PIMCO Dynamic Income posts 10.3% NAV return
PIMCO Dynamic Income Fund used significant leverage and derivatives to support a high 2026 distribution rate while posting a 10.33% one‑year NAV return.
Rhea-AI Filing Summary
PIMCO Dynamic Income Fund (PDI) reports results for the year ended June 30, 2026, highlighting a leveraged, income-focused closed‑end bond strategy using mortgage‑backed securities, loans, corporate bonds and derivatives. At net asset value (NAV), the Fund delivered a 10.33% one‑year average annual total return and 6.23% over five years.
PDI maintained a high common share distribution rate of about 16% of NAV, supported by substantial net investment income but also by realized and unrealized losses and tax‑basis return of capital. The Fund used reverse repurchase agreements representing about 31.92% of total managed assets, resulting in total effective leverage of 37.35% and annual expenses of 3.79% of net assets attributable to common shares.
Common shares traded at a 4.83% premium to NAV at June 30, 2026, with a market price of $16.70. Net assets applicable to common shareholders were about $7.52 billion, while the Fund’s strategies, including derivatives and paired transactions, continued to emphasize current income as the primary objective and capital appreciation as secondary.
Positive
- None.
Negative
- None.
Filing Explained
During the year ended June 30, 2026, PDI issued 70,336 thousand shares through its ATM, raising 1,294,884 thousand dollars and diluting existing ownership.
The PIMCO Dynamic Income Fund annual shareholder report for the year ended
An at-the-market program is an arrangement for gradual sales of new shares into the open market at prevailing prices; the report’s sales and proceeds therefore place this disclosure at the issuance stage, not merely the registration stage.
Issuing those additional shares increases the total share count and, absent offsetting changes, reduces an existing holder’s percentage ownership. At period end, the report lists 472,079 thousand common shares outstanding and
Key Figures
1‑Year NAV Total Return: 10.33%
5‑Year NAV Total Return: 6.23%
Market Price: $16.70
+5 more
8 metrics
1‑Year NAV Total Return
10.33%
Average annual total return at NAV for the year ended June 30, 2026
5‑Year NAV Total Return
6.23%
Average annual total return at NAV for five years ended June 30, 2026
Market Price
$16.70
PDI common share closing market price on June 30, 2026
Premium to NAV
4.83%
Difference between market price and NAV on June 30, 2026
NAV Distribution Rate
16.61%
Common share distribution rate based on NAV as of June 30, 2026
Net Investment Income
$811.6 million
Net investment income for the year ended June 30, 2026
Total Distributions to Common Shareholders
$1.16 billion
Common share distributions for the year ended June 30, 2026
Total Effective Leverage
37.35%
Leverage level including reverse repurchase agreements as of June 30, 2026
Key Terms
reverse repurchase agreements, total effective leverage, net asset value, distribution rate, +2 more
6 terms
reverse repurchase agreements financial
"The table reflects the use of leverage in the form of reverse repurchase agreements"
A reverse repurchase agreement is a short-term, collateralized loan in which one party buys a security from another with a promise to sell it back at a set price on a specific later date; for the buyer this functions like lending cash and holding the security as collateral. Think of it as parking money in a very short-term, secured savings account. Investors care because these transactions influence short-term interest rates, market liquidity and where large cash balances earn safe, predictable returns, and they can signal stress or stability in funding markets.
total effective leverage financial
"Total Effective Leverage (3) | | | | 37.35%"
net asset value financial
"Common share net asset value | | |"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
distribution rate financial
"NAV Distribution Rate (2) | | | 16.61%"
Distribution rate is the percentage that shows how much income an investment pays out to holders over a year, usually expressed relative to the fund’s share price or net asset value. It tells investors the income they can expect—similar to the interest rate on a savings account—and helps gauge whether a security is delivering steady cash flow or relying on capital to pay distributions, which can signal higher risk.
paired swap transactions financial
"In such a “paired swap transaction,” a Fund would generally enter into one or more interest rate swap agreements"
tax basis return of capital financial
"Tax basis return of capital | | | (350,757 | )"
FAQ
How did PIMCO Dynamic Income Fund (PDI) perform for the year ended June 30, 2026?
PDI reported a 10.33% average annual total return at NAV and 2.58% at market price for the year ended June 30, 2026, reflecting leveraged exposure to mortgage‑backed securities, loans, corporate bonds and derivatives.
What level of leverage did PIMCO Dynamic Income Fund (PDI) use?
PDI employed reverse repurchase agreements averaging 31.92% of total managed assets, contributing to 37.35% total effective leverage as of June 30, 2026, magnifying both income potential and sensitivity to market movements.
What were PDI’s net assets and market valuation at June 30, 2026?
PDI had net assets applicable to common shareholders of about $7.52 billion. Its common shares closed at $16.70, trading at a 4.83% premium to the reported NAV per share.
How much income and expenses did PDI report for the 2026 fiscal year?
PDI generated $1.09 billion in total income and $275.2 million in expenses, resulting in $811.6 million of net investment income for the year ended June 30, 2026.
What is PDI’s investment objective and main strategy?
PIMCO Dynamic Income Fund’s primary objective is to seek current income, with capital appreciation as a secondary goal. It invests globally in income‑producing fixed‑income assets and uses leverage and derivatives, including mortgage‑backed securities and loans, to pursue these objectives.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number:
811-22673
(Exact name of registrant as specified in charter)
1633 Broadway, New York, NY 10019
(Address of principal executive offices)
Bijal Y. Parikh
Treasurer (Principal Financial & Accounting Officer)
650 Newport Center Drive, Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
David C. Sullivan
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199
Registrant’s telephone number, including area code: (844) 337-4626
Date of fiscal year end: June 30
Date of reporting period: June 30, 2026
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. |
Reports to Stockholders. |
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1).
PIMCO CLOSED-END FUNDS
Annual Report
June 30, 2026
PCM Fund, Inc. | PCM | NYSE
PIMCO Global StocksPLUS & Income Fund | PGP | NYSE
®
PIMCO Strategic Income Fund, Inc. | RCS | NYSE
PIMCO Access Income Fund | PAXS | NYSE
PIMCO Dynamic Income Fund | PDI | NYSE
PIMCO Dynamic Income Opportunities Fund | PDO | NYSE
PIMCO Dynamic Income Strategy Fund | PDX | NYSE
Table of Contents
| Page | ||||||||
Important Information About the Funds |
2 | |||||||
Index Descriptions |
19 | |||||||
Financial Highlights |
20 | |||||||
Statements of Assets and Liabilities |
22 | |||||||
Consolidated Statements of Assets and Liabilities |
23 | |||||||
Statements of Operations |
24 | |||||||
Consolidated Statements of Operations |
25 | |||||||
Statements of Changes in Net Assets |
26 | |||||||
Consolidated Statements of Changes in Net Assets |
28 | |||||||
Statements of Cash Flows |
30 | |||||||
Consolidated Statements of Cash Flows |
31 | |||||||
Notes to Financial Statements |
141 | |||||||
Report of Independent Registered Public Accounting Firm |
183 | |||||||
Glossary |
184 | |||||||
Distribution Information |
185 | |||||||
Federal Income Tax Information |
187 | |||||||
Shareholder Meeting Results |
188 | |||||||
Changes to Board of Trustees |
190 | |||||||
Dividend Reinvestment Plan |
191 | |||||||
Additional Information Regarding the Funds |
193 | |||||||
Principal Investment Strategies |
194 | |||||||
Principal Risks of the Funds |
231 | |||||||
Risk Management Strategies |
282 | |||||||
Effects of Leverage |
283 | |||||||
Fundamental Investment Restrictions |
284 | |||||||
Management of the Funds |
290 | |||||||
Approval of Investment Management Agreements |
294 | |||||||
Privacy Policy |
301 | |||||||
| Fund | Fund Summary |
Schedule of Investments |
||||||
PCM Fund, Inc. |
6 | 32 | ||||||
PIMCO Global StocksPLUS® & Income Fund |
7 | 42 | ||||||
PIMCO Strategic Income Fund, Inc. |
8 | 56 | ||||||
PIMCO Access Income Fund(1) |
9 | 69 | ||||||
PIMCO Dynamic Income Fund(1) |
12 | 83 | ||||||
PIMCO Dynamic Income Opportunities Fund(1) |
15 | 112 | ||||||
PIMCO Dynamic Income Strategy Fund(1) |
18 | 130 | ||||||
(1) |
Consolidated Schedule of Investments |
Important Information About the Funds |
Information regarding each Fund’s principal investment strategies, principal risks and risk management strategies, the effects of each Fund’s leverage, and each Fund’s fundamental investment restrictions, including a summary of certain changes thereto during the most recent fiscal year, can be found within the relevant sections of this report. Please refer to the Table of Contents for further information.
We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. A Fund may experience losses as a result of movements in interest rates.
Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over time, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets”.
Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could potentially lead to decreased liquidity and increased volatility in the fixed income markets, or negatively impact a Fund’s performance or cause a Fund to incur losses.
A Fund may enter into opposite sides of multiple interest rate swaps or other derivatives with respect to the same underlying reference instrument (e.g., a
10-year
U.S. treasury) that have different effective dates with respect to interest accrual time periods also for the principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) that are not part of a Fund’s duration or yield curve management strategies. In such a “paired swap transaction,” a Fund would generally enter into one or more interest rate swap agreements whereby a Fund agrees to make regular payments starting at the time the Fund enters into the agreements equal to a floating interest rate in return for payments equal to a fixed interest rate (the “initial leg”). A Fund would also enter into one or more interest rate swap agreements on the same underlying instrument, but take the opposite position (i.e., in this example, a Fund would make regular payments equal to a fixed interest rate in return for receiving payments equal to a floating interest rate) with respect to a contract whereby the payment obligations do not commence until a date following the commencement of the initial leg (the “forward leg”).
A Fund may engage in investment strategies, including those that employ the use of paired swaps transactions, the use of interest rate swaps to seek to capitalize on differences between short-term and long-term interest rates and other derivatives transactions, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in declines in a Fund’s net asset value (“NAV”). A Fund’s income and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when a Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or a Fund’s debt investments, or arising from its use of derivatives. For instance, a portion of a Fund’s monthly distributions may be sourced from paired swap transactions utilized to produce current distributable ordinary income for tax purposes on the initial leg, with a substantial possibility that a Fund will later realize a corresponding capital loss and potential decline in its NAV with respect to the forward leg (to the extent there are not corresponding offsetting capital gains being generated from other sources). Because some or all of these transactions may generate capital losses without corresponding offsetting capital gains, portions of a Fund’s distributions recognized as ordinary income for tax purposes (such as from paired swap transactions, for example) may be economically similar to a taxable return of capital when considered together with such capital losses. More generally, sales of a Fund’s portfolio holdings may result in short-term capital gains (which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net of long-term capital losses), potentially subjecting shareholders of a Fund to adverse tax consequences.
Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments or Consolidated Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’
2 |
PIMCO CLOSED-END FUNDS |
then-current prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to investment parameters and regulatory requirements.
The geographical classification of foreign
(non-U.S.)
securities in this report, if any, is 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. In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. In addition, the armed conflict among the United States, Israel, and Iran has caused, and could continue to cause, significant market disruptions and volatility. The conflict has had a particular negative impact on oil and gas markets, which could have a broader adverse effect on many sectors of the global economy in the future.
The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or
similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.
The common shares of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Fund’s common shares will fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less than your original investment. Shares of closed-end management investment companies, such as the Funds, frequently trade at a discount from their NAV and may trade at a price that is less than the initial offering price and/or the NAV of such shares. Further, if a Fund’s shares trade at a price that is more than the initial offering price and/or the NAV of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to NAV thereafter.
Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.
Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both from market conditions and also potential legislative or regulatory responses, is uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.
ANNUAL REPORT |
| | JUNE 30, 2026 | 3 |
Important Information About the Funds |
(Cont.) |
On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the specified period. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the sale of Fund shares. Total return for a period of more than one year represents the average annual total return. Performance at market price will differ from results at NAV. Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about a Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s dividends. Performance shown is net of fees and expenses. Historical NAV performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.
The dividend rate that a Fund pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a Fund’s undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Fund. As portfolio and market conditions change, the rate of distributions on the common shares and a Fund’s dividend policy could change. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate or that the rate will be sustainable in the future.
The following table discloses the inception date and diversification status of each Fund:
Fund Name |
Fund Inception Date |
Diversification Status |
||||||||||
PCM Fund, Inc. |
09/02/93 | Diversified | ||||||||||
PIMCO Global StocksPLUS ® |
05/31/05 | Diversified | ||||||||||
PIMCO Strategic Income Fund, Inc. |
02/24/94 | Diversified | ||||||||||
PIMCO Access Income Fund |
01/31/22 | Diversified | ||||||||||
PIMCO Dynamic Income Fund |
05/30/12 | Diversified | ||||||||||
PIMCO Dynamic Income Opportunities Fund |
01/29/21 | Diversified | ||||||||||
PIMCO Dynamic Income Strategy Fund |
02/01/19 | Non-Diversified | ||||||||||
An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.
The Trustees/Directors
1
are responsible generally for overseeing the management of the Funds. The Trustees authorize the Funds to enter into service agreements with Pacific Investment Management Company LLC (“PIMCO”) and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s original or any subsequent prospectus or Statement of Additional Information (“SAI”), any press release or shareholder report, any contracts filed as exhibits to a Fund’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of a Fund creates a contract between or among any shareholders of a Fund, on the one hand, and the Fund, a service provider to the Fund, and/or the Trustees or officers of the Fund, on the other hand. The Trustees (or the Funds and their officers, service providers or other delegates acting under authority of the Trustees) may amend its most recent prospectus or use a new prospectus or SAI with respect to a Fund, adopt and disclose new or amended policies and other changes in press releases and shareholder reports and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in a Fund’s then-current prospectus, SAI or shareholder report and is otherwise still in effect.
PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule
206(4)-6
under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Funds at (844) 33-PIMCO,
on the Funds’ website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov. The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to
1 |
Hereinafter, the terms “Trustee” or “Trustees” used herein shall refer to a Director or Directors of applicable Funds. |
4 |
PIMCO CLOSED-END FUNDS |
their reports on Form N-PORT. The Funds’ Form N-PORT reports are available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and upon request by calling PIMCO at (844) 33-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file
Form N-PORT
reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027. On February 18, 2026, the SEC extended the compliance date for Form N-PORT reporting requirements related to Rule 35d-1 (the “Names Rule”) to November 17, 2027 for fund groups with net assets of $10 billion or more. SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling (844) 33-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor’s account if invested through a financial intermediary. Paper copies of the Funds’ shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.
ANNUAL REPORT |
| | JUNE 30, 2026 | 5 |
PCM Fund, Inc.
Symbol on NYSE - PCM |
Cumulative Returns Through June 30, 2026
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2026
†
§
Asset-Backed Securities |
30.0% | |||||||
Non-Agency Mortgage-Backed Securities |
22.8% | |||||||
Corporate Bonds & Notes |
19.4% | |||||||
Loan Participations and Assignments |
13.5% | |||||||
U.S. Government Agencies |
4.7% | |||||||
Short-Term Instruments ‡ |
3.7% | |||||||
Common Stocks |
3.2% | |||||||
Preferred Securities |
2.1% | |||||||
Other |
0.6% | |||||||
† |
% of Investments, at value. |
§ |
Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
‡ |
Includes Central Funds Used for Cash Management Purposes. |
| Average Annual Total Return (1) for the period ended June 30, 2026 |
||||||||||||||||||
| 1 Year | 5 Year | 10 Year | Commencement of Operations (09/02/93) |
|||||||||||||||
|
Market Price |
0.44% |
(3.38)% |
5.59% |
7.40% |
|||||||||||||
|
NAV |
6.30% |
2.55% |
6.72% |
8.15% |
|||||||||||||
|
ICE BofA US High Yield Index |
5.75% |
4.13% |
5.70% |
6.77% ¨ |
|||||||||||||
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
¨
It is not possible to invest directly in an unmanaged index.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies. |
(2) |
Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (‘’ROC’’) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Fund Information as of June 30, 2026
(1)
Market Price |
$5.58 | |||
NAV |
$5.58 | |||
Premium/(Discount) to NAV |
0.00% | |||
Market Price Distribution Rate (2) |
13.82% | |||
NAV Distribution Rate (2) |
13.82% | |||
Total Effective Leverage (3) |
34.43% | |||
Investment Objective and Strategy Overview
The Fund’s primary investment objective is to achieve high current income. Capital gain from the disposition of investments is a secondary objective of the Fund.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | Exposure to residential mortgage credit, primarily U.S. non-agency mortgage-backed securities, contributed to performance, as the sector posted positive total returns. |
| » | Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive total returns. |
| » | Exposure to high yield corporate credit contributed to performance, as the sector posted positive total returns. |
| » | Exposure to commercial real estate contributed to performance, as the sector posted positive total returns. |
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage. |
| » | Long exposure to U.S. duration, particularly in the 3-10-year portion of the curve, detracted from performance, as U.S. Treasury yields rose. |
| » | There were no other material detractors for this Fund. |
6 |
PIMCO CLOSED-END FUNDS |
PIMCO Global StocksPLUS & Income Fund
®
Symbol on NYSE - PGP |
Cumulative Returns Through June 30, 2026
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown
as of June 30, 2026
†§
U.S. Government Agencies |
27.2% | |||
Corporate Bonds & Notes |
21.5% | |||
Loan Participations and Assignments |
15.9% | |||
Short-Term Instruments ‡ |
11.0% | |||
Sovereign Issues |
7.8% | |||
Non-Agency Mortgage-Backed Securities |
5.5% | |||
Common Stocks |
4.0% | |||
Asset-Backed Securities |
3.4% | |||
Preferred Securities |
2.4% | |||
Other |
1.3% | |||
† |
% of Investments, at value. |
§ |
Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
‡ |
Includes Central Funds Used for Cash Management Purposes. |
| Average Annual Total Return (1) for the period ended June 30, 2026 |
||||||||||||||||||
| 1 Year | 5 Year | 10 Year | Commencement of Operations (05/31/05) |
|||||||||||||||
|
|
Market Price | 14.30% | 5.38% | 2.28% | 7.59% | |||||||||||||
|
|
NAV | 22.81% | 7.88% | 11.99% | 11.35% | |||||||||||||
|
|
MSCI World Index | 21.34% | 11.47% | 13.14% | 9.08% | |||||||||||||
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
It is not possible to invest directly in an unmanaged index.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies. |
(2) |
Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (‘’ROC’’) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Fund Information as of June 30, 2026
(1)
Market Price |
$8.62 | |||
NAV |
$9.09 | |||
Premium/(Discount) to NAV |
(5.17)% | |||
Market Price Distribution Rate (2) |
9.61% | |||
NAV Distribution Rate (2) |
9.11% | |||
Total Effective Leverage (3) |
19.97% | |||
Investment Objective and Strategy Overview
PIMCO Global StocksPLUS & Income Fund’s investment objective is to seek total return comprised of current income, current gains and long-term capital appreciation.
®
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | Exposure to equity index derivatives linked to the MSCI EAFE Index contributed to performance, as the index posted positive total returns. |
| » | Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive total returns. |
| » | Exposure to emerging market debt contributed to performance, as the sector posted positive total returns. |
| » | Exposure to equity index derivatives linked to the S&P 500 Index contributed to performance, as the index posted positive total returns. |
| » | Long exposure to U.S. duration, particularly in the 3–10-year portion of the curve, detracted from performance, as U.S. Treasury yields rose. |
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage. |
| » | There were no other material detractors for this Fund. |
ANNUAL REPORT |
| | JUNE 30, 2026 | 7 |
PIMCO Strategic Income Fund, Inc.
Symbol on NYSE - RCS |
Cumulative Returns Through June 30, 2026
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2026
†
§
U.S. Government Agencies |
52.8% | |||
Corporate Bonds & Notes |
14.5% | |||
Non-Agency Mortgage-Backed Securities |
7.6% | |||
Loan Participations and Assignments |
7.2% | |||
Short-Term Instruments ‡ |
5.7% | |||
Sovereign Issues |
4.3% | |||
Asset-Backed Securities |
2.5% | |||
Common Stocks |
2.4% | |||
Preferred Securities |
1.6% | |||
Other |
1.4% | |||
† |
% of Investments, at value. |
§ |
Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
‡ |
Includes Central Funds Used for Cash Management Purposes. |
| Average Annual Total Return (1) for the period ended June 30, 2026 |
||||||||||||||||||
| 1 Year | 5 Year | 10 Year | Commencement of Operations (02/24/94) |
|||||||||||||||
|
|
Market Price |
(15.07)% |
3.33% |
4.08% |
7.71% |
|||||||||||||
|
|
NAV |
12.41% |
5.23% |
6.45% |
7.95% |
|||||||||||||
|
|
ICE BofA US High Yield Index |
5.75% |
4.13% |
5.70% |
6.70% ¨ |
|||||||||||||
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
¨
It is not possible to invest directly in an unmanaged index.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
The performance information shown for the Fund includes historical performance information for the periods prior to February 8, 2002, during which the Fund had a different investment manager. As of February 8, 2002, PIMCO became the Fund’s investment manager. The Fund’s performance prior to that time may have been different if the Fund were advised by PIMCO. |
Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies. |
(2) |
Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (‘’ROC’’) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Fund Information as of June 30, 2026
(1)
Market Price |
$5.45 | |||
NAV |
$4.60 | |||
Premium/(Discount) to NAV |
18.48% | |||
Market Price Distribution Rate (2) |
8.81% | |||
NAV Distribution Rate (2) |
10.43% | |||
Total Effective Leverage (3) |
32.36% | |||
Investment Objective and Strategy Overview
The Fund’s primary investment objective is to generate a level of income that is higher than that generated by high quality, intermediate-term U.S. debt securities. The Fund also seeks capital appreciation to the extent consistent with this objective.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | Exposure to emerging market debt contributed to performance, as the sector posted positive total returns. |
| » | Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive total returns. |
| » | Holdings related to emerging market special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive total returns. |
| » | Exposure to investment grade corporate credit contributed to performance, as the sector posted positive returns. |
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage. |
| » | Exposure to the Turkish lira detracted from performance, as the currency depreciated versus the U.S. dollar. |
| » | There were no other material detractors for this Fund. |
8 |
PIMCO CLOSED-END FUNDS |
PIMCO Access Income Fund
Symbol on NYSE - PAXS |
Cumulative Returns Through June 30, 2026
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2026
†§
Loan Participations and Assignments |
24.3% | |||
Asset-Backed Securities |
18.2% | |||
Corporate Bonds & Notes |
16.8% | |||
Non-Agency Mortgage-Backed Securities |
14.3% | |||
Short-Term Instruments ‡ |
9.5% | |||
Sovereign Issues |
6.2% | |||
U.S. Government Agencies |
4.2% | |||
Preferred Securities |
4.2% | |||
Common Stocks |
2.1% | |||
Other |
0.2% | |||
† |
% of Investments, at value. |
§ |
Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
‡ |
Includes Central Funds Used for Cash Management Purposes. |
| Average Annual Total Return (1) for the period ended June 30, 2026 |
||||||||||
| 1 Year | Commencement of Operations (01/31/22) |
|||||||||
|
|
Market Price |
8.36% |
4.80% |
|||||||
|
|
NAV |
8.72% |
4.96% |
|||||||
|
|
ICE BofA US High Yield Index |
5.75% |
4.98% |
|||||||
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
It is not possible to invest directly in an unmanaged index.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies. |
(2) |
Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (‘’ROC’’) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Fund Information as of June 30, 2026
(1)
Market Price |
$14.55 | |||
NAV |
$14.71 | |||
Premium/(Discount) to NAV |
(1.09)% | |||
Market Price Distribution Rate (2) |
12.32% | |||
NAV Distribution Rate (2) |
12.19% | |||
Total Effective Leverage (3) |
40.76% | |||
Investment Objective and Strategy Overview
PIMCO Access Income Fund’s investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | Exposure to emerging market debt contributed to performance, as the sector posted positive total returns. |
| » | Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive total returns. |
| » | Exposure to residential mortgage credit, primarily U.S. non-agency mortgage-backed securities, contributed to performance, as the sector posted positive total returns. |
| » | Exposure to the commercial real estate sector contributed to performance, as the sector posted positive total returns. |
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage. |
| » | Long exposure to U.S. duration, particularly in the 3-10-year portion of the curve, detracted from performance, as U.S. Treasury yields rose. |
| » | There were no other material detractors for this Fund. |
ANNUAL REPORT |
| | JUNE 30, 2026 | 9 |
Market and Net Asset Value Information |
The Fund’s common shares are listed on the NYSE under the trading or “ticker” symbol “PAXS”. The Fund’s common shares commenced trading on the NYSE in January 2022. The conduct of any offering and the issuance of additional common shares pursuant to any offering may have an adverse effect on prices in the secondary market for the Fund’s common shares by increasing the number of shares available, which may put downward pressure on the market price for the common shares. The NAV of the Fund’s common shares will be reduced immediately following an offering by the sales load, commissions and offering expenses paid or reimbursed by the Fund in connection with such offering. The completion of an offering may result in an immediate dilution of the NAV per common share for all existing common shareholders.
The following table sets forth, for each of the periods indicated, the high and low closing market prices of the Fund’s Common Shares on the NYSE, the high and low NAV per Common Share and the high and low premium/discount to NAV per Common Share. See Note 3, Investment Valuation and Fair Value Measurements in the Notes to Financial Statements for information as to how the Fund’s NAV is determined.
PIMCO Access income Fund |
Common share market price (1) |
Common share net asset value |
Premium (discount) as a % of net asset value |
|||||||||||||||||||||
Quarter |
High |
Low |
High |
Low |
High |
Low |
||||||||||||||||||
Quarter ended June 30, 2026 |
$ |
14.80 |
$ |
13.85 |
$ |
14.80 |
$ |
14.48 |
0.48% |
(4.61)% |
||||||||||||||
Quarter ended March 31, 2026 |
$ |
16.02 |
$ |
13.81 |
$ |
15.47 |
$ |
14.61 |
4.36% |
(5.73)% |
||||||||||||||
Quarter ended December 31, 2025 |
$ |
16.52 |
$ |
15.20 |
$ |
15.56 |
$ |
15.32 |
6.58% |
(1.43)% |
||||||||||||||
Quarter ended September 30, 2025 |
$ |
16.42 |
$ |
14.97 |
$ |
15.56 |
$ |
15.10 |
5.53% |
(1.12)% |
||||||||||||||
Quarter ended June 30, 2025 |
$ |
16.12 |
$ |
14.15 |
$ |
15.30 |
$ |
14.64 |
5.36% |
(5.10)% |
||||||||||||||
Quarter ended March 31, 2025 |
$ |
16.37 |
$ |
15.25 |
$ |
15.52 |
$ |
15.16 |
6.02% |
(0.52)% |
||||||||||||||
Quarter ended December 31, 2024 |
$ |
17.17 |
$ |
15.13 |
$ |
15.63 |
$ |
15.27 |
9.85% |
(1.43)% |
||||||||||||||
Quarter ended September 30, 2024 |
$ |
16.63 |
$ |
14.97 |
$ |
15.63 |
$ |
15.00 |
6.62% |
(1.06)% |
||||||||||||||
(1) |
Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions. |
10 |
PIMCO CLOSED-END FUNDS |
Summary of Fund Expenses
The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage in the form of reverse repurchase agreements averaged over the period ended June 30, 2026 in an amount equal to 38.56% of the Fund’s average total managed assets, including the assets attributable to such leverage (or 62.75% of the Fund’s average net assets attributable to Common Shares), and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentages above do not reflect the Fund’s use of other forms of economic leverage, such as credit default swaps or other derivative instruments. The table and example below are based on the Fund’s capital structure as of June 30, 2026. The extent of the Fund’s assets attributable to leverage following an offering, and the Fund’s associated expenses, are likely to vary (perhaps significantly) from these assumptions.
Shareholder Transaction Expenses
Sales load (as a percentage of offering price) (1) |
[ ]% | |||||||
Offering Expenses Borne by Common Shareholders (as a percentage of offering price) (2) |
[ ]% | |||||||
Dividend Reinvestment Plan Fees (3) |
[ ]% | |||||||
(1) |
In the event that the Common Shares to which this relates are sold to or through underwriters or dealer managers, a corresponding supplement will disclose the applicable sale load and/or commission. |
(2) |
The related supplement will disclose the estimated amount of offering expense, the offering price and the offering expenses borne by the Fund and indirectly by all of its Common Shareholders as a percentage of the offering price. |
(3) |
You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open market purchase pursuant to the Fund’s Dividend Reinvestment Plan. |
Annual Expenses
Percentage of Net Assets Attributable to Common Shares (reflecting leverage attributable to reverse repurchase agreements) |
||||||||
Management Fees (1) |
2.04% | |||||||
Interest Payments on Borrowed Funds (2) |
2.97% | |||||||
Other Expenses (3) |
0.02% | |||||||
Total Annual Expenses (4) |
5.03% |
|||||||
1. |
Management fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 1.25% of the Fund’s average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are reflected in the table above, that are not covered by the management fee under the investment management agreement. Please see Note 9, Fees and Expenses in the Notes to Financial Statements for an explanation of the unified management fee and definition of “total managed assets.” |
2. |
Reflects the Fund’s use of leverage in the form of reverse repurchase agreements averaged over the period ended June 30, 2026, which represented 38.56% of the Fund’s average total managed assets, including the assets attributable to leverage (or 62.75% of the Fund’s average net assets attributable to Common Shares), as of that date, at an annual interest rate cost to the Fund of 4.665%, which is the weighted average interest rate cost during the period ended June 30, 2026. See “Effects of Leverage.” The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of reverse repurchase agreements, dollar rolls/buybacks and/or borrowings and variations in market interest rates. Borrowing expense is required to be treated as an expense of the Fund for accounting purposes. Any associated income or gains (or losses) realized from leverage obtained through such instruments is not reflected in the Annual Expenses table above, but would be reflected in the Fund’s performance results. |
3. |
“Other Expenses” are estimated for the Fund’s fiscal year ending June 30, 2027. |
4. |
“Interest Payments on Borrowed Funds” are borne by the Fund separately from management fees paid to PIMCO. Excluding these expenses, Total Annual Expenses are 2.06%. |
Example
The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares of the Fund, assuming (1) that the Fund’s net assets do not increase or decrease, (2) that the Fund incurs total annual expenses of 5.03% of net assets attributable to Common Shares in years 1 through 10 (assuming assets attributable to reverse repurchase agreements representing 38.56% of the Fund’s total managed assets) and (3) a 5% annual return
(1)
: 1 Year |
3 Years |
5 Years |
10 Years |
|||||||||||||||||
Total Expenses Incurred |
$ | 50 | $ | 151 | $ | 251 | $ | 502 | ||||||||||||
(1) |
The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that the estimated Interest Payments on Borrowed Funds and Other Expenses set forth in the Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example. The example does not include commissions or estimated offering expenses, which would cause the expenses shown in the example to increase. In connection with an offering of Common Shares, the prospectus supplement will set forth an example including sales load and estimated offering costs. |
ANNUAL REPORT |
| | JUNE 30, 2026 | 11 |
PIMCO Dynamic Income Fund
Symbol on NYSE - PDI |
Cumulative Returns Through June 30, 2026
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2026
†
§
Non-Agency Mortgage-Backed Securities |
25.5% | |||
Loan Participations and Assignments |
23.5% | |||
Corporate Bonds & Notes |
17.0% | |||
Asset-Backed Securities |
10.0% | |||
Short-Term Instruments ‡ |
9.8% | |||
Sovereign Issues |
6.0% | |||
Preferred Securities |
3.6% | |||
Common Stocks |
2.9% | |||
Other |
1.7% | |||
† |
% of Investments, at value. |
§ |
Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
‡ |
Includes Central Funds Used for Cash Management Purposes. |
| Average Annual Total Return (1) for the period ended June 30, 2026 |
||||||||||||||||||
| 1 Year | 5 Year | 10 Year | Commencement of Operations (05/30/12) |
|||||||||||||||
|
|
Market Price |
2.58% |
3.83% |
8.21% |
10.57% |
|||||||||||||
|
|
NAV |
10.33% |
6.23% |
8.72% |
11.04% |
|||||||||||||
|
|
ICE BofA US High Yield Index |
5.75% |
4.13% |
5.70% |
5.75% |
|||||||||||||
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
It is not possible to invest directly in an unmanaged index.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies. |
(2) |
Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (‘‘ROC’’) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Fund Information as of June 30, 2026
(1)
Market Price |
$ |
|||
NAV |
$ |
|||
Premium/(Discount) to NAV |
||||
Market Price Distribution Rate (2) |
15.84% | |||
NAV Distribution Rate (2) |
16.61% | |||
Total Effective Leverage (3) |
37.35% | |||
Investment Objective and Strategy Overview
PIMCO Dynamic Income Fund’s primary investment objective is to seek current income, and capital appreciation is a secondary objective.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | Exposure to emerging market debt contributed to performance, as the sector posted positive total returns. |
| » | Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive total returns. |
| » | Exposure to residential mortgage credit, primarily U.S. non-agency mortgage-backed securities contributed to performance, as the sector posted positive total returns. |
| » | Exposure to the commercial real estate sector contributed to performance, as the sector posted positive total returns. |
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage. |
| » | Long exposure to U.S. duration, particularly in the 3-10-year portion of the curve, detracted from performance as U.S. Treasury yields rose. |
| » | There were no other material detractors for this Fund. |
12 |
PIMCO CLOSED-END FUNDS |
Market and Net Asset Value Information |
The Fund’s common shares are listed on the NYSE under the trading or “ticker” symbol “PDI”. The Fund’s common shares commenced trading on the NYSE in May 2012. The conduct of any offering and the issuance of additional common shares pursuant to any offering may have an adverse effect on prices in the secondary market for the Fund’s common shares by increasing the number of shares available, which may put downward pressure on the market price for the common shares. The NAV of the Fund’s common shares will be reduced immediately following an offering by the sales load, commissions and offering expenses paid or reimbursed by the Fund in connection with such offering. The completion of an offering may result in an immediate dilution of the NAV per common share for all existing common shareholders.
The following table sets forth, for each of the periods indicated, the high and low closing market prices of the Fund’s Common Shares on the NYSE, the high and low NAV per Common Share and the high and low premium/discount to NAV per Common Share. See Note 3, Investment Valuation and Fair Value Measurements in the Notes to Financial Statements for information as to how the Fund’s NAV is determined.
PIMCO Dynamic Income Fund |
Common share market price (1) |
Common share net asset value |
Premium (discount) as a % of net asset value |
|||||||||||||||||||||
Quarter |
High |
Low |
High |
Low |
High |
Low |
||||||||||||||||||
Quarter ended June 30, 2026 |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Quarter ended March 31, 2026 |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Quarter ended December 31, 2025 |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Quarter ended September 30, 2025 |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Quarter ended June 30, 2025 |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Quarter ended March 31, 2025 |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Quarter ended December 31, 2024 |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Quarter ended September 30, 2024 |
$ |
$ |
$ |
$ |
||||||||||||||||||||
(1) |
ANNUAL REPORT |
| | JUNE 30, 2026 | 13 |
Summary of Fund Expenses
Shareholder Transaction Expenses
Sales load ( (1) |
||||||||
Offering Expenses Borne by Common Shareholders ( (2) |
||||||||
Dividend Reinvestment Plan Fees (3) |
||||||||
(1) |
In the event that the Common Shares to which this relates are sold to or through underwriters or dealer managers, a corresponding supplement will disclose the applicable sale load and/or commission. |
(2) |
The related supplement will disclose the estimated amount of offering expense, the offering price and the offering expenses borne by the Fund and indirectly by all of its Common Shareholders as a percentage of the offering price. |
(3) |
You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open market purchase pursuant to the Fund’s Dividend Reinvestment Plan. |
Annual Expenses
Percentage of Net Assets Attributable to Common Shares (reflecting leverage attributable to reverse repurchase agreements) |
||||||||
Management Fees (1) |
||||||||
Interest Expenses on Borrowed Funds (2) |
||||||||
Other Expenses (3) |
||||||||
Total Annual Expenses (4) |
||||||||
1. |
Management fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 1.10% of the Fund’s average daily total managed assets. “Total managed assets” includes total assets of the Fund (including any assets attributable to any reverse repurchase agreements, dollar rolls, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls and borrowings). The Fund (and not PIMCO) will be responsible for certain fees and expenses which are, reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see |
Note 9, Fees and Expenses in the Notes to Financial Statements for an explanation of the unified management fee and definition of “total managed assets.” |
2. |
Reflects the Fund’s use of leverage in the form of reverse repurchase agreements averaged over the period ended June 30, 2026, which represented 31.92% of the Fund’s average total managed assets, including the assets attributable to leverage (or 46.89% of the Fund’s average net assets attributable to Common Shares), as of that date, at an annual interest rate cost to the Fund of 4.53%, which is the weighted average interest rate cost during the period ended June 30, 2026. See “Effects of Leverage.” The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of reverse repurchase agreements, dollar rolls and/or borrowings and variations in market interest rates. Borrowing expense is required to be treated as an expense of the Fund for accounting purposes. Any associated income or gains (or losses) realized from leverage obtained through such instruments is not reflected in the Annual Expenses table above, but would be reflected in the Fund’s performance results. |
3. |
4. |
“Interest Payments on Borrowed Funds” is borne by the Fund separately from the management fees paid to PIMCO. Excluding such expense, Total Annual Expenses are 1.63%. |
Example
The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares of the Fund, assuming (1) that the Fund’s net assets do not increase or decrease, (2) that the Fund incurs total annual expenses of 3.79% of net assets attributable to Common Shares in years 1 through 10 (assuming assets attributable to reverse repurchase agreements representing 31.92% of the Fund’s total managed assets) and (3) a 5% annual return
(1)
: 1 Year |
3 Years |
5 Years |
10 Years |
|||||||||||||||||
Expense Examples: |
$ | |
$ | |
$ | |
$ | |
||||||||||||
(1) |
The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that the estimated Interest Payments on Borrowed Funds and Other Expenses set forth in the Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example. The example does not include commissions or estimated offering expenses, which would cause the expenses shown in the example to increase. In connection with an offering of Common Shares, the prospectus supplement will set forth an example including sales load and estimated offering costs. |
14 |
PIMCO CLOSED-END FUNDS |
PIMCO Dynamic Income Opportunities Fund
Symbol on NYSE - PDO |
Cumulative Returns Through June 30, 2026
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2026
†
§
Loan Participations and Assignments |
22.6% | |||
Non-Agency Mortgage-Backed Securities |
19.8% | |||
Corporate Bonds & Notes |
19.6% | |||
Asset-Backed Securities |
12.3% | |||
Short-Term Instruments ‡ |
9.5% | |||
Sovereign Issues |
5.7% | |||
U.S. Government Agencies |
3.7% | |||
Common Stocks |
3.2% | |||
Preferred Securities |
3.0% | |||
Other |
0.6% | |||
† |
% of Investments, at value. |
§ |
Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
‡ |
Includes Central Funds Used for Cash Management Purposes. |
| Average Annual Total Return (1) for the period ended June 30, 2026 |
||||||||||||||
| 1 Year | 5 Year | Commencement of Operations (01/29/21) |
||||||||||||
|
|
Market Price |
10.15% |
1.61% |
4.42% |
||||||||||
|
|
NAV |
11.12% |
3.46% |
4.12% |
||||||||||
|
|
ICE BofA US High Yield Index |
5.75% |
4.13% |
4.43% |
||||||||||
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
It is not possible to invest directly in an unmanaged index.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies. |
(2) |
Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (‘‘ROC’’) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Fund Information as of June 30, 2026
(1)
Market Price |
$13.22 | |||
NAV |
$12.85 | |||
Premium/(Discount) to NAV |
2.88% | |||
Market Price Distribution Rate (2) |
11.61% | |||
NAV Distribution Rate (2) |
11.94% | |||
Total Effective Leverage (3) |
38.56% | |||
Investment Objective and Strategy Overview
PIMCO Dynamic Income Opportunities Fund’s investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | Exposure to emerging market debt contributed to performance, as the sector posted positive total returns. |
| » | Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive total returns. |
| » | Exposure to residential mortgage credit, primarily U.S. non-agency mortgage-backed securities contributed to performance, as the sector posted positive total returns. |
| » | Exposure to the commercial real estate sector contributed to performance, as the sector posted positive total returns. |
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage. |
| » | Long exposure to U.S. duration, particularly in the 3-10-year portion of the curve, detracted from performance, as U.S. Treasury yields rose. |
| » | There were no other material detractors for this Fund. |
ANNUAL REPORT |
| | JUNE 30, 2026 | 15 |
Market and Net Asset Value Information |
The Fund’s common shares are listed on the NYSE under the trading or “ticker” symbol “PDO”. The Fund’s common shares commenced trading on the NYSE in January 2021. The conduct of any offering and the issuance of additional common shares pursuant to any offering may have an adverse effect on prices in the secondary market for the Fund’s common shares by increasing the number of shares available, which may put downward pressure on the market price for the common shares. The NAV of the Fund’s common shares will be reduced immediately following an offering by the sales load, commissions and offering expenses paid or reimbursed by the Fund in connection with such offering. The completion of an offering may result in an immediate dilution of the NAV per common share for all existing common shareholders.
The following table sets forth, for each of the periods indicated, the high and low closing market prices of the Fund’s Common Shares on the NYSE, the high and low NAV per Common Share and the high and low premium/discount to NAV per Common Share. See Note 3, Investment Valuation and Fair Value Measurements in the Notes to Financial Statements for information as to how the Fund’s NAV is determined.
PIMCO Dynamic Income Opportunities Fund |
Common share market price (1) |
Common share net asset value |
Premium (discount) as a % of net asset value |
|||||||||||||||||||||
Quarter |
High |
Low |
High |
Low |
High |
Low |
||||||||||||||||||
Quarter ended June 30, 2026 |
$ |
13.44 |
$ |
12.65 |
$ |
12.92 |
$ |
12.62 |
4.27% |
(0.08 |
)% | |||||||||||||
Quarter ended March 31, 2026 |
$ |
14.16 |
$ |
12.44 |
$ |
13.47 |
$ |
12.74 |
7.06% |
(2.66 |
)% | |||||||||||||
Quarter ended December 31, 2025 |
$ |
14.22 |
$ |
13.56 |
$ |
13.44 |
$ |
13.22 |
6.52% |
2.03 |
% | |||||||||||||
Quarter ended September 30, 2025 |
$ |
14.12 |
$ |
13.32 |
$ |
13.31 |
$ |
12.89 |
6.25% |
2.52 |
% | |||||||||||||
Quarter ended June 30, 2025 |
$ |
13.88 |
$ |
12.24 |
$ |
13.02 |
$ |
12.48 |
6.69% |
(3.62 |
)% | |||||||||||||
Quarter ended March 31, 2025 |
$ |
14.08 |
$ |
13.33 |
$ |
13.21 |
$ |
12.90 |
6.77% |
3.25 |
% | |||||||||||||
Quarter ended December 31, 2024 |
$ |
14.37 |
$ |
13.12 |
$ |
13.35 |
$ |
12.97 |
8.05% |
1.00 |
% | |||||||||||||
Quarter ended September 30, 2024 |
$ |
14.12 |
$ |
13.15 |
$ |
13.32 |
$ |
12.65 |
6.19% |
2.26 |
% | |||||||||||||
(1) |
Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions. |
16 |
PIMCO CLOSED-END FUNDS |
Summary of Fund Expenses
The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage in the form of reverse repurchase agreements averaged over the period ended June 30, 2026 in an amount equal to 34.83% of the Fund’s average total managed assets, including the assets attributable to such leverage (or 53.44% of the Fund’s average net assets attributable to Common Shares), and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentages above do not reflect the Fund’s use of other forms of economic leverage, such as credit default swaps or other derivative instruments. The table and example below are based on the Fund’s capital structure as of June 30, 2026. The extent of the Fund’s assets attributable to leverage following an offering, and the Fund’s associated expenses, are likely to vary (perhaps significantly) from these assumptions.
