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      <invstOrSec>
        <name>UMBS, TBA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Assets Trust Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>American Homes 4 Rent</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Americold Realty Trust Inc</name>
        <lei>894500O3S3W62PQPO460</lei>
        <title>Americold Realty Trust, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Apartment Investment and Management Co</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Apple Hospitality REIT Inc</name>
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        <title>Apple Hospitality REIT, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Argent Securities Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>AvalonBay Communities Inc</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AVOLON HOLDINGS FNDG LTD</name>
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        <title>Avolon Holdings Funding Ltd.</title>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BCAP LLC Trust</name>
        <lei>N/A</lei>
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          <isin value="US05533YBC30"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BCRED PC Static LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bear Stearns Adjustable Rate Mortgage Trust</name>
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        <title>Bear Stearns ARM Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Bear Stearns Alt-A Trust</name>
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        <title>Bear Stearns ALT-A Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Bear Stearns Adjustable Rate Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bear Stearns Adjustable Rate Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BEIGNET INVESTOR LLC</name>
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        <title>Beignet Investor LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BXP Inc</name>
        <lei>549300OF70FSEUQBT254</lei>
        <title>BXP, Inc.</title>
        <cusip>101121101</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Brandywine Realty Trust</name>
        <lei>5UZ46ZCYUFYYAC0DS831</lei>
        <title>Brandywine Realty Trust</title>
        <cusip>105368203</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Brixmor Property Group Inc</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>Brixmor Property Group, Inc.</title>
        <cusip>11120U105</cusip>
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        <name>Countrywide Asset-Backed Certificates</name>
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        <name>Countrywide Asset-Backed Certificates</name>
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        <name>Countrywide Alternative Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CareTrust REIT Inc</name>
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        <name>Sila Realty Trust Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Centerspace</name>
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        <title>Centerspace</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Chase Mortgage Finance Corporation</name>
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        <title>Chase Mortgage Finance Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Community Healthcare Trust Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COPT Defense Properties</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>COX ASSET MEXICO SA CV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Suisse First Boston Mortgage Securities</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CubeSmart</name>
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        <name>Countrywide Asset-Backed Certificates</name>
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        <name>Countrywide Asset-Backed Certificates</name>
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        <name>DiamondRock Hospitality Co</name>
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        <name>Digital Realty Trust Inc</name>
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        <name>Diversified Healthcare Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Douglas Emmett Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>EPR Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR Properties</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
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        <name>HSBC Bank PLC</name>
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        <name>HSBC Bank PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase Bank NA</name>
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        <name>ABU DHABI GOVT INT'L</name>
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        <name>ABU DHABI GOVT INT'L</name>
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        <name>Empire State Realty Trust Inc</name>
        <lei>549300VOKY1DUEQSB456</lei>
        <title>Empire State Realty Trust, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Equinix Inc</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Franklin Mtg Loan Asset Backed Certificates</name>
        <lei>N/A</lei>
        <title>First Franklin Mortgage Loan Trust</title>
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          <isin value="US32027NXX47"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Franklin Mtg Loan Asset Backed Certificates</name>
        <lei>N/A</lei>
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          <isin value="US32029AAA51"/>
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        <balance>812509.87000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Horizon Alternative Mortgage Securities</name>
        <lei>5493005TE20WPW8O1W08</lei>
        <title>First Horizon Alternative Mortgage Securities Trust</title>
        <cusip>32052DAG6</cusip>
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          <isin value="US32052DAG60"/>
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        <balance>236323.54000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79512.73000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-02-25</maturityDt>
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      <invstOrSec>
        <name>First Industrial Realty Trust Inc</name>
        <lei>N/A</lei>
        <title>First Industrial Realty Trust, Inc.</title>
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          <isin value="US32054K1034"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Four Corners Property Trust Inc</name>
        <lei>549300SVTPZPBDVNER42</lei>
        <title>Four Corners Property Trust, Inc.</title>
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          <isin value="US35086T1097"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fremont Home Loan Trust</name>
        <lei>N/A</lei>
        <title>Fremont Home Loan Trust</title>
        <cusip>35729TAA0</cusip>
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          <isin value="US35729TAA07"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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          <isin value="US36179W5D62"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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          <isin value="US36179W7L60"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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          <isin value="US3618N56E42"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GSR Mortgage Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US3623414A44"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GSAMP Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GSAMP Trust</name>
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        <cusip>36242DA60</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Getty Realty Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gladstone Commercial Corp</name>
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        <title>Gladstone Commercial Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Global Net Lease Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chiron Real Estate Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GoldenTree Loan Management US CLO, LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association REMICS</title>
