly        06/20/2031      $ 59,000      $ 887      $ 423      $ 1,310      $ 0      $ (7 ) 
             

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)    June 30, 2026 (Unaudited)

 

INTEREST RATE SWAPS

 

                                                       Variation Margin  

Pay/

Receive

Floating Rate

    Floating Rate Index    Fixed
Rate		     Payment
Frequency		      Maturity
Date		      Notional
Amount		      Premiums
Paid/
(Received)		     Unrealized
Appreciation/
(Depreciation)		     Market
Value		     Asset      Liability  

Receive

    1-Day USD-SOFR
Compounded-OIS		      3.328 %      Annual        04/30/2031      $ 2,400      $ 0     $ 63     $ 63     $ 6      $ 0  

Receive

    1-Day USD-SOFR
Compounded-OIS		      3.431       Annual        04/30/2031        3,900        0       83       83       10        0  

Receive

    1-Day USD-SOFR
Compounded-OIS		      3.300       Annual        06/30/2031        7,100        0       246       246       19        0  

Receive

    1-Day USD-SOFR
Compounded-OIS		      3.750       Annual        05/15/2032        58,723        (58 )      568       510       186        0  

Receive(4)

    1-Day USD-SOFR
Compounded-OIS		      4.030       Annual        05/31/2033        6,367        0       (33 )      (33 )      24        0  

Receive(4)

    1-Day USD-SOFR
Compounded-OIS		      4.033       Annual        05/31/2033        17,342        0       (93 )      (93 )      64        0  

Receive(4)

    1-Day USD-SOFR
Compounded-OIS		      4.039       Annual        05/31/2033        6,379        0       (36 )      (36 )      24        0  

Receive(4)

    1-Day USD-SOFR
Compounded-OIS		      4.044       Annual        05/31/2033        16,320        0       (98 )      (98 )      61        0  

Receive(4)

    1-Day USD-SOFR
Compounded-OIS		      4.045       Annual        05/31/2033        16,569        0       (101 )      (101 )      62        0  

Receive

    1-Day USD-SOFR
Compounded-OIS		      4.012       Annual        02/14/2035        7,700        (75 )      48       (27 )      35        0  

Receive

    1-Day USD-SOFR
Compounded-OIS		      3.000       Annual        02/12/2055        4,100        587       245       832       39        0  
   $ 454     $ 892     $ 1,346     $ 530      $ 0  
                

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total Swap Agreements

 

    $ 1,341     $ 1,315     $ 2,656     $ 530      $ (7 ) 
                

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

 

(f)

Securities with an aggregate market value of $1,415 and cash of $14,749 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2026.

(1)

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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)

The maximum potential amount the Portfolio 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.

(3)

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.

(4)

This instrument has a forward starting effective date.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2026 in valuing the Portfolio’s assets and liabilities:

 

Category and Subcategory

    Level 1      Level 2      Level 3      Fair Value
at 06/30/2026		  

Investments in Securities, at Value

 

Corporate Bonds & Notes

 

Banking & Finance

    $ 0      $ 286,230      $ 0      $ 286,230  

Industrials

      0        85,087        0        85,087  

Utilities

      0        65,548        0        65,548  

Municipal Bonds & Notes

 

California

      0        4,498        0        4,498  

Florida

      0        2,152        0        2,152  

Louisiana

      0        2,137        0        2,137  

Massachusetts

      0        25        0        25  

New York

      0        6,913        0        6,913  

Oregon

      0        1,920        0        1,920  

Texas

      0        1,833        0        1,833  

West Virginia

      0        739        0        739  

Wisconsin

      0        555        0        555  

U.S. Government Agencies

      0        495,718        0        495,718  

U.S. Treasury Obligations

      0        953,307        0        953,307  

Non-Agency Mortgage-Backed Securities

      0        143,382        1,806        145,188  

Asset-Backed Securities

 