Shareholder Transaction Expenses
Sales load (as a percentage of offering price) (1) |
[ ]% | |||||||
Offering Expenses Borne by Common Shareholders (as a percentage of offering price) (2) |
[ ]% | |||||||
Dividend Reinvestment Plan Fees (3) |
[ ]% | |||||||
(1) |
In the event that the Common Shares to which this relates are sold to or through underwriters or dealer managers, a corresponding supplement will disclose the applicable sale load and/or commission. |
(2) |
The related supplement will disclose the estimated amount of offering expense, the offering price and the offering expenses borne by the Fund and indirectly by all of its Common Shareholders as a percentage of the offering price. |
(3) |
You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open market purchase pursuant to the Fund’s Dividend Reinvestment Plan. |
Annual Expenses
Percentage of Net Assets Attributable to Common Shares (reflecting leverage attributable to reverse repurchase agreements) |
||||||||
Management Fees (1) |
1.77% | |||||||
Interest Payments on Borrowed Funds (2) |
2.52% | |||||||
Other Expenses (3) |
0.01% | |||||||
Total Annual Expenses (4) |
4.30% |
|||||||
1. |
Management fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 1.15% of the Fund’s average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses which are, reflected in the table above, that are not covered by the management fee under the investment management agreement. Please see Note 9, Fees and Expenses in the Notes to Financial Statements for an explanation of the management fee and definition of “total managed assets.” |
2. |
Reflects the Fund’s use of leverage in the form of reverse repurchase agreements averaged over the period ended June 30, 2026, which represented 34.83% of the Fund’s average total managed assets, including the assets attributable to leverage (or 53.44% of the Fund’s average net assets attributable to Common Shares), as of that date, at an annual interest rate cost to the Fund of 4.64%, which is the weighted average interest rate cost during the period ended June 30, 2026. See “Effects of Leverage.” The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of reverse repurchase agreements, dollar rolls/buybacks and/or borrowings and variations in market interest rates. Borrowing expense is required to be treated as an expense of the Fund for accounting purposes. Any associated income or gains (or losses) realized from leverage obtained through such instruments is not reflected in the Annual Expenses table above, but would be reflected in the Fund’s performance results. |
3. |
“Other Expenses” are estimated for the Fund’s fiscal year ending June 30, 2027. |
4. |
“Interest Payments on Borrowed Funds” are borne by the Fund separately from management fees paid to PIMCO. Excluding these expenses, Total Annual Expenses are 1.78%. |
Example
The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares of the Fund, assuming (1) that the Fund’s net assets do not increase or decrease, (2) that the Fund incurs total annual expenses of 4.30% of net assets attributable to Common Shares in years 1 through 10 (assuming assets attributable to reverse repurchase agreements representing 34.83% of the Fund’s total managed assets) and (3) a 5% annual return
(1)
: 1 Year |
3 Years |
5 Years |
10 Years |
|||||||||||||||||
Total Expenses Incurred |
$ | 43 | $ | 130 | $ | 219 | $ | 445 | ||||||||||||
(1) |
The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that the estimated Interest Payments on Borrowed Funds and Other Expenses set forth in the Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example. The example does not include commissions or estimated offering expenses, which would cause the expenses shown in the example to increase. In connection with an offering of Common Shares, the prospectus supplement will set forth an example including sales load and estimated offering costs. |
ANNUAL REPORT |
| | JUNE 30, 2026 | 17 |
PIMCO Dynamic Income Strategy Fund
Symbol on NYSE - PDX |
Cumulative Returns Through June 30, 2026
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2026
†
§
Corporate Bonds & Notes |
29.0% | |||
Asset-Backed Securities |
18.7% | |||
Loan Participations and Assignments |
13.7% | |||
Master Limited Partnerships |
13.6% | |||
Common Stocks |
8.9% | |||
Non-Agency Mortgage-Backed Securities |
6.5% | |||
Short-Term Instruments ‡ |
4.3% | |||
Preferred Securities |
2.9% | |||
U.S. Government Agencies |
2.0% | |||
Other |
0.4% | |||
† |
% of Investments, at value. |
§ |
Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
‡ |
Includes Central Funds Used for Cash Management Purposes. |
| Average Annual Total Return (1) for the period ended June 30, 2026 |
||||||||||||||
| 1 Year | 5 Year | Commencement of Operations (02/01/19) |
||||||||||||
|
|
Market Price |
4.31% |
21.12% |
10.82% |
||||||||||
|
|
NAV |
5.41% |
19.61% |
11.24% |
||||||||||
|
|
ICE BofA US High Yield Index |
5.75% |
4.13% |
5.36% |
||||||||||
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
It is not possible to invest directly in an unmanaged index.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
Performance of the Index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the Index be viewed as a “benchmark” for the Fund’s performance. The Index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Fund for a description of the Fund’s principal investment strategies. |
(2) |
Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (‘‘ROC’’) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Fund Information as of June 30, 2026
(1)
Market Price |
$ | 20.82 | ||
NAV |
$ | 23.13 | ||
Premium/(Discount) to NAV |
(9.99 | )% | ||
Market Price Distribution Rate (2) |
7.69 | % | ||
NAV Distribution Rate (2) |
6.92 | % | ||
Total Effective Leverage (3) |
22.26 | % | ||
Investment Objective and Strategy Overview
PIMCO Dynamic Income Strategy Fund investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | Exposure to residential mortgage credit, primarily U.S. non-agency mortgage-backed securities, contributed to performance, as the sector posted positive total returns. |
| » | Exposure to midstream energy equities through equity total return swaps contributed to performance, as the sector delivered positive total returns. |
| » | Exposure to emerging market debt contributed to performance, as the sector posted positive total returns. |
| » | Exposure to common equity detracted from performance, as shares of a privately held liquified natural gas-exporter posted negative returns. |
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage. |
| » | Security selection with commercial real estate credit detracted from performance, as select holdings delivered negative total returns. |
18 |
PIMCO CLOSED-END FUNDS |
Index Descriptions |
Index* |
Index Description | |
| MSCI World Index | The MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across all 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country. | |
| ICE BofA US High Yield Index | ICE BofA U.S. High Yield Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Qualifying bonds must have at least one year remaining term to maturity, a fixed coupon schedule and a minimum amount outstanding of USD 100 million. Bonds must be rated below investment grade based on a composite of Moody’s and S&P. | |
* |
It is not possible to invest directly in an unmanaged index. |
ANNUAL REPORT |
| | JUNE 30, 2026 | 19 |
Financial Highlights |
Investment Operations |
Less Distributions (c) |
|||||||||||||||||||||||||||||||
| Selected Per Share Data for the Year or Period Ended^: | Net Asset Value Beginning of Year or Period (a) |
Net Investment Income (Loss) (b) |
Net Realized/ Unrealized Gain (Loss) |
Total |
From Net Investment Income |
From Net Realized Capital Gains |
Tax Basis Return of Capital |
Total |
||||||||||||||||||||||||
PCM Fund, Inc. |
||||||||||||||||||||||||||||||||
06/30/2026 |
$ | 5.97 | $ | 0.63 | $ | (0.25 | ) | $ | 0.38 | $ | (0.62 | ) | $ | 0.00 | $ | (0.15 | ) | $ | (0.77 | ) | ||||||||||||
06/30/2025 |
6.26 | 0.70 | (0.12 | ) | 0.58 | (0.69 | ) | 0.00 | (0.18 | ) | (0.87 | ) | ||||||||||||||||||||
06/30/2024 |
6.74 | 0.59 | (0.11 | ) | 0.48 | (0.57 | ) | 0.00 | (0.39 | ) | (0.96 | ) | ||||||||||||||||||||
06/30/2023 |
7.69 | 0.82 | (0.81 | ) | 0.01 | (0.73 | ) | 0.00 | (0.23 | ) | (0.96 | ) | ||||||||||||||||||||
06/30/2022 |
9.52 | 0.79 | (1.66 | ) | (0.87 | ) | (0.93 | ) | 0.00 | (0.03 | ) | (0.96 | ) | |||||||||||||||||||
PIMCO Global StocksPLUS ® |
||||||||||||||||||||||||||||||||
06/30/2026 |
$ | 8.13 | $ | 0.79 | $ | 1.00 | $ | 1.79 | $ | (0.83 | ) | $ | 0.00 | $ | 0.00 | $ | (0.83 | ) | ||||||||||||||
06/30/2025 |
7.43 | 0.77 | 0.76 | 1.53 | (0.82 | ) | 0.00 | (0.01 | ) | (0.83 | ) | |||||||||||||||||||||
06/30/2024 |
7.29 | 0.62 | 0.35 | 0.97 | (0.67 | ) | 0.00 | (0.16 | ) | (0.83 | ) | |||||||||||||||||||||
06/30/2023 |
7.27 | 0.77 | 0.08 | 0.85 | (0.83 | ) | 0.00 | 0.00 | (0.83 | ) | ||||||||||||||||||||||
06/30/2022 |
10.44 | 0.87 | (3.21 | ) | (2.34 | ) | (0.83 | ) | 0.00 | 0.00 | (0.83 | ) | ||||||||||||||||||||
PIMCO Strategic Income Fund, Inc. |
||||||||||||||||||||||||||||||||
06/30/2026 |
$ | 4.54 | $ | 0.46 | $ | 0.08 | $ | 0.54 | $ | (0.48 | ) | $ | 0.00 | $ | 0.00 | $ | (0.48 | ) | ||||||||||||||
06/30/2025 |
4.39 | 0.48 | 0.22 | 0.70 | (0.54 | ) | 0.00 | (0.01 | ) | (0.55 | ) | |||||||||||||||||||||
06/30/2024 |
4.32 | 0.38 | 0.30 | 0.68 | (0.43 | ) | 0.00 | (0.18 | ) | (0.61 | ) | |||||||||||||||||||||
06/30/2023 |
4.68 | 0.39 | (0.14 | ) | 0.25 | (0.61 | ) | 0.00 | 0.00 | (0.61 | ) | |||||||||||||||||||||
06/30/2022 |
6.55 | 0.61 | (1.87 | ) | (1.26 | ) | (0.60 | ) | 0.00 | (0.01 | ) | (0.61 | ) | |||||||||||||||||||
PIMCO Access Income Fund (Consolidated) |
||||||||||||||||||||||||||||||||
06/30/2026 |
$ | 15.25 | $ | 1.60 | $ | (0.36 | ) | $ | 1.24 | $ | (1.61 | ) | $ | 0.00 | $ | (0.18 | ) | $ | (1.79 | ) | ||||||||||||
06/30/2025 |
15.02 | 1.59 | 0.42 | 2.01 | (1.66 | ) | 0.00 | (0.13 | ) | (1.79 | ) | |||||||||||||||||||||
06/30/2024 |
14.86 | 1.36 | 0.59 | 1.95 | (1.47 | ) | 0.00 | (0.32 | ) | (1.79 | ) | |||||||||||||||||||||
06/30/2023 |
17.20 | 1.81 | (1.90 | ) | (0.09 | ) | (2.25 | ) | 0.00 | 0.00 | (2.25 | ) | ||||||||||||||||||||
01/31/2022 - 06/30/2022 |
20.00 | 0.45 | (2.78 | ) | (2.33 | ) | (0.47 | ) | 0.00 | 0.00 | (0.47 | ) | ||||||||||||||||||||
PIMCO Dynamic Income Fund (Consolidated) |
||||||||||||||||||||||||||||||||
06/30/2026 |
$ | 16.93 | $ | 1.86 | $ | (0.46 | ) | $ | 1.40 | $ | (1.85 | ) | $ | 0.00 | $ | (0.80 | ) | $ | (2.65 | ) | ||||||||||||
06/30/2025 |
16.82 | 2.12 | 0.23 | 2.35 | (2.13 | ) | 0.00 | (0.52 | ) | (2.65 | ) | |||||||||||||||||||||
06/30/2024 |
17.27 | 1.77 | 0.19 | 1.96 | (1.37 | ) | 0.00 | (1.28 | ) | (2.65 | ) | |||||||||||||||||||||
06/30/2023 |
19.72 | 2.23 | (1.56 | ) | 0.67 | (3.30 | ) | 0.00 | 0.00 | (3.30 | ) | |||||||||||||||||||||
06/30/2022 |
25.23 | 2.84 | (5.77 | ) | (2.93 | ) | (2.65 | ) | 0.00 | 0.00 | (2.65 | ) | ||||||||||||||||||||
06/30/2021~ |
22.59 | 2.51 | 2.57 | 5.08 | (2.52 | ) | 0.00 | (0.13 | ) | (2.65 | ) | |||||||||||||||||||||
06/30/2020~ |
28.29 | 2.92 | (5.80 | ) | (2.88 | ) | (3.07 | ) | 0.00 | 0.00 | (3.07 | ) | ||||||||||||||||||||
06/30/2019~ |
28.98 | 2.73 | (0.37 | ) | 2.36 | (3.15 | ) | 0.00 | 0.00 | (3.15 | ) | |||||||||||||||||||||
06/30/2018~ |
28.32 | 2.95 | 0.18 | 3.13 | (2.65 | ) | 0.00 | 0.00 | (2.65 | ) | ||||||||||||||||||||||
06/30/2017~ |
26.56 | 2.60 | 3.18 | 5.78 | (4.10 | ) | 0.00 | 0.00 | (4.10 | ) | ||||||||||||||||||||||
PIMCO Dynamic Income Opportunities Fund (Consolidated) |
||||||||||||||||||||||||||||||||
06/30/2026 |
$ | 13.00 | $ | 1.31 | $ | 0.04 | $ | 1.35 | $ | (1.33 | ) | $ | 0.00 | $ | (0.20 | ) | $ | (1.53 | ) | |||||||||||||
06/30/2025 |
12.65 | 1.42 | 0.40 | 1.82 | (1.47 | ) | 0.00 | (0.06 | ) | (1.53 | ) | |||||||||||||||||||||
06/30/2024 |
12.69 | 1.31 | 0.17 | 1.48 | (1.08 | ) | 0.00 | (0.45 | ) | (1.53 | ) | |||||||||||||||||||||
06/30/2023 |
15.31 | 1.50 | (1.63 | ) | (0.13 | ) | (2.49 | ) | 0.00 | 0.00 | (2.49 | ) | ||||||||||||||||||||
06/30/2022 |
20.50 | 1.73 | (5.01 | ) | (3.28 | ) | (1.79 | ) | (0.12 | ) | 0.00 | (1.91 | ) | |||||||||||||||||||
01/29/2021 - 06/30/2021~ |
20.00 | 0.49 | 0.47 | 0.96 | (0.47 | ) | 0.00 | 0.00 | (0.47 | ) | ||||||||||||||||||||||
PIMCO Dynamic Income Strategy Fund (Consolidated) |
||||||||||||||||||||||||||||||||
06/30/2026 |
$ | 26.76 | $ | 1.35 | $ | (0.40 | ) | $ | 0.95 | $ | (1.60 | ) | $ | (2.97 | ) | $ | 0.00 | $ | (4.57 | ) | ||||||||||||
06/30/2025 |
24.93 | 1.40 | 2.28 | 3.68 | (1.48 | ) | (0.37 | ) | 0.00 | (1.85 | ) | |||||||||||||||||||||
06/30/2024 |
18.49 | 0.72 | 6.76 | 7.48 | (1.04 | ) | 0.00 | 0.00 | (1.04 | ) | ||||||||||||||||||||||
06/30/2023 |
15.24 | 0.39 | 3.74 | 4.13 | (0.66 | ) | 0.00 | (0.22 | ) | (0.88 | ) | |||||||||||||||||||||
06/30/2022 |
14.27 | 0.43 | 1.32 | 1.75 | (0.47 | ) | 0.00 | (0.31 | ) | (0.78 | ) | |||||||||||||||||||||
* |
Annualized, except for organizational expense, if any. |
^ |
A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%. |
~ |
Not covered by the Report of Independent Registered Public Accounting Firm. |
(a) |
Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the fund’s prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. |
(b) |
Per share amounts based on average number of shares outstanding during the year or period. |
(c) |
The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information. |
(d) |
Total investment return is calculated assuming a purchase of a share at the market price on the first day and a sale of a share at the market price on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under a Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares. |
(e) |
Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions. See Note 5, Borrowings and Other Financing Transactions, in the Notes to Financial Statements for more information. |
(f) |
Effective December 13, 2021, the Fund’s Investment advisory fee was decreased by 0.05% to an annual rate of 1.10%. |
20 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
Common Share |
Ratios/Supplemental Data |
|||||||||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||||||||||||||||||||||||
Increase resulting from Common Share offering |
Offering Cost Charged to Paid in Capital |
Net Asset Value End of Year or Period (a) |
Market Price End of Year or Period |
Total Investment Return (d) |
Net Assets Applicable to Common Shareholders End of Year or Period (000s) |
Expenses (e) |
Expenses Excluding Waivers (e) |
Expenses Excluding Interest Expense |
Expenses Excluding Interest Expense and Waivers |
Net Investment Income (Loss) |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||||||||||
| $ | N/A | $ | N/A | $ | 5.58 | $ | 5.58 | 0.44 | % | $ | 69,292 | 4.06 | % | 4.06 | % | 1.41 | % | 1.41 | % | 10.76 | % | 11 | % | |||||||||||||||||||||||
| N/A | N/A | 5.97 | 6.33 | (3.21 | ) | 73,084 | 4.76 | 4.76 | 1.43 | 1.43 | 11.41 | 14 | ||||||||||||||||||||||||||||||||||
| N/A | N/A | 6.26 | 7.42 | (12.97 | ) | 75,490 | 6.69 | 6.69 | 1.58 | 1.58 | 9.21 | 10 | ||||||||||||||||||||||||||||||||||
| N/A | N/A | 6.74 | 9.63 | 16.30 | 80,318 | 5.68 | 5.68 | 1.68 | 1.68 | 11.29 | 20 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 7.69 | 9.25 | (14.44 | ) | 90,639 | 2.30 | 2.30 | 1.63 | 1.63 | 8.71 | 65 | ||||||||||||||||||||||||||||||||||
| $ | N/A | $ | N/A | $ | 9.09 | $ | 8.62 | 14.30 | % | $ | 105,371 | 2.35 | % | 2.35 | % | 1.31 | % | 1.31 | % | 9.05 | % | 524 | % | |||||||||||||||||||||||
| N/A | N/A | 8.13 | 8.29 | 21.99 | 93,918 | 2.53 | 2.53 | 1.33 | 1.33 | 9.95 | 576 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 7.43 | 7.55 | 17.56 | 85,162 | 3.43 | 3.43 | 1.39 | 1.39 | 8.63 | 586 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 7.29 | 7.20 | 2.32 | 82,667 | 3.79 | 3.79 | 1.65 | 1.65 | 10.69 | 483 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 7.27 | 7.89 | (22.51 | ) | 81,353 | 2.09 | 2.09 | 1.76 | 1.76 | 8.96 | 373 | ||||||||||||||||||||||||||||||||||
| $ | N/A | $ | N/A | $ | 4.60 | $ | 5.45 | (15.07 | )% | $ | 217,839 | 2.73 | % | 2.73 | % | 0.97 | % | 0.97 | % | 9.96 | % | 786 | % | |||||||||||||||||||||||
| N/A | N/A | 4.54 | 6.96 | 21.79 | 212,131 | 3.49 | 3.49 | 0.96 | 0.96 | 10.78 | 948 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 4.39 | 6.21 | 33.49 | 202,598 | 5.12 | 5.12 | 0.98 | 0.98 | 8.83 | 819 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 4.32 | 5.20 | 14.43 | 196,497 | 3.87 | 3.87 | 0.97 | 0.97 | 8.73 | 639 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 4.68 | 5.13 | (25.44 | ) | 210,018 | 1.44 | 1.44 | 0.98 | 0.98 | 10.29 | 678 | ||||||||||||||||||||||||||||||||||
| $ | 0.01 | $ | N/A | $ | 14.71 | $ | 14.55 | 8.36 | % | $ | 693,544 | 5.03 | % | 5.03 | % | 2.06 | % | 2.06 | % | 10.55 | % | 32 | % | |||||||||||||||||||||||
| 0.01 | N/A | 15.25 | 15.11 | 7.30 | 694,861 | 5.85 | 5.85 | 2.09 | 2.09 | 10.43 | 24 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 15.02 | 15.81 | 21.00 | 662,635 | 7.11 | 7.11 | 2.19 | 2.19 | 9.26 | 17 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 14.86 | 14.75 | 7.53 | 653,891 | 5.92 | 5.92 | 2.24 | 2.24 | 11.10 | 28 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 17.20 | 15.83 | (18.72 | ) | 756,653 | 1.79 | * | 1.79 | * | 1.51 | * | 1.51 | * | 5.81 | * | 16 | |||||||||||||||||||||||||||||
| $ | 0.26 | $ | 0.00 | $ | 15.94 | $ | 16.70 | 2.58 | % | $ | 7,523,682 | 3.79 | % | 3.79 | % | 1.63 | % | 1.63 | % | 11.20 | % | 30 | % | |||||||||||||||||||||||
| 0.41 | 0.00 | 16.93 | 18.97 | 16.42 | 6,642,643 | 4.46 | 4.46 | 1.67 | 1.67 | 12.48 | 28 | |||||||||||||||||||||||||||||||||||
| 0.24 | 0.00 | 16.82 | 18.81 | 16.48 | 5,303,316 | 6.13 | 6.13 | 1.84 | 1.84 | 10.47 | 17 | |||||||||||||||||||||||||||||||||||
| 0.18 | 0.00 | 17.27 | 18.75 | 7.22 | 4,578,482 | 5.12 | 5.12 | 1.92 | 1.92 | 12.10 | 20 | |||||||||||||||||||||||||||||||||||
| 0.07 | 0.00 | 19.72 | 20.87 | (19.10 | ) | 4,466,886 | 2.64 | (f) |
2.64 | (f) |
2.00 | (f) |
2.00 | (f) |
12.28 | 27 | ||||||||||||||||||||||||||||||
| 0.21 | 0.00 | 25.23 | 28.81 | 29.29 | 1,781,435 | 2.78 | 2.78 | 2.04 | 2.04 | 10.36 | 38 | |||||||||||||||||||||||||||||||||||
| 0.25 | 0.00 | 22.59 | 24.72 | (14.18 | ) | 1,375,107 | 3.72 | 3.72 | 1.99 | 1.99 | 11.44 | 21 | ||||||||||||||||||||||||||||||||||
| 0.10 | (0.00 | ) | 28.29 | 32.15 | 12.03 | 1,603,368 | 3.96 | 3.96 | 1.89 | 1.89 | 9.70 | 12 | ||||||||||||||||||||||||||||||||||
| 0.18 | (0.00 | ) | 28.98 | 31.87 | 15.54 | 1,575,523 | 4.07 | 4.07 | 2.01 | 2.01 | 10.26 | 9 | ||||||||||||||||||||||||||||||||||
| 0.08 | 0.00 | 28.32 | 30.18 | 27.07 | 1,372,674 | 4.08 | 4.08 | 2.14 | 2.14 | 9.58 | 20 | |||||||||||||||||||||||||||||||||||
| $ | 0.04 | $ | 0.00 | $ | 12.86 | $ | 13.22 | 10.15 | % | $ | 1,862,222 | 4.30 | % | 4.30 | % | 1.78 | % | 1.78 | % | 9.99 | % | 32 | % | |||||||||||||||||||||||
| 0.06 | 0.00 | 13.00 | 13.48 | 13.97 | 1,713,149 | 5.22 | 5.22 | 1.84 | 1.84 | 10.91 | 22 | |||||||||||||||||||||||||||||||||||
| 0.01 | 0.00 | 12.65 | 13.29 | 15.12 | 1,465,670 | 6.63 | 6.63 | 1.97 | 1.97 | 10.68 | 25 | |||||||||||||||||||||||||||||||||||
| 0.00 | 0.00 | 12.69 | 13.06 | 13.17 | 1,406,536 | 5.75 | 5.75 | 2.11 | 2.11 | 10.67 | 17 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 15.31 | 13.85 | (33.77 | ) | 1,684,507 | 2.79 | 2.79 | 2.12 | 2.12 | 9.11 | 47 | ||||||||||||||||||||||||||||||||||
| 0.01 | N/A | 20.50 | 23.18 | 16.70 | 2,227,301 | 2.10 | * | 2.10 | * | 1.78 | * | 1.78 | * | 5.93 | * | 49 | ||||||||||||||||||||||||||||||
| $ | N/A | $ | N/A | $ | 23.14 | $ | 20.82 | 4.31 | % | $ | 1,034,641 | 3.01 | % | 3.01 | % | 1.63 | % | 1.63 | % | 5.57 | % | 47 | % | |||||||||||||||||||||||
| N/A | N/A | 26.76 | 24.65 | 18.92 | 1,196,516 | 3.29 | 3.29 | 1.65 | * | 1.65 | 5.34 | 53 | ||||||||||||||||||||||||||||||||||
| N/A | N/A | 24.93 | 22.28 | 48.61 | 1,114,645 | 2.31 | 2.32 | 1.45 | 1.46 | 3.25 | 113 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 18.49 | 15.76 | 29.99 | 826,517 | 2.66 | 2.68 | 1.65 | 1.67 | 2.16 | 50 | |||||||||||||||||||||||||||||||||||
| N/A | N/A | 15.24 | 12.84 | 8.76 | 681,193 | 1.76 | 1.79 | 1.68 | 1.71 | 2.71 | 77 | |||||||||||||||||||||||||||||||||||
ANNUAL REPORT |
| | JUNE 30, 2026 | 21 |
Statements of Assets and Liabilities |
June 30, 2026 |
(Amounts in thousands † |
PCM Fund, Inc. |
PIMCO Global StocksPLUS ® Income Fund |
PIMCO Strategic Income Fund, Inc. |
|||||||||
Assets: |
||||||||||||
Investments, at value |
||||||||||||
Investments in securities |
$ | 98,036 | $ | 143,082 | $ | 495,760 | ||||||
Investments in Affiliates |
3,333 | 12,922 | 24,994 | |||||||||
Financial Derivative Instruments |
||||||||||||
Exchange-traded or centrally cleared |
128 | 625 | 822 | |||||||||
Over the counter |
0 | 625 | 1,008 | |||||||||
Cash |
0 | 502 | 607 | |||||||||
Deposits with counterparty |
1,617 | 4,561 | 5,900 | |||||||||
Foreign currency, at value |
0 | 431 | 1,069 | |||||||||
Receivable for investments sold |
176 | 3,282 | 8,667 | |||||||||
Receivable for investments sold on a delayed-delivery basis |
0 | 500 | 834 | |||||||||
Receivable for TBA investments sold |
0 | 27,610 | 237,678 | |||||||||
Interest and/or dividends receivable |
786 | 1,315 | 2,806 | |||||||||
Dividends receivable from Affiliates |
20 | 27 | 60 | |||||||||
Other assets |
11 | 0 | 0 | |||||||||
Total Assets |
104,107 | 195,482 | 780,205 | |||||||||
Liabilities: |
||||||||||||
Borrowings & Other Financing Transactions |
||||||||||||
Payable for reverse repurchase agreements |
$ | 32,945 | $ | 20,278 | $ | 84,232 | ||||||
Payable for sale-buyback transactions |
0 | 0 | 197 | |||||||||
Payable for short sales |
0 | 845 | 5,063 | |||||||||
Financial Derivative Instruments |
||||||||||||
Exchange-traded or centrally cleared |
98 | 591 | 546 | |||||||||
Over the counter |
112 | 1,001 | 1,576 | |||||||||
Payable for investments purchased |
650 | 1,167 | 1,223 | |||||||||
Payable for investments in Affiliates purchased |
20 | 29 | 63 | |||||||||
Payable for investments purchased on a delayed-delivery basis |
0 | 309 | 1,251 | |||||||||
Payable for TBA investments purchased |
0 | 64,153 | 464,749 | |||||||||
Payable for unfunded loan commitments |
91 | 240 | 129 | |||||||||
Deposits from counterparty |
20 | 544 | 1,190 | |||||||||
Distributions payable to common shareholders |
797 | 800 | 1,894 | |||||||||
Overdraft due to custodian |
3 | 0 | 0 | |||||||||
Accrued management fees |
79 | 113 | 170 | |||||||||
Accrued taxes payable |
0 | 12 | 30 | |||||||||
Foreign capital gains tax payable |
0 | 28 | 51 | |||||||||
Other liabilities |
0 | 1 | 2 | |||||||||
Total Liabilities |
34,815 | 90,111 | 562,366 | |||||||||
Commitments and Contingent Liabilities^ |
||||||||||||
Net Assets Applicable to Common Shareholders |
$ | 69,292 | $ | 105,371 | $ | 217,839 | ||||||
Net Assets Applicable to Common Shareholders Consist of: |
||||||||||||
Par value ^^ |
$ | 12 | $ | 0 | $ | 0 | ||||||
Paid in capital in excess of par |
105,553 | 135,730 | 346,453 | |||||||||
Distributable earnings (accumulated loss) |
(36,273 | ) | (30,359 | ) | (128,614 | ) | ||||||
Net Assets Applicable to Common Shareholders |
$ | 69,292 | $ | 105,371 | $ | 217,839 | ||||||
Common Shares Outstanding |
12,413 | 11,592 | 47,346 | |||||||||
Net Asset Value Per Common Share (a) |
$ | 5.58 | $ | 9.09 | $ | 4.60 | ||||||
Cost of investments in securities |
$ | 123,195 | $ | 162,290 | $ | 547,282 | ||||||
Cost of investments in Affiliates |
$ | 3,332 | $ | 12,920 | $ | 24,991 | ||||||
Cost of foreign currency held |
$ | 0 | $ | 428 | $ | 1,076 | ||||||
Proceeds received on short sales |
$ | 0 | $ | 840 | $ | 5,038 | ||||||
Cost or premiums of financial derivative instruments, net |
$ | 708 | $ | (564 | ) | $ | 7,120 | |||||
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information. |
^^ |
($0.001 per share), ($0.00001 per share), ($0.00001 per share). |
(a) |
Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. |
22 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
Consolidated Statements of Assets and Liabilities |
June 30, 2026 |
(Amounts in thousands † |
PIMCO Access Income Fund |
PIMCO Dynamic Income Fund |
PIMCO Dynamic Income Opportunities Fund |
PIMCO Dynamic Income Strategy Fund |
||||||||||||
Assets: |
||||||||||||||||
Investments, at value |
||||||||||||||||
Investments in securities* |
$ | 1,023,003 | $ | 10,286,143 | $ | 2,652,218 | $ | 1,355,225 | ||||||||
Investments in Affiliates |
86,198 | 1,030,743 | 204,582 | 28,905 | ||||||||||||
Financial Derivative Instruments |
||||||||||||||||
Exchange-traded or centrally cleared |
929 | 7,486 | 2,401 | 101 | ||||||||||||
Over the counter |
4,627 | 37,131 | 8,339 | 7,769 | ||||||||||||
Cash |
575 | 14,700 | 472 | 60 | ||||||||||||
Deposits with counterparty |
25,775 | 306,278 | 70,303 | 7,943 | ||||||||||||
Foreign currency, at value |
2,113 | 15,513 | 13,393 | 5,538 | ||||||||||||
Receivable for investments sold |
22,419 | 226,443 | 56,202 | 9,871 | ||||||||||||
Receivable for investments sold on a delayed-delivery basis |
2,960 | 29,604 | 7,731 | 0 | ||||||||||||
Receivable for Fund shares sold |
0 | 6,143 | 286 | 0 | ||||||||||||
Interest and/or dividends receivable |
11,558 | 130,291 | 33,835 | 9,595 | ||||||||||||
Dividends receivable from Affiliates |
216 | 2,594 | 555 | 219 | ||||||||||||
Other assets |
358 | 2,829 | 825 | 24 | ||||||||||||
Total Assets |
1,180,731 | 12,095,898 | 3,051,142 | 1,425,250 | ||||||||||||
Liabilities: |
||||||||||||||||
Borrowings & Other Financing Transactions |
||||||||||||||||
Payable for reverse repurchase agreements |
$ | 427,597 | $ | 3,935,922 | $ | 1,042,415 | $ | 296,174 | ||||||||
Payable for short sales |
0 | 0 | 0 | 20,262 | ||||||||||||
Financial Derivative Instruments |
||||||||||||||||
Exchange-traded or centrally cleared |
1,176 | 15,450 | 3,812 | 316 | ||||||||||||
Over the counter |
5,563 | 62,992 | 16,106 | 806 | ||||||||||||
Payable for investments purchased |
20,076 | 252,770 | 50,746 | 35,210 | ||||||||||||
Payable for investments in Affiliates purchased |
229 | 2,697 | 587 | 209 | ||||||||||||
Payable for investments purchased on a delayed-delivery basis |
13,988 | 127,102 | 32,110 | 17,612 | ||||||||||||
Payable for unfunded loan commitments |
5,754 | 35,702 | 10,985 | 4,785 | ||||||||||||
Deposits from counterparty |
4,350 | 22,900 | 10,007 | 7,891 | ||||||||||||
Distributions payable to common shareholders |
7,045 | 103,628 | 18,521 | 5,964 | ||||||||||||
Accrued management fees |
1,162 | 10,414 | 2,771 | 1,380 | ||||||||||||
Accrued taxes payable |
90 | 799 | 241 | 0 | ||||||||||||
Foreign capital gains tax payable |
148 | 1,560 | 584 | 0 | ||||||||||||
Other liabilities |
9 | 280 | 35 | 0 | ||||||||||||
Total Liabilities |
487,187 | 4,572,216 | 1,188,920 | 390,609 | ||||||||||||
Commitments and Contingent Liabilities^ |
||||||||||||||||
Net Assets Applicable to Common Shareholders |
$ | 693,544 | $ | 7,523,682 | $ | 1,862,222 | $ | 1,034,641 | ||||||||
Net Assets Applicable to Common Shareholders Consist of: |
||||||||||||||||
Par value ^^ |
$ | 0 | $ | 5 | $ | 1 | $ | 0 | ||||||||
Paid in capital in excess of par |
901,487 | 9,806,924 | 2,583,403 | 781,434 | ||||||||||||
Distributable earnings (accumulated loss) |
(207,943 | ) | (2,283,247 | ) | (721,182 | ) | 253,207 | |||||||||
Net Assets Applicable to Common Shareholders |
$ | 693,544 | $ | 7,523,682 | $ | 1,862,222 | $ | 1,034,641 | ||||||||
| 47,152 | 144,831 | 44,707 | ||||||||||||||
Net Asset Value Per Common Share (a) |
$ | 14.71 | $ | 15.94 | $ | 12.86 | $ | 23.14 | ||||||||
Cost of investments in securities |
$ | 1,157,072 | $ | 11,398,635 | $ | 2,963,112 | $ | 1,245,815 | ||||||||
Cost of investments in Affiliates |
$ | 85,610 | $ | 1,034,859 | $ | 203,251 | $ | 28,857 | ||||||||
Cost of foreign currency held |
$ | 2,106 | $ | 15,619 | $ | 13,373 | $ | 5,541 | ||||||||
Proceeds received on short sales |
$ | 0 | $ | 0 | $ | 0 | $ | 20,063 | ||||||||
Cost or premiums of financial derivative instruments, net |
$ | 9,502 | $ | (10,507 | ) | $ | 16,849 | $ | 75 | |||||||
* Includes repurchase agreements of: |
$ | 0 | $ | 0 | $ | 0 | $ | 20,363 | ||||||||
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information. |
^^ |
($0.00001 per share). |
(a) |
Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. |
ANNUAL REPORT |
| | JUNE 30, 2026 | 23 |
Statements of Operations |
Year Ended June 30, 2026 |
||||||||||||
(Amounts in thousands † |
PCM Fund, Inc. |
PIMCO Global StocksPLUS ® Income Fund |
PIMCO Strategic Income Fund, Inc. |
|||||||||
Investment Income: |
||||||||||||
Interest, net of foreign taxes* |
$ | 10,236 | $ | 10,666 | $ | 26,149 | ||||||
Dividends, net of foreign taxes** |
134 | 391 | 555 | |||||||||
Dividends from Investments in Affiliates |
196 | 344 | 604 | |||||||||
Miscellaneous income |
90 | 120 | 272 | |||||||||
Total Income |
10,656 | 11,521 | 27,580 | |||||||||
Expenses: |
||||||||||||
Management fees |
998 | 1,316 | 2,075 | |||||||||
Trustee fees and related expenses |
7 | 9 | 21 | |||||||||
Interest expense |
1,907 | 1,051 | 3,824 | |||||||||
Miscellaneous expense |
5 | 6 | 13 | |||||||||
Total Expenses |
2,917 | 2,382 | 5,933 | |||||||||
Net Investment Income (Loss) |
7,739 | 9,139 | 21,647 | |||||||||
Net Realized Gain (Loss): |
||||||||||||
Investments in securities |
(974 | ) | (1,986 | ) | (4,716 | ) | ||||||
Investments in Affiliates |
6 | 8 | 5 | |||||||||
Exchange-traded or centrally cleared financial derivative instruments |
53 | 3,230 | 1,479 | |||||||||
Over the counter financial derivative instruments |
85 | 14,059 | (24 | ) | ||||||||
Foreign currency |
1 | (2 | ) | (286 | ) | |||||||
Net Realized Gain (Loss) |
(829 | ) | 15,309 | (3,542 | ) | |||||||
Net Change in Unrealized Appreciation (Depreciation): |
||||||||||||
Investments in securities, net of foreign capital gains tax*** |
(1,914 | ) | 2,748 | 5,438 | ||||||||
Investments in Affiliates |
(5 | ) | (6 | ) | 1 | |||||||
Exchange-traded or centrally cleared financial derivative instruments |
(302 | ) | (907 | ) | (823 | ) | ||||||
Over the counter financial derivative instruments |
(19 | ) | (5,622 | ) | 1,436 | |||||||
Foreign currency assets and liabilities |
(1 | ) | 37 | 428 | ||||||||
Net Change in Unrealized Appreciation (Depreciation) |
(2,241 | ) | (3,750 | ) | 6,480 | |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 4,669 | $ | 20,698 | $ | 24,585 | ||||||
* Foreign tax withholdings |
$ | 0 | $ | 63 | $ | 127 | ||||||
** Foreign tax withholdings — Dividends |
$ | 0 | $ | 19 | $ | 49 | ||||||
*** Foreign capital gains tax |
$ | 0 | $ | (12 | ) | $ | (30 | ) | ||||
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
24 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
Consolidated Statements of Operations |
Year Ended June 30, 2026 |
||||||||||||||||
(Amounts in thousands † |
PIMCO Access Income Fund |
PIMCO Dynamic Income Fund |
PIMCO Dynamic Income Opportunities Fund |
PIMCO Dynamic Income Strategy Fund |
||||||||||||
Investment Income: |
||||||||||||||||
Interest, net of foreign taxes* |
$ | 101,703 | $ | 1,012,175 | $ | 240,382 | $ | 74,338 | ||||||||
Dividends, net of foreign taxes** |
4,491 | 28,877 | 9,960 | 14,762 | ||||||||||||
Dividends from Investments in Affiliates |
2,513 | 29,858 | 7,036 | 3,645 | ||||||||||||
Miscellaneous income |
1,027 | 15,827 | 3,173 | 23 | ||||||||||||
Total Income |
109,734 | 1,086,737 | 260,551 | 92,768 | ||||||||||||
Expenses: |
||||||||||||||||
Management fees |
14,375 | 117,416 | 32,218 | 17,480 | ||||||||||||
Trustee fees and related expenses |
68 | 643 | 168 | 115 | ||||||||||||
Interest expense |
20,902 | 156,748 | 45,883 | 14,935 | ||||||||||||
Miscellaneous expense |
39 | 376 | 64 | 23 | ||||||||||||
Total Expenses |
35,384 | 275,183 | 78,333 | 32,553 | ||||||||||||
Waiver and/or Reimbursement by PIMCO |
0 | 0 | 0 | (51 | ) | |||||||||||
Net Expenses |
35,384 | 275,183 | 78,333 | 32,502 | ||||||||||||
Net Investment Income (Loss) |
74,350 | 811,554 | 182,218 | 60,266 | ||||||||||||
Net Realized Gain (Loss): |
||||||||||||||||
Investments in securities |
(1,534 | ) | (53,454 | ) | (16,757 | ) | 119,075 | |||||||||
Investments in Affiliates |
30 | (4,436 | ) | 41 | 38 | |||||||||||
Exchange-traded or centrally cleared financial derivative instruments |
(1,345 | ) | (13,338 | ) | (2,494 | ) | 1,762 | |||||||||
Over the counter financial derivative instruments |
(341 | ) | (3,469 | ) | 8,557 | 9,723 | ||||||||||
Foreign currency |
(783 | ) | 2,203 | (4,665 | ) | 197 | ||||||||||
Net Realized Gain (Loss) |
(3,973 | ) | (72,494 | ) | (15,318 | ) | 130,795 | |||||||||
Net Change in Unrealized Appreciation (Depreciation): |
||||||||||||||||
Investments in securities, net of foreign capital gains tax*** |
(17,446 | ) | (166,352 | ) | 23,383 | 58,883 | ||||||||||
Investments in Affiliates |
704 | 24,353 | 1,591 | (222,240 | ) | |||||||||||
Exchange-traded or centrally cleared financial derivative instruments |
(5,421 | ) | (80,496 | ) | (19,749 | ) | 3,394 | |||||||||
Over the counter financial derivative instruments |
6,933 | 50,057 | 9,313 | 11,237 | ||||||||||||
Foreign currency assets and liabilities |
1,984 | 19,344 | 2,953 | 137 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) |
(13,246 | ) | (153,094 | ) | 17,491 | (148,589 | ) | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 57,131 | $ | 585,966 | $ | 184,391 | $ | 42,472 | ||||||||
* Foreign tax withholdings - Interest |
$ | 240 | $ | 3,336 | $ | 1,532 | $ | 8 | ||||||||
** Foreign tax withholdings - Dividends |
$ | 161 | $ | 923 | $ | 342 | $ | 551 | ||||||||
*** Foreign capital gains tax |
$ | (90 | ) | $ | (799 | ) | $ | (241 | ) | $ | 0 | |||||
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
ANNUAL REPORT |
| | JUNE 30, 2026 | 25 |
Statements of Changes in Net Assets |
PCM Fund, Inc. |
PIMCO Global StocksPLUS ® & Income Fund |
|||||||||||||||
(Amounts in thousands † |
Year Ended June 30, 2026 |
Year Ended June 30, 2025 |
Year Ended June 30, 2026 |
Year Ended June 30, 2025 |
||||||||||||
Increase (Decrease) in Net Assets from: |
||||||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 7,739 | $ | 8,568 | $ | 9,139 | $ | 8,910 | ||||||||
Net realized gain (loss) |
(829 | ) | 1,328 | 15,309 | 3,779 | |||||||||||
Net change in unrealized appreciation (depreciation) |
(2,241 | ) | (2,972 | ) | (3,750 | ) | 4,891 | |||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations |
4,669 | 6,924 | 20,698 | 17,580 | ||||||||||||
Distributions to Common Shareholders: |
||||||||||||||||
From net investment income and/or net realized capital gains |
(7,596 | ) | (8,280 | ) | (9,584 | ) | (9,383 | ) | ||||||||
Tax basis return of capital |
(1,908 | ) | (2,238 | ) | 0 | (155 | ) | |||||||||
Total Distributions to Common Shareholders (a) |
(9,504 | ) | (10,518 | ) | (9,584 | ) | (9,538 | ) | ||||||||
Common Share Transactions*: |
||||||||||||||||
Issued as reinvestment of distributions |
1,043 | 1,188 | 339 | 714 | ||||||||||||
Net increase (decrease) resulting from common share transactions |
1,043 | 1,188 | 339 | 714 | ||||||||||||
Total increase (decrease) in net assets applicable to common shareholders |
(3,792 | ) | (2,406 | ) | 11,453 | 8,756 | ||||||||||
Net Assets Applicable to Common Shareholders: |
||||||||||||||||
Beginning of year |
73,084 | 75,490 | 93,918 | 85,162 | ||||||||||||
End of year |
$ | 69,292 | $ | 73,084 | $ | 105,371 | $ | 93,918 | ||||||||
*Common Share Transactions: |
||||||||||||||||
Shares issued as reinvestment of distributions |
177 | 171 | 39 | 93 | ||||||||||||
Net increase (decrease) in common shares outstanding |
177 | 171 | 39 | 93 | ||||||||||||
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information. |
26 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
PIMCO Strategic Income Fund, Inc. |
||||||
Year Ended June 30, 2026 |
Year Ended June 30, 2025 |
|||||
| $ | 21,647 | $ | 22,344 | |||
| (3,542 | ) | 11,537 | ||||
| 6,480 | (2,532 | ) | ||||
24,585 |
31,349 | |||||
| (22,576 | ) | (25,038 | ) | |||
| 0 | (332 | ) | ||||
| (22,576 | ) | (25,370 | ) | |||
| 3,699 | 3,554 | |||||
| 3,699 | 3,554 | |||||
| 5,708 | 9,533 | |||||
| 212,131 | 202,598 | |||||
| $ | 217,839 | $ | 212,131 | |||
| 620 | 548 | |||||
| 620 | 548 | |||||
ANNUAL REPORT |
| | JUNE 30, 2026 | 27 |
Consolidated Statements of Changes in Net Assets |
PIMCO Access Income Fund |
PIMCO Dynamic Income Fund |
|||||||||||||||
(Amounts in thousands † |
Year Ended June 30, 2026 |
Year Ended June 30, 2025 |
Year Ended June 30, 2026 |
Year Ended June 30, 2025 |
||||||||||||
Increase (Decrease) in Net Assets from: |
||||||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 74,350 | $ | 71,268 | $ | 811,554 | $ | 753,724 | ||||||||
Net realized gain (loss) |
(3,973 | ) | 20,196 | (72,494 | ) | (5,919 | ) | |||||||||
Net change in unrealized appreciation (depreciation) |
(13,246 | ) | (2,208 | ) | (153,094 | ) | 58,307 | |||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations |
57,131 | 89,256 | 585,966 | 806,112 | ||||||||||||
Distributions to Common Shareholders: |
||||||||||||||||
From net investment income and/or net realized capital gains |
(75,230 | ) | (74,206 | ) | (805,148 | ) | (753,252 | ) | ||||||||
Tax basis return of capital |
(8,220 | ) | (5,940 | ) | (350,757 | ) | (185,588 | ) | ||||||||
Total Distributions to Common Shareholders (a) |
(83,450 | ) | (80,146 | ) | (1,155,905 | ) | (938,840 | ) | ||||||||
Common Share Transactions*: |
||||||||||||||||
Receipts for shares sold |
19,934 | 17,340 | 1,289,726 | 1,354,690 | ||||||||||||
Issued as reinvestment of distributions |
5,068 | 5,776 | 161,252 | 117,365 | ||||||||||||
Net increase (decrease) resulting from common share transactions |
25,002 | 23,116 | 1,450,978 | 1,472,055 | ||||||||||||
Total increase (decrease) in net assets applicable to common shareholders |
(1,317 | ) | 32,226 | 881,039 | 1,339,327 | |||||||||||
Net Assets Applicable to Common Shareholders: |
||||||||||||||||
Beginning of period |
694,861 | 662,635 | 6,642,643 | 5,303,316 | ||||||||||||
End of period |
$ | 693,544 | $ | 694,861 | $ | 7,523,682 | $ | 6,642,643 | ||||||||
*Common Share Transactions: |
||||||||||||||||
Shares sold |
1,251 | 1,089 | 70,336 | 70,783 | ||||||||||||
Shares issued as reinvestment of distributions |
332 | 374 | 9,299 | 6,410 | ||||||||||||
Net increase (decrease) in common shares outstanding |
1,583 | 1,463 | 79,635 | 77,193 | ||||||||||||
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information. |
28 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
PIMCO Dynamic Income Opportunities Fund |
PIMCO Dynamic Income Strategy Fund |
|||||||||||||
Year Ended June 30, 2026 |
Year Ended June 30, 2025 |
Year Ended June 30, 2026 |
Year Ended June 30, 2025 |
|||||||||||
| $ | 182,218 | $ | 176,571 | $ | 60,266 | $ | 62,490 | |||||||
| (15,318 | ) | (60,440 | ) | 130,795 | 139,803 | |||||||||
| 17,491 | 106,607 | (148,589 | ) | (37,705 | ) | |||||||||
| 184,391 | 222,738 | 42,472 | 164,588 | |||||||||||
| (186,348 | ) | (184,112 | ) | (204,347 | ) | (82,717 | ) | |||||||
| (27,316 | ) | (6,947 | ) | 0 | 0 | |||||||||
| (213,664 | ) | (191,059 | ) | (204,347 | ) | (82,717 | ) | |||||||
| 150,729 | 190,692 | 0 | 0 | |||||||||||
| 27,617 | 25,108 | 0 | 0 | |||||||||||
| 178,346 | 215,800 | 0 | 0 | |||||||||||
| 149,073 | 247,479 | (161,875 | ) | 81,871 | ||||||||||
| 1,713,149 | 1,465,670 | 1,196,516 | 1,114,645 | |||||||||||
| $ | 1,862,222 | $ | 1,713,149 | $ | 1,034,641 | $ | 1,196,516 | |||||||
| 10,966 | 14,025 | 0 | 0 | |||||||||||
| 2,098 | 1,920 | 0 | 0 | |||||||||||
| 13,064 | 15,945 | 0 | 0 | |||||||||||
ANNUAL REPORT |
| | JUNE 30, 2026 | 29 |
Statements of Cash Flows |
Year Ended June 30, 2026 |
||||||||||||
(Amounts in thousands † |
PCM Fund, Inc. |
PIMCO Global StocksPLUS ® Income Fund |
PIMCO Strategic Income Fund, Inc. |
|||||||||
Cash Flows Provided by (Used for) Operating Activities: |
||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 4,669 | $ | 20,698 | $ | 24,585 | ||||||
Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities: |
||||||||||||
Purchases of long-term securities |
(19,100 | ) | (761,393 | ) | (4,568,949 | ) | ||||||
Proceeds from sales of long-term securities |
21,352 | 765,572 | 4,668,169 | |||||||||
(Purchases) Proceeds from sales of short-term portfolio investments, net |
3,834 | (6,486 | ) | (16,138 | ) | |||||||
(Increase) decrease in deposits with counterparty |
(194 | ) | (1,169 | ) | 293 | |||||||
(Increase) decrease in receivable for investments sold |
36 | 17,718 | 170,793 | |||||||||
(Increase) decrease in interest and/or dividends receivable |
(10 | ) | (56 | ) | 242 | |||||||
(Increase) decrease in dividends receivable from Affiliates |
3 | 9 | (12 | ) | ||||||||
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments |
(324 | ) | 1,059 | 86 | ||||||||
Proceeds from (Payments on) over the counter financial derivative instruments |
66 | 14,339 | 612 | |||||||||
Increase (decrease) in payable for investments purchased |
120 | (22,913 | ) | (240,594 | ) | |||||||
Increase (decrease) in deposits from counterparty |
(1 | ) | (5,797 | ) | (2,217 | ) | ||||||
Increase (decrease) in accrued management fees |
1 | 15 | 11 | |||||||||
Proceeds from short sales transactions |
0 | 77,449 | 263,703 | |||||||||
Payments on short sales transactions |
0 | (77,238 | ) | (264,903 | ) | |||||||
Proceeds from (Payments on) foreign currency transactions |
0 | 3 | 59 | |||||||||
Increase (decrease) in foreign capital gains tax payable |
0 | 26 | 46 | |||||||||
Increase (decrease) in other liabilities |
0 | 1 | 2 | |||||||||
Net Realized (Gain) Loss |
||||||||||||
Investments in securities |
974 | 1,986 | 4,716 | |||||||||
Investments in Affiliates |
(6 | ) | (8 | ) | (5 | ) | ||||||
Exchange-traded or centrally cleared financial derivative instruments |
(53 | ) | (3,230 | ) | (1,479 | ) | ||||||
Over the counter financial derivative instruments |
(85 | ) | (14,059 | ) | 24 | |||||||
Foreign currency |
(1 | ) | 2 | 286 | ||||||||
Net Change in Unrealized (Appreciation) Depreciation |
||||||||||||
Investments in securities |
1,914 | (2,748 | ) | (5,438 | ) | |||||||
Investments in Affiliates |
5 | 6 | (1 | ) | ||||||||
Exchange-traded or centrally cleared financial derivative instruments |
302 | 907 | 823 | |||||||||
Over the counter financial derivative instruments |
19 | 5,622 | (1,436 | ) | ||||||||
Foreign currency assets and liabilities |
1 | (37 | ) | (428 | ) | |||||||
Net amortization (accretion) on investments |
(1,376 | ) | (1,343 | ) | (3,441 | ) | ||||||
Net Cash Provided by (Used for) Operating Activities |
12,146 | 8,935 | 29,409 | |||||||||
Cash Flows Received from (Used for) Financing Activities: |
||||||||||||
Increase (decrease) in overdraft due to custodian |
3 | 0 | 0 | |||||||||
Cash distributions paid to common shareholders* |
(8,450 | ) | (9,242 | ) | (18,852 | ) | ||||||
Proceeds from reverse repurchase agreements |
199,793 | 136,965 | 730,769 | |||||||||
Payments on reverse repurchase agreements |
(203,577 | ) | (136,006 | ) | (741,606 | ) | ||||||
Proceeds from sale-buyback transactions |
0 | 0 | 6,380 | |||||||||
Payments on sale-buyback transactions |
0 | 0 | (6,183 | ) | ||||||||
Net Cash Received from (Used for) Financing Activities |
(12,231 | ) | (8,283 | ) | (29,492 | ) | ||||||
Net Increase (Decrease) in Cash and Foreign Currency |
(85 | ) | 652 | (83 | ) | |||||||
Cash and Foreign Currency: |
||||||||||||
Beginning of year |
85 | 281 | 1,759 | |||||||||
End of year |
$ | 0 | $ | 933 | $ | 1,676 | ||||||
* Reinvestment of distributions |
$ | 1,043 | $ | 339 | $ | 3,699 | ||||||
Supplemental Disclosure of Cash Flow Information: |
||||||||||||
Interest expense paid during the year |
$ | 1,861 | $ | 1,102 | $ | 4,115 | ||||||
Non-Cash Payment In-Kind |
$ | 500 | $ | 857 | $ | 2,387 | ||||||
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.
30 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
Consolidated Statements of Cash Flows |
Year Ended June 30, 2026 |
||||||||||||||||
(Amounts in thousands † |
PIMCO Access Income Fund |
PIMCO Dynamic Income Fund |
PIMCO Dynamic Income Opportunities Fund |
PIMCO Dynamic Income Strategy Fund |
||||||||||||
| Cash Flows Provided by (Used for) Operating Activities: |
||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
$ | 57,131 | $ | 585,966 | $ | 184,391 | $ | 42,472 | ||||||||
| Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities: |
||||||||||||||||
| Purchases of long-term securities |
(371,900 | ) | (5,136,598 | ) | (1,126,883 | ) | (636,462 | ) | ||||||||
| Proceeds from sales of long-term securities |
441,340 | 3,764,350 | 1,055,071 | 697,629 | ||||||||||||
| (Purchases) Proceeds from sales of short-term portfolio investments, net |
(29,538 | ) | (255,855 | ) | (90,894 | ) | 87,838 | |||||||||
| (Increase) decrease in deposits with counterparty |
(14,453 | ) | (178,571 | ) | (36,331 | ) | (2,970 | ) | ||||||||
| (Increase) decrease in receivable for investments sold |
(14,029 | ) | 123,028 | (29,195 | ) | (10,956 | ) | |||||||||
| (Increase) decrease in interest and/or dividends receivable |
(1,422 | ) | (21,495 | ) | (6,637 | ) | (368 | ) | ||||||||
| (Increase) decrease in dividends receivable from Affiliates |
(36 | ) | (834 | ) | (70 | ) | 152 | |||||||||
| Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments |
(6,476 | ) | (83,204 | ) | (20,618 | ) | 5,736 | |||||||||
| Proceeds from (Payments on) over the counter financial derivative instruments |
1,741 | 23,072 | 15,156 | 9,724 | ||||||||||||
| (Increase) decrease in other assets |
12 | (328 | ) | (196 | ) | (3 | ) | |||||||||
| Increase (decrease) in payable for investments purchased |
23,294 | 211,329 | 52,889 | 45,421 | ||||||||||||
| Increase (decrease) in deposits from counterparty |
(713 | ) | (12,868 | ) | (3,782 | ) | 4,889 | |||||||||
| Increase (decrease) in accrued management fees |
32 | 1,824 | 356 | (199 | ) | |||||||||||
| Proceeds from short sales transactions |
0 | 0 | 0 | 20,063 | ||||||||||||
| Payments on short sales transactions |
0 | 0 | 0 | 317 | ||||||||||||
| Proceeds from (Payments on) foreign currency transactions |
(732 | ) | 1,770 | (4,966 | ) | 229 | ||||||||||
| Increase (decrease) in foreign capital gains tax payable |
147 | 1,485 | 307 | 0 | ||||||||||||
| Increase (decrease) in other liabilities |
9 | 83 | 29 | 0 | ||||||||||||
| Net Realized (Gain) Loss |
||||||||||||||||
| Investments in securities |
1,534 | 53,454 | 16,757 | (119,075 | ) | |||||||||||
| Investments in Affiliates |
(30 | ) | 4,436 | (41 | ) | (38 | ) | |||||||||
| Exchange-traded or centrally cleared financial derivative instruments |
1,345 | 13,338 | 2,494 | (1,762 | ) | |||||||||||
| Over the counter financial derivative instruments |
341 | 3,469 | (8,557 | ) | (9,723 | ) | ||||||||||
| Foreign currency |
783 | (2,203 | ) | 4,665 | (197 | ) | ||||||||||
| Net Change in Unrealized (Appreciation) Depreciation |
||||||||||||||||
| Investments in securities |
17,446 | 166,352 | (23,383 | ) | (58,883 | ) | ||||||||||
| Investments in Affiliates |
(704 | ) | (24,353 | ) | (1,591 | ) | 222,240 | |||||||||
| Exchange-traded or centrally cleared financial derivative instruments |
5,421 | 80,496 | 19,749 | (3,394 | ) | |||||||||||
| Over the counter financial derivative instruments |
(6,933 | ) | (50,057 | ) | (9,313 | ) | (11,237 | ) | ||||||||
| Foreign currency assets and liabilities |
(1,984 | ) | (19,344 | ) | (2,953 | ) | (137 | ) | ||||||||
| Net amortization (accretion) on investments |
(16,120 | ) | (150,545 | ) | (32,770 | ) | (9,878 | ) | ||||||||
| Net Cash Provided by (Used for) Operating Activities |
85,506 | (901,803 | ) | (46,316 | ) | 271,428 | ||||||||||
| Cash Flows Received from (Used for) Financing Activities: |
||||||||||||||||
| Proceeds from shares sold |
19,934 | 150,974 | 0 | |||||||||||||
| Net proceeds from at-the-market offering |
0 | 1,294,884 | 0 | 0 | ||||||||||||
| Increase (decrease) in overdraft due to custodian |
0 | 0 | 0 | (274 | ) | |||||||||||
| Cash distributions paid* |
(78,145 | ) | (976,818 | ) | (184,366 | ) | (204,347 | ) | ||||||||
| Proceeds from reverse repurchase agreements |
3,382,349 | 25,051,195 | 7,576,671 | 1,450,161 | ||||||||||||
| Payments on reverse repurchase agreements |
(3,409,771 | ) | (24,493,784 | ) | (7,506,729 | ) | (1,512,182 | ) | ||||||||
| Net Cash Received from (Used for) Financing Activities |
(85,633 | ) | 875,477 | 36,550 | (266,642 | ) | ||||||||||
| Net Increase (Decrease) in Cash and Foreign Currency |
(127 | ) | (26,326 | ) | (9,766 | ) | 4,786 | |||||||||
| Cash and Foreign Currency: |
||||||||||||||||
| Beginning of year |
2,815 | 56,539 | 23,631 | 812 | ||||||||||||
| End of year |
$ | 2,688 | $ | 30,213 | $ | 13,865 | $ | 5,598 | ||||||||
| *Reinvestment of distributions |
$ | 5,068 | $ | 161,252 | $ | 27,617 | $ | 0 | ||||||||
| Supplemental Disclosure of Cash Flow Information: |
||||||||||||||||
| Dividends on short sales paid during the year |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Interest expense paid during the year |
$ | 20,740 | $ | 154,204 | $ | 46,165 | $ | 15,477 | ||||||||
| Non-Cash Payment In-Kind |
$ | 8,083 | $ | 63,023 | $ | 20,146 | $ | 761 | ||||||||
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.