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        <fairValLevel>2</fairValLevel>
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        <name>American Healthcare REIT Inc</name>
        <lei>2549004GGE2APGNT6O92</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>HSI Asset Securitization Corporation Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HarborView Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Healthcare Realty Trust Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Healthpeak Properties Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Highwoods Properties Inc</name>
        <lei>ZIIGTYKL9T0X3HLTDX53</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Home Equity Asset Trust</name>
        <lei>N/A</lei>
        <title>Home Equity Asset Trust</title>
        <cusip>437084LR5</cusip>
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          <isin value="US437084LR58"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IndyMac Residential Asset Backed Trust</name>
        <lei>N/A</lei>
        <title>Home Equity Mortgage Loan Asset-Backed Trust</title>
        <cusip>43710BAA4</cusip>
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          <isin value="US43710BAA44"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Host Hotels &amp; Resorts Inc</name>
        <lei>N6EL63S0K3PB1YFTDI24</lei>
        <title>Host Hotels &amp; Resorts, Inc.</title>
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          <isin value="US44107P1049"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hudson Pacific Properties Inc</name>
        <lei>529900EURZA5HRSXQ389</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INCREF LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Independence Realty Trust Inc</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>Independence Realty Trust, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Residential Asset Securitization Trust</name>
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        <title>Residential Asset Securitization Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>IndyMac INDX Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IndyMac INDB Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>IndyMac INDB Mortgage Loan Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Innovative Industrial Properties Inc</name>
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        <name>Invitation Homes Inc</name>
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        <name>JBG SMITH Properties</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Janus Living Inc</name>
        <lei>2549003JCIOFKGHO7313</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Kilroy Realty Corp</name>
        <lei>549300CXXI18B214UN80</lei>
        <title>Kilroy Realty Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Kimco Realty Corp</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>Kimco Realty Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Kite Realty Group Trust</name>
        <lei>N/A</lei>
        <title>Kite Realty Group Trust</title>
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        <balance>45685.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lehman ABS Manufactured Housing Contract</name>
        <lei>N/A</lei>
        <title>Lehman ABS Manufactured Housing Contract Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>LXP Industrial Trust</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Long Beach Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MF1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Macerich Co/The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MASTR Asset Backed Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Medical Properties Trust Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Merrill Lynch Mortgage Investors Trust</name>
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        <title>Merrill Lynch Mortgage Investors Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Mid-America Apartment Communities Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>National Health Investors Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NNN REIT Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>National Storage Affiliates Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Navient Education Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nelnet Student Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nelnet Student Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NET Lease Office Properties</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NETSTREIT Corp</name>
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        <title>NETSTREIT Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>NexPoint Residential Trust Inc</name>
        <lei>549300U2J6XVYBF87166</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Northwoods Capital Ltd</name>
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        <name>Residential Asset Securitization Trust</name>
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        <name>State Street Global Advisors</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SL Green Realty Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sabra Health Care REIT Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Securitized Asset Backed Receivables LLC Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Service Properties Trust</name>
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          <isin value="US81761L1026"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Simon Property Group Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SITE Centers Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Smartstop Self Storage REIT Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Soundview Home Equity Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Specialty Underwriting &amp; Residential Finance</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STAG Industrial Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KUWAIT INTL BOND</name>
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        <title>Kuwait International Government Bonds</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Structured Adjustable Rate Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Structured Asset Mortgage Investments Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Structured Asset Securities Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Summit Hotel Properties Inc</name>
        <lei>254900OBQWJK6X20LS71</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Sun Communities Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sunstone Hotel Investors Inc</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>Sunstone Hotel Investors, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Symphony CLO Ltd</name>
        <lei>549300JQYSBIW1AM8R32</lei>
        <title>Symphony CLO XXII Ltd.</title>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Symphony CLO Ltd</name>
        <lei>549300OJB1EXT6QKOX87</lei>
        <title>Symphony CLO XXXII Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest Funding</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FIRST ABU DHABI BANK PJS</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Eurex Deutschland</name>
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        <name>Chicago Board of Trade</name>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.28000000"/>
            <otherPmntDesc fixedOrFloating="Other">Inflation based on U.S. CPI Urban Consumers NSA</otherPmntDesc>
            <terminationDt>2030-05-19</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>5300000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1245673.22000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D. This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list. Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>
      
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-03</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Bijal Parikh</ncom:signature>
      <ncom:signerName>Bijal Parikh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