Automobile Sequential

      0        79,427        0        79,427  

CMBS Other

      0        13,646        0        13,646  

Credit Card Other

      0        3,717        0        3,717  

Other ABS

      0        144,120        0        144,120  

Sovereign Issues

      0        1,129        0        1,129  

Common Stocks

 

Real Estate

      117        0        0        117  

Preferred Securities

 

Industrials

      0        733        0        733  

Short-Term Instruments

 

Repurchase Agreements

      0        480,900        0        480,900  

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)    June 30, 2026 (Unaudited)

 

Total Investments

    $ 117      $  2,773,716     $  1,806      $  2,775,639  
  

 

 

     

 

 

    

 

 

     

 

 

  

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

    $ 0      $ 1,146     $ 0      $ 1,146  
  

 

 

     

 

 

    

 

 

     

 

 

  

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

    $ 0      $ (491 )    $ 0      $ (491 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Financial Derivative Instruments

    $ 0      $ 655     $ 0      $ 655  
  

 

 

     

 

 

    

 

 

     

 

 

  

Totals

    $ 117      $ 2,774,371     $ 1,806      $ 2,776,294  
  

 

 

     

 

 

    

 

 

     

 

 

  

There were no significant transfers into or out of Level 3 during the period ended June 30, 2026.

Notes to Financial Statements

 

1. BASIS FOR CONSOLIDATION

PIMCO All Asset: Multi-Real Fund (Cayman) Ltd (Cayman Islands exempted company), PIMCO International Portfolio Subsidiary, LLC (Delaware limited liability company), PIMCO Short Asset Portfolio Subsidiary, LLC (Delaware limited liability company) and PIMCO Short-Term Floating NAV III Subsidiary, LLC (Delaware limited liability company), (each a “Subsidiary”) were incorporated as wholly owned subsidiaries acting as investment vehicles for the PIMCO All Asset: Multi-Real Fund, PIMCO International Portfolio, PIMCO Short Asset Portfolio and PIMCO Short-Term Floating NAV Portfolio III respectively, (“Consolidated Fund”) in order to effect certain investments for the Consolidated Fund consistent with each Consolidated Fund’s investment objectives and policies as specified in their respective offering memorandum and offering memorandum supplement. Each Consolidated Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Consolidated Fund and its respective Subsidiary. The consolidated financial statements include the accounts of each Consolidated Fund and its respective Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the PIMCO All Asset: Multi-Real Fund, PIMCO International Portfolio, PIMCO Short Asset Portfolio and PIMCO Short-Term Floating NAV Portfolio III and their Subsidiaries comprising the entire issued share capital of the Subsidiary, with the intent that each Consolidated Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association of each Subsidiary, shares issued by each Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the respective Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the respective Subsidiaries. See the table below for details regarding the structure, incorporation and relationship as of period end of each Subsidiary to its respective Consolidated Fund.

 

Fund Name

   

Subsidiary

    Date of
Incorporation		      Subsidiary % of
Consolidated Fund
Net Assets †		  

PIMCO All Asset: Multi-Real Fund

    PIMCO All Asset: Multi-Real Fund (Cayman) Ltd      06/17/2020        15.6 % 

PIMCO International Portfolio

    PIMCO International Portfolio Subsidiary, LLC      03/20/2014        20.3 % 

PIMCO Short Asset Portfolio

    PIMCO Short Asset Portfolio Subsidiary, LLC      03/01/2017        0.1 % 

PIMCO Short-Term Floating NAV Portfolio III

    PIMCO Short-Term Floating NAV III Subsidiary, LLC      03/20/2014        0.4 % 

 

† 

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

2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The net asset value (“NAV”) of a Portfolio’s shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio 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, with respect to each Portfolio other than the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, portfolio shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). With respect to the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III Portfolio shares are ordinarily valued as of 3:00 p.m. Eastern time, on each day that the NYSE is open. Information that becomes known to the Portfolios or their 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Portfolio 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 Portfolio may calculate its NAV as of NYSE Close for such day or such other time that each Portfolio 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 Portfolio 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 Portfolios will normally use pricing data for domestic equity securities received shortly after the NYSE Close (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close) and do not normally take into account trading, clearances or settlements that take place after the NYSE Close (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and 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 PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close), if the NYSE Close (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and 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 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 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 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

Notes to Financial Statements (Cont.)