ANNUAL REPORT |
| | JUNE 30, 2026 | 31 |
Schedule of Investments |
PCM Fund, Inc. |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 141.5% |
| |||||||||||
LOAN PARTICIPATIONS AND ASSIGNMENTS 19.7% |
| |||||||||||
| Aspire Bakeries Holdings LLC |
| |||||||||||
| 6.644% (TSFR1M + 3.644%) due 12/23/2030 ~ |
$ |
198 |
$ |
199 |
||||||||
| Asurion LLC |
| |||||||||||
| 7.763% (TSFR3M + 3.663%) due 08/19/2028 ~ |
295 |
295 |
||||||||||
| Cengage Learning, Inc. |
| |||||||||||
| 6.638% - 6.653% (TSFR1M + 3.644%) due 03/24/2031 ~ |
197 |
195 |
||||||||||
| Central Parent, Inc. |
| |||||||||||
| 6.982% (TSFR3M + 3.732%) due 07/06/2029 ~ |
591 |
390 |
||||||||||
| Charlotte Buyer, Inc. |
| |||||||||||
| TBD% due 06/30/2031 |
100 |
100 |
||||||||||
| 7.874% (TSFR1M + 3.624%) due 02/11/2028 ~ |
297 |
297 |
||||||||||
| Coreweave Compute Acquisition Co. IV LLC |
| |||||||||||
| 9.661% - 9.732% (TSFR3M + 3.666%) due 05/16/2029 «~ |
335 |
345 |
||||||||||
| Databricks, Inc. |
| |||||||||||
| TBD% - 1.000% due 01/05/2032 µ |
91 |
91 |
||||||||||
| 8.114% (TSFR1M + 3.612%) due 01/05/2032 ~ |
409 |
409 |
||||||||||
| Dialysis Holdco LLC |
| |||||||||||
| 9.644% (TSFR1M + 3.644%) due 11/26/2030 «~ |
394 |
400 |
||||||||||
| DTI Holdco, Inc. |
| |||||||||||
| 7.644% (TSFR1M + 3.644%) due 04/26/2029 ~ |
451 |
413 |
||||||||||
| Encina Private Credit LLC |
| |||||||||||
| TBD% due 11/30/2026 «~ |
36 |
31 |
||||||||||
| EP Purchaser LLC |
| |||||||||||
| 8.280% (TSFR3M + 3.666%) due 11/06/2028 ~ |
85 |
55 |
||||||||||
| Finastra USA, Inc. |
| |||||||||||
| 7.746% (TSFR6M + 3.751%) due 09/15/2032 ~ |
150 |
138 |
||||||||||
| Gaia Purchaser, Inc. |
| |||||||||||
| TBD% due 06/25/2033 « |
220 |
220 |
||||||||||
| Guardian |
| |||||||||||
| 9.121% (TSFR6M + 3.618%) due 08/29/2032 «~ |
100 |
100 |
||||||||||
| Houghton Mifflin Harcourt Publishing Co. |
| |||||||||||
| 9.013% (TSFR3M + 3.663%) due 04/09/2029 ~ |
214 |
170 |
||||||||||
| Ivanti Software, Inc. |
| |||||||||||
| TBD% - 9.414% (TSFR3M + 3.658%) due 06/01/2029 ~µ |
154 |
150 |
||||||||||
| 8.414% (TSFR3M + 3.658%) due 06/01/2029 ~ |
1,154 |
511 |
||||||||||
| LBM Acquisition LLC |
| |||||||||||
| 7.502% (TSFR1M + 3.652%) due 06/06/2031 ~ |
373 |
314 |
||||||||||
| Lealand Finance Co. BV |
| |||||||||||
| 6.758% (TSFR1M + 3.644%) due 06/30/2027 ~ |
27 |
26 |
||||||||||
| Lealand Finance Co. BV (4.758% Cash and 3.000% PIK) |
| |||||||||||
| 7.758% (TSFR1M + 3.644%) due 12/31/2027 ~(c) |
231 |
223 |
||||||||||
| McAfee LLC |
| |||||||||||
| 6.644% (TSFR1M + 3.644%) due 03/01/2029 ~ |
495 |
441 |
||||||||||
| Mercury Aggregator LP |
| |||||||||||
| TBD% due 04/03/2027 « |
390 |
0 |
||||||||||
| Modena Buyer LLC |
| |||||||||||
| 7.913% (TSFR3M + 3.663%) due 07/01/2031 ~ |
493 |
456 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 7.214% (TSFR1M + 3.612%) due 04/30/2029 ~ |
160 |
119 |
||||||||||
| 9.364% (TSFR1M + 3.612%) due 04/30/2029 ~ |
21 |
17 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Onex TSG Intermediate Corp. |
| |||||||||||
| 6.982% (TSFR3M + 3.732%) due 08/06/2032 ~ |
$ |
399 |
$ |
402 |
||||||||
| Padagis LLC |
| |||||||||||
| 8.689% (TSFR3M + 3.677%) due 07/06/2028 ~« |
342 |
325 |
||||||||||
| Paradigm Parent LLC |
| |||||||||||
| 8.232% (TSFR3M + 3.732%) due 04/16/2032 ~ |
397 |
342 |
||||||||||
| Peraton Corp. |
| |||||||||||
| 7.513% (TSFR3M + 3.663%) due 02/01/2028 ~ |
1,260 |
1,140 |
||||||||||
| Polaris Newco LLC |
| |||||||||||
| 7.925% (TSFR3M + 3.663%) due 06/02/2028 ~ |
378 |
329 |
||||||||||
| QuidelOrtho Corp. |
| |||||||||||
| 7.644% (TSFR1M + 3.644%) due 08/20/2032 ~ |
498 |
491 |
||||||||||
| RealPage, Inc. |
| |||||||||||
| 6.994% (TSFR3M + 3.732%) due 04/24/2028 ~ |
313 |
294 |
||||||||||
| Stonepeak Bayou Holdings LP |
| |||||||||||
| 6.482% (TSFR3M + 3.732%) due 10/01/2032 ~ |
399 |
399 |
||||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 10.732% (TSFR3M + 3.732%) due 05/13/2027 ~ |
1,062 |
926 |
||||||||||
| Trident TPI Holdings, Inc. |
| |||||||||||
| 7.482% (TSFR3M + 3.732%) due 09/15/2028 ~ |
297 |
286 |
||||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 8.758% (TSFR1M + 3.644%) due 06/28/2028 ~ |
2,018 |
1,989 |
||||||||||
| VistaJet Malta Finance PLC |
| |||||||||||
| 7.442% (TSFR3M + 3.692%) due 04/01/2031 ~ |
98 |
99 |
||||||||||
| Westmoreland Coal Co. |
| |||||||||||
| 8.000% due 03/15/2029 |
254 |
146 |
||||||||||
| Worthington Steel, Inc. |
| |||||||||||
| 7.620% - 7.621% (TSFR1M + 3.624%) due 06/01/2033 ~ |
400 |
400 |
||||||||||
| |
|
|||||||||||
| Total Loan Participations and Assignments (Cost $14,954) |
13,673 |
|||||||||||
| |
|
|||||||||||
CORPORATE BONDS & NOTES 28.4% |
| |||||||||||
BANKING & FINANCE 5.5% |
| |||||||||||
| Armor Holdco, Inc. |
| |||||||||||
| 8.500% due 11/15/2029 (j) |
200 |
201 |
||||||||||
| BGC Group, Inc. |
| |||||||||||
| 6.600% due 06/10/2029 (j) |
100 |
103 |
||||||||||
| Diversified Healthcare Trust |
| |||||||||||
| 7.250% due 10/15/2030 |
100 |
103 |
||||||||||
| FS KKR Capital Corp. |
| |||||||||||
| 7.500% due 08/01/2031 |
100 |
99 |
||||||||||
| 7.875% due 01/15/2029 (j) |
400 |
411 |
||||||||||
| ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| |||||||||||
| 8.750% due 05/01/2029 (j) |
260 |
232 |
||||||||||
| 9.000% due 08/01/2029 |
100 |
89 |
||||||||||
| 9.500% due 05/30/2029 |
140 |
128 |
||||||||||
| Kilroy Realty LP |
| |||||||||||
| 5.875% due 10/15/2035 (j) |
100 |
99 |
||||||||||
| Nuveen Churchill Direct Lending Corp. |
| |||||||||||
| 6.650% due 03/15/2030 (j) |
1,000 |
1,006 |
||||||||||
| RHP Hotel Properties LP/RHP Finance Corp. |
| |||||||||||
| 6.500% due 06/15/2033 |
100 |
103 |
||||||||||
| Service Properties Trust |
| |||||||||||
| 0.000% due 09/30/2028 (f) |
100 |
93 |
||||||||||
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| |||||||||||
| 6.000% due 01/15/2030 (j) |
1,065 |
1,041 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| WS Escrow LLC |
| |||||||||||
| 7.750% due 06/01/2033 |
$ |
100 |
$ |
103 |
||||||||
| |
|
|||||||||||
3,811 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 22.4% |
| |||||||||||
| ADI Escrow Issuer LLC |
| |||||||||||
| 7.125% due 07/15/2034 |
200 |
204 |
||||||||||
| Avient Corp. |
| |||||||||||
| 6.250% due 11/01/2031 |
100 |
101 |
||||||||||
| Beignet Investor LLC |
| |||||||||||
| 6.581% due 05/30/2049 (j) |
960 |
980 |
||||||||||
| CACI International, Inc. |
| |||||||||||
| 6.375% due 06/15/2033 |
100 |
101 |
||||||||||
| Charlotte Buyer, Inc. |
| |||||||||||
| 8.000% due 06/30/2031 |
100 |
101 |
||||||||||
| Chobani LLC/Chobani Finance Corp., Inc. |
| |||||||||||
| 7.625% due 07/01/2029 (j) |
100 |
103 |
||||||||||
| Claritev Corp. (6.000% Cash and 0.750% PIK) |
| |||||||||||
| 6.750% due 03/31/2031 (c) |
520 |
307 |
||||||||||
| Columbus McKinnon Corp. |
| |||||||||||
| 7.125% due 02/01/2033 |
100 |
100 |
||||||||||
| CoreWeave, Inc. |
| |||||||||||
| 9.000% due 02/01/2031 (j) |
600 |
594 |
||||||||||
| CVS Pass-Through Trust |
| |||||||||||
| 5.880% due 01/10/2028 (j) |
243 |
243 |
||||||||||
| DISH DBS Corp. |
| |||||||||||
| 5.250% due 12/01/2026 |
660 |
653 |
||||||||||
| 5.750% due 12/01/2028 |
400 |
388 |
||||||||||
| DISH Network Corp. |
| |||||||||||
| 11.750% due 11/15/2027 |
800 |
823 |
||||||||||
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
| |||||||||||
| 6.750% due 01/15/2030 (j) |
400 |
393 |
||||||||||
| Gaia Purchaser, Inc. |
| |||||||||||
| 7.625% due 07/15/2033 (b) |
100 |
101 |
||||||||||
| Howard Midstream Energy Partners LLC |
| |||||||||||
| 6.625% due 01/15/2034 (j) |
500 |
505 |
||||||||||
| Hybar LLC |
| |||||||||||
| 7.375% due 07/01/2034 |
100 |
101 |
||||||||||
| Incora Intermediate II LLC (0.500% PIK) |
| |||||||||||
| 0.500% due 01/31/2030 «(c) |
1,592 |
1,592 |
||||||||||
| Incora Top Holdco LLC |
| |||||||||||
| 6.000% due 01/30/2033 «(i) |
1,090 |
1,718 |
||||||||||
| Insulet Corp. |
| |||||||||||
| 6.500% due 04/01/2033 (j) |
100 |
101 |
||||||||||
| JetBlue Airways Corp./JetBlue Loyalty LP |
| |||||||||||
| 9.875% due 09/20/2031 (j) |
400 |
363 |
||||||||||
| LifePoint Health, Inc. |
| |||||||||||
| 9.875% due 08/15/2030 (j) |
100 |
105 |
||||||||||
| MPH Acquisition Holdings LLC |
| |||||||||||
| 5.750% due 12/31/2030 |
63 |
52 |
||||||||||
| MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
| |||||||||||
| 11.500% due 12/31/2030 (c) |
101 |
100 |
||||||||||
| National Mentor Holdings, Inc. |
| |||||||||||
| 10.500% due 12/15/2030 (j) |
300 |
316 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 11.750% due 04/30/2029 |
229 |
126 |
||||||||||
| Olympus Water U.S. Holding Corp. |
| |||||||||||
| 7.250% due 06/15/2031 (j) |
200 |
203 |
||||||||||
| Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
| |||||||||||
| 8.750% due 04/17/2032 |
100 |
90 |
||||||||||
| Performance Food Group, Inc. |
| |||||||||||
| 6.125% due 09/15/2032 (j) |
100 |
101 |
||||||||||
| Prime Healthcare Services, Inc. |
| |||||||||||
| 9.375% due 09/01/2029 (j) |
500 |
523 |
||||||||||
| Quikrete Holdings, Inc. |
| |||||||||||
| 6.375% due 03/01/2032 (j) |
400 |
409 |
||||||||||
| 6.750% due 03/01/2033 (j) |
100 |
102 |
||||||||||
| Specialty Building Products Holdings LLC/SBP Finance Corp. |
| |||||||||||
| 7.750% due 10/15/2029 |
100 |
92 |
||||||||||
32 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Topaz Solar Farms LLC |
| |||||||||||
| 4.875% due 09/30/2039 |
$ |
222 |
$ |
197 |
||||||||
| Transocean Aquila Ltd. |
| |||||||||||
| 8.000% due 09/30/2028 (j) |
246 |
253 |
||||||||||
| Transocean International Ltd. |
| |||||||||||
| 8.250% due 05/15/2029 (j) |
500 |
517 |
||||||||||
| Travel & Leisure Co. |
| |||||||||||
| 6.250% due 06/01/2031 (j) |
250 |
252 |
||||||||||
| Tutor Perini Corp. |
| |||||||||||
| 6.625% due 07/15/2033 (b) |
200 |
201 |
||||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 10.625% due 06/28/2028 |
249 |
232 |
||||||||||
| Venture Global LNG, Inc. |
| |||||||||||
| 9.500% due 02/01/2029 (j) |
200 |
215 |
||||||||||
| 9.875% due 02/01/2032 (j) |
300 |
320 |
||||||||||
| Venture Global Plaquemines LNG LLC |
| |||||||||||
| 6.500% due 01/15/2034 (j) |
250 |
261 |
||||||||||
| 6.750% due 01/15/2036 (j) |
200 |
212 |
||||||||||
| Waste Pro USA, Inc. |
| |||||||||||
| 7.000% due 02/01/2033 |
200 |
205 |
||||||||||
| Weatherford International Ltd. |
| |||||||||||
| 6.750% due 10/15/2033 (j) |
800 |
817 |
||||||||||
| |
|
|||||||||||
15,473 |
||||||||||||
| |
|
|||||||||||
UTILITIES 0.5% |
| |||||||||||
| Pacific Gas & Electric Co. |
| |||||||||||
| 4.300% due 03/15/2045 (j) |
463 |
366 |
||||||||||
| |
|
|||||||||||
| Total Corporate Bonds & Notes (Cost $19,302) |
19,650 |
|||||||||||
| |
|
|||||||||||
U.S. GOVERNMENT AGENCIES 6.9% |
| |||||||||||
| Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
| |||||||||||
| 0.700% due 11/25/2055 ~(a) |
5,680 |
333 |
||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
| |||||||||||
| 2.079% due 11/25/2045 ~(a) |
1,027 |
27 |
||||||||||
| Federal Home Loan Mortgage Corp. REMICS |
| |||||||||||
| 2.408% due 05/25/2050 •(a)(j) |
1,120 |
122 |
||||||||||
| 3.500% due 02/25/2041 (a)(j) |
1,202 |
157 |
||||||||||
| 4.000% due 07/25/2050 (a)(j) |
4,448 |
1,013 |
||||||||||
| 5.000% due 03/15/2040 (a) |
66 |
2 |
||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||
| 11.128% due 10/25/2041 • |
1,100 |
1,121 |
||||||||||
| 11.428% due 11/25/2041 • |
1,100 |
1,127 |
||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust |
| |||||||||||
| 6.728% due 10/25/2041 • |
800 |
805 |
||||||||||
| Federal National Mortgage Association REMICS |
| |||||||||||
| 4.000% due 06/25/2050 (a)(j) |
493 |
91 |
||||||||||
| |
|
|||||||||||
| Total U.S. Government Agencies (Cost $4,789) |
4,798 |
|||||||||||
| |
|
|||||||||||
U.S. TREASURY OBLIGATIONS 0.1% |
| |||||||||||
| U.S. Treasury Bonds |
| |||||||||||
| 4.875% due 08/15/2045 (m) |
35 |
35 |
||||||||||
| U.S. Treasury Notes |
| |||||||||||
| 4.250% due 08/15/2035 (m) |
63 |
62 |
||||||||||
| |
|
|||||||||||
| Total U.S. Treasury Obligations (Cost $100) |
97 |
|||||||||||
| |
|
|||||||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES 33.4% |
| |||||||||||
| Adjustable Rate Mortgage Trust |
| |||||||||||
| 4.323% due 08/25/2036 • |
1,762 |
500 |
||||||||||
| 5.416% due 01/25/2036 ~ |
42 |
40 |
||||||||||
| Ashford Hospitality Trust |
| |||||||||||
| 5.198% due 04/15/2035 •(j) |
900 |
899 |
||||||||||
| Banc of America Alternative Loan Trust |
| |||||||||||
| 4.976% due 04/25/2037 ~ |
42 |
37 |
||||||||||
| Banc of America Funding Trust |
| |||||||||||
| 2.643% due 12/20/2034 ~ |
80 |
68 |
||||||||||
| 4.161% due 03/20/2036 ~ |
30 |
26 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 5.806% due 03/25/2037 ~ |
$ |
22 |
$ |
26 |
||||||||
| 7.000% due 10/25/2037 |
216 |
158 |
||||||||||
| Banc of America Mortgage Trust |
| |||||||||||
| 4.571% due 06/25/2035 ~ |
19 |
18 |
||||||||||
| Bank of America Mortgage Trust |
| |||||||||||
| 6.182% due 06/20/2031 ~ |
49 |
50 |
||||||||||
| BBCCRE Trust |
| |||||||||||
| 4.216% due 08/10/2033 |
500 |
451 |
||||||||||
| BBCMS Mortgage Trust |
| |||||||||||
| 3.811% due 02/15/2053 ~ |
1,000 |
819 |
||||||||||
| BCAP LLC Trust |
| |||||||||||
| 4.117% due 07/26/2036 ~ |
30 |
25 |
||||||||||
| Bear Stearns ALT-A Trust |
| |||||||||||
| 3.947% due 05/25/2036 ~ |
528 |
494 |
||||||||||
| 4.021% due 05/25/2036 ~ |
21 |
15 |
||||||||||
| 4.050% due 08/25/2036 ~ |
173 |
76 |
||||||||||
| 4.103% due 04/25/2037 • |
309 |
280 |
||||||||||
| 4.261% due 07/25/2035 ~ |
84 |
56 |
||||||||||
| 4.394% due 11/25/2036 ~ |
419 |
208 |
||||||||||
| 4.592% due 01/25/2047 ~ |
19 |
9 |
||||||||||
| 6.000% due 09/25/2034 ~ |
49 |
48 |
||||||||||
| Bear Stearns Commercial Mortgage Securities Trust |
| |||||||||||
| 5.657% due 10/12/2041 ~ |
6 |
6 |
||||||||||
| CBA Commercial Small Balance Commercial Mortgage |
| |||||||||||
| 6.040% due 01/25/2039 þ |
57 |
54 |
||||||||||
| CD Mortgage Trust |
| |||||||||||
| 5.688% due 10/15/2048 |
42 |
39 |
||||||||||
| Chase Mortgage Finance Trust |
| |||||||||||
| 6.000% due 03/25/2037 |
149 |
74 |
||||||||||
| CHL Mortgage Pass-Through Trust |
| |||||||||||
| 4.031% due 09/20/2036 ~ |
44 |
39 |
||||||||||
| 4.403% due 03/25/2035 • |
48 |
42 |
||||||||||
| 4.614% due 09/25/2047 ~ |
138 |
127 |
||||||||||
| 5.633% due 03/25/2046 • |
167 |
148 |
||||||||||
| 6.000% due 05/25/2037 |
174 |
71 |
||||||||||
| 6.224% due 02/20/2036 • |
1 |
1 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 4.680% due 10/25/2035 ~ |
723 |
648 |
||||||||||
| 4.768% due 11/25/2035 ~ |
968 |
450 |
||||||||||
| 6.250% due 11/25/2037 ~ |
651 |
244 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
| |||||||||||
| 3.886% due 09/25/2035 ~ |
48 |
35 |
||||||||||
| Countrywide Alternative Loan Trust |
| |||||||||||
| 4.313% due 10/25/2037 • |
3,255 |
645 |
||||||||||
| 4.323% due 02/25/2037 • |
89 |
75 |
||||||||||
| 4.343% due 02/25/2036 • |
312 |
299 |
||||||||||
| 5.500% due 03/25/2035 |
370 |
142 |
||||||||||
| 6.000% due 11/25/2035 |
158 |
21 |
||||||||||
| 6.000% due 04/25/2036 |
2,139 |
964 |
||||||||||
| Credit Suisse First Boston Mortgage Securities Corp. |
| |||||||||||
| 7.000% due 02/25/2033 |
20 |
21 |
||||||||||
| CSMC Mortgage-Backed Trust |
| |||||||||||
| 6.000% due 07/25/2036 (j) |
814 |
345 |
||||||||||
| 6.396% due 04/25/2036 þ |
116 |
60 |
||||||||||
| 6.500% due 05/25/2036 |
143 |
59 |
||||||||||
| DBGS Mortgage Trust |
| |||||||||||
| 0.000% due 10/15/2039 ~(a) |
147,870 |
0 |
||||||||||
| First Horizon Alternative Mortgage Securities Trust |
| |||||||||||
| 5.008% due 08/25/2035 ~ |
1 |
0 |
||||||||||
| GSR Mortgage Loan Trust |
| |||||||||||
| 3.824% due 03/25/2047 ~ |
484 |
244 |
||||||||||
| HarborView Mortgage Loan Trust |
| |||||||||||
| 4.254% due 01/19/2036 • |
350 |
222 |
||||||||||
| IndyMac INDA Mortgage Loan Trust |
| |||||||||||
| 3.580% due 06/25/2037 ~ |
69 |
53 |
||||||||||
| IndyMac INDX Mortgage Loan Trust |
| |||||||||||
| 3.212% due 05/25/2036 ~ |
83 |
43 |
||||||||||
| JP Morgan Alternative Loan Trust |
| |||||||||||
| 6.500% due 03/25/2036 (j) |
672 |
332 |
||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust |
| |||||||||||
| 0.490% due 02/15/2046 «~(a) |
49,590 |
1 |
||||||||||
| 5.102% due 07/05/2033 •(j) |
843 |
731 |
||||||||||
| 5.973% due 02/15/2035 • |
206 |
199 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 7.923% due 02/15/2035 • |
$ |
741 |
$ |
644 |
||||||||
| JP Morgan Mortgage Trust |
| |||||||||||
| 6.032% due 07/25/2035 ~ |
5 |
5 |
||||||||||
| Lehman Mortgage Trust |
| |||||||||||
| 5.584% due 04/25/2036 ~ |
123 |
76 |
||||||||||
| MASTR Adjustable Rate Mortgages Trust |
| |||||||||||
| 5.189% due 11/25/2035 ~ |
154 |
61 |
||||||||||
| MASTR Asset Securitization Trust |
| |||||||||||
| 6.000% due 06/25/2036 • |
137 |
74 |
||||||||||
| Merrill Lynch Mortgage Investors Trust |
| |||||||||||
| 4.183% due 07/25/2030 • |
6 |
6 |
||||||||||
| 4.423% due 11/25/2029 • |
19 |
16 |
||||||||||
| 5.264% due 11/25/2035 • |
29 |
28 |
||||||||||
| 5.653% due 02/25/2034 ~ |
1 |
1 |
||||||||||
| 6.197% due 05/25/2033 ~ |
5 |
5 |
||||||||||
| MFA Trust |
| |||||||||||
| 4.252% due 08/25/2061 ~(j) |
1,000 |
857 |
||||||||||
| 4.278% due 12/25/2066 ~(j) |
1,000 |
863 |
||||||||||
| Morgan Stanley Capital I Trust |
| |||||||||||
| 0.815% due 11/12/2049 ~(a) |
29 |
0 |
||||||||||
| Morgan Stanley Mortgage Loan Trust |
| |||||||||||
| 5.628% due 01/25/2035 ~ |
134 |
122 |
||||||||||
| 6.000% due 08/25/2037 |
136 |
43 |
||||||||||
| Morgan Stanley Resecuritization Trust |
| |||||||||||
| 4.449% due 03/26/2037 ~(j) |
1,391 |
1,198 |
||||||||||
| Mortgage Equity Conversion Asset Trust |
| |||||||||||
| 4.000% due 07/25/2060 |
24 |
23 |
||||||||||
| Natixis Commercial Mortgage Securities Trust |
| |||||||||||
| 4.193% due 04/10/2037 ~ |
1,197 |
661 |
||||||||||
| 8.818% due 03/15/2035 •(j) |
113 |
113 |
||||||||||
| New Residential Mortgage Loan Trust |
| |||||||||||
| 3.826% due 11/25/2059 ~ |
2,900 |
1,707 |
||||||||||
| RALI Trust |
| |||||||||||
| 4.967% due 01/25/2036 ~ |
135 |
90 |
||||||||||
| 6.000% due 08/25/2035 |
80 |
72 |
||||||||||
| 6.000% due 06/25/2036 |
46 |
36 |
||||||||||
| 6.500% due 09/25/2037 |
86 |
72 |
||||||||||
| Regal Trust IV |
| |||||||||||
| 4.226% due 09/29/2031 • |
4 |
4 |
||||||||||
| Residential Asset Securitization Trust |
| |||||||||||
| 6.000% due 03/25/2037 |
180 |
53 |
||||||||||
| RFMSI Trust |
| |||||||||||
| 6.000% due 06/25/2036 |
64 |
55 |
||||||||||
| Soho Trust |
| |||||||||||
| 2.786% due 08/10/2038 ~ |
450 |
383 |
||||||||||
| Structured Adjustable Rate Mortgage Loan Trust |
| |||||||||||
| 3.912% due 04/25/2036 ~ |
783 |
428 |
||||||||||
| 4.199% due 01/25/2036 ~ |
149 |
78 |
||||||||||
| 4.770% due 09/25/2036 |
4 |
4 |
||||||||||
| TBW Mortgage-Backed Trust |
| |||||||||||
| 6.000% due 07/25/2036 |
102 |
30 |
||||||||||
| Verus Securitization Trust |
| |||||||||||
| 7.793% due 06/25/2069 ~ |
500 |
503 |
||||||||||
| WaMu Mortgage Pass-Through Certificates Trust |
| |||||||||||
| 4.015% due 12/25/2036 ~ |
127 |
118 |
||||||||||
| 4.663% due 10/25/2045 •(j) |
2,254 |
2,003 |
||||||||||
| 4.743% due 06/25/2044 • |
109 |
110 |
||||||||||
| Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
| |||||||||||
| 6.500% due 08/25/2036 |
488 |
433 |
||||||||||
| Wells Fargo Commercial Mortgage Trust |
| |||||||||||
| 3.874% due 06/15/2036 ~ |
100 |
87 |
||||||||||
| 5.092% due 12/15/2039 ~(j) |
1,042 |
933 |
||||||||||
| Worldwide Plaza Trust |
| |||||||||||
| 3.526% due 11/10/2036 (j) |
435 |
359 |
||||||||||
| 3.715% due 11/10/2036 ~ |
2,400 |
12 |
||||||||||
| |
|
|||||||||||
| Total Non-Agency Mortgage-Backed Securities (Cost $29,636) |
23,103 |
|||||||||||
| |
|
|||||||||||
ASSET-BACKED SECURITIES 44.0% |
| |||||||||||
AUTOMOBILE ABS OTHER 0.0% |
| |||||||||||
| Flagship Credit Auto Trust |
| |||||||||||
| 0.000% due 06/15/2029 «(f) |
14 |
0 |
||||||||||
| |
|
|||||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
33 |
Schedule of Investments |
PCM Fund, Inc. |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
HOME EQUITY OTHER 35.7% |
| |||||||||||
| Asset-Backed Securities Corp. Home Equity Loan Trust |
| |||||||||||
| 7.004% due 06/21/2029 • |
$ |
50 |
$ |
48 |
||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 4.083% due 12/25/2036 •(j) |
914 |
511 |
||||||||||
| 4.203% due 12/25/2036 • |
570 |
210 |
||||||||||
| Countrywide Asset-Backed Certificates Trust |
| |||||||||||
| 4.163% due 06/25/2037 •(j) |
414 |
423 |
||||||||||
| 4.168% due 09/25/2046 •(j) |
4,155 |
3,450 |
||||||||||
| 4.243% due 05/25/2036 • |
5,887 |
5,029 |
||||||||||
| 5.638% due 10/25/2035 •(j) |
2,195 |
1,876 |
||||||||||
| EMC Mortgage Loan Trust |
| |||||||||||
| 5.063% due 02/25/2041 • |
119 |
120 |
||||||||||
| GE Capital Mortgage Services, Inc. Trust |
| |||||||||||
| 6.705% due 04/25/2029 ~ |
8 |
7 |
||||||||||
| GSAMP Trust |
| |||||||||||
| 6.388% due 12/25/2034 •(j) |
2,156 |
1,701 |
||||||||||
| Home Equity Mortgage Loan Asset-Backed Trust |
| |||||||||||
| 4.003% due 04/25/2037 •(j) |
2,742 |
1,859 |
||||||||||
| HSI Asset Securitization Corp. Trust |
| |||||||||||
| 3.983% due 04/25/2037 •(j) |
2,526 |
1,240 |
||||||||||
| 4.103% due 12/25/2036 •(j) |
3,975 |
958 |
||||||||||
| MASTR Asset-Backed Securities Trust |
| |||||||||||
| 3.983% due 08/25/2036 • |
2,217 |
763 |
||||||||||
| Morgan Stanley ABS Capital I, Inc. Trust |
| |||||||||||
| 3.903% due 10/25/2036 •(j) |
7,567 |
3,276 |
||||||||||
| 4.543% due 12/25/2034 • |
25 |
26 |
||||||||||
| People’s Financial Realty Mortgage Securities Trust |
| |||||||||||
| 3.893% due 09/25/2036 •(j) |
5,495 |
954 |
||||||||||
| Renaissance Home Equity Loan Trust |
| |||||||||||
| 7.238% due 09/25/2037 þ |
3,129 |
1,172 |
||||||||||
| Soundview Home Loan Trust |
| |||||||||||
| 4.713% due 10/25/2037 •(j) |
1,306 |
1,028 |
||||||||||
| Structured Asset Investment Loan Trust |
| |||||||||||
| 8.263% due 10/25/2033 • |
68 |
88 |
||||||||||
| |
|
|||||||||||
24,739 |
||||||||||||
| |
|
|||||||||||
MANUFACTURING HOUSE ABS OTHER 0.7% |
| |||||||||||
| Conseco Finance Securitizations Corp. |
| |||||||||||
| 9.163% due 03/01/2033 ~ |
502 |
517 |
||||||||||
| UCFC Manufactured Housing Contract |
| |||||||||||
| 7.900% due 01/15/2028 ~ |
2 |
2 |
||||||||||
| |
|
|||||||||||
519 |
||||||||||||
| |
|
|||||||||||
MANUFACTURING HOUSE SEQUENTIAL 0.2% |
| |||||||||||
| BCMSC Trust |
| |||||||||||
| 7.830% due 06/15/2030 ~ |
1,185 |
59 |
||||||||||
| Conseco Finance Securitizations Corp. |
| |||||||||||
| 7.960% due 05/01/2031 |
324 |
53 |
||||||||||
| |
|
|||||||||||
112 |
||||||||||||
| |
|
|||||||||||
WHOLE LOAN COLLATERAL 2.3% |
| |||||||||||
| Bear Stearns Asset-Backed Securities I Trust |
| |||||||||||
| 5.500% due 12/25/2035 |
20 |
12 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 4.463% due 11/25/2046 •(j) |
1,100 |
956 |
||||||||||
| First Franklin Mortgage Loan Trust |
| |||||||||||
| 4.633% due 06/25/2036 • |
315 |
310 |
||||||||||
| Lehman XS Trust |
| |||||||||||
| 6.260% due 11/25/2035 þ |
631 |
288 |
||||||||||
| |
|
|||||||||||
1,566 |
||||||||||||
| |
|
|||||||||||
OTHER ABS 5.1% |
| |||||||||||
| ABSLT DE LLC |
| |||||||||||
| 12.103% due 05/20/2033 « |
1,200 |
1,199 |
||||||||||
| AIM Aviation Finance Ltd. |
| |||||||||||
| 6.213% due 02/15/2040 þ(j) |
379 |
374 |
||||||||||
| Apex Credit CLO LLC |
| |||||||||||
| 0.000% due 10/20/2034 ~ |
500 |
120 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Crown City CLO II |
| |||||||||||
| 0.000% due 04/20/2035 ~ |
$ |
600 |
$ |
144 |
||||||||
| Deutsche Bank AG |
| |||||||||||
| 10.883% due 01/21/2035 «• |
500 |
504 |
||||||||||
| Dryden 123 CLO Ltd. |
| |||||||||||
| 0.000% due 04/15/2038 ~ |
600 |
442 |
||||||||||
| 0.000% due 04/15/2038 « |
600 |
13 |
||||||||||
| Man GLG U.S. CLO Ltd. |
| |||||||||||
| 0.000% due 07/15/2034 ~ |
600 |
209 |
||||||||||
| Marlette Funding Trust |
| |||||||||||
| 0.000% due 07/16/2029 «(f) |
5 |
0 |
||||||||||
| 0.000% due 03/15/2030 «(f) |
8 |
1 |
||||||||||
| National Collegiate V Commutation Trust |
| |||||||||||
| 0.000% due 03/25/2038 • |
3,496 |
367 |
||||||||||
| SMB Private Education Loan Trust |
| |||||||||||
| 0.000% due 02/16/2055 «(f) |
0 |
161 |
||||||||||
| |
|
|||||||||||
3,534 |
||||||||||||
| |
|
|||||||||||
| Total Asset-Backed Securities (Cost $46,853) |
30,470 |
|||||||||||
| |
|
|||||||||||
SHARES |
||||||||||||
COMMON STOCKS 4.7% |
| |||||||||||
COMMUNICATION SERVICES 0.9% |
| |||||||||||
| Clear Channel Outdoor Holdings, Inc. (d) |
108,013 |
262 |
||||||||||
| iHeartMedia, Inc. Class A (d) |
22,684 |
97 |
||||||||||
| iHeartMedia, Inc. Class B «(d) |
20,009 |
74 |
||||||||||
| Uniti Group, Inc. (d) |
20,942 |
240 |
||||||||||
| |
|
|||||||||||
673 |
||||||||||||
| |
|
|||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
| West Marine «(d)(i) |
2,750 |
17 |
||||||||||
| |
|
|||||||||||
FINANCIALS 0.9% |
| |||||||||||
| Windstream Services LLC (d) |
52,170 |
599 |
||||||||||
| XBP Global Holdings, Inc. (d) |
131 |
0 |
||||||||||
| |
|
|||||||||||
599 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 2.8% |
| |||||||||||
| Incora Intermediate II LLC «(d)(i) |
47,162 |
1,859 |
||||||||||
| McDermott International Ltd. (d) |
57 |
1 |
||||||||||
| Westmoreland Mining Holdings «(d)(i) |
9,154 |
6 |
||||||||||
| Westmoreland Mining LLC «(d)(i) |
29,139 |
77 |
||||||||||
| |
|
|||||||||||
1,943 |
||||||||||||
| |
|
|||||||||||
REAL ESTATE 0.1% |
| |||||||||||
| MNSN Holdings, Inc. (d)(i) |
511 |
43 |
||||||||||
| |
|
|||||||||||
| Total Common Stocks (Cost $4,972) |
3,275 |
|||||||||||
| |
|
|||||||||||
WARRANTS 0.2% |
| |||||||||||
COMMUNICATION SERVICES 0.2% |
| |||||||||||
| Windstream Holdings II LLC - Exp. 08/01/2035 « |
10,163 |
116 |
||||||||||
| |
|
|||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
| West Marine - Exp. 09/08/2028 « |
357 |
0 |
||||||||||
| |
|
|||||||||||
| Total Warrants (Cost $62) |
116 |
|||||||||||
| |
|
|||||||||||
PREFERRED SECURITIES 3.0% |
| |||||||||||
BANKING & FINANCE 0.5% |
| |||||||||||
| Windstream Holdings II LLC |
| |||||||||||
| 11.000% « |
333 |
371 |
||||||||||
| |
|
|||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
INDUSTRIALS 2.5% |
| |||||||||||
| Clover Holdings, Inc. |
| |||||||||||
| 0.000% «(i) |
1,626 |
$ |
31 |
|||||||||
| SVB Financial Trust |
| |||||||||||
| 0.000% due 11/07/2032 (f) |
440 |
0 |
||||||||||
| 11.000% due 11/07/2032 |
583 |
268 |
||||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 12.500% «(i) |
506,207 |
369 |
||||||||||
| Venture Global LNG, Inc. |
| |||||||||||
| 9.000% due 09/30/2029 (g)(j) |
1,080,000 |
1,053 |
||||||||||
| |
|
|||||||||||
1,721 |
||||||||||||
| |
|
|||||||||||
| Total Preferred Securities (Cost $2,088) |
2,092 |
|||||||||||
| |
|
|||||||||||
REAL ESTATE INVESTMENT TRUSTS 0.5% |
| |||||||||||
REAL ESTATE 0.5% |
| |||||||||||
| VICI Properties, Inc. |
13,531 |
359 |
||||||||||
| |
|
|||||||||||
| Total Real Estate Investment Trusts (Cost $36) |
359 |
|||||||||||
| |
|
|||||||||||
SHORT-TERM INSTRUMENTS 0.6% |
| |||||||||||
MUTUAL FUNDS 0.3% |
| |||||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class |
| |||||||||||
| 3.690% (h) |
200,881 |
201 |
||||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
||||||||||||
U.S. TREASURY BILLS 0.3% |
| |||||||||||
| 3.702% due 07/21/2026 - 08/13/2026 (e)(f)(m) |
$ |
202 |
202 |
|||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $403) |
403 |
|||||||||||
| |
|
|||||||||||
Total Investments in Securities (Cost $123,195) |
98,036 |
|||||||||||
SHARES |
||||||||||||
INVESTMENTS IN AFFILIATES 4.8% |
| |||||||||||
SHORT-TERM INSTRUMENTS 4.8% |
| |||||||||||
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.8% |
| |||||||||||
| PIMCO Short-Term Floating NAV Portfolio III |
342,131 |
3,333 |
||||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $3,332) |
3,333 |
|||||||||||
| |
|
|||||||||||
Total Investments in Affiliates (Cost $3,332) |
3,333 |
|||||||||||
Total Investments 146.3% (Cost $126,527) |
|
$ |
101,369 |
|||||||||
| Financial Derivative Instruments (k)(l) (0.1)% (Cost or Premiums, net $708) |
(82 |
) | ||||||||||
Other Assets and Liabilities, net (46.2)% |
(31,995 |
) | ||||||||||
| |
|
|||||||||||
Net Assets Applicable to Common Shareholders 100.0% |
|
$ |
69,292 |
|||||||||
| |
|
|||||||||||
34 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
NOTES TO SCHEDULE OF INVESTMENTS:
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
« |
Security valued using significant unobservable inputs (Level 3). |
µ |
All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
~ |
Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
• |
Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
þ |
Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
(a) |
Security is an Interest Only (“IO”) or IO Strip. |
(b) |
When-issued security. |
(c) |
Payment in-kind security. |
(d) |
Security did not produce income within the last twelve months. |
(e) |
Coupon represents a weighted average yield to maturity. |
(f) |
Zero coupon security. |
(g) |
Perpetual maturity; date shown, if applicable, represents next contractual call date. |
(h) |
Coupon represents a 7-Day Yield. |
(i) RESTRICTED SECURITIES:
Issuer Description |
Acquisition Date |
Cost |
Market Value |
Market Value as Percentage of Net Assets |
||||||||||||||||||||
| Clover Holdings, Inc. 0.000% |
12/09/2024 |
$ |
24 |
$ |
31 |
0.04 |
% | |||||||||||||||||
| Incora Intermediate II LLC |
01/31/2025 |
2,291 |
1,859 |
2.68 |
||||||||||||||||||||
| Incora Top Holdco LLC 6.000% due 01/30/2033 |
01/31/2025 - 05/01/2026 |
1,090 |
1,718 |
2.48 |
||||||||||||||||||||
| MNSN Holdings, Inc. |
03/16/2023 - 03/29/2023 |
6 |
43 |
0.06 |
||||||||||||||||||||
| Syniverse Holdings, Inc. 12.500% |
05/12/2022 - 05/31/2026 |
500 |
369 |
0.53 |
||||||||||||||||||||
| West Marine |
09/12/2023 |
40 |
17 |
0.02 |
||||||||||||||||||||
| Westmoreland Mining Holdings |
12/08/2014 |
267 |
6 |
0.01 |
||||||||||||||||||||
| Westmoreland Mining LLC |
06/30/2023 - 05/14/2026 |
108 |
77 |
0.11 |
||||||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
$ |
4,326 |
$ |
4,120 |
5.93 |
% | |||||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||
| BNY |
4.620% |
05/07/2026 |
11/06/2026 |
$ |
(1,850 |
) |
$ |
(1,863 |
) | |||||||||||
| BPS |
4.820 |
01/27/2026 |
07/23/2026 |
(7,656 |
) |
(7,816 |
) | |||||||||||||
| BRC |
2.500 |
02/09/2026 |
TBD |
(2) |
(832 |
) |
(840 |
) | ||||||||||||
3.580 |
12/12/2025 |
TBD |
(2) |
(347 |
) |
(354 |
) | |||||||||||||
4.700 |
06/17/2026 |
10/15/2026 |
(280 |
) |
(281 |
) | ||||||||||||||
4.820 |
06/22/2026 |
10/16/2026 |
(90 |
) |
(90 |
) | ||||||||||||||
| BYR |
3.950 |
12/12/2025 |
TBD |
(2) |
(272 |
) |
(278 |
) | ||||||||||||
4.120 |
04/23/2026 |
07/23/2026 |
(933 |
) |
(941 |
) | ||||||||||||||
| CEW |
4.110 |
05/27/2026 |
08/27/2026 |
(932 |
) |
(935 |
) | |||||||||||||
| DBL |
4.314 |
06/12/2026 |
09/11/2026 |
(593 |
) |
(595 |
) | |||||||||||||
4.464 |
06/12/2026 |
09/11/2026 |
(672 |
) |
(673 |
) | ||||||||||||||
| DEU |
4.050 |
06/11/2026 |
07/13/2026 |
(1,186 |
) |
(1,189 |
) | |||||||||||||
| IND |
4.030 |
06/04/2026 |
09/04/2026 |
(282 |
) |
(283 |
) | |||||||||||||
4.030 |
06/15/2026 |
09/15/2026 |
(98 |
) |
(98 |
) | ||||||||||||||
4.040 |
05/13/2026 |
08/13/2026 |
(89 |
) |
(89 |
) | ||||||||||||||
4.090 |
04/08/2026 |
07/08/2026 |
(991 |
) |
(1,001 |
) | ||||||||||||||
4.130 |
05/21/2026 |
07/15/2026 |
(212 |
) |
(213 |
) | ||||||||||||||
4.130 |
06/16/2026 |
09/16/2026 |
(628 |
) |
(629 |
) | ||||||||||||||
4.430 |
06/26/2026 |
09/28/2026 |
(1,419 |
) |
(1,420 |
) | ||||||||||||||
| MZF |
4.720 |
06/17/2026 |
12/17/2026 |
(3,959 |
) |
(3,967 |
) | |||||||||||||
| SOG |
3.970 |
12/12/2025 |
TBD |
(2) |
(4,171 |
) |
(4,263 |
) | ||||||||||||
4.060 |
05/26/2026 |
08/26/2026 |
(238 |
) |
(239 |
) | ||||||||||||||
4.220 |
05/04/2026 |
08/04/2026 |
(358 |
) |
(360 |
) | ||||||||||||||
4.230 |
04/08/2026 |
07/08/2026 |
(483 |
) |
(487 |
) | ||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 35 |
Schedule of Investments |
PCM Fund, Inc. |
(Cont.) |
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||
4.620 |
% |
05/21/2026 |
11/20/2026 |
$ |
(692 |
) |
$ |
(696 |
) | |||||||||||
| TDM |
3.750 |
06/16/2026 |
TBD |
(2) |
(18 |
) |
(18 |
) | ||||||||||||
| UBS |
4.690 |
03/10/2026 |
09/10/2026 |
(2,208 |
) |
(2,240 |
) | |||||||||||||
4.780 |
04/08/2026 |
07/08/2026 |
(1,075 |
) |
(1,087 |
) | ||||||||||||||
| |
|
|||||||||||||||||||
| Total Reverse Repurchase Agreements |
$ |
(32,945 |
) | |||||||||||||||||
| |
|
|||||||||||||||||||
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2026:
Counterparty |
Repurchase Agreement Proceeds to be Received |
Payable for Reverse Repurchase Agreements |
Payable for Sale-Buyback Transactions |
Total Borrowings and Other Financing Transactions |
Collateral Pledged/(Received) |
Net Exposure (3) |
||||||||||||||||||
| Global/Master Repurchase Agreement |
| |||||||||||||||||||||||
| BNY |
$ |
0 |
$ |
(1,863 |
) |
$ |
0 |
$ |
(1,863 |
) |
$ |
2,418 |
$ |
555 |
||||||||||
| BPS |
0 |
(7,816 |
) |
0 |
(7,816 |
) |
10,216 |
2,400 |
||||||||||||||||
| BRC |
0 |
(1,565 |
) |
0 |
(1,565 |
) |
1,876 |
311 |
||||||||||||||||
| BYR |
0 |
(1,219 |
) |
0 |
(1,219 |
) |
1,374 |
155 |
||||||||||||||||
| CEW |
0 |
(935 |
) |
0 |
(935 |
) |
980 |
45 |
||||||||||||||||
| DBL |
0 |
(1,268 |
) |
0 |
(1,268 |
) |
1,593 |
325 |
||||||||||||||||
| DEU |
0 |
(1,189 |
) |
0 |
(1,189 |
) |
1,383 |
194 |
||||||||||||||||
| IND |
0 |
(3,733 |
) |
0 |
(3,733 |
) |
4,363 |
630 |
||||||||||||||||
| MZF |
0 |
(3,967 |
) |
0 |
(3,967 |
) |
5,794 |
1,827 |
||||||||||||||||
| SOG |
0 |
(6,045 |
) |
0 |
(6,045 |
) |
6,949 |
904 |
||||||||||||||||
| TDM |
0 |
(18 |
) |
0 |
(18 |
) |
19 |
1 |
||||||||||||||||
| UBS |
0 |
(3,327 |
) |
0 |
(3,327 |
) |
4,430 |
1,103 |
||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
| Total Borrowings and Other Financing Transactions |
$ |
0 |
$ |
(32,945 |
) |
$ |
0 |
|||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
Overnight and Continuous |
Up to 30 days |
31-90 days |
Greater Than 90 days |
Total |
||||||||||||||||
| Reverse Repurchase Agreements |
| |||||||||||||||||||
| Corporate Bonds & Notes |
$ |
0 |
$ |
(1,701 |
) |
$ |
(2,633 |
) |
$ |
(5,753 |
) |
$ |
(10,087 |
) | ||||||
| U.S. Government Agencies |
0 |
(1,189 |
) |
0 |
0 |
(1,189 |
) | |||||||||||||
| Non-Agency Mortgage-Backed Securities |
0 |
(1,648 |
) |
(2,688 |
) |
(2,515 |
) |
(6,851 |
) | |||||||||||
| Asset-Backed Securities |
0 |
(7,256 |
) |
(2,240 |
) |
(4,381 |
) |
(13,877 |
) | |||||||||||
| Preferred Securities |
0 |
(941 |
) |
0 |
0 |
(941 |
) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Borrowings |
$ |
0 |
$ |
(12,735 |
) |
$ |
(7,561 |
) |
$ |
(12,649 |
) |
$ |
(32,945 |
) | ||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Payable for reverse repurchase agreements |
|
$ |
(32,945 |
) | ||||||||||||||||
| |
|
|||||||||||||||||||
(j) |
Securities with an aggregate market value of $40,875 and cash of $540 have been pledged as collateral under the terms of the above master agreements as of June 30, 2026. |
(1) |
The average amount of borrowings outstanding during the period ended June 30, 2026 was $(38,781) at a weighted average interest rate of 4.852%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
(2) |
Open maturity reverse repurchase agreement. |
(3) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
SHORT FUTURES CONTRACTS
| Description |
Expiration Month |
# of Contracts |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
Variation Margin |
|||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
| CBOT U.S. Long Bond Futures |
09/2026 |
4 |
$ |
(454 |
) |
$ |
(13 |
) |
$ |
3 |
$ |
0 |
||||||||||||
| Ultra 10 Year U.S. Treasury Notes Futures |
09/2026 |
6 |
(675 |
) |
(14 |
) |
2 |
0 |
||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
| Total Futures Contracts |
|
$ |
(27 |
) |
$ |
5 |
$ |
0 |
||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
36 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION
(1)
| Index/Tranches |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Notional Amount (2) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value (3) |
Variation Margin |
||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||
| CDX.HY-46 5-Year Index |
5.000 |
% |
Quarterly |
06/20/2031 |
$ |
1,782 |
$ |
66 |
$ |
80 |
$ |
146 |
$ |
0 |
$ |
(1 |
) | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
INTEREST RATE SWAPS
| Pay/Receive Floating Rate |
Floating Rate Index |
Fixed Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value |
Variation Margin |
|||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.250 |
% |
Semi-Annual |
12/15/2026 |
$ |
200 |
$ |
(1 |
) |
$ |
(2 |
) |
$ |
(3 |
) |
$ |
0 |
$ |
0 |
||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.550 |
Semi-Annual |
01/20/2027 |
1,900 |
(4 |
) |
(25 |
) |
(29 |
) |
0 |
0 |
|||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
0.500 |
Semi-Annual |
06/16/2028 |
140 |
(5 |
) |
(5 |
) |
(10 |
) |
0 |
0 |
|||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/20/2028 |
4,900 |
45 |
(70 |
) |
(25 |
) |
0 |
(6 |
) | |||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.700 |
Semi-Annual |
01/12/2029 |
2,000 |
(6 |
) |
(117 |
) |
(123 |
) |
0 |
(3 |
) | ||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
4.250 |
Annual |
06/19/2029 |
7,800 |
(32 |
) |
99 |
67 |
0 |
(11 |
) | ||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
4.500 |
Annual |
06/17/2030 |
10,300 |
8 |
214 |
222 |
0 |
(21 |
) | |||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.250 |
Annual |
06/18/2030 |
7,200 |
(69 |
) |
(107 |
) |
(176 |
) |
0 |
(14 |
) | ||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.250 |
Annual |
06/17/2031 |
7,700 |
(128 |
) |
(103 |
) |
(231 |
) |
0 |
(20 |
) | ||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.370 |
Semi-Annual |
07/19/2031 |
100 |
0 |
13 |
13 |
0 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.360 |
Semi-Annual |
07/20/2031 |
100 |
0 |
13 |
13 |
0 |
0 |
||||||||||||||||||||||||||||||
| Pay (4) |
1-Day USD-SOFR Compounded-OIS |
3.250 |
Annual |
09/16/2031 |
7,900 |
(226 |
) |
(12 |
) |
(238 |
) |
0 |
(22 |
) | ||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
12/20/2033 |
1,800 |
54 |
0 |
54 |
7 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.000 |
Semi-Annual |
12/19/2038 |
5,200 |
13 |
693 |
706 |
29 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
2.000 |
Semi-Annual |
01/15/2050 |
100 |
(1 |
) |
39 |
38 |
1 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.625 |
Semi-Annual |
01/16/2050 |
400 |
0 |
173 |
173 |
3 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Semi-Annual |
01/22/2050 |
700 |
(4 |
) |
294 |
290 |
5 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.625 |
Semi-Annual |
02/03/2050 |
400 |
(2 |
) |
175 |
173 |
3 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.450 |
Semi-Annual |
04/07/2051 |
1,300 |
(1 |
) |
619 |
618 |
9 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
06/15/2052 |
5,700 |
994 |
1,242 |
2,236 |
44 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
12/21/2052 |
2,800 |
674 |
463 |
1,137 |
22 |
0 |
||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ |
1,309 |
$ |
3,596 |
$ |
4,905 |
$ |
123 |
$ |
(97 |
) | ||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Total Swap Agreements |
|
$ |
1,375 |
$ |
3,676 |
$ |
5,051 |
$ |
123 |
$ |
(98 |
) | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||
Market Value |
Variation Margin Asset |
Total |
Market Value |
Variation Margin Liability |
Total |
|||||||||||||||||||||||||||||||
Purchased Options |
Futures |
Swap Agreements |
Written Options |
Futures |
Swap Agreements |
|||||||||||||||||||||||||||||||
| Total Exchange-Traded or Centrally Cleared |
$ |
0 |
$ |
5 |
$ |
123 |
$ |
128 |
$ |
0 |
$ |
0 |
$ |
(98) |
$ |
(98) |
||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Cash of $1,077 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(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. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information. |
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 37 |
Schedule of Investments |
PCM Fund, Inc. |
(Cont.) |
(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION
(1)
Counterparty |
Index/Tranches |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Notional Amount (2) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value (3) |
||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||
GST |
ABX.HE.AA.6-1 Index |
0.320 |
% |
Monthly |
07/25/2045 |
$ |
1,260 |
$ |
(251 |
) |
$ |
145 |
$ |
0 |
$ |
(106 |
) | |||||||||||||||||||
| ABX.HE.PENAAA.7-1 Index |
0.090 |
Monthly |
08/25/2037 |
393 |
(416 |
) |
410 |
0 |
(6 |
) | ||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total Swap Agreements |
$ |
(667 |
) |
$ |
555 |
$ |
0 |
$ |
(112 |
) | ||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||||||||||||||
Counterparty |
Forward Foreign Currency Contracts |
Purchased Options |
Swap Agreements |
Total Over the Counter |
Forward Foreign Currency Contracts |
Written Options |
Swap Agreements |
Total Over the Counter |
Net Market Value of OTC Derivatives |
Collateral Pledged/ (Received) |
Net Exposure (4) |
|||||||||||||||||||||||||||||||||||||
| GST |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(112 |
) |
$ |
(112 |
) |
$ |
(112 |
) |
$ |
299 |
$ |
187 |
|||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
(m) |
Securities with an aggregate market value of $299 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2026. |
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(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) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2026:
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
5 |
$ |
5 |
||||||||||||
| Swap Agreements |
0 |
0 |
0 |
0 |
123 |
123 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
128 |
$ |
128 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Financial Derivative Instruments - Liabilities |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Swap Agreements |
$ |
0 |
$ |
1 |
$ |
0 |
$ |
0 |
$ |
97 |
$ |
98 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Swap Agreements |
$ |
0 |
$ |
112 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
112 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
113 |
$ |
0 |
$ |
0 |
$ |
97 |
$ |
210 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
38 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2026:
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Net Realized Gain (Loss) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
72 |
$ |
72 |
||||||||||||
| Swap Agreements |
0 |
(37 |
) |
0 |
0 |
18 |
(19 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
(37 |
) |
$ |
0 |
$ |
0 |
$ |
90 |
$ |
53 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Swap Agreements |
$ |
0 |
$ |
85 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
85 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
48 |
$ |
0 |
$ |
0 |
$ |
90 |
$ |
138 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(49 |
) |
$ |
(49 |
) | ||||||||||
| Swap Agreements |
0 |
80 |
0 |
0 |
(333 |
) |
(253 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
80 |
$ |
0 |
$ |
0 |
$ |
(382 |
) |
$ |
(302 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Swap Agreements |
$ |
0 |
$ |
(19 |
) |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(19 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
61 |
$ |
0 |
$ |
0 |
$ |
(382 |
) |
$ |
(321 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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 Fund’s assets and liabilities:
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||
| Loan Participations and Assignments |
$ |
0 |
$ |
12,105 |
$ |
1,568 |
$ |
13,673 |
||||||||
| Corporate Bonds & Notes |
| |||||||||||||||
| Banking & Finance |
0 |
3,811 |
0 |
3,811 |
||||||||||||
| Industrials |
0 |
12,163 |
3,310 |
15,473 |
||||||||||||
| Utilities |
0 |
366 |
0 |
366 |
||||||||||||
| U.S. Government Agencies |
0 |
4,798 |
0 |
4,798 |
||||||||||||
| U.S. Treasury Obligations |
0 |
97 |
0 |
97 |
||||||||||||
| Non-Agency Mortgage-Backed Securities |
0 |
23,102 |
1 |
23,103 |
||||||||||||
| Asset-Backed Securities |
| |||||||||||||||
| Home Equity Other |
0 |
24,739 |
0 |
24,739 |
||||||||||||
| Manufacturing House ABS Other |
0 |
519 |
0 |
519 |
||||||||||||
| Manufacturing House Sequential |
0 |
112 |
0 |
112 |
||||||||||||
| Whole Loan Collateral |
0 |
1,566 |
0 |
1,566 |
||||||||||||
| Other ABS |
0 |
1,656 |
1,878 |
3,534 |
||||||||||||
| Common Stocks |
| |||||||||||||||
| Communication Services |
599 |
0 |
74 |
673 |
||||||||||||
| Consumer Discretionary |
0 |
0 |
17 |
17 |
||||||||||||
| Financials |
0 |
599 |
0 |
599 |
||||||||||||
| Industrials |
1 |
0 |
1,942 |
1,943 |
||||||||||||
| Real Estate |
43 |
0 |
0 |
43 |
||||||||||||
| Warrants |
| |||||||||||||||
| Communication Services |
0 |
0 |
116 |
116 |
||||||||||||
| Preferred Securities |
| |||||||||||||||
| Banking & Finance |
0 |
0 |
371 |
371 |
||||||||||||
| Industrials |
0 |
1,321 |
400 |
1,721 |
||||||||||||
| Real Estate Investment Trusts |
| |||||||||||||||
| Real Estate |
359 |
0 |
0 |
359 |
||||||||||||
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Short-Term Instruments |
| |||||||||||||||
| Mutual Funds |
$ |
201 |
$ |
0 |
$ |
0 |
$ |
201 |
||||||||
| U.S. Treasury Bills |
0 |
202 |
0 |
202 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
1,203 |
$ |
87,156 |
$ |
9,677 |
$ |
98,036 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Investments in Affiliates, at Value |
| |||||||||||||||
| Short-Term Instruments |
| |||||||||||||||
| Central Funds Used for Cash Management Purposes |
$ |
3,333 |
$ |
0 |
$ |
0 |
$ |
3,333 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ |
4,536 |
$ |
87,156 |
$ |
9,677 |
$ |
101,369 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||
| Exchange-traded or centrally cleared |
$ |
0 |
$ |
128 |
$ |
0 |
$ |
128 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial Derivative Instruments - Liabilities |
| |||||||||||||||
| Exchange-traded or centrally cleared |
0 |
(98 |
) |
0 |
(98 |
) | ||||||||||
| Over the counter |
0 |
0 |
(112 |
) |
(112 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
0 |
$ |
(98 |
) |
$ |
(112 |
) |
$ |
(210 |
) | ||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Financial Derivative Instruments |
$ |
0 |
$ |
30 |
$ |
(112 |
) |
$ |
(82 |
) | ||||||
| |
|
|
|
|
|
|
|
|||||||||
| Totals |
$ |
4,536 |
$ |
87,186 |
$ |
9,565 |
$ |
101,287 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
39 |
Schedule of Investments |
PCM Fund, Inc. |
(Cont.) |
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2026:
Category and Subcategory |
Beginning Balance at 06/30/2025 |
Net Purchase (1) |
Net Sales/ Settlements (1) |
Accrued Discounts/ (Premiums) |
Realized Gain/(Loss) |
Net Change in Unrealized Appreciation/ (Depreciation) (2) |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance at 06/30/2026 |
Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2026 (2) |
||||||||||||||||||||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||||||||||||||||||||||||||
| Loan Participations and Assignments |
$ |
4,753 |
$ |
828 |
$ |
(4,107 |
) |
$ |
12 |
$ |
24 |
$ |
(268 |
) |
$ |
326 |
$ |
0 |
$ |
1,568 |
$ |
13 |
||||||||||||||||||
| Corporate Bonds & Notes |
| |||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
0 |
0 |
(11 |
) |
0 |
1 |
10 |
0 |
0 |
0 |
10 |
|||||||||||||||||||||||||||||
| Industrials |
2,984 |
265 |
(252 |
) |
5 |
0 |
308 |
0 |
0 |
3,310 |
237 |
|||||||||||||||||||||||||||||
| Non-Agency Mortgage-Backed Securities |
199 |
0 |
0 |
0 |
0 |
(198 |
) |
0 |
0 |
1 |
(198 |
) | ||||||||||||||||||||||||||||
| Asset-Backed Securities |
||||||||||||||||||||||||||||||||||||||||
| Other ABS |
1,954 |
0 |
0 |
1 |
(234 |
) |
157 |
0 |
0 |
1,878 |
(49 |
) | ||||||||||||||||||||||||||||
| Common Stocks |
||||||||||||||||||||||||||||||||||||||||
| Communication Services |
884 |
0 |
(768 |
) |
0 |
452 |
(494 |
) |
0 |
0 |
74 |
43 |
||||||||||||||||||||||||||||
| Consumer Discretionary |
17 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
17 |
0 |
||||||||||||||||||||||||||||||
| Health Care |
3,660 |
0 |
(3,273 |
) |
0 |
(115 |
) |
(272 |
) |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
| Industrials |
1,638 |
26 |
0 |
0 |
0 |
278 |
0 |
0 |
1,942 |
278 |
||||||||||||||||||||||||||||||
| Real Estate |
2 |
0 |
0 |
0 |
0 |
40 |
0 |
(42 |
) |
0 |
0 |
|||||||||||||||||||||||||||||
| Warrants |
||||||||||||||||||||||||||||||||||||||||
| Communication Services |
169 |
62 |
(153 |
) |
0 |
40 |
(2 |
) |
0 |
0 |
116 |
55 |
||||||||||||||||||||||||||||
| Preferred Securities |
||||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
0 |
333 |
0 |
0 |
0 |
38 |
0 |
0 |
371 |
38 |
||||||||||||||||||||||||||||||
| Industrials |
453 |
58 |
0 |
0 |
0 |
(111 |
) |
0 |
0 |
400 |
(111 |
) | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ |
16,713 |
$ |
1,572 |
$ |
(8,564 |
) |
$ |
18 |
$ |
168 |
$ |
(514 |
) |
$ |
326 |
$ |
(42 |
) |
$ |
9,677 |
$ |
316 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Financial Derivative Instruments |
| |||||||||||||||||||||||||||||||||||||||
| Over the counter |
$ |
(112 |
) |
$ |
19 |
$ |
(73 |
) |
$ |
26 |
$ |
34 |
$ |
(6 |
) |
$ |
0 |
$ |
0 |
$ |
(112 |
) |
$ |
(13 |
) | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Totals |
$ |
16,601 |
$ |
1,591 |
$ |
(8,637 |
) |
$ |
44 |
$ |
202 |
$ |
(520 |
) |
$ |
326 |
$ |
(42 |
) |
$ |
9,565 |
$ |
303 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category and Subcategory |
Ending Balance at 06/30/2026 |
Valuation Technique |
Unobservable Inputs |
(% Unless Noted Otherwise) |
||||||||||||||
Input Value(s) |
Weighted Average |
|||||||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||||
| Loan Participations and Assignments |
$ |
876 |
Discounted Cash Flow |
Discount Rate |
6.790-9.900 |
8.567 |
||||||||||||
692 |
Third Party Vendor |
Broker Quote |
57.500-100.125 |
88.713 |
||||||||||||||
| Corporate Bonds & Notes |
||||||||||||||||||
| Industrials |
3,310 |
Comparable Companies / Discounted Cash Flow |
EBITDA Multiple/Discount Rate |
X/% |
13.000/10.250 |
— |
||||||||||||
| Non-Agency Mortgage-Backed Securities |
1 |
Discounted Cash Flow |
Discount Rate |
10.000 |
— |
|||||||||||||
| Asset-Backed Securities |
||||||||||||||||||
| Other ABS |
1,878 |
Discounted Cash Flow |
Discount Rate |
9.380-15.000 |
10.563 |
|||||||||||||
| Common Stocks |
||||||||||||||||||
| Communication Services |
74 |
Reference Instrument |
Liquidity Discount |
14.000 |
— |
|||||||||||||
| Consumer Discretionary |
17 |
Expected Recovery |
Price |
0.000 |
— |
|||||||||||||
| Industrials |
1,859 |
Comparable Companies / Discounted Cash Flow |
EBITDA Multiple/Discount Rate |
X/% |
13.000/10.250 |
— |
||||||||||||
77 |
Indicative Market Quotation / Recent Transaction |
Broker Quote / Purchase Price |
$/$ |
3.250/2.000 |
— |
|||||||||||||
6 |
Indicative Market Quotation |
Broker Quote |
$ |
0.656 |
— |
|||||||||||||
| Warrants |
||||||||||||||||||
| Communication Services |
116 |
Other Valuation Techniques (3) |
— |
— |
— |
— |
||||||||||||
| Preferred Securities |
||||||||||||||||||
| Banking & Finance |
371 |
Discounted Cash Flow |
Discount Rate |
11.630 |
— |
|||||||||||||
| Industrials |
31 |
Comparable Companies |
Revenue/ EBITDA Multiple |
X |
— |
|||||||||||||
369 |
Discounted Cash Flow |
Discount Rate |
4.625/18.000 |
|||||||||||||||
40 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
| Category and Subcategory |
Ending Balance at 06/30/2026 |
Valuation Technique |
Unobservable Inputs |
(% Unless Noted Otherwise) |
||||||||||||||
Input Value(s) |
Weighted Average |
|||||||||||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||||
| Over the counter |
$ |
(112 |
) |
Indicative Market Quotation |
Broker Quote |
91.500-98.500 |
91.880 |
|||||||||||
| |
|
|||||||||||||||||
| Total |
$ |
9,565 |
||||||||||||||||
| |
|
|||||||||||||||||
(1) |
Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
(2) |
Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. |
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 41 |
Schedule of Investments |
PIMCO Global StocksPLUS ® |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 135.8% |
| |||||||||||
LOAN PARTICIPATIONS AND ASSIGNMENTS 23.6% |
| |||||||||||
| Aligned Data Centers International LP |
| |||||||||||
| 7.164% due 05/16/2028 «~ |
$ |
499 |
$ |
499 |
||||||||
| Altice France SA |
| |||||||||||
| 8.735% - 8.736% (TSFR3M + 3.673%) due 10/30/2028 ~ |
295 |
295 |
||||||||||
| 10.548% (TSFR3M + 3.673%) due 05/31/2031 ~ |
1,018 |
1,041 |
||||||||||
| Bausch Health Cos., Inc. |
| |||||||||||
| 9.894% (TSFR1M + 3.644%) due 10/08/2030 ~ |
693 |
673 |
||||||||||
| Central Parent, Inc. |
| |||||||||||
| 6.982% (TSFR3M + 3.732%) due 07/06/2029 ~ |
1,584 |
1,046 |
||||||||||
| Clover Holdings 2 LLC |
| |||||||||||
| TBD% - 4.000% due 12/10/2029 µ |
106 |
98 |
||||||||||
| 7.375% (TSFR1M + 3.633%) due 12/09/2031 « ~ |
168 |
161 |
||||||||||
| Coreweave Compute Acquisition Co. IV LLC |
| |||||||||||
| 9.661% - 9.732% (TSFR3M + 3.666%) due 05/16/2029 «~ |
544 |
561 |
||||||||||
| Databricks, Inc. |
| |||||||||||
| TBD% - 1.000% due 01/05/2032 µ |
36 |
36 |
||||||||||
| 8.114% (TSFR1M + 3.612%) due 01/05/2032 ~ |
164 |
164 |
||||||||||
| Dialysis Holdco LLC |
| |||||||||||
| 9.644% (TSFR1M + 3.644%) due 11/26/2030 «~ |
1,239 |
1,259 |
||||||||||
| Discovery Global Holdings, Inc. |
| |||||||||||
| 6.144% (TSFR1M + 3.644%) due 06/03/2033 ~ |
785 |
786 |
||||||||||
| Dun & Bradstreet Corp. |
| |||||||||||
| TBD% - 9.121% (TSFR1M + 3.621%) due 08/26/2032 «~µ |
19 |
19 |
||||||||||
| 9.153% (TSFR1M + 3.644%) due 08/26/2032 «~ |
187 |
177 |
||||||||||
| Forward Air Corp. |
| |||||||||||
| 8.163% (TSFR3M + 3.663%) due 12/19/2030 ~ |
400 |
378 |
||||||||||
| Gaia Purchaser, Inc. |
| |||||||||||
| TBD% due 06/25/2033 « |
100 |
100 |
||||||||||
| Gateway Casinos & Entertainment Ltd. |
| |||||||||||
| 9.918% (TSFR3M + 3.668%) due 12/18/2030 ~ |
815 |
813 |
||||||||||
| Ivanti Software, Inc. |
| |||||||||||
| TBD% - 9.414% (TSFR3M + 3.658%) due 06/01/2029 ~µ |
98 |
96 |
||||||||||
| 8.414% (TSFR3M + 3.658%) due 06/01/2029 ~ |
737 |
326 |
||||||||||
| Lealand Finance Co. BV |
| |||||||||||
| 6.758% (TSFR1M + 3.644%) due 06/30/2027 ~ |
7 |
7 |
||||||||||
| Lealand Finance Co. BV (4.758% Cash and 3.000% PIK) |
| |||||||||||
| 7.758% (TSFR1M + 3.644%) due 12/31/2027 ~(c) |
76 |
73 |
||||||||||
| Mercury Aggregator LP |
| |||||||||||
| TBD% due 04/03/2027 « |
15 |
0 |
||||||||||
| MPH Acquisition Holdings LLC |
| |||||||||||
| 7.413% (TSFR3M + 3.663%) due 12/31/2030 ~ |
749 |
751 |
||||||||||
| 8.263% (TSFR3M + 3.663%) due 12/31/2030 ~ |
174 |
153 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 7.214% (TSFR1M + 3.612%) due 04/30/2029 ~ |
367 |
286 |
||||||||||
| 9.364% (TSFR1M + 3.612%) due 04/30/2029 ~ |
21 |
17 |
||||||||||
| Peraton Corp. |
| |||||||||||
| 7.513% (TSFR3M + 3.663%) due 02/01/2028 ~ |
2,526 |
2,286 |
||||||||||
| 11.516% (TSFR3M + 3.666%) due 02/01/2029 ~ |
300 |
204 |
||||||||||
| Polaris Newco LLC |
| |||||||||||
| 6.150% (EUR003M + 2.150%) due 06/02/2028 ~ |
EUR |
826 |
820 |
|||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 7.925% (TSFR3M + 3.663%) due 06/02/2028 ~ |
$ |
637 |
$ |
555 |
||||||||
| Poseidon Bidco SASU |
| |||||||||||
| 7.504% due 03/13/2030 |
EUR |
400 |
133 |
|||||||||
| Promotora de Informaciones SA |
| |||||||||||
| 7.424% (EUR003M + 2.168%) due 06/29/2029 ~ |
3,393 |
3,896 |
||||||||||
| QXO, Inc. |
| |||||||||||
| TBD% due 04/30/2032 |
$ |
100 |
100 |
|||||||||
| Softbank Vision Fund II |
| |||||||||||
| 7.382% (TSFR3M + 3.732%) due 04/25/2029 «~ |
356 |
362 |
||||||||||
| Spruce Bidco II, Inc. |
| |||||||||||
| TBD% - 8.461% (TSFR6M + 3.621%) due 01/30/2032 «~µ |
31 |
31 |
||||||||||
| 5.977% (JY0003M + 0.000%) due 01/30/2032 «~ |
JPY |
2,598 |
16 |
|||||||||
| 7.047% (CDOR06 + 0.000%) due 01/30/2032 «~ |
CAD |
24 |
17 |
|||||||||
| 8.413% (TSFR3M + 3.663%) due 01/30/2032 «~ |
$ |
134 |
135 |
|||||||||
| Steenbok Lux Finco 2 SARL |
| |||||||||||
| 1TBD% due 12/31/2028 |
EUR |
2,320 |
1,070 |
|||||||||
| Stepstone Group Midco 2 GmbH |
| |||||||||||
| 8.176% - 8.179% (TSFR6M + 3.679%) due 12/19/2031 ~ |
$ |
198 |
160 |
|||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 10.732% (TSFR3M + 3.732%) due 05/13/2027 ~ |
2,019 |
1,761 |
||||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 8.758% (TSFR1M + 3.644%) due 06/28/2028 ~ |
1,552 |
1,530 |
||||||||||
| Unicorn Bay |
| |||||||||||
| 13.000% due 12/31/2026 « |
HKD |
4,935 |
637 |
|||||||||
| Upfield BV |
| |||||||||||
| 8.980% due 10/31/2030 ~ |
GBP |
700 |
889 |
|||||||||
| Westmoreland Coal Co. |
| |||||||||||
| 8.000% due 03/15/2029 |
$ |
364 |
209 |
|||||||||
| Worthington Steel, Inc. |
| |||||||||||
| 7.620% - 7.621% (TSFR1M + 3.624%) due 06/01/2033 ~ |
100 |
100 |
||||||||||
| |
|
|||||||||||
| Total Loan Participations and Assignments (Cost $27,353) |
24,726 |
|||||||||||
| |
|
|||||||||||
CORPORATE BONDS & NOTES 31.8% |
| |||||||||||
BANKING & FINANCE 6.9% |
| |||||||||||
| Alamo Re Ltd. |
| |||||||||||
| 11.039% (T-BILL 1MO + 7.250%) due 06/07/2028 ~ |
250 |
250 |
||||||||||
| 14.289% (T-BILL 1MO + 10.500%) due 06/07/2028 ~ |
250 |
250 |
||||||||||
| Ambac Assurance Corp. |
| |||||||||||
| 5.100% due 12/31/2099 (h) |
13 |
17 |
||||||||||
| Armor Holdco, Inc. |
| |||||||||||
| 8.500% due 11/15/2029 (k) |
200 |
201 |
||||||||||
| Banco Mercantil del Norte SA |
| |||||||||||
| 8.450% due 06/24/2036 •(h)(i) |
200 |
200 |
||||||||||
| CI Financial Corp. |
| |||||||||||
| 7.500% due 05/30/2029 (k) |
600 |
629 |
||||||||||
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| |||||||||||
| 8.000% due 12/31/2028 (c) |
EUR |
153 |
91 |
|||||||||
| Credit Suisse AG AT1 Claim |
$ |
200 |
70 |
|||||||||
| Ford Motor Credit Co. LLC |
| |||||||||||
| 5.667% (SOFRRATE + 2.030%) due 03/20/2028 ~(k) |
900 |
911 |
||||||||||
| Hestia Re Ltd. |
| |||||||||||
| 3.620% (BNMMDTSC + 0.100%) due 04/22/2029 ~ |
7 |
4 |
||||||||||
| IIFL Finance Ltd. |
| |||||||||||
| 7.600% due 09/10/2029 |
100 |
101 |
||||||||||
| ION Platform Finance SARL |
| |||||||||||
| 6.500% due 09/30/2030 |
EUR |
200 |
184 |
|||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 6.500% due 09/30/2030 (k) |
EUR |
300 |
$ |
276 |
||||||||
| 7.875% due 05/01/2029 |
100 |
103 |
||||||||||
| ION Platform Finance U.S., Inc. |
| |||||||||||
| 7.875% due 09/30/2032 (k) |
$ |
1,420 |
1,031 |
|||||||||
| ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| |||||||||||
| 8.750% due 05/01/2029 |
200 |
179 |
||||||||||
| 9.000% due 08/01/2029 |
200 |
178 |
||||||||||
| Iron Mountain, Inc. |
| |||||||||||
| 6.250% due 01/15/2035 |
100 |
100 |
||||||||||
| Long Point Re IV Ltd. |
| |||||||||||
| 7.289% (T-BILL 1MO + 3.500%) due 06/01/2034 ~ |
250 |
250 |
||||||||||
| Lower Ferry Re Ltd. |
| |||||||||||
| 6.260% (MSMMUSTF + 2.750%) due 07/08/2033 ~ |
300 |
300 |
||||||||||
| Luca RE Ltd. |
| |||||||||||
| 9.036% (T-BILL 3MO + 5.250%) due 07/09/2032 ~ |
250 |
250 |
||||||||||
| Sanders Re III Ltd. |
| |||||||||||
| 15.870% (BRMMUSDF + 12.320%) due 04/09/2029 ~ |
130 |
43 |
||||||||||
| Titanium 2l Bondco SARL |
| |||||||||||
| 6.250% due 01/14/2031 |
EUR |
967 |
162 |
|||||||||
| Torrey Pines Re Ltd. |
| |||||||||||
| 6.789% (T-BILL 1MO + 3.000%) due 06/07/2034 ~ |
$ |
250 |
252 |
|||||||||
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| |||||||||||
| 6.000% due 01/15/2030 (k) |
927 |
906 |
||||||||||
| Yardstick RE DAC |
| |||||||||||
| 4.274% (EUR003M + 1.950%) due 07/08/2034 «~ |
EUR |
250 |
286 |
|||||||||
| |
|
|||||||||||
7,224 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 22.4% |
| |||||||||||
| Altice France Lux 3/Altice Holdings 1 |
| |||||||||||
| 10.000% due 01/15/2033 |
$ |
147 |
145 |
|||||||||
| Altice France SA |
| |||||||||||
| 9.500% due 11/01/2029 |
556 |
565 |
||||||||||
| ams-OSRAM AG |
| |||||||||||
| 7.250% due 05/31/2032 |
EUR |
950 |
1,120 |
|||||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
| |||||||||||
| 8.000% due 02/15/2031 |
$ |
100 |
101 |
|||||||||
| B&G Foods, Inc. |
| |||||||||||
| 11.000% due 06/15/2031 |
110 |
102 |
||||||||||
| Beignet Investor LLC |
| |||||||||||
| 6.581% due 05/30/2049 (k) |
1,710 |
1,745 |
||||||||||
| Central Parent, Inc./CDK Global, Inc. |
| |||||||||||
| 7.250% due 06/15/2029 |
100 |
65 |
||||||||||
| Cheplapharm Arzneimittel GmbH |
| |||||||||||
| 7.500% due 05/15/2030 |
EUR |
900 |
1,067 |
|||||||||
| Cogent Communications Group LLC/Cogent Finance, Inc. |
| |||||||||||
| 7.000% due 06/15/2027 (k) |
$ |
725 |
721 |
|||||||||
| CoreWeave, Inc. |
| |||||||||||
| 8.500% due 07/15/2032 |
EUR |
100 |
113 |
|||||||||
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
| |||||||||||
| 9.250% due 06/01/2032 |
$ |
200 |
203 |
|||||||||
| DISH DBS Corp. |
| |||||||||||
| 5.250% due 12/01/2026 |
2,000 |
1,980 |
||||||||||
| 5.750% due 12/01/2028 |
100 |
97 |
||||||||||
| 7.750% due 07/01/2026 |
800 |
800 |
||||||||||
| Dorman Products, Inc. |
| |||||||||||
| 6.250% due 06/15/2034 |
100 |
101 |
||||||||||
| Ecopetrol SA |
| |||||||||||
| 7.750% due 02/01/2032 (k) |
1,750 |
1,834 |
||||||||||
| Flora Food Management BV |
| |||||||||||
| 7.500% due 10/31/2030 |
EUR |
100 |
114 |
|||||||||
| FMC Corp. |
| |||||||||||
| 8.000% due 06/01/2031 |
$ |
100 |
104 |
|||||||||
| GSG Bidco Ltd. |
| |||||||||||
| 5.375% due 06/15/2036 |
EUR |
180 |
204 |
|||||||||
42 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Incora Intermediate II LLC (0.500% PIK) |
| |||||||||||
| 0.500% due 01/31/2030 «(c) |
$ |
1,687 |
$ |
1,687 |
||||||||
| Incora Top Holdco LLC |
| |||||||||||
| 6.000% due 01/30/2033 «(j) |
1,156 |
1,821 |
||||||||||
| MPH Acquisition Holdings LLC |
| |||||||||||
| 5.750% due 12/31/2030 |
400 |
334 |
||||||||||
| MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
| |||||||||||
| 11.500% due 12/31/2030 (c) |
105 |
104 |
||||||||||
| National Mentor Holdings, Inc. |
| |||||||||||
| 10.500% due 12/15/2030 |
100 |
106 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 11.750% due 04/30/2029 |
229 |
126 |
||||||||||
| Nissan Motor Co. Ltd. |
| |||||||||||
| 4.810% due 09/17/2030 (k) |
700 |
652 |
||||||||||
| Noble Finance II LLC |
| |||||||||||
| 8.000% due 04/15/2030 (k) |
314 |
326 |
||||||||||
| Ocado Group PLC |
| |||||||||||
| 11.000% due 06/15/2030 |
GBP |
750 |
1,051 |
|||||||||
| Petroleos de Venezuela SA |
| |||||||||||
| 6.000% due 11/15/2026 ^(d) |
$ |
400 |
151 |
|||||||||
| 9.750% due 05/17/2035 ^(d) |
300 |
134 |
||||||||||
| Road Michigan Property Owner I LLC |
| |||||||||||
| 7.500% due 03/30/2045 (k) |
2,597 |
2,590 |
||||||||||
| Sonangol Finance Ltd. |
| |||||||||||
| 10.000% due 01/29/2031 |
200 |
202 |
||||||||||
| Thames Water Super Senior Issuer PLC |
| |||||||||||
| 9.750% due 10/10/2027 |
GBP |
13 |
18 |
|||||||||
| 9.750% due 10/10/2027 |
3 |
4 |
||||||||||
| Topaz Solar Farms LLC |
| |||||||||||
| 4.875% due 09/30/2039 |
$ |
121 |
107 |
|||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 10.625% due 06/28/2028 |
756 |
703 |
||||||||||
| Ubisoft Entertainment SA |
| |||||||||||
| 0.878% due 11/24/2027 |
EUR |
100 |
101 |
|||||||||
| Vale SA |
| |||||||||||
| 0.000% due 12/29/2049 ~(h) |
BRL |
20,000 |
1,555 |
|||||||||
| Vedanta Resources Finance II PLC |
| |||||||||||
| 7.375% due 07/13/2034 (b) |
$ |
200 |
198 |
|||||||||
| Viridien |
| |||||||||||
| 8.500% due 10/15/2030 |
EUR |
181 |
219 |
|||||||||
| 10.000% due 10/15/2030 (k) |
$ |
200 |
213 |
|||||||||
| Volcan Cia Minera SAA |
| |||||||||||
| 8.500% due 10/28/2032 |
60 |
62 |
||||||||||
| |
|
|||||||||||
23,645 |
||||||||||||
| |
|
|||||||||||
UTILITIES 2.5% |
| |||||||||||
| Altice Holdings 1 SARL |
| |||||||||||
| 0.000% due 12/31/2099 « |
EUR |
1 |
22 |
|||||||||
| FORESEA Holding SA |
| |||||||||||
| 7.500% due 06/15/2030 |
$ |
239 |
236 |
|||||||||
| Nova Securitisation SARL |
| |||||||||||
| 5.750% due 02/03/2031 (k) |
300 |
290 |
||||||||||
| 6.500% due 02/03/2036 (k) |
500 |
471 |
||||||||||
| OI SA |
| |||||||||||
| 8.500% due 12/31/2028 ^(d) |
2,532 |
27 |
||||||||||
| 10.000% due 06/30/2027 ^(d) |
1,678 |
818 |
||||||||||
| PBF Holding Co. LLC/PBF Finance Corp. |
| |||||||||||
| 7.250% due 06/01/2034 |
100 |
99 |
||||||||||
| Peru LNG SRL |
| |||||||||||
| 5.375% due 03/22/2030 (k) |
667 |
649 |
||||||||||
| |
|
|||||||||||
2,612 |
||||||||||||
| |
|
|||||||||||
| Total Corporate Bonds & Notes (Cost $35,353) |
33,481 |
|||||||||||
| |
|
|||||||||||
CONVERTIBLE BONDS & NOTES 0.8% |
| |||||||||||
BANKING & FINANCE 0.0% |
| |||||||||||
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| |||||||||||
| 8.000% due 12/31/2028 (c) |
EUR |
25 |
15 |
|||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
INDUSTRIALS 0.8% |
| |||||||||||
| DISH Network Corp. |
| |||||||||||
| 3.375% due 08/15/2026 |
$ |
600 |
$ |
582 |
||||||||
| Ubisoft Entertainment SA |
| |||||||||||
| 2.375% due 11/15/2028 |
EUR |
200 |
225 |
|||||||||
| |
|
|||||||||||
807 |
||||||||||||
| |
|
|||||||||||
| Total Convertible Bonds & Notes (Cost $853) |
822 |
|||||||||||
| |
|
|||||||||||
MUNICIPAL BONDS & NOTES 0.8% |
| |||||||||||
WEST VIRGINIA 0.8% |
| |||||||||||
| Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
| |||||||||||
| 0.000% due 06/01/2047 (g) |
$ |
8,800 |
882 |
|||||||||
| |
|
|||||||||||
| Total Municipal Bonds & Notes (Cost $1,299) |
882 |
|||||||||||
| |
|
|||||||||||
U.S. GOVERNMENT AGENCIES 40.3% |
| |||||||||||
| Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
| |||||||||||
| 0.700% due 11/25/2055 ~(a) |
5,164 |
303 |
||||||||||
| Federal Home Loan Mortgage Corp. REMICS |
| |||||||||||
| 2.408% due 05/25/2050 •(a) |
773 |
85 |
||||||||||
| 2.733% due 03/15/2037 •(a) |
185 |
16 |
||||||||||
| 2.863% due 09/15/2036 •(a) |
99 |
9 |
||||||||||
| 2.873% due 09/15/2036 •(a) |
202 |
19 |
||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||
| 11.128% due 10/25/2041 •(k) |
1,200 |
1,223 |
||||||||||
| Federal National Mortgage Association |
| |||||||||||
| 3.500% due 03/01/2048 - 04/01/2048 |
283 |
261 |
||||||||||
| 7.000% due 03/01/2045 |
300 |
317 |
||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust |
| |||||||||||
| 6.728% due 10/25/2041 •(k) |
900 |
906 |
||||||||||
| Federal National Mortgage Association REMICS |
| |||||||||||
| 1.186% due 06/25/2044 • |
224 |
144 |
||||||||||
| 2.258% due 11/25/2049 •(a) |
85 |
10 |
||||||||||
| 2.308% due 03/25/2037 •(a) |
68 |
5 |
||||||||||
| 2.408% due 11/25/2039 •(a) |
66 |
5 |
||||||||||
| 2.558% due 01/25/2038 •(a) |
98 |
8 |
||||||||||
| 2.638% due 03/25/2037 •(a) |
79 |
6 |
||||||||||
| 2.658% due 12/25/2037 •(a) |
102 |
7 |
||||||||||
| 2.668% due 06/25/2037 •(a) |
36 |
2 |
||||||||||
| 2.708% due 04/25/2037 •(a) |
192 |
21 |
||||||||||
| 3.000% due 04/25/2050 (a) |
9,166 |
1,509 |
||||||||||
| 3.058% due 11/25/2036 •(a) |
371 |
40 |
||||||||||
| 3.458% due 02/25/2037 •(a) |
72 |
8 |
||||||||||
| Federal National Mortgage Association Trust |
| |||||||||||
| 7.162% due 12/25/2042 ~ |
17 |
17 |
||||||||||
| Government National Mortgage Association |
| |||||||||||
| 6.500% due 01/20/2055 - 02/20/2055 |
96 |
99 |
||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||
| 2.346% due 12/20/2048 •(a) |
619 |
52 |
||||||||||
| Government National Mortgage Association, TBA |
| |||||||||||
| 3.500% due 07/01/2056 |
3,300 |
2,964 |
||||||||||
| 4.500% due 07/01/2056 |
2,100 |
2,017 |
||||||||||
| 5.000% due 08/01/2056 |
100 |
99 |
||||||||||
| 6.000% due 09/01/2056 |
700 |
713 |
||||||||||
| 6.500% due 07/01/2056 |
300 |
311 |
||||||||||
| Uniform Mortgage-Backed Security, TBA |
| |||||||||||
| 2.500% due 07/01/2056 |
150 |
125 |
||||||||||
| 3.000% due 08/01/2056 |
1,250 |
1,089 |
||||||||||
| 3.500% due 08/01/2056 |
8,100 |
7,344 |
||||||||||
| 4.000% due 08/01/2056 |
1,650 |
1,541 |
||||||||||
| 4.500% due 07/01/2056 - 08/01/2056 |
1,460 |
1,399 |
||||||||||
| 5.000% due 07/01/2056 - 08/01/2056 |
3,080 |
3,023 |
||||||||||
| 5.500% due 07/01/2056 |
5,500 |
5,518 |
||||||||||
| 6.000% due 08/01/2056 |
5,200 |
5,299 |
||||||||||
| 6.500% due 08/01/2056 |
5,800 |
5,993 |
||||||||||
| |
|
|||||||||||
| Total U.S. Government Agencies (Cost $42,542) |
42,507 |
|||||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
U.S. TREASURY OBLIGATIONS 0.4% |
| |||||||||||
| U.S. Treasury Bonds |
| |||||||||||
| 4.875% due 08/15/2045 (n) |
$ |
59 |
$ |
59 |
||||||||
| U.S. Treasury Notes |
| |||||||||||
| 4.125% due 02/15/2036 |
350 |
341 |
||||||||||
| |
|
|||||||||||
| Total U.S. Treasury Obligations (Cost $406) |
400 |
|||||||||||
| |
|
|||||||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES 8.2% |
| |||||||||||
| Atrium Hotel Portfolio Trust |
| |||||||||||
| 5.423% due 12/15/2036 •(k) |
600 |
593 |
||||||||||
| Banc of America Funding Trust |
| |||||||||||
| 2.371% due 03/20/2036 ~ |
69 |
67 |
||||||||||
| 2.643% due 12/20/2034 ~ |
80 |
68 |
||||||||||
| 5.846% due 01/25/2037 ~ |
72 |
67 |
||||||||||
| Bear Stearns ALT-A Trust |
| |||||||||||
| 3.183% due 04/25/2035 ~ |
69 |
57 |
||||||||||
| 4.486% due 11/25/2035 ~ |
44 |
33 |
||||||||||
| 4.642% due 09/25/2035 ~ |
50 |
26 |
||||||||||
| Bear Stearns ARM Trust |
| |||||||||||
| 4.073% due 07/25/2036 ~ |
56 |
49 |
||||||||||
| Bear Stearns Structured Products, Inc. Trust |
| |||||||||||
| 3.918% due 12/26/2046 ~ |
111 |
86 |
||||||||||
| 4.750% due 01/26/2036 ~ |
176 |
123 |
||||||||||
| CBA Commercial Small Balance Commercial Mortgage |
| |||||||||||
| 6.040% due 01/25/2039 þ |
57 |
54 |
||||||||||
| CD Mortgage Trust |
| |||||||||||
| 5.688% due 10/15/2048 |
44 |
42 |
||||||||||
| Chevy Chase Funding LLC Mortgage-Backed Certificates |
| |||||||||||
| 4.063% due 08/25/2035 • |
18 |
18 |
||||||||||
| 4.443% due 10/25/2034 • |
1 |
1 |
||||||||||
| CHL Mortgage Pass-Through Trust |
| |||||||||||
| 3.682% due 03/25/2037 ~ |
170 |
143 |
||||||||||
| 4.243% due 03/25/2036 • |
73 |
70 |
||||||||||
| 4.487% due 10/20/2035 ~ |
13 |
13 |
||||||||||
| 4.488% due 10/20/2035 ~ |
43 |
41 |
||||||||||
| 4.543% due 02/25/2035 • |
36 |
33 |
||||||||||
| 5.500% due 08/25/2035 |
10 |
5 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 4.768% due 11/25/2035 ~(k) |
922 |
428 |
||||||||||
| 6.201% due 03/25/2037 ~ |
43 |
43 |
||||||||||
| Countrywide Alternative Loan Trust |
| |||||||||||
| 3.387% due 07/25/2036 •(a) |
695 |
115 |
||||||||||
| 4.113% due 05/25/2036 • |
1,158 |
286 |
||||||||||
| 4.125% due 10/25/2035 ~ |
65 |
56 |
||||||||||
| 4.243% due 12/25/2046 • |
26 |
17 |
||||||||||
| 4.423% due 10/25/2035 • |
365 |
241 |
||||||||||
| 4.437% due 02/25/2037 ~ |
44 |
40 |
||||||||||
| 5.500% due 08/25/2034 |
130 |
127 |
||||||||||
| 5.500% due 02/25/2036 |
11 |
6 |
||||||||||
| 6.250% due 09/25/2034 |
17 |
17 |
||||||||||
| 6.500% due 08/25/2036 (k) |
1,966 |
548 |
||||||||||
| 9.452% due 07/25/2035 •(k) |
294 |
262 |
||||||||||
| CSMC Mortgage-Backed Trust |
| |||||||||||
| 6.000% due 11/25/2036 |
64 |
56 |
||||||||||
| First Horizon Alternative Mortgage Securities Trust |
| |||||||||||
| 4.755% due 11/25/2036 ~ |
112 |
74 |
||||||||||
| First Horizon Mortgage Pass-Through Trust |
| |||||||||||
| 4.436% due 01/25/2037 ~ |
143 |
63 |
||||||||||
| GSR Mortgage Loan Trust |
| |||||||||||
| 4.262% due 04/25/2035 ~ |
49 |
43 |
||||||||||
| HarborView Mortgage Loan Trust |
| |||||||||||
| 2.260% due 11/19/2034 ~ |
24 |
20 |
||||||||||
| 4.354% due 04/19/2034 • |
2 |
2 |
||||||||||
| 5.133% due 08/19/2036 ~ |
1 |
1 |
||||||||||
| 6.474% due 02/25/2036 ~ |
15 |
4 |
||||||||||
| HSI Asset Loan Obligation Trust |
| |||||||||||
| 5.272% due 01/25/2037 ~ |
78 |
45 |
||||||||||
| IndyMac INDX Mortgage Loan Trust |
| |||||||||||
| 3.211% due 06/25/2037 ~ |
225 |
206 |
||||||||||
| 4.303% due 06/25/2037 • |
349 |
450 |
||||||||||
| JP Morgan Mortgage Trust |
| |||||||||||
| 0.000% due 04/25/2037 ~ |
126 |
67 |
||||||||||
| 5.500% due 01/25/2036 |
25 |
10 |
||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 43 |
Schedule of Investments |
PIMCO Global StocksPLUS ® |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| MASTR Adjustable Rate Mortgages Trust |
| |||||||||||
| 3.301% due 10/25/2034 ~ |
$ |
34 |
$ |
31 |
||||||||
| 5.189% due 11/25/2035 ~ |
219 |
87 |
||||||||||
| Merrill Lynch Alternative Note Asset Trust |
| |||||||||||
| 3.903% due 01/25/2037 • |
572 |
167 |
||||||||||
| Opteum Mortgage Acceptance Corp. Trust |
| |||||||||||
| 4.303% due 07/25/2036 • |
147 |
47 |
||||||||||
| RALI Trust |
| |||||||||||
| 4.713% due 12/26/2034 ~ |
32 |
29 |
||||||||||
| 4.967% due 01/25/2036 ~ |
278 |
185 |
||||||||||
| 6.000% due 09/25/2035 |
254 |
71 |
||||||||||
| 6.000% due 08/25/2036 |
73 |
62 |
||||||||||
| RBSSP Resecuritization Trust |
| |||||||||||
| 5.000% due 09/26/2036 ~ |
641 |
493 |
||||||||||
| Seasoned Credit Risk Transfer Trust |
| |||||||||||
| 5.000% due 06/25/2065 ~ |
800 |
650 |
||||||||||
| STARM Mortgage Loan Trust |
| |||||||||||
| 6.034% due 01/25/2037 ~ |
22 |
12 |
||||||||||
| Structured Adjustable Rate Mortgage Loan Trust |
| |||||||||||
| 3.912% due 04/25/2036 ~ |
138 |
75 |
||||||||||
| 4.199% due 01/25/2036 ~ |
165 |
86 |
||||||||||
| 4.236% due 09/25/2036 ~ |
102 |
68 |
||||||||||
| 4.298% due 09/25/2035 ~ |
28 |
18 |
||||||||||
| 5.144% due 05/25/2035 •(k) |
570 |
452 |
||||||||||
| Structured Asset Mortgage Investments II Trust |
| |||||||||||
| 4.223% due 02/25/2036 • |
118 |
99 |
||||||||||
| 4.323% due 02/25/2036 • |
76 |
65 |
||||||||||
| WaMu Mortgage Pass-Through Certificates Trust |
| |||||||||||
| 4.015% due 12/25/2036 ~ |
141 |
131 |
||||||||||
| 4.590% due 07/25/2037 ~ |
37 |
35 |
||||||||||
| Wells Fargo Commercial Mortgage Trust |
| |||||||||||
| 5.092% due 12/15/2039 ~(k) |
1,065 |
954 |
||||||||||
| |
|
|||||||||||
| Total Non-Agency Mortgage-Backed Securities(Cost $10,094) |
8,633 |
|||||||||||
| |
|
|||||||||||
ASSET-BACKED SECURITIES 5.0% |
| |||||||||||
HOME EQUITY OTHER 0.2% |
| |||||||||||
| Carrington Mortgage Loan Trust |
| |||||||||||
| 4.063% due 08/25/2036 • |
18 |
18 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 4.083% due 01/25/2037 • |
111 |
37 |
||||||||||
| Countrywide Asset-Backed Certificates |
| |||||||||||
| 4.863% due 09/25/2034 • |
21 |
20 |
||||||||||
| Morgan Stanley ABS Capital I, Inc. Trust |
| |||||||||||
| 3.823% due 05/25/2037 • |
50 |
46 |
||||||||||
| Soundview Home Loan Trust |
| |||||||||||
| 3.883% due 11/25/2036 • |
143 |
37 |
||||||||||
| Washington Mutual Asset-Backed Certificates Trust |
| |||||||||||
| 3.883% due 10/25/2036 • |
72 |
25 |
||||||||||
| |
|
|||||||||||
183 |
||||||||||||
| |
|
|||||||||||
MANUFACTURING HOUSE SEQUENTIAL 0.1% |
| |||||||||||
| BCMSC Trust |
| |||||||||||
| 7.830% due 06/15/2030 ~ |
1,421 |
70 |
||||||||||
| Conseco Finance Securitizations Corp. |
| |||||||||||
| 7.960% due 05/01/2031 |
364 |
60 |
||||||||||
| |
|
|||||||||||
130 |
||||||||||||
| |
|
|||||||||||
WHOLE LOAN COLLATERAL 0.5% |
| |||||||||||
| Bear Stearns Asset-Backed Securities I Trust |
| |||||||||||
| 11.129% due 03/25/2036 •(k) |
1,610 |
372 |
||||||||||
| Bear Stearns Asset-Backed Securities Trust |
| |||||||||||
| 6.500% due 08/25/2036 |
517 |
138 |
||||||||||
| Lehman XS Trust |
| |||||||||||
| 4.202% due 05/25/2037 þ |
11 |
10 |
||||||||||
| |
|
|||||||||||
520 |
||||||||||||
| |
|
|||||||||||
OTHER ABS 4.2% |
| |||||||||||
| Adagio VI CLO DAC |
| |||||||||||
| 0.000% due 04/30/2031 ~ |
EUR |
187 |
0 |
|||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Avoca CLO XX DAC |
| |||||||||||
| 0.000% due 07/15/2032 ~ |
EUR |
1,000 |
$ |
639 |
||||||||
| Belle Haven ABS CDO Ltd. |
| |||||||||||
| 7.000% due 07/05/2046 • |
$ |
34,966 |
73 |
|||||||||
| Carlyle Global Market Strategies CLO Ltd. |
| |||||||||||
| 0.000% due 04/17/2031 ~ |
1,700 |
18 |
||||||||||
| Carlyle Global Market Strategies Euro CLO DAC |
| |||||||||||
| 0.000% due 01/25/2032 ~ |
EUR |
245 |
0 |
|||||||||
| 0.000% due 04/15/2038 ~ |
613 |
396 |
||||||||||
| Carlyle U.S. CLO Ltd. |
| |||||||||||
| 0.000% due 10/15/2031 ~ |
$ |
600 |
4 |
|||||||||
| Marlette Funding Trust |
| |||||||||||
| 0.000% due 07/16/2029 «(g) |
2 |
0 |
||||||||||
| RCKT Trust |
| |||||||||||
| 7.830% due 11/27/2034 |
500 |
427 |
||||||||||
| SMB Private Education Loan Trust |
| |||||||||||
| 0.000% due 09/18/2046 «(g) |
1 |
251 |
||||||||||
| 0.000% due 10/15/2048 «(g) |
2 |
368 |
||||||||||
| 0.000% due 02/16/2055 «(g) |
0 |
160 |
||||||||||
| South Coast Funding VII Ltd. |
| |||||||||||
| 0.454% due 01/06/2041 • |
11,457 |
2,091 |
||||||||||
| |
|
|||||||||||
4,427 |
||||||||||||
| |
|
|||||||||||
| Total Asset-Backed Securities (Cost $18,954) |
5,260 |
|||||||||||
| |
|
|||||||||||
SOVEREIGN ISSUES 11.5% |
| |||||||||||
| Angola Government International Bonds |
| |||||||||||
| 9.375% due 03/31/2033 |
200 |
205 |
||||||||||
| Argentina Bonar Bonds |
| |||||||||||
| 0.750% due 07/09/2030 þ(k) |
512 |
318 |
||||||||||
| Argentina Republic Government International Bonds |
| |||||||||||
| 1.000% due 07/09/2029 |
68 |
62 |
||||||||||
| 3.500% due 07/09/2041 þ |
205 |
154 |
||||||||||
| 5.000% due 01/09/2038 þ(k) |
1,597 |
1,337 |
||||||||||
| Avenir Issuer IV Ireland DAC |
| |||||||||||
| 6.000% due 10/25/2027 |
191 |
189 |
||||||||||
| Colombia TES |
| |||||||||||
| 1.000% due 08/22/2029 |
COP |
39,500 |
11 |
|||||||||
| 1.000% due 03/26/2031 |
20,300 |
5 |
||||||||||
| 7.000% due 06/30/2032 |
29,500 |
7 |
||||||||||
| 7.250% due 10/18/2034 |
143,400 |
32 |
||||||||||
| 9.250% due 05/28/2042 |
108,100 |
26 |
||||||||||
| 11.000% due 08/22/2029 |
135,500 |
38 |
||||||||||
| 11.500% due 07/25/2046 |
63,800 |
18 |
||||||||||
| 11.750% due 01/24/2035 |
9,861,600 |
2,834 |
||||||||||
| 12.500% due 02/27/2030 |
5,018,400 |
1,478 |
||||||||||
| 12.750% due 11/28/2040 |
234,600 |
72 |
||||||||||
| 13.250% due 02/09/2033 |
92,900 |
29 |
||||||||||
| Dominican Republic International Bonds |
| |||||||||||
| 10.500% due 03/15/2037 (k) |
DOP |
57,800 |
1,030 |
|||||||||
| DRC International Bonds |
| |||||||||||
| 8.750% due 04/16/2032 |
$ |
200 |
207 |
|||||||||
| Egypt Government Bonds |
| |||||||||||
| 19.698% due 10/14/2030 |
EGP |
91,500 |
1,775 |
|||||||||
| Hellenic Republic Government Bonds |
| |||||||||||
| 2.000% due 04/22/2027 |
EUR |
73 |
83 |
|||||||||
| 3.900% due 01/30/2033 |
162 |
194 |
||||||||||
| 4.000% due 01/30/2037 |
127 |
151 |
||||||||||
| 4.200% due 01/30/2042 |
159 |
188 |
||||||||||
| Qatar Government International Bonds |
| |||||||||||
| 4.800% due 04/08/2033 |
$ |
200 |
201 |
|||||||||
| Republic of Kenya Government International Bonds |
| |||||||||||
| 7.875% due 02/26/2034 |
200 |
199 |
||||||||||
| Romania Government International Bonds |
| |||||||||||
| 5.875% due 07/11/2032 |
EUR |
300 |
359 |
|||||||||
| Russia Foreign Bonds - Eurobond |
| |||||||||||
| 5.625% due 04/04/2042 |
$ |
200 |
140 |
|||||||||
| Turkiye Government Bonds |
| |||||||||||
| 40.305% (BISTREFI + 0.000%) due 09/06/2028 ~ |
TRY |
24,200 |
521 |
|||||||||
| 40.760% (BISTREFI + 0.000%) due 05/17/2028 ~ |
4,400 |
95 |
||||||||||
| Venezuela Government International Bonds |
| |||||||||||
| 9.250% due 09/15/2027 ^(d) |