 

(“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 a Portfolio’s assets that are invested in one or more open-end management investment companies (other than ETFs), a Portfolio’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 (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and 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, a Portfolio 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 (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close). A Portfolio 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 Trust is not open for business, which may result in a Portfolio’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 a Portfolio’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 Trust is not open for business. As a result, to the extent that a Portfolio 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 each Portfolio’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 a Portfolio may transact.

Whole loans may be fair valued using inputs that take into account borrower-or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio’s whole loan investments, including those originated by the Portfolio, or through an alternative lending platform generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are intended to result in a calculation of a Portfolio’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Portfolio 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 a Portfolio may differ from the value that would be realized if the securities were sold. The Portfolios’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Portfolio’s Offering Memorandum.

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

 

  •  

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

 

  •  

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

 

  •  

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

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 a Portfolio’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 each respective Portfolio.

(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.

Notes to Financial Statements (Cont.)

 

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 (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time 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-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity’s trading currency to the contract’s settling currency. These investments 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 or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and 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.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) 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.

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.

Notes to Financial Statements (Cont.)

 

3. FEDERAL INCOME TAX MATTERS

Each Portfolio 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.

A Portfolio 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 Adviser has reviewed the Portfolios’ tax positions for all open tax years. As of June 30, 2026, the Portfolios have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Portfolios file U.S. federal, state and local tax returns as required. The Portfolios’ 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.

The Portfolios may gain exposure to the commodities markets primarily through investments in swap agreements, futures and options. The PIMCO All Asset: Multi-Real Fund may also gain exposure indirectly to commodity markets by investing in the Multi-Real Fund (Cayman) Ltd., which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Portfolio must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service (“IRS”) has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a Portfolio, is not qualifying income under Subchapter M of the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will be qualifying income. Based on the reasoning in such rulings, a portfolio will continue to seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and perhaps through commodity-linked notes.

It should be noted, however, that the IRS currently has ceased the issuance of such rulings. In addition, the IRS also issued a revenue procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Act. The IRS issued in September 2016 proposed regulations that would have generally treated a Portfolio’s income inclusion (under Subpart F of the Code) with respect to the Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to a Portfolio is treated as qualifying dividends; and (iii) that income inclusion by a Portfolio of its Subsidiary’s earnings would be treated as other qualifying income if derived with respect to a Portfolio’s business of investing in stock, securities, or currencies.

There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly- owned subsidiaries is qualifying income. Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives, and a Portfolio’s investments in the Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Portfolio’s taxable income or any distributions made by a Portfolio or result in the inability of a Portfolio to operate as described in its offering memorandum.

If, during a taxable year, the Subsidiary taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to a Portfolio as a deductible amount for income tax purposes. In the event the Subsidiary taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to a Portfolio as ordinary income for Federal income tax purposes.

4. INVESTMENTS IN AFFILIATES

Each Portfolio 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 Portfolios. A copy of each affiliate fund’s shareholder report is available at the U.S. Securities and Exchange Commission website at www.sec.gov, on the Funds’ website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolios’ transactions in and earnings from investments in the affiliated funds for the period ended June 30, 2026 (amounts in thousands†):

Investments in PIMCO Short Asset Portfolio

 

Fund Name

    Market
Value
03/31/2026		      Purchases
at Cost		      Proceeds
from Sales		     Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Market
Value
06/30/2026		      Dividend
Income(1)		      Realized Net
Capital
Gain
Distributions(1)		  

PIMCO All Asset: Multi-RAE PLUS Fund

    $ 26,609      $ 194      $ (26,879 )    $ 54      $ 22      $ 0      $ 232      $ 0  

PIMCO All Authority: Multi-RAE PLUS Fund

      0        6,855        (6,856 )      1        0        0        11        0  

PIMCO High Yield and Short-Term Investments Portfolio

      0        319        0       0        1        320        3        0  

PIMCO Sector Fund Series – H

      0        5,677        0       0        20        5,697        57        0  

Notes to Financial Statements (Cont.)