$ |
262 |
129 |
|||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 9.250% due 05/07/2028 ^(d) |
$ |
100 |
$ |
48 |
||||||||
| |
|
|||||||||||
| Total Sovereign Issues (Cost $11,163) |
12,135 |
|||||||||||
| |
|
|||||||||||
SHARES |
||||||||||||
COMMON STOCKS 5.8% |
| |||||||||||
COMMUNICATION SERVICES 1.1% |
| |||||||||||
| Clear Channel Outdoor Holdings, Inc. (e) |
97,913 |
237 |
||||||||||
| iHeartMedia, Inc. Class A (e) |
20,200 |
87 |
||||||||||
| iHeartMedia, Inc. Class B «(e) |
17,837 |
66 |
||||||||||
| SES SA «(e) |
34,354 |
519 |
||||||||||
| Uniti Group, Inc. (e) |
19,694 |
226 |
||||||||||
| |
|
|||||||||||
1,135 |
||||||||||||
| |
|
|||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
| Steinhoff International Holdings NV «(e)(j) |
4,155,239 |
0 |
||||||||||
| |
|
|||||||||||
FINANCIALS 2.1% |
| |||||||||||
| Banca Monte dei Paschi di Siena SpA |
123,500 |
1,535 |
||||||||||
| Windstream Servcies LLC (e) |
62,982 |
722 |
||||||||||
| XBP Global Holdings, Inc. (e) |
131 |
0 |
||||||||||
| |
|
|||||||||||
2,257 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 2.5% |
| |||||||||||
| Drillco Holdings Luxembourg SA «(j) |
5,770 |
132 |
||||||||||
| Foresea Holdings SA « |
13,432 |
308 |
||||||||||
| Incora Intermediate II LLC «(e)(j) |
49,990 |
1,970 |
||||||||||
| Sierra Hamilton Holder LLC «(e)(j) |
100,456 |
0 |
||||||||||
| Westmoreland Mining Holdings «(e)(j) |
13,114 |
9 |
||||||||||
| Westmoreland Mining LLC «(e)(j) |
71,900 |
189 |
||||||||||
| |
|
|||||||||||
2,608 |
||||||||||||
| |
|
|||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
| NVIDIA Corp. |
525 |
105 |
||||||||||
| |
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
| MNSN Holdings, Inc. (e)(j) |
508 |
43 |
||||||||||
| |
|
|||||||||||
| Total Common Stocks (Cost $5,604) |
6,148 |
|||||||||||
| |
|
|||||||||||
WARRANTS 0.1% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
| Windstream Holdings II LLC - Exp. 08/01/2035 « |
12,269 |
141 |
||||||||||
| |
|
|||||||||||
| Total Warrants (Cost $76) |
141 |
|||||||||||
| |
|
|||||||||||
PREFERRED SECURITIES 3.5% |
| |||||||||||
BANKING & FINANCE 2.9% |
| |||||||||||
| ADLER Group SA « |
173,624 |
0 |
||||||||||
| AGFC Capital Trust I |
| |||||||||||
| 5.685% due 01/15/2067 (k) |
1,000,000 |
625 |
||||||||||
| OCP CLO Ltd. |
| |||||||||||
| 0.000% due 04/26/2036 |
2,501 |
889 |
||||||||||
| WAFC Voussoir « |
1,167,912 |
1,168 |
||||||||||
| Windstream Holdings II LLC |
| |||||||||||
| 11.000% « |
402 |
448 |
||||||||||
| |
|
|||||||||||
3,130 |
||||||||||||
| |
|
|||||||||||
44 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
SHARES |
MARKET VALUE (000S) |
|||||||||||
INDUSTRIALS 0.6% |
| |||||||||||
| SVB Financial Trust |
| |||||||||||
| 0.000% due 11/07/2032 (g) |
440 |
$ |
0 |
|||||||||
| 11.000% due 11/07/2032 |
579 |
266 |
||||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 12.500% «(j) |
470,830 |
343 |
||||||||||
| |
|
|||||||||||
609 |
||||||||||||
| |
|
|||||||||||
| Total Preferred Securities (Cost $4,397) |
3,739 |
|||||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
||||||||||||
SHORT-TERM INSTRUMENTS 4.0% |
| |||||||||||
EGYPT TREASURY BILLS 0.2% |
| |||||||||||
| 23.951% due 08/04/2026 - 10/20/2026 (f)(g) |
EGP |
11,000 |
211 |
|||||||||
| |
|
|||||||||||
NIGERIA TREASURY BILLS 2.2% |
| |||||||||||
| 20.606% due 01/14/2027 - 01/28/2027 (f)(g) |
NGN |
3,549,400 |
2,303 |
|||||||||
| |
|
|||||||||||
U.S. TREASURY BILLS 1.6% |
| |||||||||||
| 3.707% due 07/23/2026 - 08/27/2026 (f)(g)(n) |
$ |
1,702 |
1,694 |
|||||||||
| |
|
|||||||||||
| Total Short-Term Instruments (Cost $4,196) |
4,208 |
|||||||||||
| |
|
|||||||||||
Total Investments in Securities (Cost $162,290) |
143,082 |
|||||||||||
| |
|
|||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN AFFILIATES 12.3% |
| |||||||||||
SHORT-TERM INSTRUMENTS 12.3% |
| |||||||||||
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.3% |
| |||||||||||
| PIMCO Short-Term Floating NAV Portfolio III |
1,326,565 |
$ |
12,922 |
|||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $12,920) |
12,922 |
|||||||||||
| |
|
|||||||||||
Total Investments in Affiliates (Cost $12,920) |
12,922 |
|||||||||||
Total Investments 148.1% (Cost $175,210) |
|
$ |
156,004 |
|||||||||
| Financial Derivative Instruments (l)(m) (0.3)% (Cost or Premiums, net $(564)) |
(342 |
) | ||||||||||
Other Assets and Liabilities, net (47.8)% |
(50,291 |
) | ||||||||||
| |
|
|||||||||||
Net Assets 100.0% |
|
$ |
105,371 |
|||||||||
| |
|
|||||||||||
NOTES TO SCHEDULE OF INVESTMENTS:
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
« |
Security valued using significant unobservable inputs (Level 3). |
µ |
All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
~ |
Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
• |
Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
þ |
Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
(a) |
Security is an Interest Only (“IO”) or IO Strip. |
(b) |
When-issued security. |
(c) |
Payment in-kind security. |
(d) |
Security is not accruing income as of the date of this report. |
(e) |
Security did not produce income within the last twelve months. |
(f) |
Coupon represents a weighted average yield to maturity. |
(g) |
Zero coupon security. |
(h) |
Perpetual maturity; date shown, if applicable, represents next contractual call date. |
(i) |
Contingent convertible security. |
(j) RESTRICTED SECURITIES:
Issuer Description |
Acquisition Date |
Cost |
Market Value |
Market Value as Percentage of Net Assets |
||||||||||||||||||||
| Drillco Holdings Luxembourg SA |
06/08/2023 |
$ |
116 |
$ |
132 |
0.13 |
% | |||||||||||||||||
| Incora Intermediate II LLC |
01/31/2025 |
2,428 |
1,970 |
1.87 |
||||||||||||||||||||
| Incora Top Holdco LLC 6.000% due 01/30/2033 |
01/31/2025 - 05/01/2026 |
1,156 |
1,821 |
1.73 |
||||||||||||||||||||
| MNSN Holdings, Inc. |
03/16/2023 - 03/29/2023 |
6 |
42 |
0.04 |
||||||||||||||||||||
| Sierra Hamilton Holder LLC |
07/31/2017 |
25 |
0 |
0.00 |
||||||||||||||||||||
| Steinhoff International Holdings NV |
06/30/2023 - 10/30/2023 |
0 |
0 |
0.00 |
||||||||||||||||||||
| Syniverse Holdings, Inc. 12.500% |
05/12/2022 - 05/31/2026 |
465 |
343 |
0.32 |
||||||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 45 |
Schedule of Investments |
PIMCO Global StocksPLUS ® |
(Cont.) |
Issuer Description |
Acquisition Date |
Cost |
Market Value |
Market Value as Percentage of Net Assets |
||||||||||||||||||||
| Westmoreland Mining Holdings |
12/08/2014 - 08/05/2016 |
$ |
367 |
$ |
9 |
0.01 |
% | |||||||||||||||||
| Westmoreland Mining LLC |
06/30/2023 - 05/14/2026 |
233 |
189 |
0.18 |
||||||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
$ |
4,796 |
$ |
4,506 |
4.28 |
% | |||||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||
| BPS |
4.000 |
% |
05/04/2026 |
09/04/2026 |
$ |
(931 |
) |
$ |
(937 |
) | ||||||||||
4.820 |
01/27/2026 |
07/23/2026 |
(224 |
) |
(229 |
) | ||||||||||||||
5.210 |
04/22/2026 |
07/22/2026 |
(802 |
) |
(811 |
) | ||||||||||||||
| BRC |
1.850 |
06/17/2026 |
TBD |
(2) |
EUR |
(256 |
) |
(292 |
) | |||||||||||
2.500 |
06/01/2026 |
TBD |
(2) |
$ |
(703 |
) |
(704 |
) | ||||||||||||
| BYR |
3.970 |
05/04/2026 |
08/03/2026 |
(921 |
) |
(927 |
) | |||||||||||||
4.120 |
06/08/2026 |
10/08/2026 |
(1,264 |
) |
(1,267 |
) | ||||||||||||||
4.120 |
06/11/2026 |
10/08/2026 |
(287 |
) |
(288 |
) | ||||||||||||||
| CDC |
4.120 |
06/22/2026 |
10/20/2026 |
(3,308 |
) |
(3,311 |
) | |||||||||||||
4.130 |
06/22/2026 |
07/01/2026 |
(409 |
) |
(409 |
) | ||||||||||||||
| CEW |
3.870 |
05/13/2026 |
TBD |
(2) |
(92 |
) |
(93 |
) | ||||||||||||
4.110 |
05/27/2026 |
08/27/2026 |
(1,650 |
) |
(1,656 |
) | ||||||||||||||
| DBL |
3.900 |
12/12/2025 |
TBD |
(2) |
(172 |
) |
(176 |
) | ||||||||||||
4.030 |
06/03/2026 |
07/01/2026 |
(893 |
) |
(896 |
) | ||||||||||||||
4.070 |
07/01/2026 |
07/30/2026 |
(898 |
) |
(898 |
) | ||||||||||||||
| GLM |
4.930 |
12/23/2025 |
09/23/2026 |
(1,526 |
) |
(1,566 |
) | |||||||||||||
| IND |
4.300 |
05/11/2026 |
08/11/2026 |
(767 |
) |
(772 |
) | |||||||||||||
| JML |
4.060 |
06/22/2026 |
07/31/2026 |
(263 |
) |
(264 |
) | |||||||||||||
4.100 |
06/22/2026 |
07/31/2026 |
(1,120 |
) |
(1,121 |
) | ||||||||||||||
| JPS |
4.220 |
05/14/2026 |
11/16/2026 |
(520 |
) |
(523 |
) | |||||||||||||
| RTA |
4.470 |
06/29/2026 |
10/26/2026 |
(725 |
) |
(725 |
) | |||||||||||||
| SOG |
4.230 |
04/07/2026 |
07/07/2026 |
(215 |
) |
(217 |
) | |||||||||||||
4.230 |
04/08/2026 |
07/08/2026 |
(516 |
) |
(521 |
) | ||||||||||||||
| TDM |
3.900 |
06/16/2026 |
TBD |
(2) |
(601 |
) |
(602 |
) | ||||||||||||
| UBS |
3.830 |
06/16/2026 |
TBD |
(2) |
(598 |
) |
(599 |
) | ||||||||||||
3.960 |
05/05/2026 |
08/04/2026 |
(471 |
) |
(474 |
) | ||||||||||||||
| |
|
|||||||||||||||||||
| Total Reverse Repurchase Agreements |
|
$ |
(20,278 |
) | ||||||||||||||||
| |
|
|||||||||||||||||||
SHORT SALES:
Description |
Coupon |
Maturity Date |
Principal Amount |
Proceeds |
Payable for Short Sales |
|||||||||||||||
| U.S. Government Agencies (0.8)% |
| |||||||||||||||||||
| Uniform Mortgage-Backed Security, TBA |
2.000 |
% |
07/01/2056 |
$ |
800 |
$ |
(634 |
) |
$ |
(639 |
) | |||||||||
| Uniform Mortgage-Backed Security, TBA |
6.000 |
07/01/2056 |
100 |
(102 |
) |
(102 |
) | |||||||||||||
| Uniform Mortgage-Backed Security, TBA |
6.500 |
07/01/2056 |
100 |
(104 |
) |
(104 |
) | |||||||||||||
| |
|
|
|
|||||||||||||||||
| Total Short Sales (0.8)% |
$ |
(840 |
) |
$ |
(845 |
) | ||||||||||||||
| |
|
|
|
|||||||||||||||||
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2026:
Counterparty |
Repurchase Agreement Proceeds to be Received |
Payable for Reverse Repurchase Agreements |
Payable for Sale-Buyback Transactions |
Total Borrowings and Other Financing Transactions |
Collateral Pledged/(Received) |
Net Exposure (3) |
||||||||||||||||||
| Global/Master Repurchase Agreement |
| |||||||||||||||||||||||
| BPS |
$ |
0 |
$ |
(1,977 |
) |
$ |
0 |
$ |
(1,977 |
) |
$ |
2,482 |
$ |
505 |
||||||||||
| BRC |
0 |
(996 |
) |
0 |
(996 |
) |
1,156 |
160 |
||||||||||||||||
| BYR |
0 |
(2,482 |
) |
0 |
(2,482 |
) |
2,753 |
271 |
||||||||||||||||
| CDC |
0 |
(3,720 |
) |
0 |
(3,720 |
) |
4,338 |
618 |
||||||||||||||||
| CEW |
0 |
(1,749 |
) |
0 |
(1,749 |
) |
1,832 |
83 |
||||||||||||||||
| DBL |
0 |
(1,970 |
) |
0 |
(1,970 |
) |
1,231 |
(739 |
) | |||||||||||||||
| GLM |
0 |
(1,566 |
) |
0 |
(1,566 |
) |
1,526 |
(40 |
) | |||||||||||||||
46 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Counterparty |
Repurchase Agreement Proceeds to be Received |
Payable for Reverse Repurchase Agreements |
Payable for Sale-Buyback Transactions |
Total Borrowings and Other Financing Transactions |
Collateral Pledged/(Received) |
Net Exposure (3) |
||||||||||||||||||
| IND |
$ |
0 |
$ |
(772 |
) |
$ |
0 |
$ |
(772 |
) |
$ |
954 |
$ |
182 |
||||||||||
| JML |
0 |
(1,385 |
) |
0 |
(1,385 |
) |
1,412 |
27 |
||||||||||||||||
| JPS |
0 |
(523 |
) |
0 |
(523 |
) |
593 |
70 |
||||||||||||||||
| RTA |
0 |
(725 |
) |
0 |
(725 |
) |
906 |
181 |
||||||||||||||||
| SOG |
0 |
(738 |
) |
0 |
(738 |
) |
849 |
111 |
||||||||||||||||
| TDM |
0 |
(602 |
) |
0 |
(602 |
) |
1,281 |
679 |
||||||||||||||||
| UBS |
0 |
(1,073 |
) |
0 |
(1,073 |
) |
499 |
(574 |
) | |||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
| Total Borrowings and Other Financing Transactions |
$ |
0 |
$ |
(20,278 |
) |
$ |
0 |
|||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
Overnight and Continuous |
Up to 30 days |
31-90 days |
Greater Than 90 days |
Total |
||||||||||||||||
| Reverse Repurchase Agreements |
| |||||||||||||||||||
| Corporate Bonds & Notes |
$ |
0 |
$ |
(195 |
) |
$ |
(3,994 |
) |
$ |
(7,332 |
) |
$ |
(11,521 |
) | ||||||
| U.S. Government Agencies |
0 |
(811 |
) |
0 |
(725 |
) |
(1,536 |
) | ||||||||||||
| Non-Agency Mortgage-Backed Securities |
(409 |
) |
(229 |
) |
(1,924 |
) |
(523 |
) |
(3,085 |
) | ||||||||||
| Asset-Backed Securities |
0 |
0 |
(414 |
) |
(0 |
) |
(414 |
) | ||||||||||||
| Sovereign Issues |
(896 |
) |
0 |
(1,385 |
) |
0 |
(2,281 |
) | ||||||||||||
| Preferred Securities |
0 |
(543 |
) |
0 |
0 |
(543 |
) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Borrowings |
$ |
(1,305 |
) |
$ |
(1,778 |
) |
$ |
(7,717 |
) |
$ |
(8,580 |
) |
$ |
(19,380 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Payable for reverse repurchase agreements (4) |
|
$ |
(19,380 |
) | ||||||||||||||||
| |
|
|||||||||||||||||||
(k) |
Securities with an aggregate market value of $22,055 have been pledged as collateral under the terms of the above master agreements as of June 30, 2026. |
(1) |
The average amount of borrowings outstanding during the period ended June 30, 2026 was $(18,030) at a weighted average interest rate of 4.378%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
(2) |
Open maturity reverse repurchase agreement. |
(3) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(4) |
Unsettled reverse repurchase agreements liability of $(898) is outstanding at period end. |
(l) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
PURCHASED OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description |
Strike Price |
Expiration Date |
# of Contracts |
Notional Amount |
Cost |
Market Value |
||||||||||||||||||
| Put - CME E-mini S&P 500 July 2026 Futures |
$ |
7,225.000 |
07/17/2026 |
132 |
$ |
7 |
$ |
245 |
$ |
111 |
||||||||||||||
| |
|
|
|
|||||||||||||||||||||
| Total Purchased Options |
$ |
245 |
$ |
111 |
||||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
WRITTEN OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description |
Strike Price |
Expiration Date |
# of Contracts |
Notional Amount |
Premiums (Received) |
Market Value |
||||||||||||||||||
| Call - CME E-mini S&P 500 July 2026 Futures |
$ |
7,600.000 |
07/17/2026 |
132 |
$ |
7 |
$ |
(749 |
) |
$ |
(363 |
) | ||||||||||||
| |
|
|
|
|||||||||||||||||||||
| Total Written Options |
$ |
(749 |
) |
$ |
(363 |
) | ||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
Description |
Expiration Month |
# of Contracts |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
Variation Margin |
|||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
| CBOT 10 Year U.S. Treasury Notes Futures |
09/2026 |
1 |
$ |
110 |
$ |
1 |
$ |
0 |
$ |
(1 |
) | |||||||||||||
| CBOT 5 Year U.S. Treasury Notes Futures |
09/2026 |
1 |
107 |
0 |
0 |
0 |
||||||||||||||||||
| CME E-mini S&P 500 Index Futures |
09/2026 |
139 |
52,460 |
322 |
334 |
0 |
||||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
| Total Futures Contracts |
|
$ |
323 |
$ |
334 |
$ |
(1 |
) | ||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
47 |
Schedule of Investments |
PIMCO Global StocksPLUS ® |
(Cont.) |
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION
(1)
Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value (4) |
Variation Margin |
|||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||
| Worldline SA/France |
5.000 |
% |
Quarterly |
12/20/2030 |
9.729 |
% |
EUR 1,700 |
$ |
(284 |
) |
$ |
(5 |
) |
$ |
(289 |
) |
$ |
3 |
$ |
0 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
INTEREST RATE SWAPS
Pay/Receive Floating Rate |
Floating Rate Index |
Fixed Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value |
Variation Margin |
|||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||
| Pay |
1-Day GBP-SONIO Compounded-OIS |
3.500 |
% |
Annual |
03/18/2031 |
GBP |
1,300 |
$ |
(6 |
) |
$ |
(36 |
) |
$ |
(42 |
) |
$ |
0 |
$ |
(2 |
) | |||||||||||||||||||
| Receive |
1-Day GBP-SONIO Compounded-OIS |
0.750 |
Annual |
09/21/2052 |
600 |
123 |
377 |
500 |
2 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
4.250 |
Annual |
06/15/2027 |
$ |
26,000 |
(151 |
) |
216 |
65 |
0 |
(7 |
) | |||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.500 |
Semi-Annual |
12/15/2028 |
1,250 |
(12 |
) |
93 |
81 |
1 |
0 |
|||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
06/15/2029 |
340 |
(37 |
) |
16 |
(21 |
) |
0 |
(1 |
) | |||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
06/20/2029 |
1,200 |
(23 |
) |
30 |
7 |
2 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Semi-Annual |
01/15/2030 |
600 |
(5 |
) |
54 |
49 |
1 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
2.000 |
Semi-Annual |
02/12/2030 |
4,400 |
(56 |
) |
371 |
315 |
8 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
2.000 |
Semi-Annual |
03/10/2030 |
500 |
0 |
36 |
36 |
1 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.250 |
Annual |
06/18/2030 |
8,300 |
(76 |
) |
(127 |
) |
(203 |
) |
0 |
(16 |
) | ||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.000 |
Semi-Annual |
12/16/2030 |
400 |
(12 |
) |
64 |
52 |
1 |
0 |
|||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
03/18/2031 |
28,850 |
127 |
(648 |
) |
(521 |
) |
0 |
(72 |
) | |||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
0.750 |
Semi-Annual |
06/16/2031 |
2,229 |
(174 |
) |
(172 |
) |
(346 |
) |
0 |
(6 |
) | ||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.250 |
Annual |
06/17/2031 |
9,310 |
(140 |
) |
(139 |
) |
(279 |
) |
0 |
(25 |
) | ||||||||||||||||||||||||||
| Pay (5) |
1-Day USD-SOFR Compounded-OIS |
4.000 |
Annual |
07/02/2031 |
22,200 |
120 |
(30 |
) |
90 |
0 |
(60 |
) | ||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
06/15/2032 |
220 |
(9 |
) |
(16 |
) |
(25 |
) |
0 |
(1 |
) | ||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
09/17/2032 |
10 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/17/2032 |
10 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
03/18/2033 |
60 |
(1 |
) |
2 |
1 |
0 |
0 |
|||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.000 |
Annual |
06/21/2033 |
40 |
0 |
(2 |
) |
(2 |
) |
0 |
0 |
||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
12/20/2033 |
2,900 |
93 |
(6 |
) |
87 |
12 |
0 |
|||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
12/20/2033 |
1,500 |
21 |
(67 |
) |
(46 |
) |
0 |
(6 |
) | |||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
06/20/2034 |
2,450 |
(73 |
) |
37 |
(36 |
) |
0 |
(10 |
) | |||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/17/2035 |
1,180 |
(19 |
) |
42 |
23 |
6 |
0 |
|||||||||||||||||||||||||||||
| Receive (5) |
1-Day USD-SOFR Compounded-OIS |
4.000 |
Annual |
02/15/2036 |
3,000 |
(2 |
) |
5 |
3 |
15 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/17/2045 |
730 |
15 |
32 |
47 |
6 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.000 |
Semi-Annual |
12/19/2048 |
1,900 |
(5 |
) |
(417 |
) |
(422 |
) |
0 |
(15 |
) | ||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.500 |
Annual |
06/15/2052 |
5,400 |
468 |
1,860 |
2,328 |
41 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
06/15/2052 |
6,000 |
713 |
1,637 |
2,350 |
47 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
11.250 |
Maturity |
01/04/2027 |
BRL |
300 |
0 |
(5 |
) |
(5 |
) |
0 |
0 |
|||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
11.275 |
Maturity |
01/04/2027 |
100 |
0 |
(2 |
) |
(2 |
) |
0 |
0 |
||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
11.290 |
Maturity |
01/04/2027 |
100 |
0 |
(1 |
) |
(1 |
) |
0 |
0 |
||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
11.731 |
Maturity |
01/04/2027 |
100 |
0 |
(1 |
) |
(1 |
) |
0 |
0 |
||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
11.746 |
Maturity |
01/04/2027 |
300 |
0 |
(3 |
) |
(3 |
) |
0 |
0 |
||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
11.901 |
Maturity |
01/04/2027 |
800 |
0 |
(8 |
) |
(8 |
) |
0 |
0 |
||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.172 |
Maturity |
01/02/2031 |
2,100 |
0 |
(8 |
) |
(8 |
) |
1 |
0 |
||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.180 |
Maturity |
01/02/2031 |
18,500 |
(6 |
) |
(68 |
) |
(74 |
) |
10 |
0 |
|||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.724 |
Maturity |
01/02/2031 |
8,300 |
0 |
(10 |
) |
(10 |
) |
5 |
0 |
||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.790 |
Maturity |
01/02/2031 |
2,200 |
0 |
(2 |
) |
(2 |
) |
1 |
0 |
||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.882 |
Maturity |
01/02/2031 |
10,800 |
0 |
(6 |
) |
(6 |
) |
6 |
0 |
||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
12.000 |
Annual |
06/17/2027 |
COP |
654,000 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
12.340 |
Maturity |
06/17/2027 |
75,800 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
11.250 |
Quarterly |
06/17/2028 |
66,000 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
11.634 |
Quarterly |
06/17/2028 |
129,800 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||||
| Pay |
6-Month EUR-EURIBOR |
0.650 |
Annual |
02/26/2029 |
EUR |
6,100 |
6 |
(404 |
) |
(398 |
) |
0 |
(4 |
) | ||||||||||||||||||||||||||
| Receive |
6-Month EUR-EURIBOR |
0.150 |
Annual |
03/18/2030 |
1,300 |
(18 |
) |
177 |
159 |
1 |
0 |
|||||||||||||||||||||||||||||
| Receive |
6-Month EUR-EURIBOR |
0.150 |
Annual |
06/17/2030 |
3,000 |
(132 |
) |
464 |
332 |
3 |
0 |
|||||||||||||||||||||||||||||
| Receive |
6-Month EUR-EURIBOR |
0.250 |
Annual |
09/21/2032 |
800 |
72 |
63 |
135 |
1 |
0 |
||||||||||||||||||||||||||||||
| Receive |
6-Month EUR-EURIBOR |
1.250 |
Annual |
08/19/2049 |
2,700 |
11 |
945 |
956 |
4 |
0 |
||||||||||||||||||||||||||||||
| Pay |
6-Month EUR-EURIBOR |
0.250 |
Annual |
03/18/2050 |
400 |
48 |
(273 |
) |
(225 |
) |
0 |
(1 |
) | |||||||||||||||||||||||||||
| Pay |
6-Month EUR-EURIBOR |
0.500 |
Annual |
06/17/2050 |
1,000 |
171 |
(684 |
) |
(513 |
) |
0 |
(1 |
) | |||||||||||||||||||||||||||
| Receive (5) |
6-Month EUR-EURIBOR |
0.830 |
Annual |
12/09/2052 |
1,600 |
11 |
206 |
217 |
0 |
0 |
||||||||||||||||||||||||||||||
| Pay |
CAONREPO |
3.500 |
Semi-Annual |
06/19/2034 |
CAD |
1,000 |
35 |
(10 |
) |
25 |
0 |
0 |
||||||||||||||||||||||||||||
| Receive |
CAONREPO |
3.500 |
Semi-Annual |
06/20/2044 |
600 |
7 |
(11 |
) |
(4 |
) |
2 |
0 |
||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ |
1,084 |
$ |
3,571 |
$ |
4,655 |
$ |
177 |
$ |
(227 |
) | ||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Total Swap Agreements |
|
$ |
800 |
$ |
3,566 |
$ |
4,366 |
$ |
180 |
$ |
(227 |
) | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
48 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||
Market Value |
Variation Margin Asset |
Total |
Market Value |
Variation Margin Liability |
Total |
|||||||||||||||||||||||||||||||
Purchased Options |
Futures |
Swap Agreements |
Written Options |
Futures |
Swap Agreements |
|||||||||||||||||||||||||||||||
| Total Exchange-Traded or Centrally Cleared |
$ |
111 |
$ |
334 |
$ |
180 |
$ |
625 |
$ |
(363) |
$ |
(1) |
$ |
(227) |
$ |
(591) |
||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Cash of $4,477 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) |
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(3) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) |
The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(5) |
This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information. |
(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty |
Settlement Month |
Currency to be Delivered |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
| BOA |
07/2026 |
DOP |
2,883 |
$ |
49 |
$ |
0 |
$ |
0 |
|||||||||||||||
07/2026 |
GBP |
16 |
22 |
0 |
0 |
|||||||||||||||||||
07/2026 |
JPY |
19,300 |
121 |
3 |
0 |
|||||||||||||||||||
08/2026 |
DOP |
3,154 |
53 |
1 |
0 |
|||||||||||||||||||
08/2026 |
HKD |
486 |
62 |
0 |
0 |
|||||||||||||||||||
09/2026 |
COP |
1,776,537 |
458 |
0 |
(52 |
) | ||||||||||||||||||
| BPS |
07/2026 |
BRL |
960 |
185 |
0 |
(1 |
) | |||||||||||||||||
07/2026 |
GBP |
27 |
36 |
0 |
0 |
|||||||||||||||||||
07/2026 |
JPY |
611 |
4 |
0 |
0 |
|||||||||||||||||||
07/2026 |
$ |
189 |
BRL |
960 |
0 |
(3 |
) | |||||||||||||||||
07/2026 |
219 |
EUR |
190 |
0 |
(2 |
) | ||||||||||||||||||
07/2026 |
135 |
ZAR |
2,212 |
0 |
0 |
|||||||||||||||||||
09/2026 |
COP |
23,654 |
$ |
6 |
0 |
0 |
||||||||||||||||||
| BRC |
07/2026 |
TRY |
35,634 |
748 |
0 |
(4 |
) | |||||||||||||||||
07/2026 |
$ |
646 |
TRY |
30,897 |
6 |
0 |
||||||||||||||||||
07/2026 |
673 |
ZAR |
10,924 |
0 |
(7 |
) | ||||||||||||||||||
| BSH |
07/2026 |
EUR |
337 |
$ |
392 |
7 |
0 |
|||||||||||||||||
07/2026 |
JPY |
3,238 |
20 |
1 |
0 |
|||||||||||||||||||
09/2026 |
COP |
915,561 |
235 |
0 |
(28 |
) | ||||||||||||||||||
09/2026 |
$ |
2,543 |
BRL |
13,042 |
0 |
(54 |
) | |||||||||||||||||
| CBK |
07/2026 |
123 |
CHF |
98 |
0 |
(2 |
) | |||||||||||||||||
07/2026 |
47 |
EGP |
2,502 |
4 |
0 |
|||||||||||||||||||
07/2026 |
777 |
EUR |
667 |
0 |
(15 |
) | ||||||||||||||||||
08/2026 |
EUR |
413 |
$ |
471 |
0 |
(1 |
) | |||||||||||||||||
09/2026 |
COP |
3,441,543 |
959 |
0 |
(30 |
) | ||||||||||||||||||
| DUB |
07/2026 |
$ |
67 |
EGP |
3,619 |
6 |
0 |
|||||||||||||||||
07/2026 |
314 |
ZAR |
5,080 |
0 |
(4 |
) | ||||||||||||||||||
| FAR |
07/2026 |
GBP |
2,627 |
$ |
3,533 |
48 |
0 |
|||||||||||||||||
07/2026 |
JPY |
8,549 |
53 |
0 |
0 |
|||||||||||||||||||
07/2026 |
$ |
438 |
ZAR |
7,237 |
3 |
0 |
||||||||||||||||||
08/2026 |
53 |
JPY |
8,527 |
0 |
0 |
|||||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 49 |
Schedule of Investments |
PIMCO Global StocksPLUS ® |
(Cont.) |
Counterparty |
Settlement Month |
Currency to be Delivered |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
| GLM |
07/2026 |
DOP |
1,649 |
$ |
27 |
$ |
0 |
$ |
(1 |
) | ||||||||||||||
07/2026 |
$ |
39 |
CAD |
55 |
0 |
0 |
||||||||||||||||||
08/2026 |
CAD |
55 |
$ |
39 |
0 |
0 |
||||||||||||||||||
08/2026 |
DOP |
25,073 |
410 |
1 |
(8 |
) | ||||||||||||||||||
09/2026 |
21,934 |
365 |
3 |
(1 |
) | |||||||||||||||||||
10/2026 |
774 |
13 |
0 |
0 |
||||||||||||||||||||
11/2026 |
3,223 |
53 |
0 |
0 |
||||||||||||||||||||
12/2026 |
777 |
13 |
0 |
0 |
||||||||||||||||||||
| JPM |
07/2026 |
BRL |
962 |
187 |
1 |
0 |
||||||||||||||||||
07/2026 |
$ |
186 |
BRL |
962 |
1 |
0 |
||||||||||||||||||
08/2026 |
HKD |
1,808 |
$ |
231 |
0 |
0 |
||||||||||||||||||
09/2026 |
COP |
11,352 |
3 |
0 |
0 |
|||||||||||||||||||
10/2026 |
$ |
187 |
BRL |
983 |
0 |
(1 |
) | |||||||||||||||||
| MBC |
07/2026 |
CHF |
76 |
$ |
98 |
3 |
0 |
|||||||||||||||||
07/2026 |
EUR |
1,509 |
1,758 |
34 |
0 |
|||||||||||||||||||
07/2026 |
JPY |
2,445 |
15 |
0 |
0 |
|||||||||||||||||||
07/2026 |
$ |
1,379 |
EUR |
1,190 |
0 |
(19 |
) | |||||||||||||||||
07/2026 |
200 |
GBP |
149 |
0 |
(2 |
) | ||||||||||||||||||
07/2026 |
262 |
JPY |
42,000 |
0 |
(4 |
) | ||||||||||||||||||
08/2026 |
68 |
EGP |
3,704 |
6 |
0 |
|||||||||||||||||||
08/2026 |
192 |
EUR |
168 |
0 |
0 |
|||||||||||||||||||
| SCX |
08/2026 |
HKD |
1,707 |
$ |
218 |
0 |
0 |
|||||||||||||||||
| SOG |
07/2026 |
CHF |
21 |
27 |
0 |
0 |
||||||||||||||||||
07/2026 |
EUR |
12,478 |
14,556 |
299 |
0 |
|||||||||||||||||||
07/2026 |
JPY |
7,856 |
49 |
1 |
0 |
|||||||||||||||||||
07/2026 |
$ |
14,064 |
EUR |
12,364 |
63 |
0 |
||||||||||||||||||
08/2026 |
EUR |
12,364 |
$ |
14,084 |
0 |
(63 |
) | |||||||||||||||||
08/2026 |
$ |
26 |
CHF |
21 |
0 |
0 |
||||||||||||||||||
| SSB |
07/2026 |
CAD |
56 |
$ |
41 |
1 |
0 |
|||||||||||||||||
07/2026 |
EUR |
87 |
99 |
0 |
0 |
|||||||||||||||||||
07/2026 |
$ |
3,333 |
GBP |
2,521 |
12 |
0 |
||||||||||||||||||
08/2026 |
COP |
8,238,565 |
$ |
2,160 |
0 |
(224 |
) | |||||||||||||||||
08/2026 |
GBP |
2,521 |
3,333 |
0 |
(12 |
) | ||||||||||||||||||
08/2026 |
$ |
99 |
EUR |
87 |
0 |
0 |
||||||||||||||||||
| UAG |
09/2026 |
COP |
459,518 |
$ |
119 |
0 |
(13 |
) | ||||||||||||||||
09/2026 |
$ |
814 |
COP |
3,141,779 |
89 |
0 |
||||||||||||||||||
12/2026 |
137 |
533,866 |
13 |
0 |
||||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
| Total Forward Foreign Currency Contracts |
|
$ |
606 |
$ |
(551 |
) | ||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON ASSET-BACKED SECURITIES - SELL PROTECTION
(1)
Counterparty |
Reference Obligation |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value (4) |
||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||
BOA |
Long Beach Mortgage Loan Trust 6.584% due 07/25/2033 |
6.250% |
Monthly |
07/25/2033 |
$ |
67 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION
(1)
Counterparty |
Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value (4) |
|||||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||||
BOA |
Petroleos Mexicanos |
1.000 |
% |
Quarterly |
06/20/2031 |
2.146 |
% |
$ |
700 |
$ |
(36 |
) |
$ |
2 |
$ |
0 |
$ |
(34 |
) | |||||||||||||||||||||||
BPS |
Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
200 |
(28 |
) |
7 |
0 |
(21 |
) | ||||||||||||||||||||||||||||||
BRC |
Petroleos Mexicanos |
1.000 |
Quarterly |
06/20/2031 |
2.146 |
100 |
(6 |
) |
1 |
0 |
(5 |
) | ||||||||||||||||||||||||||||||
CBK |
Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
500 |
(69 |
) |
17 |
0 |
(52 |
) | ||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2026 |
0.880 |
200 |
(2 |
) |
2 |
0 |
0 |
||||||||||||||||||||||||||||||||
DBL |
ION platform Finance SA |
5.000 |
Quarterly |
06/20/2031 |
10.863 |
EUR |
300 |
(74 |
) |
7 |
0 |
(67 |
) | |||||||||||||||||||||||||||||
DUB |
Eskom « |
4.650 |
Quarterly |
06/30/2029 |
— |
¨ |
$ |
367 |
0 |
19 |
19 |
0 |
||||||||||||||||||||||||||||||
MYC |
Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
510 |
(70 |
) |
17 |
0 |
(53 |
) | ||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2028 |
1.573 |
100 |
(19 |
) |
18 |
0 |
(1 |
) | |||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
$ |
(304 |
) |
$ |
90 |
$ |
19 |
$ |
(233 |
) | |||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
50 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION
(1)
Counterparty |
Index/Tranches |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value (4) |
||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||
GST |
ABX.HE.AA.6-1 Index |
0.320 |
% |
Monthly |
07/25/2045 |
$ |
560 |
$ |
(112 |
) |
$ |
65 |
$ |
0 |
$ |
(47 |
) | |||||||||||||||||||
| ABX.HE.PENAAA.7-1 Index |
0.090 |
Monthly |
08/25/2037 |
419 |
(444 |
) |
438 |
0 |
(6 |
) | ||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
$ |
(556 |
) |
$ |
503 |
$ |
0 |
$ |
(53 |
) | |||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
TOTAL RETURN SWAPS ON INDEXES
Counterparty |
Pay/Receive (5) |
Underlying Reference |
# of Units |
Financing Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value |
||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||
| JPM |
Receive |
NDDUEAFE Index |
62 |
3.936% (SOFR plus a specified spread) |
Monthly |
07/08/2026 |
$ |
719 |
$ |
0 |
$ |
(2 |
) |
$ |
0 |
$ |
(2 |
) | ||||||||||||||||
| MYI |
Receive |
NDDUEAFE Index |
4,454 |
3.810% (SOFR plus a specified spread) |
Monthly |
07/15/2026 |
51,695 |
0 |
(158 |
) |
0 |
(158 |
) | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ |
0 |
$ |
(160 |
) |
$ |
0 |
$ |
(160 |
) | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
TOTAL RETURN SWAPS ON SECURITIES
Counterparty |
Pay/Receive (5) |
Underlying Reference |
# of Shares |
Financing Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value |
||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||
| FAR |
Pay |
NVIDIA Corp. |
525 |
5.660% (SOFR plus a specified spread) |
Maturity |
07/29/2026 |
$ |
101 |
$ |
0 |
$ |
(4 |
) |
$ |
0 |
$ |
(4 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total Swap Agreements |
|
$ |
(860 |
) |
$ |
429 |
$ |
19 |
$ |
(450 |
) | |||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||||||||||||||
Counterparty |
Forward Foreign Currency Contracts |
Purchased Options |
Swap Agreements |
Total Over the Counter |
Forward Foreign Currency Contracts |
Written Options |
Swap Agreements |
Total Over the Counter |
Net Market Value of OTC Derivatives |
Collateral Pledged/ (Received) |
Net Exposure (6) |
|||||||||||||||||||||||||||||||||||||
| BOA |
$ |
4 |
$ |
0 |
$ |
0 |
$ |
4 |
$ |
(52 |
) |
$ |
0 |
$ |
(34 |
) |
$ |
(86 |
) |
$ |
(82 |
) |
$ |
0 |
$ |
(82 |
) | |||||||||||||||||||||
| BPS |
0 |
0 |
0 |
0 |
(6 |
) |
0 |
(21 |
) |
(27 |
) |
(27 |
) |
0 |
(27 |
) | ||||||||||||||||||||||||||||||||
| BRC |
6 |
0 |
0 |
6 |
(11 |
) |
0 |
(5 |
) |
(16 |
) |
(10 |
) |
0 |
(10 |
) | ||||||||||||||||||||||||||||||||
| BSH |
8 |
0 |
0 |
8 |
(82 |
) |
0 |
0 |
(82 |
) |
(74 |
) |
0 |
(74 |
) | |||||||||||||||||||||||||||||||||
| CBK |
4 |
0 |
0 |
4 |
(48 |
) |
0 |
(52 |
) |
(100 |
) |
(96 |
) |
0 |
(96 |
) | ||||||||||||||||||||||||||||||||
| DBL |
0 |
0 |
0 |
0 |
0 |
0 |
(67 |
) |
(67 |
) |
(67 |
) |
0 |
(67 |
) | |||||||||||||||||||||||||||||||||
| DUB |
6 |
0 |
19 |
25 |
(4 |
) |
0 |
0 |
(4 |
) |
21 |
0 |
21 |
|||||||||||||||||||||||||||||||||||
| FAR |
51 |
0 |
0 |
51 |
0 |
0 |
(4 |
) |
(4 |
) |
47 |
0 |
47 |
|||||||||||||||||||||||||||||||||||
| GLM |
4 |
0 |
0 |
4 |
(10 |
) |
0 |
0 |
(10 |
) |
(6 |
) |
0 |
(6 |
) | |||||||||||||||||||||||||||||||||
| GST |
0 |
0 |
0 |
0 |
0 |
0 |
(53 |
) |
(53 |
) |
(53 |
) |
270 |
217 |
||||||||||||||||||||||||||||||||||
| JPM |
2 |
0 |
0 |
2 |
(1 |
) |
0 |
(2 |
) |
(3 |
) |
(1 |
) |
0 |
(1 |
) | ||||||||||||||||||||||||||||||||
| MBC |
43 |
0 |
0 |
43 |
(25 |
) |
0 |
0 |
(25 |
) |
18 |
0 |
18 |
|||||||||||||||||||||||||||||||||||
| MYC |
0 |
0 |
0 |
0 |
0 |
0 |
(54 |
) |
(54 |
) |
(54 |
) |
0 |
(54 |
) | |||||||||||||||||||||||||||||||||
| MYI |
0 |
0 |
0 |
0 |
0 |
0 |
(158 |
) |
(158 |
) |
(158 |
) |
641 |
483 |
||||||||||||||||||||||||||||||||||
| SOG |
363 |
0 |
0 |
363 |
(63 |
) |
0 |
0 |
(63 |
) |
300 |
(300 |
) |
0 |
||||||||||||||||||||||||||||||||||
| SSB |
13 |
0 |
0 |
13 |
(236 |
) |
0 |
0 |
(236 |
) |
(223 |
) |
0 |
(223 |
) | |||||||||||||||||||||||||||||||||
| UAG |
102 |
0 |
0 |
102 |
(13 |
) |
0 |
0 |
(13 |
) |
89 |
0 |
89 |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total Over the Counter |
$ |
606 |
$ |
0 |
$ |
19 |
$ |
625 |
$ |
(551 |
) |
$ |
0 |
$ |
(450 |
) |
$ |
(1,001 |
) |
|||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
(n) |
Securities with an aggregate market value of $911 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2026. |
¨ |
Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. See Note 3, Investment Valuation and Fair Value measurements, in the Notes to the Financial statements for more information. |
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 51 |
Schedule of Investments |
PIMCO Global StocksPLUS ® |
(Cont.) |
(2) |
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(3) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) |
The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(5) |
Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. |
(6) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2026:
| Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Purchased Options |
$ |
0 |
$ |
0 |
$ |
111 |
$ |
0 |
$ |
0 |
$ |
111 |
||||||||||||
| Futures |
0 |
0 |
334 |
0 |
0 |
334 |
||||||||||||||||||
| Swap Agreements |
0 |
3 |
0 |
0 |
177 |
180 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
3 |
$ |
445 |
$ |
0 |
$ |
177 |
$ |
625 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
606 |
$ |
0 |
$ |
606 |
||||||||||||
| Swap Agreements |
0 |
19 |
0 |
0 |
0 |
19 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
19 |
$ |
0 |
$ |
606 |
$ |
0 |
$ |
625 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
22 |
$ |
445 |
$ |
606 |
$ |
177 |
$ |
1,250 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Financial Derivative Instruments - Liabilities |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Written Options |
$ |
0 |
$ |
0 |
$ |
363 |
$ |
0 |
$ |
0 |
$ |
363 |
||||||||||||
| Futures |
0 |
0 |
0 |
0 |
1 |
1 |
||||||||||||||||||
| Swap Agreements |
0 |
0 |
0 |
0 |
227 |
227 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
0 |
$ |
363 |
$ |
0 |
$ |
228 |
$ |
591 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
551 |
$ |
0 |
$ |
551 |
||||||||||||
| Swap Agreements |
0 |
286 |
164 |
0 |
0 |
450 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
286 |
$ |
164 |
$ |
551 |
$ |
0 |
$ |
1,001 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
286 |
$ |
527 |
$ |
551 |
$ |
228 |
$ |
1,592 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2026:
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Net Realized Gain (Loss) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Purchased Options |
$ |
0 |
$ |
0 |
$ |
(3,435 |
) |
$ |
0 |
$ |
0 |
$ |
(3,435 |
) | ||||||||||
| Written Options |
0 |
0 |
(2,594 |
) |
0 |
0 |
(2,594 |
) | ||||||||||||||||
| Futures |
0 |
0 |
8,957 |
0 |
16 |
8,973 |
||||||||||||||||||
| Swap Agreements |
0 |
52 |
0 |
0 |
234 |
286 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
52 |
$ |
2,928 |
$ |
0 |
$ |
250 |
$ |
3,230 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
52 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
118 |
$ |
0 |
$ |
118 |
||||||||||||
| Swap Agreements |
0 |
114 |
13,827 |
0 |
0 |
13,941 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
114 |
$ |
13,827 |
$ |
118 |
$ |
0 |
$ |
14,059 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
166 |
$ |
16,755 |
$ |
118 |
$ |
250 |
$ |
17,289 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Purchased Options |
$ |
0 |
$ |
0 |
$ |
142 |
$ |
0 |
$ |
0 |
$ |
142 |
||||||||||||
| Written Options |
0 |
0 |
1,135 |
0 |
0 |
1,135 |
||||||||||||||||||
| Futures |
0 |
0 |
(1,111 |
) |
0 |
(23 |
) |
(1,134 |
) | |||||||||||||||
| Swap Agreements |
0 |
(5 |
) |
0 |
0 |
(1,045 |
) |
(1,050 |
) | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
(5 |
) |
$ |
166 |
$ |
0 |
$ |
(1,068 |
) |
$ |
(907 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
584 |
$ |
0 |
$ |
584 |
||||||||||||
| Swap Agreements |
0 |
53 |
(6,259 |
) |
0 |
0 |
(6,206 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
53 |
$ |
(6,259 |
) |
$ |
584 |
$ |
0 |
$ |
(5,622 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
48 |
$ |
(6,093 |
) |
$ |
584 |
$ |
(1,068 |
) |
$ |
(6,529 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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 Fund’s assets and liabilities:
| Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||
| Loan Participations and Assignments |
$ |
0 |
$ |
20,607 |
$ |
4,119 |
$ |
24,726 |
||||||||
| Corporate Bonds & Notes |
| |||||||||||||||
| Banking & Finance |
0 |
6,938 |
286 |
7,224 |
||||||||||||
| Industrials |
0 |
20,137 |
3,508 |
23,645 |
||||||||||||
| Utilities |
0 |
2,590 |
22 |
2,612 |
||||||||||||
| Convertible Bonds & Notes |
| |||||||||||||||
| Banking & Finance |
0 |
15 |
0 |
15 |
||||||||||||
| Industrials |
0 |
807 |
0 |
807 |
||||||||||||
| Municipal Bonds & Notes |
| |||||||||||||||
| West Virginia |
0 |
882 |
0 |
882 |
||||||||||||
| U.S. Government Agencies |
0 |
42,507 |
0 |
42,507 |
||||||||||||
| U.S. Treasury Obligations |
0 |
400 |
0 |
400 |
||||||||||||
| Non-Agency Mortgage-Backed Securities |
0 |
8,633 |
0 |
8,633 |
||||||||||||
| Asset-Backed Securities |
| |||||||||||||||
| Home Equity Other |
0 |
183 |
0 |
183 |
||||||||||||
| Manufacturing House Sequential |
0 |
130 |
0 |
130 |
||||||||||||
| Whole Loan Collateral |
0 |
520 |
0 |
520 |
||||||||||||
| Other ABS |
0 |
3,648 |
779 |
4,427 |
||||||||||||
| Sovereign Issues |
0 |
12,135 |
0 |
12,135 |
||||||||||||
| Common Stocks |
| |||||||||||||||
| Communication Services |
550 |
0 |
585 |
1,135 |
||||||||||||
| Financials |
1,535 |
722 |
0 |
2,257 |
||||||||||||
| Industrials |
0 |
0 |
2,608 |
2,608 |
||||||||||||
| Information Technology |
105 |
0 |
0 |
105 |
||||||||||||
| Real Estate |
43 |
0 |
0 |
43 |
||||||||||||
| Warrants |
| |||||||||||||||
| Communication Services |
0 |
0 |
141 |
141 |
||||||||||||
| Preferred Securities |
| |||||||||||||||
| Banking & Finance |
0 |
1,514 |
1,616 |
3,130 |
||||||||||||
| Industrials |
0 |
266 |
343 |
609 |
||||||||||||
| Short-Term Instruments |
| |||||||||||||||
| Egypt Treasury Bills |
0 |
211 |
0 |
211 |
||||||||||||
| Nigeria Treasury Bills |
0 |
2,303 |
0 |
2,303 |
||||||||||||
| Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| U.S. Treasury Bills |
$ |
0 |
$ |
1,694 |
$ |
0 |
$ |
1,694 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
2,233 |
$ |
126,842 |
$ |
14,007 |
$ |
143,082 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Investments in Affiliates, at Value |
| |||||||||||||||
| Short-Term Instruments |
| |||||||||||||||
| Central Funds Used for Cash Management Purposes |
$ |
12,922 |
$ |
0 |
$ |
0 |
$ |
12,922 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ |
15,155 |
$ |
126,842 |
$ |
14,007 |
$ |
156,004 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Short Sales, at Value - Liabilities |
| |||||||||||||||
| U.S. Government Agencies |
$ |
0 |
$ |
(845 |
) |
$ |
0 |
$ |
(845 |
) | ||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||
| Exchange-traded or centrally cleared |
445 |
180 |
0 |
625 |
||||||||||||
| Over the counter |
0 |
606 |
19 |
625 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
445 |
$ |
786 |
$ |
19 |
$ |
1,250 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial Derivative Instruments - Liabilities |
| |||||||||||||||
| Exchange-traded or centrally cleared |
(363 |
) |
(228 |
) |
0 |
(591 |
) | |||||||||
| Over the counter |
0 |
(948 |
) |
(53 |
) |
(1,001 |
) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
(363 |
) |
$ |
(1,176 |
) |
$ |
(53 |
) |
$ |
(1,592 |
) | |||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Financial Derivative Instruments |
$ |
82 |
$ |
(390 |
) |
$ |
(34 |
) |
$ |
(342 |
) | |||||
| |
|
|
|
|
|
|
|
|||||||||
| Totals |
$ |
15,237 |
$ |
125,607 |
$ |
13,973 |
$ |
154,817 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
53 |
Schedule of Investments |
PIMCO Global StocksPLUS ® |
(Cont.) |
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2026:
Category and Subcategory |
Beginning Balance at 06/30/2025 |
Net Purchases (1) |
Net Sales/ Settlements (1) |
Accrued Discounts/ (Premiums) |
Realized Gain/(Loss) |
Net Change in Unrealized Appreciation/ (Depreciation) (2) |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance at 06/30/2026 |
Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2026 (2) |
||||||||||||||||||||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||||||||||||||||||||||||||
| Loan Participations and Assignments |
$ |
6,852 |
$ |
1,429 |
$ |
(4,306 |
) |
$ |
24 |
$ |
27 |
$ |
(12 |
) |
$ |
105 |
$ |
0 |
$ |
4,119 |
$ |
31 |
||||||||||||||||||
| Corporate Bonds & Notes |
| |||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
7 |
284 |
(19 |
) |
0 |
1 |
13 |
0 |
0 |
286 |
13 |
|||||||||||||||||||||||||||||
| Industrials |
3,151 |
282 |
(250 |
) |
6 |
0 |
319 |
0 |
0 |
3,508 |
251 |
|||||||||||||||||||||||||||||
| Utilities |
0 |
17 |
0 |
0 |
0 |
5 |
0 |
0 |
22 |
6 |
||||||||||||||||||||||||||||||
| Asset-Backed Securities |
| |||||||||||||||||||||||||||||||||||||||
| Other ABS |
822 |
0 |
(3 |
) |
0 |
(1,630 |
) |
1,590 |
0 |
0 |
779 |
(43 |
) | |||||||||||||||||||||||||||
| Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
| Communication Services |
1,058 |
0 |
(928 |
) |
0 |
525 |
(70 |
) |
0 |
0 |
585 |
558 |
||||||||||||||||||||||||||||
| Financials |
1,185 |
0 |
(1,214 |
) |
0 |
(1,188 |
) |
1,217 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||
| Health Care |
3,224 |
0 |
(2,883 |
) |
0 |
(101 |
) |
(240 |
) |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
| Industrials |
2,187 |
61 |
0 |
0 |
0 |
360 |
0 |
0 |
2,608 |
360 |
||||||||||||||||||||||||||||||
| Real Estate (3) |
2 |
0 |
0 |
0 |
0 |
40 |
0 |
(42 |
) |
0 |
0 |
|||||||||||||||||||||||||||||
| Warrants |
| |||||||||||||||||||||||||||||||||||||||
| Communication Services |
205 |
75 |
(185 |
) |
0 |
49 |
(3 |
) |
0 |
0 |
141 |
66 |
||||||||||||||||||||||||||||
| Financials |
0 |
0 |
(2 |
) |
0 |
(761 |
) |
763 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||
| Preferred Securities |
| |||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
0 |
1,570 |
0 |
0 |
0 |
46 |
0 |
0 |
1,616 |
46 |
||||||||||||||||||||||||||||||
| Industrials |
395 |
54 |
0 |
0 |
0 |
(106 |
) |
0 |
0 |
343 |
(106 |
) | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ |
19,088 |
$ |
3,772 |
$ |
(9,790 |
) |
$ |
30 |
$ |
(3,078 |
) |
$ |
3,922 |
$ |
105 |
$ |
(42 |
) |
$ |
14,007 |
$ |
1,182 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Financial Derivative Instruments |
| |||||||||||||||||||||||||||||||||||||||
| Over the counter |
$ |
24 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(5 |
) |
$ |
0 |
$ |
0 |
$ |
19 |
$ |
(5 |
) | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Financial Derivative Instruments |
| |||||||||||||||||||||||||||||||||||||||
| Over the counter |
$ |
(53 |
) |
$ |
38 |
$ |
(74 |
) |
$ |
26 |
$ |
29 |
$ |
(19 |
) |
$ |
0 |
$ |
0 |
$ |
(53 |
) |
$ |
18 |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Totals |
$ |
19,059 |
$ |
3,810 |
$ |
(9,864 |
) |
$ |
56 |
$ |
(3,049 |
) |
$ |
3,898 |
$ |
105 |
$ |
(42 |
) |
$ |
13,973 |
$ |
1,195 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:
Category and Subcategory |
Ending Balance at 06/30/2026 |
Valuation Technique |
Unobservable Inputs |
(% Unless Noted Otherwise) |
||||||||||||||
Input Value(s) |
Weighted Average |
|||||||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||||
| Loan Participations and Assignments |
$ |
3,075 |
Discounted Cash Flow |
Discount Rate |
6.790-11.323 |
8.582 |
||||||||||||
638 |
Indicative Market Quotation |
Broker Quote |
101.250 |
— |
||||||||||||||
406 |
Third Party Vendor |
Broker Quote |
57.500-100.125 |
76.328 |
||||||||||||||
| Corporate Bonds & Notes |
| |||||||||||||||||
| Banking & Finance |
286 |
Recent Transaction |
Purchase Price |
EUR |
100.000 |
— |
||||||||||||
| Industrials |
3,508 |
Comparable Companies/Discounted Cash Flow |
EBITDA Multiple/Discount Rate |
X/% |
13.000/10.250 |
— |
||||||||||||
| Utilities |
22 |
Indicative Market Quotation |
Broker Quote |
13.500 |
— |
|||||||||||||
| Asset-Backed Securities |
| |||||||||||||||||
| Other ABS |
779 |
Discounted Cash Flow |
Discount Rate |
15.000 |
— |
|||||||||||||
| Common Stocks |
| |||||||||||||||||
| Communication Services |
520 |
Indicative Market Quotation |
Broker Quote |
$ |
15.125 |
— |
||||||||||||
65 |
Reference Instrument |
Liquidity Discount |
14.000 |
— |
||||||||||||||
| Industrials |
1,970 |
Comparable Companies/Discounted Cash Flow |
EBITDA Multiple/Discount Rate |
X/% |
13.000/10.250 |
— |
||||||||||||
189 |
Indicative Market Quotation/Recent Transaction |
Broker Quote/Purchase Price |
$/$ |
3.250/2.000 |
— |
|||||||||||||
449 |
Indicative Market Quotation |
Broker Quote |
$ |
0.656-22.917 |
22.490 |
|||||||||||||
| Warrants |
| |||||||||||||||||
| Communication Services |
141 |
Other Valuation Techniques (4) |
— |
— |
— |
|||||||||||||
| Preferred Securities |
| |||||||||||||||||
| Banking & Finance |
448 |
Discounted Cash Flow |
Discount Rate |
11.630 |
— |
|||||||||||||
1,168 |
Recent Transaction |
Purchase Price |
$ |
1.000 |
— |
|||||||||||||
| Industrials |
343 |
Discounted Cash Flow |
Discount Rate |
26.880 |
— |
|||||||||||||
54 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Category and Subcategory |
Ending Balance at 06/30/2026 |
Valuation Technique |
Unobservable Inputs |
(% Unless Noted Otherwise) |
||||||||||||||
Input Value(s) |
Weighted Average |
|||||||||||||||||
| Financial Derivative Instruments |
||||||||||||||||||
| Over the counter |
19 |
Indicative Market Quotation |
Broker Quote |
5.109 |
— |
|||||||||||||
| Financial Derivative Instruments |
||||||||||||||||||
| Over the counter |
(53 |
) |
Indicative Market Quotation |
Broker Quote |
91.500-98.500 |
92.347 |
||||||||||||
| |
|
|||||||||||||||||
| Total |
$ |
13,973 |
||||||||||||||||
| |
|
|||||||||||||||||
(1) |
Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
(2) |
Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. |
(3) |
Sector type updated from Financials to Real Estate since prior fiscal year end. |
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 55 |
Schedule of Investments |
PIMCO Strategic Income Fund, Inc. |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 227.6% |
| |||||||||||
LOAN PARTICIPATIONS AND ASSIGNMENTS 17.2% |
| |||||||||||
| Altar Bidco, Inc. |
| |||||||||||
| 9.108% (TSFR12M + 0.000%) due 02/01/2030 ~ |
$ |
700 |
$ |
661 |
||||||||
| Altice France SA |
| |||||||||||
| 10.548% (TSFR3M + 3.673%) due 05/31/2031 ~ |
1,583 |
1,619 |
||||||||||
| Central Parent, Inc. |
| |||||||||||
| 6.982% (TSFR3M + 3.732%) due 07/06/2029 ~ |
1,083 |
715 |
||||||||||
| Charlotte Buyer, Inc. |
| |||||||||||
| TBD% due 06/30/2031 |
100 |
100 |
||||||||||
| Dialysis Holdco LLC |
| |||||||||||
| 9.644% (TSFR1M + 3.644%) due 11/26/2030 «~ |
2,443 |
2,482 |
||||||||||
| Discovery Global Holdings, Inc. |
| |||||||||||
| 6.144% (TSFR1M + 3.644%) due 06/03/2033 ~ |
1,569 |
1,572 |
||||||||||
| Forward Air Corp. |
| |||||||||||
| 8.163% (TSFR3M + 3.663%) due 12/19/2030 ~ |
1,300 |
1,229 |
||||||||||
| Gaia Purchaser, Inc. |
| |||||||||||
| TBD% due 06/25/2033 « |
100 |
100 |
||||||||||
| Gateway Casinos & Entertainment Ltd. |
| |||||||||||
| 9.918% (TSFR3M + 3.668%) due 12/18/2030 ~ |
1,957 |
1,953 |
||||||||||
| Ivanti Software, Inc. |
| |||||||||||
| TBD% - 9.414% (TSFR3M + 3.658%) due 06/01/2029 ~µ |
163 |
159 |
||||||||||
| TBD% - 9.414% (TSFR3M + 3.658%) due 06/01/2029 ~ |
1,221 |
540 |
||||||||||
| Lealand Finance Co. BV |
| |||||||||||
| 6.758% (TSFR1M + 3.644%) due 06/30/2027 ~ |
28 |
27 |
||||||||||
| Lealand Finance Co. BV (4.758% Cash and 3.000% PIK) |
| |||||||||||
| 7.758% (TSFR1M + 3.644%) due 12/31/2027 ~(c) |
221 |
214 |
||||||||||
| Mercury Aggregator LP |
| |||||||||||
| TBD% due 04/03/2027 « |
971 |
0 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 7.214% (TSFR1M + 3.612%) due 04/30/2029 ~ |
399 |
285 |
||||||||||
| 9.364% (TSFR1M + 3.612%) due 04/30/2029 ~ |
104 |
84 |
||||||||||
| Peraton Corp. |
| |||||||||||
| 7.513% (TSFR3M + 3.663%) due 02/01/2028 ~ |
5,133 |
4,646 |
||||||||||
| 11.516% (TSFR3M + 3.666%) due 02/01/2029 ~ |
506 |
344 |
||||||||||
| Poseidon Bidco SASU |
| |||||||||||
| 7.504% due 03/13/2030 |
EUR |
1,000 |
331 |
|||||||||
| Promotora de Informaciones SA |
| |||||||||||
| 7.674% (EUR003M + 2.168%) due 12/31/2029 «~ |
5,052 |
5,643 |
||||||||||
| QXO, Inc. |
| |||||||||||
| TBD% due 04/30/2032 |
$ |
100 |
100 |
|||||||||
| Steenbok Lux Finco 2 SARL |
| |||||||||||
| 10.000% due 12/31/2028 |
EUR |
12,364 |
4,317 |
|||||||||
| Stepstone Group Midco 2 GmbH |
| |||||||||||
| 6.885% (EUR006M + 2.459%) due 04/26/2032 ~ |
2,000 |
1,876 |
||||||||||
| 8.176% - 8.179% (TSFR6M + 3.679%) due 12/19/2031 ~ |
$ |
297 |
241 |
|||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 10.732% (TSFR3M + 3.732%) due 05/13/2027 ~ |
4,708 |
4,106 |
||||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 8.758% (TSFR1M + 3.644%) due 06/28/2028 ~ |
3,949 |
3,894 |
||||||||||
| Westmoreland Coal Co. |
| |||||||||||
| 8.000% due 03/15/2029 |
2 |
1 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Worthington Steel, Inc. |
| |||||||||||
| 7.620% - 7.621% (TSFR1M + 3.624%) due 06/01/2033 ~ |
$ |
100 |
$ |
100 |
||||||||
| |
|
|||||||||||
| Total Loan Participations and Assignments (Cost $48,348) |
37,339 |
|||||||||||
| |
|
|||||||||||
CORPORATE BONDS & NOTES 34.8% |
| |||||||||||
BANKING & FINANCE 10.9% |
| |||||||||||
| Antares Holdings LP |
| |||||||||||
| 6.350% due 10/23/2029 (l) |
1,500 |
1,495 |
||||||||||
| Armor Holdco, Inc. |
| |||||||||||
| 8.500% due 11/15/2029 (l) |
1,300 |
1,309 |
||||||||||
| Banco Mercantil del Norte SA |
| |||||||||||
| 8.450% due 06/24/2036 •(i)(j) |
200 |
200 |
||||||||||
| Blue Owl Capital Corp. |
| |||||||||||
| 6.450% due 09/15/2028 (l) |
2,700 |
2,735 |
||||||||||
| CI Financial Corp. |
| |||||||||||
| 7.500% due 05/30/2029 (l) |
1,300 |
1,363 |
||||||||||
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| |||||||||||
| 8.000% due 12/31/2028 (c) |
EUR |
153 |
91 |
|||||||||
| Credit Suisse AG AT1 Claim |
$ |
600 |
212 |
|||||||||
| F&G Annuities & Life, Inc. |
| |||||||||||
| 6.250% due 10/04/2034 (l) |
400 |
391 |
||||||||||
| 6.500% due 06/04/2029 (l) |
700 |
716 |
||||||||||
| Fairfax India Holdings Corp. |
| |||||||||||
| 5.000% due 02/26/2028 (l) |
2,400 |
2,312 |
||||||||||
| Ford Motor Credit Co. LLC |
| |||||||||||
| 5.667% (SOFRRATE + 2.030%) due 03/20/2028 ~(l) |
1,900 |
1,924 |
||||||||||
| GLP Capital LP/GLP Financing II, Inc. |
| |||||||||||
| 5.625% due 03/01/2036 (l) |
900 |
882 |
||||||||||
| Horizon Mutual Holdings, Inc. |
| |||||||||||
| 6.200% due 11/15/2034 |
200 |
194 |
||||||||||
| IIFL Finance Ltd. |
| |||||||||||
| 7.600% due 09/10/2029 |
100 |
101 |
||||||||||
| ION Platform Finance SARL |
| |||||||||||
| 6.500% due 09/30/2030 (l) |
EUR |
1,400 |
1,290 |
|||||||||
| 7.875% due 05/01/2029 |
100 |
103 |
||||||||||
| ION Platform Finance U.S., Inc. |
| |||||||||||
| 7.875% due 09/30/2032 (l) |
$ |
3,900 |
2,831 |
|||||||||
| Iron Mountain, Inc. |
| |||||||||||
| 6.250% due 01/15/2035 |
100 |
101 |
||||||||||
| Lower Ferry Re Ltd. |
| |||||||||||
| 9.014% (MSMMUSTF + 5.504%) due 07/08/2030 ~ |
300 |
300 |
||||||||||
| Mercury General Corp. |
| |||||||||||
| 6.250% due 06/15/2036 |
1,000 |
1,018 |
||||||||||
| Merna Reinsurance II Ltd. |
| |||||||||||
| 13.991% (GSMMUSTI + 10.470%) due 07/07/2030 ~ |
250 |
250 |
||||||||||
| Nissan Motor Acceptance Co. LLC |
| |||||||||||
| 5.688% (SOFRINDX + 2.050%) due 09/13/2027 ~(l) |
665 |
662 |
||||||||||
| Titanium 2l Bondco SARL |
| |||||||||||
| 6.250% due 01/14/2031 |
EUR |
5,074 |
849 |
|||||||||
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| |||||||||||
| 6.000% due 01/15/2030 (l) |
$ |
2,338 |
2,286 |
|||||||||
| |
|
|||||||||||
23,615 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 20.0% |
| |||||||||||
| Altice France Lux 3/Altice Holdings 1 |
| |||||||||||
| 10.000% due 01/15/2033 |
347 |
342 |
||||||||||
| Altice France SA |
| |||||||||||
| 9.500% due 11/01/2029 (l) |
869 |
883 |
||||||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
| |||||||||||
| 8.000% due 02/15/2031 |
100 |
101 |
||||||||||
| B&G Foods, Inc. |
| |||||||||||
| 11.000% due 06/15/2031 |
220 |
203 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Beignet Investor LLC |
| |||||||||||
| 6.581% due 05/30/2049 (l) |
$ |
4,200 |
$ |
4,287 |
||||||||
| Borr IHC Ltd./Borr Finance LLC |
| |||||||||||
| 9.000% due 01/15/2034 |
200 |
194 |
||||||||||
| Centene Corp. |
| |||||||||||
| 3.000% due 10/15/2030 (l) |
700 |
634 |
||||||||||
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
| |||||||||||
| 8.000% due 06/15/2029 |
50 |
33 |
||||||||||
| Central Parent, Inc./CDK Global, Inc. |
| |||||||||||
| 7.250% due 06/15/2029 |
50 |
33 |
||||||||||
| CoreWeave, Inc. |
| |||||||||||
| 8.500% due 07/15/2032 |
EUR |
200 |
225 |
|||||||||
| 9.625% due 07/15/2032 |
$ |
100 |
99 |
|||||||||
| CVS Pass-Through Trust |
| |||||||||||
| 7.507% due 01/10/2032 (l) |
405 |
424 |
||||||||||
| DISH DBS Corp. |
| |||||||||||
| 5.250% due 12/01/2026 |
3,558 |
3,522 |
||||||||||
| 5.750% due 12/01/2028 |
2,900 |
2,812 |
||||||||||
| Dorman Products, Inc. |
| |||||||||||
| 6.250% due 06/15/2034 |
100 |
101 |
||||||||||
| Ecopetrol SA |
| |||||||||||
| 7.750% due 02/01/2032 (l) |
1,300 |
1,362 |
||||||||||
| Flora Food Management BV |
| |||||||||||
| 7.500% due 10/31/2030 |
EUR |
200 |
228 |
|||||||||
| FMC Corp. |
| |||||||||||
| 8.000% due 06/01/2031 |
$ |
100 |
104 |
|||||||||
| Gaia Purchaser, Inc. |
| |||||||||||
| 7.625% due 07/15/2033 (b) |
100 |
101 |
||||||||||
| Gazprom PJSC Via Gaz Capital SA |
| |||||||||||
| 8.625% due 04/28/2034 |
1,710 |
1,496 |
||||||||||
| GSG Bidco Ltd. |
| |||||||||||
| 5.375% due 06/15/2036 |
EUR |
1,870 |
2,121 |
|||||||||
| Incora Intermediate II LLC (0.500% PIK) |
| |||||||||||
| 0.500% due 01/31/2030 «(c) |
$ |
4,113 |
4,113 |
|||||||||
| Incora Top Holdco LLC |
| |||||||||||
| 6.000% due 01/30/2033 «(k) |
2,817 |
4,440 |
||||||||||
| JetBlue Airways Corp./JetBlue Loyalty LP |
| |||||||||||
| 9.875% due 09/20/2031 (l) |
417 |
378 |
||||||||||
| MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
| |||||||||||
| 11.500% due 12/31/2030 (c) |
630 |
625 |
||||||||||
| National Mentor Holdings, Inc. |
| |||||||||||
| 10.500% due 12/15/2030 |
200 |
211 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 11.750% due 04/30/2029 |
2,130 |
1,516 |
||||||||||
| QXO Building Products, Inc. |
| |||||||||||
| 6.500% due 07/15/2031 |
100 |
102 |
||||||||||
| 6.875% due 07/15/2034 |
100 |
103 |
||||||||||
| Road Michigan Property Owner I LLC |
| |||||||||||
| 7.500% due 03/30/2045 (l) |
5,308 |
5,293 |
||||||||||
| Spirit Airlines Pass-Through Trust |
| |||||||||||
| 4.100% due 10/01/2029 |
513 |
498 |
||||||||||
| Topaz Solar Farms LLC |
| |||||||||||
| 4.875% due 09/30/2039 (l) |
602 |
534 |
||||||||||
| Tutor Perini Corp. |
| |||||||||||
| 6.625% due 07/15/2033 (b) |
100 |
101 |
||||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 10.625% due 06/28/2028 |
1,454 |
1,352 |
||||||||||
| Ubisoft Entertainment SA |
| |||||||||||
| 0.878% due 11/24/2027 |
EUR |
300 |
303 |
|||||||||
| United Airlines Pass-Through Trust |
| |||||||||||
| 4.150% due 02/25/2033 |
$ |
61 |
59 |
|||||||||
| Vale SA |
| |||||||||||
| 0.000% due 12/29/2049 ~(i) |
BRL |
50,000 |
3,887 |
|||||||||
| Vedanta Resources Finance II PLC |
| |||||||||||
| 7.375% due 07/13/2034 (b) |
$ |
200 |
198 |
|||||||||
| Viridien |
| |||||||||||
| 8.500% due 10/15/2030 |
EUR |
271 |
328 |
|||||||||
| 10.000% due 10/15/2030 |
$ |
116 |
123 |
|||||||||
| Volcan Cia Minera SAA |
| |||||||||||
| 8.500% due 10/28/2032 |
130 |
135 |
||||||||||
| |
|
|||||||||||
43,604 |
||||||||||||
| |
|
|||||||||||
56 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
UTILITIES 3.9% |
| |||||||||||
| Altice Holdings 1 SARL |
| |||||||||||
| 0.000% due 12/31/2099 « |
EUR |
4 |
$ |
55 |
||||||||
| COX Asset Mexico SA de CV |
| |||||||||||
| 7.125% due 01/08/2032 |
$ |
200 |
203 |
|||||||||
| NGD Holdings BV |
| |||||||||||
| 9.875% due 12/31/2029 |
861 |
844 |
||||||||||
| Nova Securitisation SARL |
| |||||||||||
| 5.750% due 02/03/2031 (l) |
700 |
676 |
||||||||||
| 6.500% due 02/03/2036 (l) |
1,100 |
1,035 |
||||||||||
| OI SA |
| |||||||||||
| 8.500% due 12/31/2028 ^(d) |
2,231 |
24 |
||||||||||
| 10.000% due 06/30/2027 ^(d) |
2,472 |
1,205 |
||||||||||
| PBF Holding Co. LLC/PBF Finance Corp. |
| |||||||||||
| 7.250% due 06/01/2034 |
100 |
99 |
||||||||||
| Peru LNG SRL |
| |||||||||||
| 5.375% due 03/22/2030 (l) |
1,867 |
1,817 |
||||||||||
| SW Finance I PLC |
| |||||||||||
| 1.625% due 03/30/2027 |
GBP |
800 |
1,034 |
|||||||||
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
| |||||||||||
| 6.500% due 02/15/2029 (l) |
$ |
1,600 |
1,589 |
|||||||||
| |
|
|||||||||||
8,581 |
||||||||||||
| |
|
|||||||||||
| Total Corporate Bonds & Notes (Cost $80,133) |
75,800 |
|||||||||||
| |
|
|||||||||||
CONVERTIBLE BONDS & NOTES 0.2% |
| |||||||||||
BANKING & FINANCE 0.1% |
| |||||||||||
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| |||||||||||
| 8.000% due 12/31/2028 (c) |
EUR |
178 |
106 |
|||||||||
| Country Garden Holdings Co. Ltd. |
| |||||||||||
| 0.000% due 12/31/2031 (g)(k) |
$ |
433 |
30 |
|||||||||
| |
|
|||||||||||
136 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
| Ubisoft Entertainment SA |
| |||||||||||
| 2.375% due 11/15/2028 |
EUR |
300 |
337 |
|||||||||
| |
|
|||||||||||
| Total Convertible Bonds & Notes (Cost $606) |
473 |
|||||||||||
| |
|
|||||||||||
MUNICIPAL BONDS & NOTES 2.3% |
| |||||||||||
CALIFORNIA 0.0% |
| |||||||||||
| Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
| |||||||||||
| 3.850% due 06/01/2050 |
$ |
30 |
28 |
|||||||||
| |
|
|||||||||||
MICHIGAN 1.1% |
| |||||||||||
| Detroit, Michigan General Obligation Bonds, Series 2014 |
| |||||||||||
| 4.000% due 04/01/2044 |
2,967 |
2,428 |
||||||||||
| |
|
|||||||||||
WEST VIRGINIA 1.2% |
| |||||||||||
| Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
| |||||||||||
| 0.000% due 06/01/2047 (g) |
25,300 |
2,535 |
||||||||||
| |
|
|||||||||||
| Total Municipal Bonds & Notes (Cost $6,069) |
4,991 |
|||||||||||
| |
|
|||||||||||
U.S. GOVERNMENT AGENCIES 126.4% |
| |||||||||||
| Federal Home Loan Mortgage Corp. |
| |||||||||||
| 5.500% due 04/01/2039 (l) |
592 |
607 |
||||||||||
| 6.000% due 02/01/2033 - 02/01/2034 |
22 |
22 |
||||||||||
| 6.500% due 06/01/2029 - 07/01/2037 |
50 |
50 |
||||||||||
| 7.000% due 03/01/2031 - 12/01/2036 |
96 |
100 |
||||||||||
| 7.500% due 08/01/2026 - 03/01/2037 |
87 |
88 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
| |||||||||||
| 2.079% due 11/25/2045 ~(a) |
$ |
5,336 |
$ |
139 |
||||||||
| Federal Home Loan Mortgage Corp. REMICS |
| |||||||||||
| 0.657% due 11/15/2048 •(a)(l) |
3,896 |
113 |
||||||||||
| 1.963% due 05/15/2038 ~(a) |
1,275 |
113 |
||||||||||
| 2.065% due 11/15/2038 ~(a)(l) |
4,309 |
208 |
||||||||||
| 2.258% due 04/25/2048 - 11/25/2049 •(a)(l) |
21,738 |
2,480 |
||||||||||
| 2.408% due 05/25/2050 •(a) |
464 |
51 |
||||||||||
| 2.410% due 08/15/2036 ~(a) |
412 |
29 |
||||||||||
| 3.000% due 11/25/2050 (a)(l) |
7,022 |
1,266 |
||||||||||
| 3.000% due 01/25/2051 (a) |
394 |
71 |
||||||||||
| 3.500% due 05/25/2050 (a) |
420 |
76 |
||||||||||
| 5.500% due 06/15/2041 (l) |
763 |
779 |
||||||||||
| 6.000% due 12/15/2028 - 03/15/2035 |
261 |
266 |
||||||||||
| 6.500% due 02/15/2028 - 06/15/2032 |
401 |
412 |
||||||||||
| 6.500% due 07/15/2032 (l) |
137 |
142 |
||||||||||
| 7.000% due 07/15/2027 - 06/15/2031 |
168 |
171 |
||||||||||
| 7.500% due 03/15/2028 |
1 |
1 |
||||||||||
| 8.000% due 04/15/2030 |
5 |
5 |
||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||
| 11.128% due 10/25/2041 •(l) |
2,800 |
2,853 |
||||||||||
| 11.428% due 11/25/2041 •(l) |
2,800 |
2,870 |
||||||||||
| Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
| |||||||||||
| 4.435% due 07/25/2032 ~ |
49 |
45 |
||||||||||
| 6.500% due 02/25/2043 - 10/25/2043 |
129 |
132 |
||||||||||
| 6.500% due 09/25/2043 ~ |
31 |
31 |
||||||||||
| 6.500% due 03/25/2044 (l) |
927 |
924 |
||||||||||
| 7.000% due 02/25/2043 - 10/25/2043 |
242 |
248 |
||||||||||
| 7.500% due 02/25/2042 |
13 |
14 |
||||||||||
| Federal National Mortgage Association |
| |||||||||||
| 4.000% due 06/01/2047 - 03/01/2048 |
154 |
146 |
||||||||||
| 4.000% due 09/01/2047 - 11/01/2047 (l) |
4,039 |
3,834 |
||||||||||
| 4.500% due 03/01/2028 - 08/01/2041 |
79 |
79 |
||||||||||
| 6.000% due 12/01/2032 - 10/01/2036 |
87 |
89 |
||||||||||
| 6.000% due 04/01/2035 - 06/01/2040 (l) |
1,123 |
1,173 |
||||||||||
| 6.135% due 09/01/2028 • |
1 |
1 |
||||||||||
| 6.500% due 11/01/2028 - 11/01/2047 |
418 |
437 |
||||||||||
| 6.500% due 04/01/2037 (l) |
99 |
99 |
||||||||||
| 7.000% due 07/01/2034 - 01/01/2047 |
25 |
26 |
||||||||||
| 8.000% due 09/01/2027 - 11/01/2031 |
19 |
20 |
||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust |
| |||||||||||
| 9.128% due 12/25/2041 • |
500 |
510 |
||||||||||
| 9.628% due 10/25/2041 • |
1,500 |
1,522 |
||||||||||
| Federal National Mortgage Association Grantor Trust |
| |||||||||||
| 6.000% due 01/25/2044 |
362 |
373 |
||||||||||
| 6.500% due 12/25/2041 - 08/25/2042 |
786 |
812 |
||||||||||
| 7.000% due 07/25/2042 - 11/25/2043 |
53 |
54 |
||||||||||
| 7.500% due 11/25/2040 - 07/25/2042 |
139 |
144 |
||||||||||
| 7.500% due 06/19/2041 ~ |
50 |
51 |
||||||||||
| 8.000% due 06/19/2041 ~ |
466 |
476 |
||||||||||
| Federal National Mortgage Association Interest STRIPS |
| |||||||||||
| 5.000% due 07/25/2037 (a) |
308 |
41 |
||||||||||
| Federal National Mortgage Association REMICS |
| |||||||||||
| 0.000% due 02/25/2052 •(a) |
97,372 |
632 |
||||||||||
| 1.153% due 12/25/2042 ~(a) |
1,815 |
38 |
||||||||||
| 2.050% due 08/25/2054 ~(a)(l) |
2,556 |
123 |
||||||||||
| 2.258% due 10/25/2049 •(a)(l) |
5,038 |
613 |
||||||||||
| 2.308% due 02/25/2049 •(a) |
45 |
4 |
||||||||||
| 2.358% due 07/25/2050 •(a)(l) |
732 |
78 |
||||||||||
| 2.500% due 12/25/2027 (a) |
79 |
1 |
||||||||||
| 3.000% due 06/25/2050 (a)(l) |
917 |
178 |
||||||||||
| 3.008% due 07/25/2041 •(a) |
125 |
3 |
||||||||||
| 3.500% due 07/25/2036 (a)(l) |
1,739 |
145 |
||||||||||
| 3.500% due 07/25/2042 - 12/25/2049 (a) |
256 |
27 |
||||||||||
| 4.000% due 06/25/2050 (a)(l) |
462 |
86 |
||||||||||
| 4.500% due 07/25/2040 |
300 |
294 |
||||||||||
| 5.000% due 01/25/2038 (l) |
1,375 |
1,382 |
||||||||||
| 5.000% due 07/25/2038 |
37 |
37 |
||||||||||
| 5.500% due 11/25/2032 (l) |
719 |
730 |
||||||||||
| 5.500% due 12/25/2034 - 04/25/2035 |
455 |
464 |
||||||||||
| 5.750% due 06/25/2033 |
6 |
6 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 6.000% due 09/25/2031 |
$ |
22 |
$ |
23 |
||||||||
| 6.500% due 09/25/2031 - 03/25/2032 |
156 |
159 |
||||||||||
| 6.850% due 12/18/2027 |
1 |
1 |
||||||||||
| 7.000% due 06/18/2027 - 03/25/2045 |
139 |
140 |
||||||||||
| 8.500% due 06/18/2027 - 06/25/2030 |
3 |
3 |
||||||||||
| Federal National Mortgage Association REMICS Trust |
| |||||||||||
| 4.300% due 02/25/2042 ~ |
169 |
168 |
||||||||||
| 4.658% due 12/25/2042 ~ |
10 |
10 |
||||||||||
| 4.938% due 10/25/2042 ~ |
4 |
4 |
||||||||||
| 4.965% due 10/25/2042 ~ |
113 |
114 |
||||||||||
| 5.807% due 08/25/2043 |
516 |
509 |
||||||||||
| 7.000% due 09/25/2041 ~ |
114 |
114 |
||||||||||
| Federal National Mortgage Association Trust |
| |||||||||||
| 6.500% due 09/25/2042 - 06/25/2044 |
303 |
308 |
||||||||||
| 7.000% due 02/25/2044 |
12 |
12 |
||||||||||
| 7.500% due 07/25/2042 - 06/25/2044 |
86 |
88 |
||||||||||
| Government National Mortgage Association |
| |||||||||||
| 3.500% due 03/20/2056 |
1,791 |
1,610 |
||||||||||
| 4.000% due 10/15/2051 - 03/15/2052 (l) |
5,848 |
5,471 |
||||||||||
| 4.000% due 03/15/2052 |
36 |
34 |
||||||||||
| 6.000% due 04/15/2029 - 12/15/2038 |
181 |
188 |
||||||||||
| 6.000% due 11/15/2038 (l) |
51 |
51 |
||||||||||
| 6.500% due 04/15/2032 - 01/20/2055 |
293 |
302 |
||||||||||
| 7.500% due 04/15/2027 - 02/15/2029 |
25 |
25 |
||||||||||
| 8.500% due 02/15/2031 |
4 |
4 |
||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||
| 2.296% due 08/20/2049 - 09/20/2049 •(a)(l) |
37,317 |
4,138 |
||||||||||
| 2.446% due 06/20/2047 •(a)(l) |
3,934 |
438 |
||||||||||
| Government National Mortgage Association, TBA |
| |||||||||||
| 4.000% due 08/01/2056 |
3,700 |
3,438 |
||||||||||
| 4.500% due 07/01/2056 |
100 |
96 |
||||||||||
| 5.000% due 08/01/2056 |
1,000 |
985 |
||||||||||
| 6.500% due 07/01/2056 |
600 |
622 |
||||||||||
| U.S. Small Business Administration |
| |||||||||||
| 5.510% due 11/01/2027 |
16 |
16 |
||||||||||
| 5.780% due 08/01/2027 |
1 |
1 |
||||||||||
| 5.820% due 07/01/2027 |
2 |
2 |
||||||||||
| Uniform Mortgage-Backed Security, TBA |
| |||||||||||
| 4.500% due 07/01/2056 - 08/01/2056 |
7,720 |
7,392 |
||||||||||
| 5.000% due 07/01/2056 - 08/01/2056 |
18,060 |
17,735 |
||||||||||
| 6.000% due 09/01/2056 |
15,500 |
15,782 |
||||||||||
| 6.500% due 07/01/2056 - 08/01/2056 |
172,000 |
177,818 |
||||||||||
| 7.000% due 08/01/2056 |
7,700 |
8,093 |
||||||||||
| Vendee Mortgage Trust |
| |||||||||||
| 6.500% due 03/15/2029 |
11 |
11 |
||||||||||
| 7.500% due 09/15/2030 |
377 |
390 |
||||||||||
| |
|
|||||||||||
| Total U.S. Government Agencies (Cost $293,956) |
275,329 |
|||||||||||
| |
|
|||||||||||
U.S. TREASURY OBLIGATIONS 0.3% |
| |||||||||||
| U.S. Treasury Bonds |
| |||||||||||
| 4.875% due 08/15/2045 (l) |
197 |
195 |
||||||||||
| U.S. Treasury Notes |
| |||||||||||
| 4.125% due 02/15/2036 |
470 |
459 |
||||||||||
| |
|
|||||||||||
| Total U.S. Treasury Obligations (Cost $666) |
654 |
|||||||||||
| |
|
|||||||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES 18.1% |
| |||||||||||
| Adjustable Rate Mortgage Trust |
| |||||||||||
| 6.296% due 07/25/2035 ~ |
90 |
90 |
||||||||||
| 6.480% due 08/25/2035 ~ |
28 |
27 |
||||||||||
| Ashford Hospitality Trust |
| |||||||||||
| 5.198% due 04/15/2035 •(l) |
2,200 |
2,197 |
||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 57 |
Schedule of Investments |
PIMCO Strategic Income Fund, Inc. |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Atrium Hotel Portfolio Trust |
| |||||||||||
| 5.423% due 12/15/2036 •(l) |
$ |
1,600 |
$ |
1,581 |
||||||||
| Banc of America Mortgage Trust |
| |||||||||||
| 4.750% due 02/25/2035 ~ |
3 |
3 |
||||||||||
| BCAP LLC Trust |
| |||||||||||
| 4.117% due 07/26/2036 ~ |
73 |
61 |
||||||||||
| Bear Stearns ALT-A Trust |
| |||||||||||
| 4.050% due 08/25/2036 ~ |
196 |
86 |
||||||||||
| Bear Stearns Commercial Mortgage Securities Trust |
| |||||||||||
| 5.657% due 10/12/2041 ~ |
22 |
22 |
||||||||||
| CHL Mortgage Pass-Through Trust |
| |||||||||||
| 4.403% due 03/25/2035 • |
500 |
434 |
||||||||||
| 5.154% due 08/25/2034 ~ |
84 |
83 |
||||||||||
| 5.633% due 03/25/2046 • |
480 |
423 |
||||||||||
| CHL Reperforming Loan REMICS Trust |
| |||||||||||
| 7.500% due 11/25/2034 |
73 |
74 |
||||||||||
| 7.500% due 06/25/2035 |
15 |
16 |
||||||||||
| CLNY Trust |
| |||||||||||
| 6.004% due 11/15/2038 •(l) |
1,000 |
959 |
||||||||||
| COMM Mortgage Trust |
| |||||||||||
| 9.740% due 12/15/2038 • |
1,380 |
1,298 |
||||||||||
| Countrywide Alternative Loan Trust |
| |||||||||||
| 4.183% due 07/25/2046 • |
692 |
655 |
||||||||||
| CSFB Mortgage-Backed Pass-Through Certificates |
| |||||||||||
| 7.000% due 02/25/2034 |
22 |
22 |
||||||||||
| CSMC Mortgage-Backed Trust |
| |||||||||||
| 6.500% due 03/25/2036 |
731 |
67 |
||||||||||
| CSMC Trust |
| |||||||||||
| 3.431% due 11/10/2032 |
1,200 |
1,016 |
||||||||||
| Eurosail-U.K. PLC |
| |||||||||||
| 5.466% due 09/13/2045 • |
GBP |
1,582 |
1,985 |
|||||||||
| 6.116% due 09/13/2045 • |
1,130 |
1,351 |
||||||||||
| 7.716% due 09/13/2045 • |
960 |
1,269 |
||||||||||
| GC Pastor Hipotecario 5 FTA |
| |||||||||||
| 2.556% due 06/21/2046 • |
EUR |
382 |
408 |
|||||||||
| GMACM Mortgage Loan Trust |
| |||||||||||
| 0.000% due 08/19/2034 ~ |
$ |
13 |
12 |
|||||||||
| GSAA Trust |
| |||||||||||
| 6.000% due 04/01/2034 |
266 |
262 |
||||||||||
| GSMPS Mortgage Loan Trust |
| |||||||||||
| 7.000% due 06/25/2043 (l) |
1,066 |
1,123 |
||||||||||
| 7.500% due 06/19/2027 ~ |
9 |
9 |
||||||||||
| 8.000% due 09/19/2027 ~ |
228 |
225 |
||||||||||
| GSR Mortgage Loan Trust |
| |||||||||||
| 4.093% due 12/25/2034 • |
26 |
25 |
||||||||||
| IM Pastor 3 FTH |
| |||||||||||
| 2.526% due 03/22/2043 • |
EUR |
118 |
121 |
|||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust |
| |||||||||||
| 4.472% due 04/15/2037 •(l) |
$ |
939 |
932 |
|||||||||
| 5.489% due 12/15/2036 • |
1,700 |
53 |
||||||||||
| 5.490% due 03/15/2036 • |
900 |
760 |
||||||||||
| 6.923% due 02/15/2035 •(l) |
987 |
934 |
||||||||||
| JP Morgan Mortgage Trust |
| |||||||||||
| 5.855% due 10/25/2036 ~ |
535 |
401 |
||||||||||
| MASTR Adjustable Rate Mortgages Trust |
| |||||||||||
| 3.301% due 10/25/2034 ~ |
136 |
122 |
||||||||||
| MASTR Alternative Loan Trust |
| |||||||||||
| 6.250% due 07/25/2036 |
178 |
88 |
||||||||||
| 7.000% due 04/25/2034 |
8 |
8 |
||||||||||
| MASTR Reperforming Loan Trust |
| |||||||||||
| 7.000% due 05/25/2035 |
1,914 |
1,220 |
||||||||||
| 7.500% due 07/25/2035 |
1,011 |
650 |
||||||||||
| Morgan Stanley Resecuritization Trust |
| |||||||||||
| 4.237% due 12/26/2046 ~ |
5,377 |
4,980 |
||||||||||
| NAAC Reperforming Loan REMICS Trust |
| |||||||||||
| 7.500% due 03/25/2034 (l) |
1,084 |
1,022 |
||||||||||
| NACC Reperforming Loan REMICS Trust |
| |||||||||||
| 7.000% due 10/25/2034 |
346 |
306 |
||||||||||
| 7.500% due 10/25/2034 |
1,039 |
933 |
||||||||||
| New Orleans Hotel Trust |
| |||||||||||
| 5.262% due 04/15/2032 • |
1,000 |
989 |
||||||||||
| Newgate Funding PLC |
| |||||||||||
| 3.651% due 12/15/2050 • |
EUR |
877 |
958 |
|||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 3.901% due 12/15/2050 • |
EUR |
877 |
$ |
961 |
||||||||
| RALI Trust |
| |||||||||||
| 6.000% due 08/25/2035 |
$ |
506 |
452 |
|||||||||
| RBSSP Resecuritization Trust |
| |||||||||||
| 6.000% due 02/26/2037 ~ |
2,103 |
1,023 |
||||||||||
| 6.250% due 12/26/2036 ~ |
5,197 |
1,528 |
||||||||||
| Residential Asset Mortgage Products Trust |
| |||||||||||
| 8.500% due 10/25/2031 |
98 |
90 |
||||||||||
| 8.500% due 11/25/2031 |
594 |
202 |
||||||||||
| 8.500% due 12/25/2031 |
4 |
2 |
||||||||||
| Seasoned Credit Risk Transfer Trust |
| |||||||||||
| 5.000% due 06/25/2065 ~ |
1,800 |
1,462 |
||||||||||
| Structured Asset Securities Corp. Mortgage Loan Trust |
| |||||||||||
| 7.500% due 10/25/2036 |
1,973 |
1,059 |
||||||||||
| WaMu Mortgage Pass-Through Certificates Trust |
| |||||||||||
| 4.871% due 05/25/2035 ~ |
33 |
33 |
||||||||||
| Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
| |||||||||||
| 7.000% due 03/25/2034 |
22 |
22 |
||||||||||
| 7.500% due 04/25/2033 |
42 |
42 |
||||||||||
| Wells Fargo Commercial Mortgage Trust |
| |||||||||||
| 5.092% due 12/15/2039 ~ |
2,558 |
2,290 |
||||||||||
| |
|
|||||||||||
| Total Non-Agency Mortgage-Backed Securities (Cost $43,969) |
39,426 |
|||||||||||
| |
|
|||||||||||
ASSET-BACKED SECURITIES 5.9% |
| |||||||||||
HOME EQUITY OTHER 3.2% |
| |||||||||||
| Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
| |||||||||||
| 7.288% due 11/25/2032 • |
39 |
30 |
||||||||||
| Bear Stearns Asset-Backed Securities I Trust |
| |||||||||||
| 2.141% due 09/25/2034 • |
30 |
30 |
||||||||||
| Countrywide Asset-Backed Certificates Trust |
| |||||||||||
| 3.837% due 11/25/2034 •(l) |
2,297 |
2,008 |
||||||||||
| 4.163% due 06/25/2037 •(l) |
1,214 |
1,240 |
||||||||||
| Long Beach Mortgage Loan Trust |
| |||||||||||
| 4.663% due 10/25/2034 • |
3,777 |
3,666 |
||||||||||
| |
|
|||||||||||
6,974 |
||||||||||||
| |
|
|||||||||||
MANUFACTURING HOUSE ABS OTHER 0.0% |
| |||||||||||
| Access Financial Manufactured Housing Contract Trust |
| |||||||||||
| 7.650% due 05/15/2049 |
200 |
1 |
||||||||||
| |
|
|||||||||||
MANUFACTURING HOUSE SEQUENTIAL 0.1% |
| |||||||||||
| Conseco Finance Corp. |
| |||||||||||
| 6.530% due 02/01/2031 ~ |
25 |
23 |
||||||||||
| Conseco Finance Securitizations Corp. |
| |||||||||||
| 7.960% due 05/01/2031 |
1,417 |
232 |
||||||||||
| |
|
|||||||||||
255 |
||||||||||||
| |
|
|||||||||||
OTHER ABS 2.6% |
| |||||||||||
| ABSLT DE LLC |
| |||||||||||
| 12.103% due 05/20/2033 « |
2,000 |
1,999 |
||||||||||
| ECAF I Ltd. |
| |||||||||||
| 4.947% due 06/15/2040 |
394 |
370 |
||||||||||
| Elmwood CLO II Ltd. |
| |||||||||||
| 0.000% due 04/20/2034 ~ |
1,213 |
425 |
||||||||||
| Madison Park Funding XXIII Ltd. |
| |||||||||||
| 0.000% due 07/27/2047 ~ |
500 |
30 |
||||||||||
| Man GLG U.S. CLO Ltd. |
| |||||||||||
| 0.000% due 07/15/2034 ~ |
250 |
87 |
||||||||||
| Marlette Funding Trust |
| |||||||||||
| 0.000% due 07/16/2029 «(g) |
7 |
0 |
||||||||||
| National Collegiate V Commutation Trust |
| |||||||||||
| 0.000% due 03/25/2038 • |
10,387 |
1,093 |
||||||||||
| SMB Private Education Loan Trust |
| |||||||||||
| 0.000% due 10/15/2048 «(g) |
5 |
1,104 |
||||||||||
| 0.000% due 02/16/2055 «(g) |
0 |
377 |
||||||||||
| |
|
|||||||||||
5,485 |
||||||||||||
| |
|
|||||||||||
| Total Asset-Backed Securities (Cost $28,197) |
12,715 |
|||||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
SOVEREIGN ISSUES 10.3% |
| |||||||||||
| Argentina Bonar Bonds |
| |||||||||||
| 0.750% due 07/09/2030 þ |
$ |
515 |
$ |
320 |
||||||||
| Argentina Republic Government International Bonds |
| |||||||||||
| 1.000% due 07/09/2029 |
188 |
172 |
||||||||||
| 4.125% due 07/09/2046 þ |
107 |
82 |
||||||||||
| 5.000% due 01/09/2038 þ(l) |
4,388 |
3,673 |
||||||||||
| Avenir Issuer IV Ireland DAC |
| |||||||||||
| 6.000% due 10/25/2027 |
420 |
415 |
||||||||||
| Colombia TES |
| |||||||||||
| 6.500% due 01/22/2031 (h) |
COP |
41,473 |
12 |
|||||||||
| 7.000% due 06/30/2032 |
55,300 |
13 |
||||||||||
| 7.250% due 10/18/2034 |
392,100 |
87 |
||||||||||
| 9.250% due 05/28/2042 |
98,500 |
24 |
||||||||||
| 11.000% due 08/22/2029 |
1,244,700 |
353 |
||||||||||
| 11.500% due 07/25/2046 |
13,700 |
4 |
||||||||||
| 11.750% due 01/24/2035 |
18,394,300 |
5,286 |
||||||||||
| 12.500% due 02/27/2030 |
6,370,700 |
1,876 |
||||||||||
| 12.750% due 11/28/2040 |
1,156,600 |
353 |
||||||||||
| 13.250% due 02/09/2033 |
1,210,800 |
374 |
||||||||||
| Dominican Republic International Bonds |
| |||||||||||
| 10.500% due 03/15/2037 (l) |
DOP |
114,400 |
2,038 |
|||||||||
| DRC International Bonds |
| |||||||||||
| 8.750% due 04/16/2032 |
$ |
300 |
311 |
|||||||||
| Egypt Government Bonds |
| |||||||||||
| 19.698% due 10/14/2030 |
EGP |
147,000 |
2,852 |
|||||||||
| Ghana Government International Bonds |
| |||||||||||
| 0.000% due 07/03/2026 (g) |
$ |
6 |
6 |
|||||||||
| 0.000% due 01/03/2030 (g) |
30 |
27 |
||||||||||
| 5.000% due 07/03/2029 þ |
151 |
149 |
||||||||||
| Qatar Government International Bonds |
| |||||||||||
| 4.800% due 04/08/2033 |
500 |
503 |
||||||||||
| Romania Government International Bonds |
| |||||||||||
| 5.125% due 09/24/2031 (l) |
EUR |
1,700 |
1,987 |
|||||||||
| Turkiye Government Bonds |
| |||||||||||
| 40.305% (BISTREFI + 0.000%) due 09/06/2028 ~ |
TRY |
57,400 |
1,237 |
|||||||||
| 40.760% (BISTREFI + 0.000%) due 05/17/2028 ~ |
10,000 |
216 |
||||||||||
| Venezuela Government International Bonds |
| |||||||||||
| 9.250% due 09/15/2027 ^(d) |
$ |
171 |
84 |
|||||||||
| |
|
|||||||||||
| Total Sovereign Issues (Cost $20,698) |
22,454 |
|||||||||||
| |
|
|||||||||||
SHARES |
||||||||||||
COMMON STOCKS 5.8% |
| |||||||||||
COMMUNICATION SERVICES 1.4% |
| |||||||||||
| Clear Channel Outdoor Holdings, Inc. (e) |
291,816 |
706 |
||||||||||
| iHeartMedia, Inc. Class A (e) |
60,000 |
257 |
||||||||||
| iHeartMedia, Inc. Class B «(e) |
52,880 |
195 |
||||||||||
| Promotora de Informaciones SA Class A (e) |
207,627 |
73 |
||||||||||
| SES SA «(e) |
98,888 |
1,496 |
||||||||||
| Uniti Group, Inc. (e) |
32,871 |
377 |
||||||||||
| |
|
|||||||||||
3,104 |
||||||||||||
| |
|
|||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
| Steinhoff International Holdings NV «(e)(k) |
17,707,907 |
0 |
||||||||||
| |
|
|||||||||||
FINANCIALS 2.0% |
| |||||||||||
| Banca Monte dei Paschi di Siena SpA |
323,500 |
4,020 |
||||||||||
| Windstream Servcies LLC (e) |
33,629 |
386 |
||||||||||
| XBP Global Holdings, Inc. (e) |
371 |
1 |
||||||||||
| |
|
|||||||||||
4,407 |
||||||||||||
| |
|
|||||||||||
58 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
SHARES |
MARKET VALUE (000S) |
|||||||||||
INDUSTRIALS 2.2% |
| |||||||||||
| Incora Intermediate II LLC «(e)(k) |
121,860 |
$ |
4,803 |
|||||||||
| Westmoreland Mining Holdings «(e)(k) |
69 |
0 |
||||||||||
| Westmoreland Mining LLC «(e)(k) |
381 |
1 |
||||||||||
| |
|
|||||||||||
4,804 |
||||||||||||
| |
|
|||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
| NVIDIA Corp. |
1,091 |
218 |
||||||||||
| |
|
|||||||||||
REAL ESTATE 0.1% |
| |||||||||||
| Country Garden Holdings Co. Ltd. (e) |
288,832 |
6 |
||||||||||
| MNSN Holdings, Inc. (e)(k) |
1,054 |
89 |
||||||||||
| |
|
|||||||||||
95 |
||||||||||||
| |
|
|||||||||||
| Total Common Stocks (Cost $10,731) |
12,628 |
|||||||||||
| |
|
|||||||||||
WARRANTS 0.0% |
| |||||||||||
COMMUNICATION SERVICES 0.0% |
| |||||||||||
| Windstream Holdings II LLC - Exp. 08/01/2035 « |
6,551 |
75 |
||||||||||
| |
|
|||||||||||
| Total Warrants (Cost $40) |
75 |
|||||||||||
| |
|
|||||||||||
PREFERRED SECURITIES 3.7% |
| |||||||||||
BANKING & FINANCE 3.0% |
| |||||||||||
| ADLER Group SA « |
906,702 |
0 |
||||||||||
| Capital Farm Credit ACA |
| |||||||||||
| 8.393% due 09/15/2026 (i) |
1,300,000 |
1,292 |
||||||||||
| WAFC Voussoir « |
5,005,830 |
5,006 |
||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