 

Investments in PIMCO Short-Term Floating NAV Portfolio III

 

Fund Name

    Market
Value
03/31/2026		      Purchases
at Cost		      Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Market
Value
06/30/2026		      Dividend
Income(1)		      Realized Net
Capital
Gain
Distributions(1)		  

PIMCO ABS and Short-Term Investments Portfolio

    $ 1,606,888      $ 998,758      $ (678,500 )    $ (19 )    $ 380     $ 1,927,507      $ 17,218      $ 0  

PIMCO All Asset: Multi-RAE PLUS Fund

      41        0        0       0       0       41        0        0  

PIMCO All Authority: Multi-RAE PLUS Fund

      11,661        32        (11,600 )      2       (1 )      94        33     

PIMCO All Asset: Multi-Real Fund

      13,522        432,336        (440,600 )      6       0       5,264        136        0  

PIMCO EM Bond and Short-Term Investments Portfolio

      21,740        163,259        (103,100 )      2       6       81,907        337        0  

PIMCO High Yield and Short-Term Investments Portfolio

      413        24,146        (15,500 )      1       1       9,061        45        0  

PIMCO Investment Grade Credit Bond Portfolio

      150,449        238,922        (232,399 )      (5 )      21       156,988        1,419        0  

PIMCO Long Duration Credit Bond Portfolio

      12,385        3,538,584        (3,550,000 )      (72 )      (1 )      896        936        0  

PIMCO Mortgage and Short-Term Investments Portfolio

      40,227        224,222        (215,300 )      14       8       49,171        833        0  

PIMCO Municipal Portfolio

      5,768        8,444        (11,200 )      0       1       3,013        44        0  

PIMCO Real Return Portfolio

      1,998        68,046        (63,700 )      1       0       6,345        43        0  

PIMCO Sector Fund Series – AM

      6,063        6,779        (6,000 )      0       1       6,843        78        0  

PIMCO Sector Fund Series – H

      17,882        7,044        (10,100 )      0       3       14,829        144        0  

PIMCO Sector Fund Series – I

      465        297,571        (295,000 )      (1 )      0       3,035        67        0  

PIMCO Short-Term Portfolio

      24,603        15,975        (5,100 )      0       6       35,484        275        0  

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

      70,528        175,026        (70,400 )      1       27       175,182        1,312        0  

PIMCO International Portfolio

      172,712        289,218        (244,000 )      0       32       217,962        1,600        0  

 

† 

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

(1) 

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

An affiliate includes any company in which a Portfolio owns 5% or more of the company’s outstanding voting shares. The table below represents transactions in and earnings from these affiliated issuers for the period ended June 30, 2026 (amounts in thousands†, except number of shares).

PIMCO High Yield and Short-Term Investments Portfolio

 

Security Name

    Market
Value at
03/31/2026		      Purchases
at cost		      Proceeds
from Sale		      Net
Realized
Gain/(Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Market
Value at
06/30/2026		      Dividend
Income		      Shares
Held at
06/30/2026		  

Xfit Brands, Inc.

    $ 195      $ 0      $ 0      $ 0      $ 6      $ 201      $ 0        68,040,639  

 

† 

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

Glossary: (abbreviations that may be used in the preceding statements)   (Unaudited)

 

Counterparty Abbreviations:

                
AZD   Australia and New Zealand Banking Group   DUB   Deutsche Bank AG   NGF   Nomura Global Financial Products, Inc.
BBV   Banco Bilbao Vizcaya Madrid (Repo Only)   FAR   Wells Fargo Bank National Association   NOM   Nomura Securities International, Inc.
BCY   Barclays Capital, Inc.   FICC STR   Fixed Income Clearing Corp.—State Street FICC Repo   NXN   Natixis New York
BOA   Bank of America N.A.   GLM   Goldman Sachs Bank USA   RBC   Royal Bank of Canada
BOM   Bank of Montreal   GSC   Goldman Sachs & Co. LLC   RYL   NatWest Markets Plc
BOO   BoA Securities, Inc (Repo Only)   GST   Goldman Sachs International   SAL   Citigroup Global Markets, Inc.
BOS   BofA Securities, Inc.   IND   Crédit Agricole Corporate and Investment Bank S.A.   SCX   Standard Chartered Bank, London
BPS   BNP Paribas S.A.   JML   JP Morgan Securities Plc   SGY   Societe Generale, NY
BRC   Barclays Bank PLC   JPM   JP Morgan Chase Bank N.A.   SOG   Societe Generale Paris
BSH   Banco Santander S.A. - New York Branch   JPS   J.P. Morgan Securities LLC   SSB   State Street Bank and Trust Co.
BSN   The Bank of Nova Scotia - Toronto   MAC   Macquarie Bank Limited   STR   State Street FICC Repo
CBK   Citibank N.A.   MBC   HSBC Bank Plc   TDM   TD Securities (USA) LLC
CEW   Canadian Imperial Bank of Commerce World Markets   MEI   Merrill Lynch International   TOR   The Toronto-Dominion Bank
CIB   Canadian Imperial Bank of Commerce   MSC   Morgan Stanley & Co. LLC.   UAG   UBS AG Stamford
CKL   Citibank N.A. London   MSR   Morgan Stanley & Co LLC FICC Repo   UBS   UBS Securities LLC
CTR   Citigroup Global Markets, Inc.- FICC Rep   MYC   Morgan Stanley Capital Services LLC   WAN   Wells Fargo Bank, N.A.- FICC Rep
DEU   Deutsche Bank Securities, Inc.   MYI   Morgan Stanley & Co. International PLC   WFS   Wells Fargo Securities, LLC

Currency Abbreviations:

                
AUD   Australian Dollar   HKD   Hong Kong Dollar   NZD   New Zealand Dollar
BRL   Brazilian Real   HUF   Hungarian Forint   PEN   Peruvian New Sol
CAD   Canadian Dollar   IDR   Indonesian Rupiah   PHP   Philippine Peso
CHF   Swiss Franc   ILS   Israeli Shekel   PLN   Polish Zloty
CLP   Chilean Peso   INR   Indian Rupee   RON   Romanian New Leu
CNH   Chinese Renminbi (Offshore)   JPY   Japanese Yen   SEK   Swedish Krona
COP   Colombian Peso   KRW   South Korean Won   SGD   Singapore Dollar
CZK   Czech Koruna   KZT   Kazakhstani Tenge   THB   Thai Baht
DKK   Danish Krone   MXN   Mexican Peso   TRY   Turkish New Lira
EGP   Egyptian Pound   MYR   Malaysian Ringgit   TWD   Taiwanese Dollar
EUR   Euro   NGN   Nigerian Naira   USD (or $)   United States Dollar
GBP   British Pound   NOK   Norwegian Krone   ZAR   South African Rand

Exchange Abbreviations:

                
CBOE   Chicago Board Options Exchange   COMEX   Commodity Exchange, Inc.   KCBT   Kansas City Board of Trade
CBOT   Chicago Board of Trade   EUREX   Eurex Exchange   NYMEX   New York Mercantile Exchange
CME   Chicago Mercantile Exchange   ICE   IntercontinentalExchange®   OTC   Over the Counter

Index/Spread Abbreviations:

                
ABX.HE   Asset-Backed Securities Index - Home Equity   ERAEMLN   RAE Fundamental Emerging Markets Net Total Return Index   NDUEEGF   iShares MSCI Emerging Markets ETF
AMZX   Alerian MLP Total Return Index   ERAUSLT   eRAFI U.S. Large Strategy Index   PIMCODB   PIMCO Custom Commodity Basket
BBSW3M   3 Month Bank Bill Swap Rate   ERAUSST   eRAFI U.S. Small Strategy Index   RADMFENT   RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
BCOMF1NTC   Bloomberg Commodity Index 1-Month Forward Total Return Custom Index   EUR003M   3 Month EUR Swap Rate   RADMFXNT   RAFI Dynamic Multi-Factor Developed Ex-U.S. Index
BISTREFI   Turkish Lira Overnight Reference Rate   EUR006M   6 Month EUR Swap Rate   RU20INTR   Russell 2000 Total Return Index
BOBL   Bundesobligation, the German word for federal government bond   FEDL01   Federal funds effective rate   S&P 500   Standard & Poor’s 500 Index
CAONREPO   Canadian Overnight Repo Rate Average   FHMMUSTF   Federated Hermes US Treasury Cash Reserves Fund Yield   SFE   Sydney Futures Exchange
CDX.EM   Credit Derivatives Index - Emerging Markets   GOLDLNPM   London Gold Market Fixing Ltd. PM   SOFR   Secured Overnight Financing Rate
CDX.HY   Credit Derivatives Index - High Yield   IBR   Indicador Bancario de Referencia   SOFRINDX   Secured Overnight Financing Rate Index
CDX.IG   Credit Derivatives Index - Investment Grade   JMABNIC5   J.P. Morgan Custom Commodity Index   SONIA   Sterling Overnight Interbank Average Rate
CMBX   Commercial Mortgage-Backed Index   JMMMUSTF   JP Morgan Money Market US Treasury Fund Index   SONIO   Sterling Overnight Interbank Average Rate
CORRA   Canadian Overnight Repo Rate Average   MLPIREIL   Merrill Lynch Custom Equity Index   TSFR1M   Term SOFR 1-Month
CPI   Consumer Price Index   MLPIREIS   Merrill Lynch Custom Equity Index   TSFR3M   Term SOFR 3-Month
CPTFEMU   Eurozone HICP ex-Tobacco Index   MSMMUSTF   MSILF Money Market US Treasury Fund Index   TSFR6M   Term SOFR 6-Month
CPURNSA   Consumer Price All Urban Non-Seasonally Adjusted Index   MUTKCALM   Tokyo Overnight Average Rate   UKRPI   United Kingdom Retail Prices Index
DWRTFT   Dow Jones Wilshire REIT Total Return Index   NDDUEAFE   MSCI EAFE Index   US0003M   ICE 3-Month USD LIBOR
ERADXULN   RAE Fundamental International Large Net Total Return Index        

Municipal Bond or Agency Abbreviations:

            
AGM   Assured Guaranty Municipal   CR   Custodial Receipts   NPFGC   National Public Finance Guarantee Corp.
BAM   Build America Mutual Assurance   FHA   Federal Housing Administration   PSF   Public School Fund

Other Abbreviations:

                
ABS   Asset-Backed Security   CMBS   Collateralized Mortgage-Backed Security   PRIBOR   Prague Interbank Offered Rate
ALT   Alternate Loan Trust   DAC   Designated Activity Company   REIT   Real Estate Investment Trust
BABs   Build America Bonds   EURIBOR   Euro Interbank Offered Rate   REMIC   Real Estate Mortgage Investment Conduit
BBR   Bank Bill Rate   JIBAR   Johannesburg Interbank Agreed Rate   SPDR   Standard & Poor’s Depositary Receipts
BBSW   Bank Bill Swap Reference Rate   JSC   Joint Stock Company   TBA   To-Be-Announced
BRL-CDI   Brazil Interbank Deposit Rate   Lunar   Monthly payment based on 28-day periods. One year consists of 13 periods.   TBD   To-Be-Determined
BTP   Buoni del Tesoro Poliennali “Long-term Treasury Bond”   OAT   Obligations Assimilables du Trésor   TBD%   Interest rate to be determined when loan settles or at the time of funding
CHILIBOR   Chile Interbank Offered Rate   OIS   Overnight Index Swap   TIIE   Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”
CLO   Collateralized Loan Obligation   PIK   Payment-in-Kind   WIBOR   Warsaw Interbank Offered Rate