| Windstream Holdings II LLC |
| |||||||||||
| 11.000% « |
215 |
$ |
239 |
|||||||||
| |
|
|||||||||||
6,537 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 0.7% |
| |||||||||||
| SVB Financial Trust |
| |||||||||||
| 0.000% due 11/07/2032 (g) |
5,040 |
1 |
||||||||||
| 11.000% due 11/07/2032 |
1,202 |
553 |
||||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 12.500% «(k) |
1,203,649 |
877 |
||||||||||
| Venture Global LNG, Inc. |
| |||||||||||
| 9.000% due 09/30/2029 (i) |
110,000 |
107 |
||||||||||
| |
|
|||||||||||
1,538 |
||||||||||||
| |
|
|||||||||||
| Total Preferred Securities (Cost $8,455) |
8,075 |
|||||||||||
| |
|
|||||||||||
REAL ESTATE INVESTMENT TRUSTS 0.4% |
| |||||||||||
REAL ESTATE 0.4% |
| |||||||||||
| VICI Properties, Inc. |
33,427 |
887 |
||||||||||
| |
|
|||||||||||
| Total Real Estate Investment Trusts (Cost $475) |
887 |
|||||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
||||||||||||
SHORT-TERM INSTRUMENTS 2.2% |
| |||||||||||
EGYPT TREASURY BILLS 0.6% |
| |||||||||||
| 24.061% due 08/04/2026 - 11/17/2026 (f)(g) |
EGP |
69,200 |
1,343 |
|||||||||
| |
|
|||||||||||
NIGERIA TREASURY BILLS 1.3% |
| |||||||||||
| 20.945% due 07/07/2026 - 01/28/2027 (f)(g) |
NGN |
4,297,720 |
2,881 |
|||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
U.S. TREASURY BILLS 0.3% |
| |||||||||||
| 3.667% due 07/21/2026 - 09/10/2026 (f)(g)(o) |
$ |
693 |
$ |
690 |
||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $4,939) |
4,914 |
|||||||||||
| |
|
|||||||||||
Total Investments in Securities (Cost $547,282) |
495,760 |
|||||||||||
| |
|
|||||||||||
SHARES |
||||||||||||
INVESTMENTS IN AFFILIATES 11.5% |
| |||||||||||
SHORT-TERM INSTRUMENTS 11.5% |
| |||||||||||
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.5% |
| |||||||||||
| PIMCO Short-Term Floating NAV Portfolio III |
2,565,825 |
24,994 |
||||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $24,991) |
24,994 |
|||||||||||
| |
|
|||||||||||
Total Investments in Affiliates (Cost $24,991) |
24,994 |
|||||||||||
Total Investments 239.1% (Cost $572,273) |
|
$ |
520,754 |
|||||||||
| Financial Derivative Instruments (m)(n) (0.1)% (Cost or Premiums, net $7,120) |
(292 |
) | ||||||||||
Other Assets and Liabilities, net (139.0)% |
(302,623 |
) | ||||||||||
| |
|
|||||||||||
Net Assets 100.0% |
|
$ |
217,839 |
|||||||||
| |
|
|||||||||||
NOTES TO SCHEDULE OF INVESTMENTS:
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
« |
Security valued using significant unobservable inputs (Level 3). |
µ |
All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
~ |
Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
• |
Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
þ |
Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
(a) |
Security is an Interest Only (“IO”) or IO Strip. |
(b) |
When-issued security. |
(c) |
Payment in-kind security. |
(d) |
Security is not accruing income as of the date of this report. |
(e) |
Security did not produce income within the last twelve months. |
(f) |
Coupon represents a weighted average yield to maturity. |
(g) |
Zero coupon security. |
(h) |
Principal amount of security is adjusted for inflation. |
(i) |
Perpetual maturity; date shown, if applicable, represents next contractual call date. |
(j) |
Contingent convertible security. |
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 59 |
Schedule of Investments |
PIMCO Strategic Income Fund, Inc. |
(Cont.) |
(k) RESTRICTED SECURITIES:
Issuer Description |
Acquisition Date |
Cost |
Market Value |
Market Value as Percentage of Net Assets |
||||||||||||
| Country Garden Holdings Co. Ltd. 0.000% due 12/31/2031 |
12/30/2025 |
$ |
67 |
$ |
30 |
0.01 |
% | |||||||||
| Incora Intermediate II LLC |
01/31/2025 |
5,920 |
4,804 |
2.21 |
||||||||||||
| Incora Top Holdco LLC 6.000% due 01/30/2033 |
01/31/2025 - 05/01/2026 |
2,817 |
4,440 |
2.04 |
||||||||||||
| MNSN Holdings, Inc. |
03/16/2023 - 03/17/2023 |
12 |
89 |
0.04 |
||||||||||||
| Steinhoff International Holdings NV |
06/30/2023 -10/30/2023 |
0 |
0 |
0.00 |
||||||||||||
| Syniverse Holdings, Inc.12.500% |
05/12/2022 -05/31/2026 |
1,189 |
877 |
0.40 |
||||||||||||
| Westmoreland Mining Holdings |
03/26/2019 |
0 |
0 |
0.00 |
||||||||||||
| Westmoreland Mining LLC |
06/30/2023 -05/14/2026 |
1 |
1 |
0.00 |
||||||||||||
| |
|
|
|
|
|
|||||||||||
$ |
10,006 |
$ |
10,241 |
4.70 |
% | |||||||||||
| |
|
|
|
|
|
|||||||||||
BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||
| BPS |
4.350 |
% |
06/18/2026 |
12/17/2026 |
$ |
(3,419 |
) |
$ |
(3,424 |
) | ||||||||||||
4.820 |
01/27/2026 |
07/23/2026 |
(2,550 |
) |
(2,603 |
) | ||||||||||||||||
5.210 |
04/22/2026 |
07/22/2026 |
(3,756 |
) |
(3,794 |
) | ||||||||||||||||
| BRC |
1.850 |
06/17/2026 |
TBD |
(2) |
EUR |
(1,193 |
) |
(1,364 |
) | |||||||||||||
4.020 |
06/15/2026 |
07/15/2026 |
$ |
(2,907 |
) |
(2,912 |
) | |||||||||||||||
| BYR |
3.850 |
12/12/2025 |
TBD |
(2) |
(298 |
) |
(304 |
) | ||||||||||||||
4.120 |
02/03/2026 |
07/31/2026 |
(4,056 |
) |
(4,125 |
) | ||||||||||||||||
4.120 |
03/10/2026 |
07/31/2026 |
(1,473 |
) |
(1,492 |
) | ||||||||||||||||
4.120 |
06/01/2026 |
07/21/2026 |
(1,829 |
) |
(1,835 |
) | ||||||||||||||||
| CIB |
3.740 |
06/11/2026 |
07/13/2026 |
(10,834 |
) |
(10,857 |
) | |||||||||||||||
| DBL |
4.030 |
06/03/2026 |
07/01/2026 |
(1,768 |
) |
(1,774 |
) | |||||||||||||||
4.070 |
07/01/2026 |
07/30/2026 |
(1,778 |
) |
(1,778 |
) | ||||||||||||||||
4.105 |
06/18/2026 |
08/21/2026 |
(1,970 |
) |
(1,973 |
) | ||||||||||||||||
4.605 |
06/18/2026 |
08/21/2026 |
(814 |
) |
(816 |
) | ||||||||||||||||
4.655 |
06/18/2026 |
08/21/2026 |
(1,451 |
) |
(1,453 |
) | ||||||||||||||||
| IND |
4.030 |
06/15/2026 |
09/15/2026 |
(1,435 |
) |
(1,438 |
) | |||||||||||||||
4.030 |
06/16/2026 |
09/16/2026 |
(194 |
) |
(195 |
) | ||||||||||||||||
4.040 |
05/13/2026 |
08/13/2026 |
(440 |
) |
(442 |
) | ||||||||||||||||
4.040 |
05/19/2026 |
08/13/2026 |
(962 |
) |
(967 |
) | ||||||||||||||||
4.040 |
06/04/2026 |
08/13/2026 |
(194 |
) |
(195 |
) | ||||||||||||||||
4.040 |
06/09/2026 |
08/13/2026 |
(290 |
) |
(291 |
) | ||||||||||||||||
4.090 |
04/08/2026 |
07/08/2026 |
(378 |
) |
(382 |
) | ||||||||||||||||
4.090 |
06/09/2026 |
07/08/2026 |
(967 |
) |
(969 |
) | ||||||||||||||||
4.130 |
06/04/2026 |
09/04/2026 |
(1,180 |
) |
(1,183 |
) | ||||||||||||||||
4.130 |
06/16/2026 |
09/16/2026 |
(1,785 |
) |
(1,788 |
) | ||||||||||||||||
4.200 |
05/11/2026 |
08/11/2026 |
(820 |
) |
(825 |
) | ||||||||||||||||
| JML |
4.100 |
06/22/2026 |
07/31/2026 |
(3,077 |
) |
(3,080 |
) | |||||||||||||||
| MSB |
4.420 |
06/30/2026 |
12/30/2026 |
(1,279 |
) |
(1,279 |
) | |||||||||||||||
4.670 |
03/18/2026 |
07/16/2026 |
(707 |
) |
(716 |
) | ||||||||||||||||
| RCY |
4.120 |
06/11/2026 |
07/13/2026 |
(554 |
) |
(555 |
) | |||||||||||||||
| SBI |
3.780 |
06/11/2026 |
07/13/2026 |
(3,635 |
) |
(3,643 |
) | |||||||||||||||
| SOG |
2.360 |
06/17/2026 |
TBD |
(2) |
EUR |
(1,712 |
) |
(1,958 |
) | |||||||||||||
3.990 |
03/10/2026 |
TBD |
(2) |
$ |
(2,279 |
) |
(2,307 |
) | ||||||||||||||
4.100 |
05/06/2026 |
08/06/2026 |
(3,553 |
) |
(3,576 |
) | ||||||||||||||||
4.100 |
05/19/2026 |
08/04/2026 |
(1,129 |
) |
(1,135 |
) | ||||||||||||||||
4.110 |
04/08/2026 |
07/08/2026 |
(415 |
) |
(418 |
) | ||||||||||||||||
4.110 |
04/16/2026 |
07/16/2026 |
(1,309 |
) |
(1,321 |
) | ||||||||||||||||
4.110 |
06/26/2026 |
07/02/2026 |
(3,832 |
) |
(3,834 |
) | ||||||||||||||||
4.110 |
07/02/2026 |
07/09/2026 |
(3,738 |
) |
(3,738 |
) | ||||||||||||||||
4.180 |
05/26/2026 |
08/26/2026 |
(236 |
) |
(237 |
) | ||||||||||||||||
4.220 |
05/04/2026 |
07/01/2026 |
(923 |
) |
(929 |
) | ||||||||||||||||
4.220 |
05/04/2026 |
08/04/2026 |
(2,510 |
) |
(2,527 |
) | ||||||||||||||||
4.220 |
07/01/2026 |
08/04/2026 |
(587 |
) |
(587 |
) | ||||||||||||||||
4.230 |
04/07/2026 |
07/07/2026 |
(655 |
) |
(662 |
) | ||||||||||||||||
4.230 |
04/08/2026 |
07/08/2026 |
(803 |
) |
(811 |
) | ||||||||||||||||
4.230 |
04/16/2026 |
07/16/2026 |
(738 |
) |
(744 |
) | ||||||||||||||||
4.230 |
06/29/2026 |
07/16/2026 |
(536 |
) |
(536 |
) | ||||||||||||||||
| TDM |
3.770 |
06/16/2026 |
TBD |
(2) |
(375 |
) |
(376 |
) | ||||||||||||||
| UBS |
4.020 |
06/15/2026 |
07/15/2026 |
(83 |
) |
(84 |
) | |||||||||||||||
| |
|
|||||||||||||||||||||
| Total Reverse Repurchase Agreements |
|
$ |
(84,232 |
) | ||||||||||||||||||
| |
|
|||||||||||||||||||||
60 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
SALE-BUYBACK TRANSACTIONS:
Counterparty |
Borrowing Rate (1) |
Borrowing Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Sale-Buyback Transactions |
|||||||||||||||
| UBS |
3.720 |
% |
05/13/2026 |
07/13/2026 |
$ |
(196 |
) |
$ |
(197 |
) | ||||||||||
| |
|
|||||||||||||||||||
| Total Sale-Buyback Transactions |
|
$ |
(197 |
) | ||||||||||||||||
| |
|
|||||||||||||||||||
SHORT SALES:
Description |
Coupon |
Maturity Date |
Principal Amount |
Proceeds |
Payable for Short Sales |
|||||||||||||||
| U.S. Government Agencies (2.3)% |
| |||||||||||||||||||
| Uniform Mortgage-Backed Security, TBA |
2.000 |
% |
08/01/2041 |
$ |
200 |
$ |
(183 |
) |
$ |
(182 |
) | |||||||||
| Uniform Mortgage-Backed Security, TBA |
2.000 |
07/01/2056 |
1,950 |
(1,547 |
) |
(1,558 |
) | |||||||||||||
| Uniform Mortgage-Backed Security, TBA |
2.500 |
07/01/2056 |
600 |
(500 |
) |
(501 |
) | |||||||||||||
| Uniform Mortgage-Backed Security, TBA |
5.500 |
09/01/2056 |
1,900 |
(1,890 |
) |
(1,902 |
) | |||||||||||||
| Uniform Mortgage-Backed Security, TBA |
6.000 |
07/01/2056 |
700 |
(714 |
) |
(716 |
) | |||||||||||||
| Uniform Mortgage-Backed Security, TBA |
6.000 |
08/01/2056 |
200 |
(204 |
) |
(204 |
) | |||||||||||||
| |
|
|
|
|||||||||||||||||
| Total Short Sales (2.3)% |
$ |
(5,038 |
) |
$ |
(5,063 |
) | ||||||||||||||
| |
|
|
|
|||||||||||||||||
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2026:
Counterparty |
Repurchase Agreement Proceeds to be Received |
Payable for Reverse Repurchase Agreements |
Payable for Sale-Buyback Transactions |
Total Borrowings and Other Financing Transactions |
Collateral Pledged/(Received) |
Net Exposure (3) |
||||||||||||||||||
| Global/Master Repurchase Agreement |
| |||||||||||||||||||||||
| BPS |
$ |
0 |
$ |
(9,821 |
) |
$ |
0 |
$ |
(9,821 |
) |
$ |
13,625 |
$ |
3,804 |
||||||||||
| BRC |
0 |
(4,276 |
) |
0 |
(4,276 |
) |
5,002 |
726 |
||||||||||||||||
| BYR |
0 |
(7,756 |
) |
0 |
(7,756 |
) |
8,380 |
624 |
||||||||||||||||
| CIB |
0 |
(10,857 |
) |
0 |
(10,857 |
) |
11,236 |
379 |
||||||||||||||||
| DBL |
0 |
(7,794 |
) |
0 |
(7,794 |
) |
7,339 |
(455 |
) | |||||||||||||||
| IND |
0 |
(8,675 |
) |
0 |
(8,675 |
) |
9,522 |
847 |
||||||||||||||||
| JML |
0 |
(3,080 |
) |
0 |
(3,080 |
) |
3,635 |
555 |
||||||||||||||||
| MSB |
0 |
(1,995 |
) |
0 |
(1,995 |
) |
2,515 |
520 |
||||||||||||||||
| RCY |
0 |
(555 |
) |
0 |
(555 |
) |
641 |
86 |
||||||||||||||||
| SBI |
0 |
(3,643 |
) |
0 |
(3,643 |
) |
3,816 |
173 |
||||||||||||||||
| SOG |
0 |
(25,320 |
) |
0 |
(25,320 |
) |
22,946 |
(2,374 |
) | |||||||||||||||
| TDM |
0 |
(376 |
) |
0 |
(376 |
) |
391 |
15 |
||||||||||||||||
| UBS |
0 |
(84 |
) |
0 |
(84 |
) |
0 |
(84 |
) | |||||||||||||||
| Master Securities Forward Transaction Agreement |
| |||||||||||||||||||||||
| UBS |
0 |
0 |
(197 |
) |
(197 |
) |
196 |
(1 |
) | |||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
| Total Borrowings and Other Financing Transactions |
$ |
0 |
$ |
(84,232 |
) |
$ |
(197 |
) |
||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
Overnight and Continuous |
Up to 30 days |
31-90 days |
Greater Than 90 days |
Total |
||||||||||||||||
| Reverse Repurchase Agreements |
| |||||||||||||||||||
| Corporate Bonds & Notes |
$ |
0 |
$ |
(7,678 |
) |
$ |
(19,591 |
) |
$ |
(4,351 |
) |
$ |
(31,620 |
) | ||||||
| U.S. Government Agencies |
0 |
(21,845 |
) |
0 |
(3,424 |
) |
(25,269 |
) | ||||||||||||
| U.S. Treasury Obligations |
(929 |
) |
(3,834 |
) |
0 |
0 |
(4,763 |
) | ||||||||||||
| Non-Agency Mortgage-Backed Securities |
0 |
(716 |
) |
(5,067 |
) |
(1,279 |
) |
(7,062 |
) | |||||||||||
| Asset-Backed Securities |
0 |
(2,603 |
) |
0 |
0 |
(2,603 |
) | |||||||||||||
| Sovereign Issues |
(1,774 |
) |
0 |
(3,080 |
) |
(1,958 |
) |
(6,812 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$ |
(2,703 |
) |
$ |
(36,676 |
) |
$ |
(27,738 |
) |
$ |
(11,012 |
) |
$ |
(78,129 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Sale-Buyback Transactions |
| |||||||||||||||||||
| U.S. Treasury Obligations |
0 |
(197 |
) |
0 |
0 |
(197 |
) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$ |
0 |
$ |
(197 |
) |
$ |
0 |
$ |
0 |
$ |
(197 |
) | ||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Borrowings |
$ |
(2,703 |
) |
$ |
(36,873 |
) |
$ |
(27,738 |
) |
$ |
(11,012 |
) |
$ |
(78,326 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Payable for reverse repurchase agreements and sale-buyback financing transactions (4) |
|
$ |
(78,326 |
) | ||||||||||||||||
| |
|
|||||||||||||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
61 |
Schedule of Investments |
PIMCO Strategic Income Fund, Inc. |
(Cont.) |
(l) |
Securities with an aggregate market value of $89,962 and cash of $300 have been pledged as collateral under the terms of the above master agreements as of June 30, 2026. |
(1) |
The average amount of borrowings outstanding during the period ended June 30, 2026 was $(84,856) at a weighted average interest rate of 4.409%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
(2) |
Open maturity reverse repurchase agreement. |
(3) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(4) |
Unsettled reverse repurchase agreements liability of $(6,103) is outstanding at period end. |
(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
Description |
Expiration Month |
# of Contracts |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
Variation Margin |
|||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||
| CBOT 10 Year U.S. Treasury Notes Futures |
09/2026 |
18 |
$ |
1,978 |
$ |
14 |
$ |
0 |
$ |
(5 |
) | |||||||||||
| CBOT 5 Year U.S. Treasury Notes Futures |
09/2026 |
35 |
3,747 |
(6 |
) |
0 |
(7 |
) | ||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||
| Total Futures Contracts |
|
$ |
8 |
$ |
0 |
$ |
(12 |
) | ||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION
(1)
Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value (4) |
Variation Margin |
|||||||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||||||
| AT&T, Inc. |
1.000 |
% |
Quarterly |
06/20/2028 |
0.395 |
% |
$ |
500 |
$ |
(5 |
) |
$ |
11 |
$ |
6 |
$ |
0 |
$ |
0 |
|||||||||||||||||||||||||
| Boeing Co. |
1.000 |
Quarterly |
12/20/2030 |
0.561 |
1,200 |
20 |
2 |
22 |
0 |
0 |
||||||||||||||||||||||||||||||||||
| Discovery Global Holdings, Inc. |
1.000 |
Quarterly |
12/20/2026 |
0.608 |
1,300 |
(5 |
) |
8 |
3 |
1 |
0 |
|||||||||||||||||||||||||||||||||
| Oracle Corp. |
1.000 |
Quarterly |
06/20/2030 |
1.423 |
2,200 |
48 |
(81 |
) |
(33 |
) |
0 |
0 |
||||||||||||||||||||||||||||||||
| Stellantis NV |
5.000 |
Quarterly |
12/20/2030 |
1.653 |
EUR |
200 |
38 |
(6 |
) |
32 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Worldline SA/France |
5.000 |
Quarterly |
12/20/2027 |
6.803 |
100 |
(10 |
) |
7 |
(3 |
) |
0 |
0 |
||||||||||||||||||||||||||||||||
| Worldline SA/France |
5.000 |
Quarterly |
12/20/2030 |
9.729 |
2,200 |
(349 |
) |
(25 |
) |
(374 |
) |
4 |
0 |
|||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
$ |
(263 |
) |
$ |
(84 |
) |
$ |
(347 |
) |
$ |
5 |
$ |
0 |
||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
INTEREST RATE SWAPS
Pay/Receive Floating Rate |
Floating Rate Index |
Fixed Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value |
Variation Margin |
|||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||
| Pay |
1-Day GBP-SONIO Compounded-OIS |
3.500 |
% |
Annual |
03/18/2031 |
GBP |
12,380 |
$ |
(54 |
) |
$ |
(350 |
) |
$ |
(404 |
) |
$ |
0 |
$ |
(17 |
) | |||||||||||||||||||
| Receive |
1-Day GBP-SONIO Compounded-OIS |
0.750 |
Annual |
09/21/2052 |
5,900 |
680 |
4,240 |
4,920 |
19 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.350 |
Semi-Annual |
01/20/2027 |
$ |
3,200 |
(1 |
) |
57 |
56 |
1 |
0 |
||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.360 |
Semi-Annual |
02/15/2027 |
2,130 |
0 |
38 |
38 |
1 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.450 |
Semi-Annual |
02/17/2027 |
3,500 |
(1 |
) |
59 |
58 |
1 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.420 |
Semi-Annual |
02/24/2027 |
1,000 |
0 |
17 |
17 |
0 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.650 |
Semi-Annual |
02/24/2027 |
3,400 |
(9 |
) |
(41 |
) |
(50 |
) |
0 |
(1 |
) | ||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.000 |
Annual |
06/15/2027 |
11,200 |
(763 |
) |
435 |
(328 |
) |
0 |
(4 |
) | |||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
06/15/2027 |
28,200 |
(1,308 |
) |
689 |
(619 |
) |
0 |
(9 |
) | |||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
2.000 |
Annual |
12/21/2027 |
47,200 |
3,512 |
(1,722 |
) |
1,790 |
29 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.420 |
Semi-Annual |
08/17/2028 |
3,800 |
(1 |
) |
219 |
218 |
4 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.370 |
Semi-Annual |
08/25/2028 |
11,363 |
(3 |
) |
668 |
665 |
11 |
0 |
|||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.500 |
Semi-Annual |
12/15/2028 |
7,141 |
97 |
(562 |
) |
(465 |
) |
0 |
(8 |
) | |||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/20/2028 |
59,000 |
1,147 |
(850 |
) |
297 |
68 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.500 |
Semi-Annual |
01/12/2029 |
2,365 |
0 |
159 |
159 |
3 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.700 |
Semi-Annual |
01/12/2029 |
8,600 |
(26 |
) |
(505 |
) |
(531 |
) |
0 |
(11 |
) | ||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.000 |
Annual |
06/15/2029 |
2,810 |
(113 |
) |
(120 |
) |
(233 |
) |
0 |
(4 |
) | ||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
06/15/2029 |
73,390 |
(5,265 |
) |
721 |
(4,544 |
) |
0 |
(105 |
) | |||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.000 |
Semi-Annual |
06/19/2029 |
44,200 |
2,283 |
(3,808 |
) |
(1,525 |
) |
0 |
(65 |
) | |||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
06/20/2029 |
13,500 |
(254 |
) |
328 |
74 |
20 |
0 |
|||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.500 |
Semi-Annual |
12/18/2029 |
4,500 |
(46 |
) |
(350 |
) |
(396 |
) |
0 |
(8 |
) | ||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
2.000 |
Annual |
12/21/2029 |
13,700 |
(1,410 |
) |
433 |
(977 |
) |
0 |
(24 |
) | |||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.000 |
Annual |
06/21/2030 |
6,800 |
179 |
50 |
229 |
14 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.000 |
Semi-Annual |
12/16/2030 |
4,805 |
21 |
608 |
629 |
11 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
12/20/2030 |
3,900 |
259 |
(189 |
) |
70 |
9 |
0 |
|||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
03/18/2031 |
77,540 |
410 |
(1,810 |
) |
(1,400 |
) |
0 |
(194 |
) | |||||||||||||||||||||||||||
62 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Pay/Receive Floating Rate |
Floating Rate Index |
Fixed Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value |
Variation Margin |
|||||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||||
| Pay (5) |
1-Day USD-SOFR Compounded-OIS |
4.000 |
% |
Annual |
07/02/2031 |
$ |
13,000 |
$ |
77 |
$ |
(24 |
) |
$ |
53 |
$ |
0 |
$ |
(35 |
) | |||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Semi-Annual |
12/15/2031 |
12,200 |
(165 |
) |
1,630 |
1,465 |
35 |
0 |
|||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.250 |
Annual |
06/15/2032 |
38,250 |
4,949 |
503 |
5,452 |
120 |
0 |
||||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
06/15/2032 |
46,980 |
1,980 |
3,448 |
5,428 |
145 |
0 |
||||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
09/17/2032 |
10 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
03/18/2033 |
1,760 |
(32 |
) |
51 |
19 |
6 |
0 |
|||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.000 |
Annual |
06/21/2033 |
8,305 |
320 |
155 |
475 |
30 |
0 |
||||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
12/20/2033 |
2,510 |
42 |
33 |
75 |
10 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
06/20/2034 |
250 |
(7 |
) |
3 |
(4 |
) |
0 |
(1 |
) | |||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
06/20/2034 |
1,300 |
(46 |
) |
65 |
19 |
6 |
0 |
|||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/17/2035 |
2,490 |
(41 |
) |
90 |
49 |
12 |
0 |
|||||||||||||||||||||||||||||||
| Receive (5) |
1-Day USD-SOFR Compounded-OIS |
4.000 |
Annual |
02/15/2036 |
5,900 |
(4 |
) |
10 |
6 |
29 |
0 |
|||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/17/2045 |
1,640 |
32 |
73 |
105 |
14 |
0 |
||||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
2.000 |
Semi-Annual |
01/15/2050 |
4,400 |
(31 |
) |
1,684 |
1,653 |
31 |
0 |
|||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Semi-Annual |
01/22/2050 |
4,100 |
(10 |
) |
1,707 |
1,697 |
28 |
0 |
|||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.875 |
Semi-Annual |
02/07/2050 |
1,400 |
(5 |
) |
557 |
552 |
10 |
0 |
|||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.250 |
Semi-Annual |
12/16/2050 |
5,700 |
537 |
2,309 |
2,846 |
38 |
0 |
||||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.450 |
Semi-Annual |
04/07/2051 |
3,500 |
(1 |
) |
1,665 |
1,664 |
26 |
0 |
|||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.650 |
Semi-Annual |
04/08/2051 |
2,100 |
1 |
(934 |
) |
(933 |
) |
0 |
(16 |
) | |||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
1.500 |
Annual |
06/15/2052 |
2,800 |
(106 |
) |
(1,101 |
) |
(1,207 |
) |
0 |
(22 |
) | ||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
06/15/2052 |
6,900 |
1,128 |
1,583 |
2,711 |
52 |
0 |
||||||||||||||||||||||||||||||||
| Receive |
1-Year BRL-CDI |
11.823 |
Maturity |
01/04/2027 |
BRL |
40,300 |
0 |
396 |
396 |
0 |
(2 |
) | ||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
12.047 |
Maturity |
01/04/2027 |
39,700 |
0 |
(343 |
) |
(343 |
) |
2 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.172 |
Maturity |
01/02/2031 |
4,300 |
0 |
(17 |
) |
(17 |
) |
2 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.180 |
Maturity |
01/02/2031 |
38,800 |
(13 |
) |
(141 |
) |
(154 |
) |
22 |
0 |
|||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.200 |
Maturity |
01/02/2031 |
100 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.235 |
Maturity |
01/02/2031 |
200 |
0 |
(1 |
) |
(1 |
) |
0 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.250 |
Maturity |
01/02/2031 |
200 |
0 |
(1 |
) |
(1 |
) |
0 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.255 |
Maturity |
01/02/2031 |
100 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.260 |
Maturity |
01/02/2031 |
100 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.300 |
Maturity |
01/02/2031 |
100 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.315 |
Maturity |
01/02/2031 |
200 |
0 |
(1 |
) |
(1 |
) |
0 |
0 |
||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
12.220 |
Annual |
06/17/2027 |
COP |
3,786,000 |
0 |
1 |
1 |
0 |
0 |
|||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
12.230 |
Annual |
06/17/2027 |
3,786,000 |
0 |
1 |
1 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
12.250 |
Maturity |
06/17/2027 |
7,571,900 |
0 |
3 |
3 |
0 |
(1 |
) | |||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
12.340 |
Maturity |
06/17/2027 |
2,044,900 |
0 |
1 |
1 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
11.425 |
Quarterly |
06/17/2028 |
1,902,700 |
0 |
3 |
3 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
11.450 |
Quarterly |
06/17/2028 |
5,921,700 |
0 |
11 |
11 |
0 |
(1 |
) | |||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
11.550 |
Quarterly |
06/17/2028 |
5,688,700 |
0 |
14 |
14 |
0 |
(1 |
) | |||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
11.634 |
Quarterly |
06/17/2028 |
3,499,700 |
0 |
10 |
10 |
0 |
(1 |
) | |||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
11.200 |
Quarterly |
06/17/2029 |
1,339,700 |
0 |
6 |
6 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
11.210 |
Quarterly |
06/17/2029 |
1,378,500 |
0 |
6 |
6 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
10.700 |
Quarterly |
06/17/2031 |
897,000 |
0 |
5 |
5 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
10.710 |
Quarterly |
06/17/2031 |
873,600 |
0 |
5 |
5 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
10.730 |
Quarterly |
06/17/2031 |
893,100 |
0 |
6 |
6 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
10.740 |
Quarterly |
06/17/2031 |
970,800 |
0 |
6 |
6 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
10.745 |
Quarterly |
06/17/2031 |
1,786,200 |
0 |
12 |
12 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
10.770 |
Quarterly |
06/17/2031 |
1,786,200 |
0 |
12 |
12 |
0 |
0 |
||||||||||||||||||||||||||||||||
| Pay (5) |
6-Month EUR-EURIBOR |
2.500 |
Annual |
09/16/2031 |
EUR |
2,700 |
2 |
(38 |
) |
(36 |
) |
0 |
(2 |
) | ||||||||||||||||||||||||||||
| Receive |
6-Month EUR-EURIBOR |
0.500 |
Annual |
09/21/2052 |
3,500 |
303 |
1,597 |
1,900 |
4 |
0 |
||||||||||||||||||||||||||||||||
| Receive (5) |
6-Month EUR-EURIBOR |
0.830 |
Annual |
12/09/2052 |
3,700 |
23 |
479 |
502 |
0 |
(1 |
) | |||||||||||||||||||||||||||||||
| Pay |
CAONREPO |
3.500 |
Semi-Annual |
06/19/2034 |
CAD |
2,000 |
69 |
(20 |
) |
49 |
0 |
(1 |
) | |||||||||||||||||||||||||||||
| Receive |
CAONREPO |
3.500 |
Semi-Annual |
06/20/2044 |
1,300 |
14 |
(22 |
) |
(8 |
) |
4 |
0 |
||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ |
8,350 |
$ |
13,911 |
$ |
22,261 |
$ |
817 |
$ |
(534 |
) | ||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total Swap Agreements |
$ |
8,087 |
$ |
13,827 |
$ |
21,914 |
$ |
822 |
$ |
(534 |
) | |||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||
Market Value |
Variation Margin Asset |
Total |
Market Value |
Variation Margin Liability |
Total |
|||||||||||||||||||||||||||||||
Purchased Options |
Futures |
Swap Agreements |
Written Options |
Futures |
Swap Agreements |
|||||||||||||||||||||||||||||||
| Total Exchange-Traded or Centrally Cleared |
$ |
0 |
$ |
0 |
$ |
822 |
$ |
822 |
$ |
0 |
$ |
(12) |
$ |
(534) |
$ |
(546) |
||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Cash of $5,368 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 63 |
Schedule of Investments |
PIMCO Strategic Income Fund, Inc. |
(Cont.) |
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) |
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(3) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) |
The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(5) |
This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information. |
(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty |
Settlement Month |
Currency to be Delivered |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
| BOA |
07/2026 |
DOP |
14,002 |
$ |
238 |
$ |
2 |
$ |
0 |
|||||||||||||||
07/2026 |
$ |
213 |
EUR |
183 |
0 |
(4 |
) | |||||||||||||||||
08/2026 |
DOP |
6,662 |
$ |
112 |
1 |
0 |
||||||||||||||||||
09/2026 |
COP |
3,759,593 |
970 |
0 |
(111 |
) | ||||||||||||||||||
12/2026 |
679,775 |
171 |
0 |
(20 |
) | |||||||||||||||||||
| BPS |
07/2026 |
BRL |
1,194 |
231 |
0 |
(1 |
) | |||||||||||||||||
07/2026 |
EUR |
147 |
167 |
0 |
(1 |
) | ||||||||||||||||||
07/2026 |
$ |
235 |
BRL |
1,194 |
0 |
(4 |
) | |||||||||||||||||
07/2026 |
284 |
ZAR |
4,660 |
0 |
0 |
|||||||||||||||||||
09/2026 |
COP |
69,445 |
$ |
19 |
0 |
(1 |
) | |||||||||||||||||
| BRC |
07/2026 |
TRY |
83,848 |
1,761 |
0 |
(10 |
) | |||||||||||||||||
07/2026 |
$ |
1,355 |
TRY |
64,779 |
11 |
0 |
||||||||||||||||||
07/2026 |
1,417 |
ZAR |
23,015 |
0 |
(14 |
) | ||||||||||||||||||
| BSH |
07/2026 |
EUR |
243 |
$ |
283 |
5 |
0 |
|||||||||||||||||
09/2026 |
COP |
2,094,079 |
537 |
0 |
(65 |
) | ||||||||||||||||||
09/2026 |
$ |
5,221 |
BRL |
26,778 |
0 |
(110 |
) | |||||||||||||||||
| CBK |
07/2026 |
99 |
EGP |
5,319 |
8 |
0 |
||||||||||||||||||
08/2026 |
EUR |
939 |
$ |
1,071 |
0 |
(3 |
) | |||||||||||||||||
09/2026 |
COP |
2,389,565 |
634 |
0 |
(53 |
) | ||||||||||||||||||
| DUB |
07/2026 |
$ |
143 |
EGP |
7,696 |
13 |
0 |
|||||||||||||||||
07/2026 |
661 |
ZAR |
10,702 |
0 |
(9 |
) | ||||||||||||||||||
| FAR |
07/2026 |
GBP |
5,312 |
$ |
7,143 |
97 |
0 |
|||||||||||||||||
07/2026 |
$ |
168 |
EUR |
147 |
0 |
0 |
||||||||||||||||||
07/2026 |
924 |
ZAR |
15,246 |
6 |
0 |
|||||||||||||||||||
08/2026 |
EUR |
147 |
$ |
168 |
0 |
0 |
||||||||||||||||||
| GLM |
07/2026 |
DOP |
3,475 |
57 |
0 |
(1 |
) | |||||||||||||||||
07/2026 |
$ |
68 |
CAD |
97 |
0 |
0 |
||||||||||||||||||
08/2026 |
CAD |
97 |
$ |
68 |
0 |
0 |
||||||||||||||||||
08/2026 |
DOP |
30,749 |
504 |
2 |
(9 |
) | ||||||||||||||||||
08/2026 |
NGN |
29,925 |
19 |
0 |
(2 |
) | ||||||||||||||||||
09/2026 |
DOP |
36,678 |
610 |
6 |
(3 |
) | ||||||||||||||||||
10/2026 |
1,608 |
27 |
1 |
0 |
||||||||||||||||||||
11/2026 |
22,803 |
375 |
0 |
0 |
||||||||||||||||||||
12/2026 |
1,553 |
26 |
1 |
0 |
||||||||||||||||||||
| JPM |
07/2026 |
BRL |
1,196 |
232 |
1 |
0 |
||||||||||||||||||
07/2026 |
$ |
231 |
BRL |
1,196 |
1 |
0 |
||||||||||||||||||
09/2026 |
COP |
46,243 |
$ |
13 |
0 |
(1 |
) | |||||||||||||||||
10/2026 |
$ |
232 |
BRL |
1,223 |
0 |
(1 |
) | |||||||||||||||||
| MBC |
07/2026 |
285 |
EUR |
246 |
0 |
(4 |
) | |||||||||||||||||
08/2026 |
146 |
EGP |
7,875 |
12 |
0 |
|||||||||||||||||||
08/2026 |
1,102 |
EUR |
965 |
2 |
0 |
|||||||||||||||||||
| SCX |
07/2026 |
NGN |
347,204 |
$ |
251 |
0 |
0 |
|||||||||||||||||
11/2026 |
21,028 |
13 |
0 |
(1 |
) | |||||||||||||||||||
64 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Counterparty |
Settlement Month |
Currency to be Delivered |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
| SOG |
07/2026 |
EUR |
21,556 |
$ |
25,146 |
516 |
0 |
|||||||||||||||||
07/2026 |
$ |
24,309 |
EUR |
21,370 |
109 |
0 |
||||||||||||||||||
08/2026 |
EUR |
21,370 |
$ |
24,342 |
0 |
(109 |
) | |||||||||||||||||
| SSB |
07/2026 |
CAD |
100 |
72 |
2 |
0 |
||||||||||||||||||
07/2026 |
$ |
7,022 |
GBP |
5,312 |
24 |
0 |
||||||||||||||||||
08/2026 |
COP |
594,114 |
$ |
156 |
$ |
0 |
$ |
(16 |
) | |||||||||||||||
08/2026 |
GBP |
5,312 |
7,022 |
0 |
(24 |
) | ||||||||||||||||||
09/2026 |
COP |
12,795,420 |
3,299 |
0 |
(378 |
) | ||||||||||||||||||
| UAG |
09/2026 |
741,710 |
192 |
0 |
(21 |
) | ||||||||||||||||||
09/2026 |
$ |
1,059 |
COP |
4,086,809 |
115 |
0 |
||||||||||||||||||
12/2026 |
COP |
583,392 |
$ |
149 |
0 |
(15 |
) | |||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
| Total Forward Foreign Currency Contracts |
|
$ |
935 |
$ |
(991 |
) | ||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION
(1)
| Counterparty |
Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value (4) |
|||||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||||
BOA |
Panama Government International Bonds |
1.000 |
% |
Quarterly |
12/20/2028 |
0.486 |
% |
$ |
1,500 |
$ |
(62 |
) |
$ |
80 |
$ |
18 |
$ |
0 |
||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
06/20/2031 |
2.146 |
1,800 |
(92 |
) |
3 |
0 |
(89 |
) | |||||||||||||||||||||||||||||||
BPS |
Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
260 |
(36 |
) |
9 |
0 |
(27 |
) | ||||||||||||||||||||||||||||||
BRC |
Egypt Government International Bonds |
1.000 |
Quarterly |
12/20/2028 |
2.194 |
700 |
(121 |
) |
102 |
0 |
(19 |
) | ||||||||||||||||||||||||||||||
| Egypt Government International Bonds |
1.000 |
Quarterly |
06/20/2029 |
2.238 |
400 |
(86 |
) |
73 |
0 |
(13 |
) | |||||||||||||||||||||||||||||||
| Panama Government International Bonds |
1.000 |
Quarterly |
12/20/2028 |
0.486 |
1,600 |
(66 |
) |
86 |
20 |
0 |
||||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
06/20/2031 |
2.146 |
300 |
(17 |
) |
2 |
0 |
(15 |
) | |||||||||||||||||||||||||||||||
| SW (Finance) I plc |
1.000 |
Quarterly |
06/20/2035 |
2.771 |
200 |
(24 |
) |
1 |
0 |
(23 |
) | |||||||||||||||||||||||||||||||
CBK |
Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
1,100 |
(153 |
) |
40 |
0 |
(113 |
) | ||||||||||||||||||||||||||||||
| Israel Government International Bonds |
1.000 |
Quarterly |
06/20/2027 |
0.167 |
1,100 |
(6 |
) |
15 |
9 |
0 |
||||||||||||||||||||||||||||||||
| Israel Government International Bonds |
1.000 |
Quarterly |
06/20/2030 |
0.445 |
100 |
(1 |
) |
3 |
2 |
0 |
||||||||||||||||||||||||||||||||
DBL |
ION platform Finance SA |
5.000 |
Quarterly |
06/20/2031 |
10.863 |
EUR |
500 |
(125 |
) |
13 |
0 |
(112 |
) | |||||||||||||||||||||||||||||
GST |
Equinix, Inc. |
5.000 |
Quarterly |
06/20/2027 |
0.561 |
$ |
500 |
70 |
(48 |
) |
22 |
0 |
||||||||||||||||||||||||||||||
JPM |
ION platform Finance SA |
5.000 |
Quarterly |
06/20/2030 |
9.785 |
EUR |
100 |
(17 |
) |
1 |
0 |
(16 |
) | |||||||||||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2031 |
10.863 |
100 |
(23 |
) |
1 |
0 |
(22 |
) | |||||||||||||||||||||||||||||||
| Israel Government International Bonds |
1.000 |
Quarterly |
06/20/2030 |
0.445 |
$ |
100 |
(1 |
) |
3 |
2 |
0 |
|||||||||||||||||||||||||||||||
MYC |
Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
1,160 |
(160 |
) |
40 |
0 |
(120 |
) | ||||||||||||||||||||||||||||||
| Nissan Motor Co. Ltd. |
1.000 |
Quarterly |
12/20/2030 |
2.400 |
JPY |
15,100 |
(8 |
) |
3 |
0 |
(5 |
) | ||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2028 |
1.573 |
$ |
200 |
(39 |
) |
36 |
0 |
(3 |
) | ||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
$ |
(967 |
) |
$ |
463 |
$ |
73 |
$ |
(577 |
) | |||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
TOTAL RETURN SWAPS ON SECURITIES
| Counterparty |
Pay/Receive (5) |
Underlying Reference |
# of Shares |
Financing Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value |
||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||
FAR |
Pay |
NVIDIA Corp. |
1,091 |
5.660% (SOFR plus a specified spread) |
Maturity |
07/29/2026 |
$ |
210 |
$ |
0 |
$ |
(8 |
) |
$ |
0 |
$ |
(8 |
) | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total Swap Agreements |
$ |
(967 |
) |
$ |
455 |
$ |
73 |
$ |
(585 |
) | ||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||||||||||||||
Counterparty |
Forward Foreign Currency Contracts |
Purchased Options |
Swap Agreements |
Total Over the Counter |
Forward Foreign Currency Contracts |
Written Options |
Swap Agreements |
Total Over the Counter |
Net Market Value of OTC Derivatives |
Collateral Pledged/ (Received) |
Net Exposure (6) |
|||||||||||||||||||||||||||||||||||||
| BOA |
$ |
3 |
$ |
0 |
$ |
18 |
$ |
21 |
$ |
(135 |
) |
$ |
0 |
$ |
(89 |
) |
$ |
(224 |
) |
$ |
(203 |
) |
$ |
0 |
$ |
(203 |
) | |||||||||||||||||||||
| BPS |
0 |
0 |
0 |
0 |
(7 |
) |
0 |
(27 |
) |
(34 |
) |
(34 |
) |
0 |
(34 |
) | ||||||||||||||||||||||||||||||||
| BRC |
11 |
0 |
20 |
31 |
(24 |
) |
0 |
(70 |
) |
(94 |
) |
(63 |
) |
0 |
(63 |
) | ||||||||||||||||||||||||||||||||
| BSH |
5 |
0 |
0 |
5 |
(175 |
) |
0 |
0 |
(175 |
) |
(170 |
) |
(10 |
) |
(180 |
) | ||||||||||||||||||||||||||||||||
| CBK |
8 |
0 |
11 |
19 |
(56 |
) |
0 |
(113 |
) |
(169 |
) |
(150 |
) |
0 |
(150 |
) | ||||||||||||||||||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 65 |
Schedule of Investments |
PIMCO Strategic Income Fund, Inc. |
(Cont.) |
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||||||||||||||
Counterparty |
Forward Foreign Currency Contracts |
Purchased Options |
Swap Agreements |
Total Over the Counter |
Forward Foreign Currency Contracts |
Written Options |
Swap Agreements |
Total Over the Counter |
Net Market Value of OTC Derivatives |
Collateral Pledged/ (Received) |
Net Exposure (6) |
|||||||||||||||||||||||||||||||||||||
| DBL |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(112 |
) |
$ |
(112 |
) |
$ |
(112 |
) |
$ |
0 |
$ |
(112 |
) | ||||||||||||||||||||||
| DUB |
13 |
0 |
0 |
13 |
(9 |
) |
0 |
0 |
(9 |
) |
4 |
0 |
4 |
|||||||||||||||||||||||||||||||||||
| FAR |
103 |
0 |
0 |
103 |
0 |
0 |
(8 |
) |
(8 |
) |
95 |
0 |
95 |
|||||||||||||||||||||||||||||||||||
| GLM |
10 |
0 |
0 |
10 |
(15 |
) |
0 |
0 |
(15 |
) |
(5 |
) |
0 |
(5 |
) | |||||||||||||||||||||||||||||||||
| GST |
0 |
0 |
22 |
22 |
0 |
0 |
0 |
0 |
22 |
0 |
22 |
|||||||||||||||||||||||||||||||||||||
| JPM |
2 |
0 |
2 |
4 |
(2 |
) |
0 |
(38 |
) |
(40 |
) |
(36 |
) |
0 |
(36 |
) | ||||||||||||||||||||||||||||||||
| MBC |
14 |
0 |
0 |
14 |
(4 |
) |
0 |
0 |
(4 |
) |
10 |
0 |
10 |
|||||||||||||||||||||||||||||||||||
| MYC |
0 |
0 |
0 |
0 |
0 |
0 |
(128 |
) |
(128 |
) |
(128 |
) |
0 |
(128 |
) | |||||||||||||||||||||||||||||||||
| SCX |
0 |
0 |
0 |
0 |
(1 |
) |
0 |
0 |
(1 |
) |
(1 |
) |
0 |
(1 |
) | |||||||||||||||||||||||||||||||||
| SOG |
625 |
0 |
0 |
625 |
(109 |
) |
0 |
0 |
(109 |
) |
516 |
(610 |
) |
(94 |
) | |||||||||||||||||||||||||||||||||
| SSB |
26 |
0 |
0 |
26 |
(418 |
) |
0 |
0 |
(418 |
) |
(392 |
) |
304 |
(88 |
) | |||||||||||||||||||||||||||||||||
| UAG |
115 |
0 |
0 |
115 |
(36 |
) |
0 |
0 |
(36 |
) |
79 |
0 |
79 |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total Over the Counter |
$ |
935 |
$ |
0 |
$ |
73 |
$ |
1,008 |
$ |
(991 |
) |
$ |
0 |
$ |
(585 |
) |
$ |
(1,576 |
) |
|||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
(o) |
Securities with an aggregate market value of $304 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2026. |
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) |
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(3) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) |
The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(5) |
Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. |
(6) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2026:
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Swap Agreements |
$ |
0 |
$ |
5 |
$ |
0 |
$ |
0 |
$ |
817 |
$ |
822 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
935 |
$ |
0 |
$ |
935 |
||||||||||||
| Swap Agreements |
0 |
73 |
0 |
0 |
0 |
73 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
73 |
$ |
0 |
$ |
935 |
$ |
0 |
$ |
1,008 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
78 |
$ |
0 |
$ |
935 |
$ |
817 |
$ |
1,830 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Financial Derivative Instruments - Liabilities |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
12 |
$ |
12 |
||||||||||||
| Swap Agreements |
0 |
0 |
0 |
0 |
534 |
534 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
546 |
$ |
546 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
66 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
991 |
$ |
0 |
$ |
991 |
||||||||||||
| Swap Agreements |
0 |
577 |
8 |
0 |
0 |
585 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
577 |
$ |
8 |
$ |
991 |
$ |
0 |
$ |
1,576 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
577 |
$ |
8 |
$ |
991 |
$ |
546 |
$ |
2,122 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2026:
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Net Realized Gain (Loss) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
46 |
$ |
46 |
||||||||||||
| Swap Agreements |
0 |
133 |
0 |
0 |
1,300 |
1,433 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
133 |
$ |
0 |
$ |
0 |
$ |
1,346 |
$ |
1,479 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(173 |
) |
$ |
0 |
$ |
(173 |
) | ||||||||||
| Swap Agreements |
0 |
149 |
0 |
0 |
0 |
149 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
149 |
$ |
0 |
$ |
(173 |
) |
$ |
0 |
$ |
(24 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
282 |
$ |
0 |
$ |
(173 |
) |
$ |
1,346 |
$ |
1,455 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(99 |
) |
$ |
(99 |
) | ||||||||||
| Swap Agreements |
0 |
(104 |
) |
0 |
0 |
(620 |
) |
(724 |
) | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
(104 |
) |
$ |
0 |
$ |
0 |
$ |
(719 |
) |
$ |
(823 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
1,173 |
$ |
0 |
$ |
1,173 |
||||||||||||
| Swap Agreements |
0 |
271 |
(8 |
) |
0 |
0 |
263 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
271 |
$ |
(8 |
) |
$ |
1,173 |
$ |
0 |
$ |
1,436 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
167 |
$ |
(8 |
) |
$ |
1,173 |
$ |
(719 |
) |
$ |
613 |
|||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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 Fund’s assets and liabilities:
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||
| Loan Participations and Assignments |
$ |
0 |
$ |
29,114 |
$ |
8,225 |
$ |
37,339 |
||||||||
| Corporate Bonds & Notes |
| |||||||||||||||
| Banking & Finance |
0 |
23,615 |
0 |
23,615 |
||||||||||||
| Industrials |
0 |
35,051 |
8,553 |
43,604 |
||||||||||||
| Utilities |
0 |
8,526 |
55 |
8,581 |
||||||||||||
| Convertible Bonds & Notes |
| |||||||||||||||
| Banking & Finance |
0 |
136 |
0 |
136 |
||||||||||||
| Industrials |
0 |
337 |
0 |
337 |
||||||||||||
| Municipal Bonds & Notes |
| |||||||||||||||
| California |
0 |
28 |
0 |
28 |
||||||||||||
| Michigan |
0 |
2,428 |
0 |
2,428 |
||||||||||||
| West Virginia |
0 |
2,535 |
0 |
2,535 |
||||||||||||
| U.S. Government Agencies |
0 |
275,329 |
0 |
275,329 |
||||||||||||
| U.S. Treasury Obligations |
0 |
654 |
0 |
654 |
||||||||||||
| Non-Agency Mortgage-Backed Securities |
0 |
39,426 |
0 |
39,426 |
||||||||||||
| Asset-Backed Securities |
||||||||||||||||
| Home Equity Other |
0 |
6,974 |
0 |
6,974 |
||||||||||||
| Manufacturing House ABS Other |
0 |
1 |
0 |
1 |
||||||||||||
| Manufacturing House Sequential |
0 |
255 |
0 |
255 |
||||||||||||
| Other ABS |
0 |
2,005 |
3,480 |
5,485 |
||||||||||||
| Sovereign Issues |
0 |
22,454 |
0 |
22,454 |
||||||||||||
| Common Stocks |
||||||||||||||||
| Communication Services |
1,413 |
0 |
1,691 |
3,104 |
||||||||||||
| Financials |
4,021 |
386 |
0 |
4,407 |
||||||||||||
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Industrials |
$ |
0 |
$ |
0 |
$ |
4,804 |
$ |
4,804 |
||||||||
| Information Technology |
218 |
0 |
0 |
218 |
||||||||||||
| Real Estate |
95 |
0 |
0 |
95 |
||||||||||||
| Warrants |
||||||||||||||||
| Communication Services |
0 |
0 |
75 |
75 |
||||||||||||
| Preferred Securities |
||||||||||||||||
| Banking & Finance |
0 |
1,292 |
5,245 |
6,537 |
||||||||||||
| Industrials |
0 |
661 |
877 |
1,538 |
||||||||||||
| Real Estate Investment Trusts |
| |||||||||||||||
| Real Estate |
887 |
0 |
0 |
887 |
||||||||||||
| Short-Term Instruments |
||||||||||||||||
| Egypt Treasury Bills |
0 |
1,343 |
0 |
1,343 |
||||||||||||
| Nigeria Treasury Bills |
0 |
2,881 |
0 |
2,881 |
||||||||||||
| U.S. Treasury Bills |
0 |
690 |
0 |
690 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
6,634 |
$ |
456,121 |
$ |
33,005 |
$ |
495,760 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Investments in Affiliates, at Value |
| |||||||||||||||
| Short-Term Instruments |
| |||||||||||||||
| Central Funds Used for Cash Management Purposes |
$ |
24,994 |
$ |
0 |
$ |
0 |
$ |
24,994 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ |
31,628 |
$ |
456,121 |
$ |
33,005 |
$ |
520,754 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Short Sales, at Value -Liabilities |
| |||||||||||||||
| U.S. Government Agencies |
0 |
(5,063 |
) |
0 |
(5,063 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
67 |
Schedule of Investments |
PIMCO Strategic Income Fund, Inc. |
(Cont.) |
June 30, 2026 |
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Financial Derivative Instruments -Assets |
||||||||||||||||
| Exchange-traded or centrally cleared |
$ |
0 |
$ |
822 |
$ |
0 |
$ |
822 |
||||||||
| Over the counter |
0 |
1,008 |
0 |
1,008 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
0 |
$ |
1,830 |
$ |
0 |
$ |
1,830 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial Derivative Instruments -Liabilities |
| |||||||||||||||
| Exchange-traded or centrally cleared |
$ |
0 |
$ |
(546 |
) |
$ |
0 |
$ |
(546 |
) | ||||||
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Over the counter |
$ |
0 |
$ |
(1,576 |
) |
$ |
0 |
$ |
(1,576 |
) | ||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
0 |
$ |
(2,122 |
) |
$ |
0 |
$ |
(2,122 |
) | |||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Financial Derivative Instruments |
$ |
0 |
$ |
(292 |
) |
$ |
0 |
$ |
(292 |
) | ||||||
| |
|
|
|
|
|
|
|
|||||||||
| Totals |
$ |
31,628 |
$ |
450,766 |
$ |
33,005 |
$ |
515,399 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2026:
Category and Subcategory |
Beginning Balance at 06/30/2025 |
Net Purchases (1) |
Net Sales/ Settlements (1) |
Accrued Discounts/ (Premiums) |
Realized Gain/(Loss) |
Net Change in Unrealized Appreciation/ (Depreciation) (1) |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance at 06/30/2026 |
Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2026 (2) |
||||||||||||||||||||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||||||||||||||||||||||||||
| Loan Participations and Assignments |
$ |
5,655 |
$ |
3,623 |
$ |
(5,943 |
) |
$ |
21 |
$ |
51 |
$ |
(824 |
) |
$ |
5,642 |
$ |
0 |
$ |
8,225 |
$ |
79 |
||||||||||||||||||
| Corporate Bonds & Notes |
| |||||||||||||||||||||||||||||||||||||||
| Industrials |
8,899 |
686 |
(2,243 |
) |
24 |
0 |
1,187 |
0 |
0 |
8,553 |
613 |
|||||||||||||||||||||||||||||
| Utilities |
0 |
42 |
0 |
(1 |
) |
0 |
14 |
0 |
0 |
55 |
14 |
|||||||||||||||||||||||||||||
| Asset-Backed Securities |
| |||||||||||||||||||||||||||||||||||||||
| Other ABS |
3,605 |
0 |
(10 |
) |
0 |
(5,238 |
) |
5,123 |
0 |
0 |
3,480 |
(125 |
) | |||||||||||||||||||||||||||
| Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
| Communication Services |
632 |
0 |
(496 |
) |
0 |
366 |
1,189 |
0 |
0 |
1,691 |
1,609 |
|||||||||||||||||||||||||||||
| Financials |
3,412 |
0 |
(3,496 |
) |
0 |
(3,279 |
) |
3,363 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||
| Health Care |
8,694 |
0 |
(7,775 |
) |
0 |
(272 |
) |
(647 |
) |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
| Industrials |
4,118 |
0 |
0 |
0 |
0 |
686 |
0 |
0 |
4,804 |
686 |
||||||||||||||||||||||||||||||
| Real Estate (3) |
4 |
0 |
0 |
0 |
0 |
85 |
0 |
(89 |
) |
0 |
0 |
|||||||||||||||||||||||||||||
| Warrants |
| |||||||||||||||||||||||||||||||||||||||
| Communication Services |
109 |
40 |
(98 |
) |
0 |
26 |
(2 |
) |
0 |
0 |
75 |
35 |
||||||||||||||||||||||||||||
| Financials |
2 |
0 |
(8 |
) |
0 |
(2,654 |
) |
2,660 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||
| Preferred Securities |
| |||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
0 |
5,220 |
0 |
0 |
0 |
25 |
0 |
0 |
5,245 |
25 |
||||||||||||||||||||||||||||||
| Industrials |
1,009 |
138 |
0 |
0 |
0 |
(270 |
) |
0 |
0 |
877 |
(270 |
) | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Totals |
$ |
36,139 |
$ |
9,749 |
$ |
(20,069 |
) |
$ |
44 |
$ |
(11,000 |
) |
$ |
12,589 |
$ |
5,642 |
$ |
(89 |
) |
$ |
33,005 |
$ |
2,666 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category and Subcategory |
Ending Balance at 06/30/2026 |
Valuation Technique |
Unobservable Inputs |
(% Unless Noted Otherwise) |
||||||||||||||
Input Value(s) |
Weighted Average |
|||||||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||||
| Loan Participations and Assignments |
$ |
2,482 |
Discounted Cash Flow |
Discount Rate |
9.900 |
— |
||||||||||||
5,743 |
Third Party Vendor |
Broker Quote |
57.500-100.125 |
97.784 |
||||||||||||||
| Corporate Bonds & Notes |
||||||||||||||||||
| Industrials |
8,553 |
Comparable Companies/ Discounted Cash Flow |
EBITDA Multiple/ Discount Rate |
X/% |
13.000/10.250 |
— |
||||||||||||
| Utilities |
55 |
Indicative Market Quotation |
Broker Quote |
EUR |
13.500 |
— |
||||||||||||
| Asset-Backed Securities |
||||||||||||||||||
| Other ABS |
3,480 |
Discounted Cash Flow |
Discount Rate |
10.430-15.000 |
12.376 |
|||||||||||||
| Common Stocks |
||||||||||||||||||
| Communication Services |
1,496 |
Indicative Market Quotation |
Broker Quote |
$ |
15.125 |
— |
||||||||||||
195 |
Reference Instrument |
Liquidity Discount |
14.000 |
— |
||||||||||||||
| Industrials |
4,803 |
Comparable Companies/ Discounted Cash Flow |
EBITDA Multiple/ Discount Rate |
X/% |
13.000/10.250 |
— |
||||||||||||
1 |
Indicative Market Quotation/Recent Transaction |
Broke Quote/ Purchase Price |
$/$ |
3.250/2.000 |
— |
|||||||||||||
| Warrants |
||||||||||||||||||
| Communication Services |
75 |
Other Valuation Techniques (4) |
— |
— |
||||||||||||||
| Preferred Securities |
||||||||||||||||||
| Banking & Finance |
239 |
Discounted Cash Flow |
Discount Rate |
11.630 |
— |
|||||||||||||
5,006 |
Recent transaction |
Purchase Price |
$ |
1.000 |
— |
|||||||||||||
| Industrials |
877 |
Discounted Cash Flow |
Discount Rate |
26.880 |
— |
|||||||||||||
| |
|
|||||||||||||||||
| Total |
$ |
33,005 |
||||||||||||||||
| |
|
|||||||||||||||||
(1) |
Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
(2) |
Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. |
(3) |
Sector type updated from Financials to Real Estate since prior fiscal year end. |
(4) |
Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. |
68 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
Consolidated Schedule of Investments |
PIMCO Access Income Fund |
June 30, 2026 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 147.5% |
| |||||||||||
LOAN PARTICIPATIONS AND ASSIGNMENTS 38.9% |
| |||||||||||
| Aligned Data Centers International LP |
| |||||||||||
| 7.164% due 05/16/2028 «~ |
$ |
3,390 |
$ |
3,390 |
||||||||
| Altice France SA |
| |||||||||||
| 7.798% (TSFR3M + 3.673%) due 04/30/2028 ~ |
849 |
854 |
||||||||||
| 8.735% - 8.736% (TSFR3M + 3.673%) due 10/30/2028 ~ |
3,137 |
3,139 |
||||||||||
| 9.048% (TSFR3M + 3.653%) due 05/14/2029 ~ |
2,619 |
2,631 |
||||||||||
| 10.548% (TSFR3M + 3.673%) due 05/31/2031 ~ |
4,232 |
4,329 |
||||||||||
| Bausch Health Cos., Inc. |
| |||||||||||
| 9.894% (TSFR1M + 3.644%) due 10/08/2030 ~ |
3,473 |
3,376 |
||||||||||
| Central Parent, Inc. |
| |||||||||||
| 6.982% (TSFR3M + 3.732%) due 07/06/2029 «~ |
7,477 |
4,935 |
||||||||||
| Cerba Healthcare SAS |
| |||||||||||
| 5.839% (EUR006M + 2.139%) due 06/30/2028 ~ |
EUR |
2,500 |
2,054 |
|||||||||
| 6.089% (EUR006M + 2.128%) due 02/16/2029 ~ |
3,000 |
2,468 |
||||||||||
| Charlotte Buyer, Inc. |
| |||||||||||
| TBD% due 06/30/2031 |
$ |
300 |
300 |
|||||||||
| Circor International, Inc. |
| |||||||||||
| TBD% - 0.500% due 06/20/2029 «µ |
166 |
168 |
||||||||||
| Clover Holdings 2 LLC |
| |||||||||||
| TBD% - 4.000% due 12/10/2029 µ |
846 |
780 |
||||||||||
| Comexposium SAS |
| |||||||||||
| TBD% (EUR012M + 0.969%) due 03/28/2031 ~ |
EUR |
5,476 |
7,883 |
|||||||||
| TBD% (EUR012M + 2.258%) due 07/10/2031 ~ |
13,232 |
19,050 |
||||||||||
| TBD% - 1.138% (EUR012M + 2.258%) due 10/16/2031 ~ |
1,916 |
2,758 |
||||||||||
| Coreweave Compute Acquisition Co. II LLC |
| |||||||||||
| 13.281% - 13.352% (TSFR3M + 3.732%) due 07/31/2028 «~ |
$ |
1,977 |
2,008 |
|||||||||
| Coreweave Compute Acquisition Co. IV LLC |
| |||||||||||
| 9.661% - 9.732% (TSFR3M + 3.666%) due 05/16/2029 «~ |
4,186 |
4,316 |
||||||||||
| Databricks, Inc. |
| |||||||||||
| TBD% - 1.000% due 01/05/2032 µ |
362 |
362 |
||||||||||
| 8.114% (TSFR1M + 3.612%) due 01/05/2032 ~ |
1,638 |
1,635 |
||||||||||
| Discovery Global Holdings, Inc. |
| |||||||||||
| 6.144% (TSFR1M + 3.644%) due 06/03/2033 ~ |
5,296 |
5,304 |
||||||||||
| Dun & Bradstreet Corp. |
| |||||||||||
| TBD% - 9.121% (TSFR1M + 3.621%) due 08/26/2032 «~µ |
155 |
154 |
||||||||||
| 9.153% (TSFR1M + 3.644%) due 08/26/2032 «~ |
1,547 |
1,459 |
||||||||||
| Envalior Finance GmbH |
| |||||||||||
| 7.650% (EUR003M + 2.150%) due 03/29/2030 ~ |
EUR |
2,400 |
2,552 |
|||||||||
| Espai Barca Fondo De Titulizacion |
| |||||||||||
| 5.000% - 11.500% due 06/30/2028 « |
2,900 |
3,659 |
||||||||||
| Finastra USA, Inc. |
| |||||||||||
| 7.746% (TSFR6M + 3.751%) due 09/15/2032 ~ |
$ |
5,287 |
4,888 |
|||||||||
| 10.751% (TSFR6M + 3.751%) due 09/15/2033 «~ |
400 |
352 |
||||||||||
| Forward Air Corp. |
| |||||||||||
| 8.163% (TSFR3M + 3.663%) due 12/19/2030 ~ |
3,539 |
3,346 |
||||||||||
| Gaia Purchaser, Inc. |
| |||||||||||
| TBD% due 06/25/2033 |
400 |
400 |
||||||||||
| Galaxy U.S. Opco, Inc. (5.663% Cash and 3.250% PIK) |
| |||||||||||
| 8.913% (TSFR3M + 3.663%) due 07/31/2030 ~(b) |
6,027 |
5,542 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Gateway Casinos & Entertainment Ltd. |
| |||||||||||
| 9.918% (TSFR3M + 3.668%) due 12/18/2030 ~ |
$ |
2,508 |
$ |
2,504 |
||||||||
| Guardian |
| |||||||||||
| TBD% - 1.000% due 08/29/2032 «µ |
300 |
300 |
||||||||||
| 9.121% (TSFR6M + 3.618%) due 08/29/2032 «~ |
2,100 |
2,100 |
||||||||||
| Harp Finco Ltd. |
| |||||||||||
| 8.730% due 03/27/2032 «~ |
GBP |
2,319 |
3,107 |
|||||||||
| Houghton Mifflin Harcourt Publishing Co. |
| |||||||||||
| 9.013% (TSFR3M + 3.663%) due 04/09/2029 ~ |
$ |
99 |
79 |
|||||||||
| Ineos U.S. Finance LLC |
| |||||||||||
| 6.894% (TSFR1M + 3.644%) due 02/18/2030 ~ |
2,856 |
2,637 |
||||||||||
| Ivanti Software, Inc. |
| |||||||||||
| TBD% - 9.414% (TSFR3M + 3.658%) due 06/01/2029 ~µ |
634 |
616 |
||||||||||
| 8.414% (TSFR3M + 3.658%) due 06/01/2029 ~ |
4,744 |
2,099 |
||||||||||
| J&J Ventures Gaming LLC |
| |||||||||||
| 8.758% (TSFR1M + 3.644%) due 04/26/2028 «~ |
1,150 |
1,150 |
||||||||||
| JetBlue Airways Corp. |
| |||||||||||
| 8.427% (TSFR3M + 0.000%) due 08/27/2029 ~ |
400 |
357 |
||||||||||
| McAfee LLC |
| |||||||||||
| 6.644% (TSFR1M + 3.644%) due 03/01/2029 ~ |
496 |
442 |
||||||||||
| MPH Acquisition Holdings LLC |
| |||||||||||
| 7.413% (TSFR3M + 3.663%) due 12/31/2030 ~ |
136 |
137 |
||||||||||
| 8.263% (TSFR3M + 3.663%) due 12/31/2030 ~ |
4,099 |
3,620 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 7.214% (TSFR1M + 3.612%) due 04/30/2029 ~ |
5,556 |
3,946 |
||||||||||
| 9.364% (TSFR1M + 3.612%) due 04/30/2029 ~ |
616 |
500 |
||||||||||
| Nscale AS |
| |||||||||||
| TBD% - 8.664% (TSFR3M + 3.670%) due 08/23/2032 «~µ |
2,981 |
2,981 |
||||||||||
| Paradigm Parent LLC |
| |||||||||||
| 8.232% (TSFR3M + 3.732%) due 04/16/2032 ~ |
1,390 |
1,197 |
||||||||||
| Peraton Corp. |
| |||||||||||
| 7.513% (TSFR3M + 3.663%) due 02/01/2028 ~ |
17,156 |
15,526 |
||||||||||
| 11.516% (TSFR3M + 3.666%) due 02/01/2029 ~ |
4,080 |
2,775 |
||||||||||
| Polaris Newco LLC |
| |||||||||||
| 6.150% (EUR003M + 2.150%) due 06/02/2028 ~ |
EUR |
2,712 |
2,693 |
|||||||||
| 7.925% (TSFR3M + 3.663%) due 06/02/2028 ~ |
$ |
9,704 |
8,458 |
|||||||||
| Poseidon Bidco SASU |
| |||||||||||
| 7.504% due 03/13/2030 |
EUR |
3,600 |
1,193 |
|||||||||
| Promotora de Informaciones SA |
| |||||||||||
| 7.424% (EUR003M + 2.168%) due 06/29/2029 «~ |
21,112 |
24,243 |
||||||||||
| 7.674% (EUR003M + 2.168%) due 12/31/2029 ~ |
4,274 |
4,774 |
||||||||||
| Puris LLC |
| |||||||||||
| 9.422% - 9.482% (TSFR3M + 3.672%) due 06/30/2031 «~ |
$ |
1,931 |
1,873 |
|||||||||
| SCUR-Alpha 1503 GmbH |
| |||||||||||
| 9.163% (TSFR3M + 3.663%) due 04/01/2030 ~ |
5,763 |
5,033 |
||||||||||
| Softbank Vision Fund II |
| |||||||||||
| 7.382% (TSFR3M + 3.732%) due 04/25/2029 «~ |
2,578 |
2,623 |
||||||||||
| Spruce Bidco II, Inc. |
| |||||||||||
| TBD% - 8.461% (TSFR6M + 3.621%) due 01/30/2032 «~µ |
260 |
260 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 5.977% (JY0003M + 0.000%) due 01/30/2032 «~ |
JPY |
22,083 |
$ |
137 |
||||||||
| 7.047% (CDOR06 + 0.000%) due 01/30/2032 «~ |
CAD |
207 |
147 |
|||||||||
| 8.413% (TSFR3M + 3.663%) due 01/30/2032 «~ |
$ |
1,141 |
1,148 |
|||||||||
| Steenbok Lux Finco 2 SARL |
| |||||||||||
| 1TBD% due 12/31/2028 |
EUR |
24,751 |
10,100 |
|||||||||
| Stepstone Group Midco 2 GmbH |
| |||||||||||
| 6.885% (EUR006M + 2.459%) due 04/26/2032 ~ |
7,800 |
7,316 |
||||||||||
| 8.176% - 8.179% (TSFR6M + 3.679%) due 12/19/2031 ~ |
$ |
3,980 |
3,226 |
|||||||||
| Stormlight |
| |||||||||||
| 8.370% due 05/13/2030 «~ |
2,872 |
2,872 |
||||||||||
| Strategic Gaming Commitment |
| |||||||||||
| 10.673% (TSFR3M + 3.673%) due 10/15/2030 «~ |
2,200 |
2,364 |
||||||||||
| Subcalidora 2 |
| |||||||||||
| 8.041% (EUR003M + 2.291%) due 08/14/2029 «~ |
EUR |
6,400 |
7,273 |
|||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 10.732% (TSFR3M + 3.732%) due 05/13/2027 ~ |
$ |
9,135 |
7,967 |
|||||||||
| Transnet SOC Ltd. |
| |||||||||||
| 10.658% due 03/02/2028 «~ |
ZAR |
24,895 |
1,519 |
|||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 8.758% (TSFR1M + 3.644%) due 06/28/2028 ~ |
$ |
21,092 |
20,795 |
|||||||||
| Unicorn Bay |
| |||||||||||
| 13.000% due 12/31/2026 « |
HKD |
33,041 |
4,266 |
|||||||||
| Upfield BV |
| |||||||||||
| 8.980% due 10/31/2030 ~ |
GBP |
6,500 |
8,260 |
|||||||||
| Virgin Media Bristol LLC |
| |||||||||||
| 6.967% (TSFR6M + 3.692%) due 03/31/2031 ~ |
$ |
400 |
356 |
|||||||||
| 6.990% (TSFR1M + 3.633%) due 01/31/2029 ~ |
1,000 |
961 |
||||||||||
| |
|
|||||||||||
| Total Loan Participations and Assignments (Cost $284,036) |
270,022 |
|||||||||||
| |
|
|||||||||||
CORPORATE BONDS & NOTES 26.9% |
| |||||||||||
BANKING & FINANCE 5.6% |
| |||||||||||
| Alamo Re Ltd. |
| |||||||||||
| 14.289% (T-BILL 1MO + 10.500%) due 06/07/2028 ~ |
700 |
699 |
||||||||||
| Armor Holdco, Inc. |
| |||||||||||
| 8.500% due 11/15/2029 (k) |
4,200 |
4,228 |
||||||||||
| Cape Lookout Re Ltd. |
| |||||||||||
| 8.770% (FHMMUSTF + 5.250%) due 03/21/2033 ~ |
250 |
247 |
||||||||||
| 9.520% (FHMMUSTF + 6.000%) due 03/21/2033 ~ |
250 |
250 |
||||||||||
| 12.226% (GSMMUSTF + 8.702%) due 04/05/2027 ~(k) |
800 |
799 |
||||||||||
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| |||||||||||
| 8.000% due 12/31/2028 (b) |
EUR |
509 |
303 |
|||||||||
| East Lane Re VII Ltd. |
| |||||||||||
| 12.050% (BRMMUSDF + 8.500%) due 03/31/2032 ~ |
$ |
250 |
251 |
|||||||||
| Everglades Re II Ltd. |
| |||||||||||
| 12.039% (T-BILL 1MO + 8.250%) due 05/22/2033 ~ |
250 |
250 |
||||||||||
| Gateway Re Ltd. |
| |||||||||||
| 5.550% (BRMMUSDF + 2.000%) due 07/06/2029 ~ |
700 |
700 |
||||||||||
| Golden Bear Re Ltd. |
| |||||||||||
| 13.289% (T-BILL 1MO + 9.500%) due 03/08/2032 ~ |
250 |
252 |
||||||||||
| 13.300% (JMMMUSTF + 9.750%) due 01/08/2029 ~ |
420 |
431 |
||||||||||
| Greengrove RE Ltd. |
| |||||||||||
| 11.270% (BNMMDTSC + 7.750%) due 04/08/2032 ~ |
250 |
255 |
||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 69 |
Consolidated Schedule of Investments |
PIMCO Access Income Fund |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Hestia Re Ltd. |
| |||||||||||
| 3.620% (BNMMDTSC + 0.100%) due 04/22/2029 ~ |
$ |
27 |
$ |
15 |
||||||||
| IIFL Finance Ltd. |
| |||||||||||
| 7.600% due 09/10/2029 |
300 |
302 |
||||||||||
| Integrity RE III Ltd. |
| |||||||||||
| 29.020% (FHMMUSTF + 25.500%) due 06/06/2027 ~ |
250 |
261 |
||||||||||
| ION Platform Finance SARL |
| |||||||||||
| 6.500% due 09/30/2030 (k) |
EUR |
2,500 |
2,304 |
|||||||||
| 6.875% due 09/30/2032 (k) |
1,800 |
1,535 |
||||||||||
| 7.875% due 05/01/2029 (k) |
5,600 |
5,792 |
||||||||||
| ION Platform Finance U.S., Inc. |
| |||||||||||
| 7.875% due 09/30/2032 (k) |
$ |
1,200 |
871 |
|||||||||
| ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| |||||||||||
| 8.750% due 05/01/2029 (k) |
1,400 |
1,251 |
||||||||||
| 9.000% due 08/01/2029 (k) |
2,200 |
1,959 |
||||||||||
| 9.500% due 05/30/2029 (k) |
1,100 |
1,005 |
||||||||||
| Long Point Re IV Ltd. |
| |||||||||||
| 7.289% (T-BILL 1MO + 3.500%) due 06/01/2034 ~ |
250 |
250 |
||||||||||
| Luca RE Ltd. |
| |||||||||||
| 10.800% (JMMMUSTF + 7.250%) due 07/22/2031 ~(k) |
300 |
312 |
||||||||||
| Luminis SA |
| |||||||||||
| 9.649% (TSFR3M + 5.985%) due 09/15/2038 «~ |
300 |
350 |
||||||||||
| Nature Coast Re Ltd. |
| |||||||||||
| 11.789% (T-BILL 3MO + 8.000%) due 02/26/2030 ~ |
250 |
252 |
||||||||||
| 13.271% (GSMMUSTI + 9.750%) due 04/10/2033 ~ |
250 |
260 |
||||||||||
| Polestar Re Ltd. |
| |||||||||||
| 14.140% (BRMMUSDF + 10.590%) due 01/07/2028 ~ |
300 |
313 |
||||||||||
| 16.800% (BRMMUSDF + 13.250%) due 01/07/2027 ~ |
800 |
821 |
||||||||||
| Quercus II Re DAC |
| |||||||||||
| 13.324% (EUR003M + 11.000%) due 01/07/2031 ~ |
EUR |
250 |
290 |
|||||||||
| Sanders Re III Ltd. |
| |||||||||||
| 15.870% (BRMMUSDF + 12.320%) due 04/09/2029 ~ |
$ |
945 |
310 |
|||||||||
| Stingray Compute LLC |
| |||||||||||
| 6.000% due 06/15/2031 |
100 |
100 |
||||||||||
| Titanium 2l Bondco SARL |
| |||||||||||
| 6.250% due 01/14/2031 (k) |
EUR |
18,731 |
3,134 |
|||||||||
| Torrey Pines Re Ltd. |
| |||||||||||
| 9.586% (JMMMUSTF + 6.036%) due 06/07/2032 ~(k) |
$ |
250 |
257 |
|||||||||
| 10.656% (JMMMUSTF + 7.106%) due 06/07/2032 ~ |
250 |
258 |
||||||||||
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| |||||||||||
| 6.000% due 01/15/2030 (k) |
5,900 |
5,768 |
||||||||||
| Ursa Re II Ltd. |
| |||||||||||
| 11.260% (MSMMUSTF + 7.750%) due 06/07/2028 ~ |
250 |
257 |
||||||||||
| Ursa Re Ltd. |
| |||||||||||
| 11.021% (GSMMUSTI + 7.500%) due 02/22/2028 ~(k) |
400 |
413 |
||||||||||
| 12.800% (JMMMUSTF + 9.250%) due 12/07/2028 ~(k) |
900 |
917 |
||||||||||
| Winston RE Ltd. |
| |||||||||||
| 15.210% (BNMMDTSC + 11.690%) due 02/26/2031 ~ |
700 |
714 |
||||||||||
| |
|
|||||||||||
38,936 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 18.4% |
| |||||||||||
| Altice France Lux 3/Altice Holdings 1 |
| |||||||||||
| 10.000% due 01/15/2033 (k) |
1,288 |
1,268 |
||||||||||
| Altice France SA |
| |||||||||||
| 9.500% due 11/01/2029 |
333 |
338 |
||||||||||
| 12.875% due 11/01/2029 |
EUR |
1,261 |
1,479 |
|||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| ams-OSRAM AG |
| |||||||||||
| 7.250% due 05/31/2032 (k) |
EUR |
2,830 |
$ |
3,337 |
||||||||
| 10.500% due 03/30/2029 (k) |
2,900 |
3,534 |
||||||||||
| Aston Martin Capital Holdings Ltd. |
| |||||||||||
| 10.000% due 03/31/2029 (k) |
$ |
1,800 |
1,402 |
|||||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
| |||||||||||
| 8.000% due 02/15/2031 (k) |
300 |
303 |
||||||||||
| B&G Foods, Inc. |
| |||||||||||
| 11.000% due 06/15/2031 |
1,420 |
1,312 |
||||||||||
| Borr IHC Ltd./Borr Finance LLC |
| |||||||||||
| 8.750% due 01/15/2032 |
400 |
391 |
||||||||||
| 9.000% due 01/15/2034 |
700 |
677 |
||||||||||
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
| |||||||||||
| 8.000% due 06/15/2029 |
2,870 |
1,866 |
||||||||||
| Central Parent, Inc./CDK Global, Inc. |
| |||||||||||
| 7.250% due 06/15/2029 |
3,320 |
2,158 |
||||||||||
| Charlotte Buyer, Inc. |
| |||||||||||
| 8.000% due 06/30/2031 |
100 |
101 |
||||||||||
| Cogent Communications Group LLC/Cogent Finance, Inc. |
| |||||||||||
| 7.000% due 06/15/2027 (k) |
580 |
576 |
||||||||||
| 7.000% due 06/15/2027 |
200 |
199 |
||||||||||
| CoreWeave, Inc. |
| |||||||||||
| 8.500% due 07/15/2032 |
EUR |
900 |
1,014 |
|||||||||
| 9.625% due 07/15/2032 |
$ |
400 |
395 |
|||||||||
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
| |||||||||||
| 9.250% due 06/01/2032 |
300 |
305 |
||||||||||
| DISH DBS Corp. |
| |||||||||||
| 5.250% due 12/01/2026 (k) |
4,820 |
4,772 |
||||||||||
| 5.750% due 12/01/2028 (k) |
12,410 |
12,032 |
||||||||||
| 7.750% due 07/01/2026 |
5,674 |
5,674 |
||||||||||
| Ecopetrol SA |
| |||||||||||
| 7.750% due 02/01/2032 (k) |
6,600 |
6,915 |
||||||||||
| Flora Food Management BV |
| |||||||||||
| 7.500% due 10/31/2030 |
EUR |
500 |
570 |
|||||||||
| FMC Corp. |
| |||||||||||
| 8.000% due 06/01/2031 (k) |
$ |
200 |
208 |
|||||||||
| Gaia Purchaser, Inc. |
| |||||||||||
| 7.625% due 07/15/2033 (a) |
100 |
101 |
||||||||||
| GSG Bidco Ltd. |
| |||||||||||
| 6.375% due 06/15/2051 |
EUR |
1,000 |
1,155 |
|||||||||
| Incora Intermediate II LLC (0.500% PIK) |
| |||||||||||
| 0.500% due 01/31/2030 «(b) |
$ |
2,706 |
2,706 |
|||||||||
| Incora Top Holdco LLC |
| |||||||||||
| 6.000% due 01/30/2033 «(j) |
1,853 |
2,921 |
||||||||||
| JetBlue Airways Corp./JetBlue Loyalty LP |
| |||||||||||
| 9.875% due 09/20/2031 (k) |
1,938 |
1,758 |
||||||||||
| Motion Finco SARL |
| |||||||||||
| 7.375% due 06/15/2030 (k) |
EUR |
1,400 |
1,396 |
|||||||||
| MPH Acquisition Holdings LLC |
| |||||||||||
| 5.750% due 12/31/2030 (k) |
$ |
4,100 |
3,423 |
|||||||||
| MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
| |||||||||||
| 11.500% due 12/31/2030 (b)(k) |
4,462 |
4,421 |
||||||||||
| National Mentor Holdings, Inc. |
| |||||||||||
| 10.500% due 12/15/2030 |
300 |
316 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 11.750% due 04/30/2029 |
4,078 |
2,453 |
||||||||||
| Ocado Group PLC |
| |||||||||||
| 10.500% due 08/08/2029 (k) |
GBP |
4,500 |
6,197 |
|||||||||
| 11.000% due 06/15/2030 (k) |
2,810 |
3,936 |
||||||||||
| Petroleos de Venezuela SA |
| |||||||||||
| 6.000% due 11/15/2026 ^(c) |
$ |
3,300 |
1,246 |
|||||||||
| 9.750% due 05/17/2035 ^(c) |
1,900 |
850 |
||||||||||
| ProFrac Holdings II LLC |
| |||||||||||
| 10.984% (TSFR3M + 7.250%) due 01/23/2029 ~(k) |
2,408 |
2,309 |
||||||||||
| Road Michigan Property Owner I LLC |
| |||||||||||
| 7.500% due 03/30/2045 (k) |
16,469 |
16,424 |
||||||||||
| Sonangol Finance Ltd. |
| |||||||||||
| 10.000% due 01/29/2031 |
2,100 |
2,117 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Thames Water Super Senior Issuer PLC |
| |||||||||||
| 9.750% due 10/10/2027 |
GBP |
117 |
$ |
164 |
||||||||
| 9.750% due 10/10/2027 |
27 |
38 |
||||||||||
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
| |||||||||||
| 8.250% due 05/15/2030 (k) |
EUR |
4,800 |
5,022 |
|||||||||
| 9.500% due 05/15/2030 (k) |
$ |
2,500 |
2,359 |
|||||||||
| U.S. Acute Care Solutions LLC |
| |||||||||||
| 9.750% due 05/15/2029 |
100 |
94 |
||||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 10.625% due 06/28/2028 |
4,470 |
4,157 |
||||||||||
| Ubisoft Entertainment SA |
| |||||||||||
| 0.878% due 11/24/2027 (k) |
EUR |
3,200 |
3,235 |
|||||||||
| Vale SA |
| |||||||||||
| 0.000% due 12/29/2049 ~(h) |
BRL |
10,300 |
801 |
|||||||||
| Viridien |
| |||||||||||
| 8.500% due 10/15/2030 (k) |
EUR |
814 |
985 |
|||||||||
| 10.000% due 10/15/2030 |
$ |
224 |
238 |
|||||||||
| Vmed O2 U.K. Financing I PLC |
| |||||||||||
| 6.750% due 01/15/2033 (k) |
5,200 |
4,408 |
||||||||||
| Volcan Cia Minera SAA |
| |||||||||||
| 8.500% due 10/28/2032 |
700 |
726 |
||||||||||
| VZ Secured Financing BV |
| |||||||||||
| 7.500% due 01/15/2033 (k) |
1,100 |
1,054 |
||||||||||
| |
|
|||||||||||
127,836 |
||||||||||||
| |
|
|||||||||||
UTILITIES 2.9% |
| |||||||||||
| Altice Holdings 1 SARL |
| |||||||||||
| 0.000% due 12/31/2099 « |
EUR |
15 |
227 |
|||||||||
| COX Asset Mexico SA de CV |
| |||||||||||
| 7.125% due 01/08/2032 (k) |
$ |
200 |
203 |
|||||||||
| 7.750% due 05/08/2036 (k) |
200 |
205 |
||||||||||
| OI SA |
| |||||||||||
| 8.500% due 12/31/2028 ^(c) |
35,764 |
380 |
||||||||||
| 10.000% due 06/30/2027 ^(c) |
17,124 |
8,348 |
||||||||||
| Peru LNG SRL |
| |||||||||||
| 5.375% due 03/22/2030 (k) |
5,722 |
5,569 |
||||||||||
| Petersen Claim Units |
| |||||||||||
| 0.000% due 12/31/2099 «(j) |
46 |
195 |
||||||||||
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
| |||||||||||
| 6.500% due 02/15/2029 (k) |
4,623 |
4,590 |
||||||||||
| |
|
|||||||||||
19,717 |
||||||||||||
| |
|
|||||||||||
| Total Corporate Bonds & Notes (Cost $230,951) |
186,489 |
|||||||||||
| |
|
|||||||||||
CONVERTIBLE BONDS & NOTES 0.2% |
| |||||||||||
INDUSTRIALS 0.2% |
| |||||||||||
| Ubisoft Entertainment SA |
| |||||||||||
| 2.375% due 11/15/2028 (k) |
EUR |
1,200 |
1,347 |
|||||||||
| |
|
|||||||||||
| Total Convertible Bonds & Notes (Cost $1,350) |
1,347 |
|||||||||||
| |
|
|||||||||||
U.S. GOVERNMENT AGENCIES 6.8% |
| |||||||||||
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust |
| |||||||||||
| 4.500% due 02/25/2059 - 11/25/2061 ~(k) |
$ |
14,124 |
13,467 |
|||||||||
| 4.750% due 08/25/2058 ~(k) |
7,288 |
7,109 |
||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||
| 10.728% due 01/25/2042 •(k) |
2,000 |
2,062 |
||||||||||
| 11.128% due 10/25/2041 •(k) |
7,400 |
7,539 |
||||||||||
| 11.428% due 11/25/2041 •(k) |
6,229 |
6,384 |
||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust |
| |||||||||||
| 9.628% due 10/25/2041 •(k) |
4,755 |
4,824 |
||||||||||
| 13.128% due 03/25/2042 •(k) |
5,200 |
5,496 |
||||||||||
| |
|
|||||||||||
| Total U.S. Government Agencies (Cost $45,838) |
46,881 |
|||||||||||
| |
|
|||||||||||
70 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
U.S. TREASURY OBLIGATIONS 0.1% |
| |||||||||||
| U.S. Treasury Bonds |
| |||||||||||
| 4.875% due 08/15/2045 (n) |
$ |
386 |
$ |
383 |
||||||||
| U.S. Treasury Notes |
| |||||||||||
| 4.125% due 02/15/2036 |
290 |
283 |
||||||||||
| |
|
|||||||||||
| Total U.S. Treasury Obligations (Cost $686) |
666 |
|||||||||||
| |
|
|||||||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES 22.9% |
| |||||||||||
| Ashford Hospitality Trust |
| |||||||||||
| 6.898% due 04/15/2035 •(k) |
14,536 |
14,324 |
||||||||||
| Banc of America Funding Trust |
| |||||||||||
| 6.500% due 07/25/2047 |
817 |
640 |
||||||||||
| BBCCRE Trust |
| |||||||||||
| 4.715% due 08/10/2033 ~(k) |
5,370 |
4,376 |
||||||||||
| BBCMS Mortgage Trust |
| |||||||||||
| 3.811% due 02/15/2053 ~(k) |
4,785 |
3,068 |
||||||||||
| BCAP LLC Trust |
| |||||||||||
| 1.131% due 11/27/2036 •(k) |
38,346 |
8,569 |
||||||||||
| 3.650% due 04/25/2038 ~(k) |
2,859 |
2,187 |
||||||||||
| BCP Trust |
| |||||||||||
| 7.378% due 06/15/2038 •(k) |
5,500 |
516 |
||||||||||
| Beast Mortgage Trust |
| |||||||||||
| 7.190% due 03/15/2036 •(k) |
6,750 |
1,007 |
||||||||||
| 8.190% due 03/15/2036 •(k) |
2,500 |
215 |
||||||||||
| BMO Mortgage Trust |
| |||||||||||
| 3.378% due 02/17/2055 ~(k) |
9,615 |
9,307 |
||||||||||
| 4.070% due 02/17/2055 ~(k) |
11,000 |
8,324 |
||||||||||
| BSST Mortgage Trust |
| |||||||||||
| 9.126% due 02/15/2037 •(k) |
8,800 |
468 |
||||||||||
| 10.126% due 02/15/2037 • |
1,500 |
49 |
||||||||||
| CHL Mortgage Pass-Through Trust |
| |||||||||||
| 6.500% due 01/25/2038 (k) |
13,893 |
5,623 |
||||||||||
| CLNY Trust |
| |||||||||||
| 6.004% due 11/15/2038 •(k) |
2,300 |
2,205 |
||||||||||
| 6.700% due 11/15/2038 •(k) |
1,100 |
1,036 |
||||||||||
| CSMC Trust |
| |||||||||||
| 6.994% due 07/15/2032 •(k) |
10,000 |
9,945 |
||||||||||
| DOLP Trust |
| |||||||||||
| 3.704% due 05/10/2041 ~(k) |
14,250 |
11,362 |
||||||||||
| First Citizens Loan Trust |
| |||||||||||
| 1.922% due 05/27/2053 « |
3,800 |
221 |
||||||||||
| GSMSC Resecuritization Trust |
| |||||||||||
| 0.702% due 11/26/2037 (k) |
10,239 |
9,665 |
||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust |
| |||||||||||
| 6.180% due 06/15/2038 •(k) |
3,276 |
2,706 |
||||||||||
| 6.840% due 03/15/2036 •(k) |
2,000 |
1,095 |
||||||||||
| 7.380% due 06/15/2038 • |
250 |
157 |
||||||||||
| MRCD Mortgage Trust |
| |||||||||||
| 2.718% due 12/15/2036 (k) |
16,198 |
8,711 |
||||||||||
| New Orleans Hotel Trust |
| |||||||||||
| 6.362% due 04/15/2032 •(k) |
12,700 |
12,511 |
||||||||||
| New Residential Mortgage Loan Trust |
| |||||||||||
| 3.826% due 11/25/2059 ~(k) |
15,500 |
9,126 |
||||||||||
| Project Cashmere |
| |||||||||||
| 0.000% due 12/30/2057 «(a) |
AUD |
6,100 |
4,211 |
|||||||||
| 7.563% due 12/30/2057 «(a) |
2,400 |
1,658 |
||||||||||
| 8.643% due 12/30/2057 «(a) |
2,700 |
1,859 |
||||||||||
| SFO Commercial Mortgage Trust |
| |||||||||||
| 6.389% due 05/15/2038 • |
$ |
340 |
340 |
|||||||||
| 6.889% due 05/15/2038 •(k) |
6,500 |
6,490 |
||||||||||
| Uropa Securities PLC |
| |||||||||||
| 3.512% due 10/10/2040 •(k) |
EUR |
2,640 |
2,800 |
|||||||||
| WaMu Mortgage Pass-Through Certificates Trust |
| |||||||||||
| 4.663% due 10/25/2045 •(k) |
$ |
7,077 |
6,289 |
|||||||||
| Wells Fargo Commercial Mortgage Trust |
| |||||||||||
| 5.092% due 12/15/2039 ~(k) |
8,600 |
7,457 |
||||||||||
| |
|
|||||||||||
| Total Non-Agency Mortgage-Backed Securities (Cost $201,088) |
158,517 |
|||||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
ASSET-BACKED SECURITIES 29.0% |
| |||||||||||
AUTOMOBILE ABS OTHER 0.3% |
| |||||||||||
| Flagship Credit Auto Trust |
| |||||||||||
| 0.000% due 06/15/2029 «(f) |
$ |
25 |
$ |
0 |
||||||||
| Santander Bank Auto Credit-Linked Notes |
| |||||||||||
| 7.762% due 06/15/2032 |
480 |
488 |
||||||||||
| 10.171% due 06/15/2032 |
621 |
641 |
||||||||||
| 13.030% due 06/15/2032 |
720 |
742 |
||||||||||
| |
|
|||||||||||
1,871 |
||||||||||||
| |
|
|||||||||||
AUTOMOBILE SEQUENTIAL 0.7% |
| |||||||||||
| CPS Auto Securitization Trust |
| |||||||||||
| 11.000% due 06/16/2032 «(k) |
4,832 |
4,856 |
||||||||||
| |
|
|||||||||||
HOME EQUITY OTHER 19.5% |
| |||||||||||
| ACE Securities Corp. Home Equity Loan Trust |
| |||||||||||
| 4.183% due 04/25/2036 •(k) |
24,347 |
19,499 |
||||||||||
| 4.203% due 08/25/2036 •(k) |
20,626 |
4,674 |
||||||||||
| Aegis Asset-Backed Securities Trust |
| |||||||||||
| 4.738% due 06/25/2035 •(k) |
4,500 |
1,489 |
||||||||||
| Bear Stearns Asset-Backed Securities I Trust |
| |||||||||||
| 4.813% due 07/25/2034 •(k) |
3,453 |
3,717 |
||||||||||
| BNC Mortgage Loan Trust |
| |||||||||||
| 4.053% due 05/25/2037 •(k) |
16,250 |
13,798 |
||||||||||
| Countrywide Asset-Backed Certificates Trust |
| |||||||||||
| 4.023% due 06/25/2047 •(k) |
15,311 |
12,611 |
||||||||||
| 4.138% due 06/25/2047 •(k) |
10,624 |
9,607 |
||||||||||
| 4.733% due 08/25/2047 •(k) |
2,000 |
1,773 |
||||||||||
| GSAMP Trust |
| |||||||||||
| 4.183% due 05/25/2046 •(k) |
14,014 |
12,608 |
||||||||||
| 4.708% due 07/25/2045 •(k) |
15,226 |
11,863 |
||||||||||
| Home Equity Mortgage Loan Asset-Backed Trust |
| |||||||||||
| 4.678% due 10/25/2035 •(k) |
11,200 |
9,990 |
||||||||||
| HSI Asset Securitization Corp. Trust |
| |||||||||||
| 4.573% due 12/25/2035 •(k) |
13,243 |
10,472 |
||||||||||
| Long Beach Mortgage Loan Trust |
| |||||||||||
| 5.338% due 02/25/2035 •(k) |
10,311 |
9,713 |
||||||||||
| Merrill Lynch Mortgage Investors Trust |
| |||||||||||
| 4.813% due 04/25/2036 •(k) |
5,987 |
5,246 |
||||||||||
| Saxon Asset Securities Trust |
| |||||||||||
| 4.053% due 01/25/2047 •(k) |
1,713 |
1,700 |
||||||||||
| Structured Asset Securities Corp. Mortgage Loan Trust |
| |||||||||||
| 5.188% due 02/25/2036 •(k) |
6,876 |
6,609 |
||||||||||
| |
|
|||||||||||
135,369 |
||||||||||||
| |
|
|||||||||||
WHOLE LOAN COLLATERAL 3.0% |
| |||||||||||
| First Franklin Mortgage Loan Trust |
| |||||||||||
| 4.073% due 10/25/2036 •(k) |
14,528 |
12,207 |
||||||||||
| Securitized Asset-Backed Receivables LLC Trust |
| |||||||||||
| 4.363% due 11/25/2035 •(k) |
4,788 |
4,168 |
||||||||||
| Specialty Underwriting & Residential Finance Trust |
| |||||||||||
| 5.563% due 12/25/2035 •(k) |
4,785 |
4,706 |
||||||||||
| |
|
|||||||||||
21,081 |
||||||||||||
| |
|
|||||||||||
OTHER ABS 5.5% |
| |||||||||||
| College Avenue Student Loans Trust |
| |||||||||||
| 0.000% due 06/25/2054 «(f) |
5 |
2,833 |
||||||||||
| 8.660% due 06/25/2054 (k) |
914 |
955 |
||||||||||
| Cologix Canadian Issuer LP |
| |||||||||||
| 7.740% due 01/25/2052 (k) |
CAD |
5,400 |
3,771 |
|||||||||
| Deer Park CLO DAC |
| |||||||||||
| 0.000% due 10/15/2034 ~ |
EUR |
4,000 |
1,628 |
|||||||||
| Duke Funding VI Ltd. |
| |||||||||||
| 7.250% due 04/08/2039 •(k) |
$ |
125,567 |
9,374 |
|||||||||
| LendingPoint Pass-Through Trust |
| |||||||||||
| 0.000% due 04/15/2028 «(f) |
7,600 |
499 |
||||||||||
| 0.000% due 05/15/2028 (f) |
7,554 |
597 |
||||||||||
| RR 1 LLC |
| |||||||||||
| 0.000% due 07/15/2117 ~ |
3,200 |
406 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| RR 17 Ltd. |
| |||||||||||
| 0.000% due 07/15/2034 ~ |
$ |
4,000 |
$ |
968 |
||||||||
| RR 7 Ltd. |
| |||||||||||
| 12.000% due 01/15/2120 ~(k) |
14,600 |
3,253 |
||||||||||
| SMB Private Education Loan Trust |
| |||||||||||
| 0.000% due 11/16/2054 «(f) |
9 |
6,297 |
||||||||||
| 0.000% due 02/16/2055 «(f) |
5 |
4,116 |
||||||||||
| Upstart Securitization Trust |
| |||||||||||
| 7.410% due 09/20/2035 (k) |
3,500 |
3,560 |
||||||||||
| |
|
|||||||||||
38,257 |
||||||||||||
| |
|
|||||||||||
| Total Asset-Backed Securities (Cost $248,863) |
201,434 |
|||||||||||
| |
|
|||||||||||
SOVEREIGN ISSUES 10.0% |
| |||||||||||
| Angola Government International Bonds |
| |||||||||||
| 8.000% due 11/26/2029 (k) |
362 |
369 |
||||||||||
| Argentina Republic Government International Bonds |
| |||||||||||
| 0.750% due 07/09/2030 þ(k) |
504 |
447 |
||||||||||
| 3.500% due 07/09/2041 þ(k) |
1,700 |
1,275 |
||||||||||
| 4.125% due 07/09/2035 þ(k) |
1,100 |
883 |
||||||||||
| Avenir Issuer IV Ireland DAC |
| |||||||||||
| 6.000% due 10/25/2027 |
1,184 |
1,171 |
||||||||||
| Colombia TES |
| |||||||||||
| 1.000% due 08/22/2029 « |
COP |
212,300 |
60 |
|||||||||
| 1.000% due 03/26/2031 « |
284,700 |
69 |
||||||||||
| 6.500% due 01/22/2031 (g) |
41,473 |
12 |
||||||||||
| 7.250% due 10/18/2034 |
363,100 |
81 |
||||||||||
| 9.250% due 05/28/2042 |
146,000 |
35 |
||||||||||
| 11.000% due 08/22/2029 |
4,124,400 |
1,171 |
||||||||||
| 11.500% due 07/25/2046 |
106,300 |
30 |
||||||||||
| 11.750% due 01/24/2035 |
66,553,200 |
19,125 |
||||||||||
| 12.000% due 03/13/2058 |
1,981,000 |
573 |
||||||||||
| 12.500% due 02/27/2030 |
27,440,400 |
8,079 |
||||||||||
| 12.750% due 11/28/2040 |
959,100 |
293 |
||||||||||
| 13.250% due 02/09/2033 |
1,221,300 |
377 |
||||||||||
| Dominican Republic International Bonds |
| |||||||||||
| 10.500% due 03/15/2037 (k) |
DOP |
335,800 |
5,983 |
|||||||||
| DRC International Bonds |
| |||||||||||
| 8.750% due 04/16/2032 |
$ |
1,000 |
1,036 |
|||||||||
| 9.500% due 04/16/2037 |
200 |
210 |
||||||||||
| Ecuador Government International Bonds |
| |||||||||||
| 0.000% due 07/31/2030 (f)(k) |
2,430 |
2,102 |
||||||||||
| 8.750% due 01/29/2034 (k) |
1,200 |
1,216 |
||||||||||
| Egypt Government Bonds |
| |||||||||||
| 19.698% due 10/14/2030 |
EGP |
467,300 |
9,066 |
|||||||||
| Qatar Government International Bonds |
| |||||||||||
| 4.800% due 04/08/2033 (k) |
$ |
1,300 |
1,307 |
|||||||||
| Republic of Kenya Government International Bonds |
| |||||||||||
| 7.875% due 02/26/2034 (k) |
800 |
797 |
||||||||||
| Russia Foreign Bonds - Eurobond |
| |||||||||||
| 5.625% due 04/04/2042 |
8,800 |
6,160 |
||||||||||
| 5.875% due 09/16/2043 |
200 |
137 |
||||||||||
| Turkiye Government Bonds |
| |||||||||||
| 40.305% (BISTREFI + 0.000%) due 09/06/2028 ~(k) |
TRY |
240,100 |
5,174 |
|||||||||
| 40.760% (BISTREFI + 0.000%) due 05/17/2028 ~(k) |
27,900 |
604 |
||||||||||
| Venezuela Government International Bonds |
| |||||||||||
| 9.250% due 09/15/2027 ^(c)(k) |
$ |
1,800 |
889 |
|||||||||
| 9.250% due 05/07/2028 ^(c)(k) |
600 |
289 |
||||||||||
| 11.750% due 10/21/2026 ^(c) |
100 |
55 |
||||||||||
| 11.950% due 08/05/2031 ^(c) |
300 |
163 |
||||||||||
| |
|
|||||||||||
| Total Sovereign Issues (Cost $63,067) |
69,238 |
|||||||||||
| |
|
|||||||||||
SHARES |
||||||||||||
COMMON STOCKS 2.4% |
| |||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
| Steinhoff International Holdings NV «(d)(j) |
39,030,044 |
0 |
||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 71 |
Consolidated Schedule of Investments |
PIMCO Access Income Fund |
(Cont.) |
SHARES |
MARKET VALUE (000S) |
|||||||||||
| West Marine «(d)(j) |
8,371 |
$ |
53 |
|||||||||
| |
|
|||||||||||
53 |
||||||||||||
| |
|
|||||||||||
FINANCIALS 2.0% |
| |||||||||||
| Banca Monte dei Paschi di Siena SpA |
1,073,500 |
13,341 |
||||||||||
| |
|
|||||||||||
13,341 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 0.5% |
| |||||||||||
| Incora Intermediate II LLC «(d)(j) |
80,167 |
3,160 |
||||||||||
| |
|
|||||||||||
3,160 |
||||||||||||
| |
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
| MNSN Holdings, Inc. (d)(j) |
3,863 |
325 |
||||||||||
| |
|
|||||||||||
| Total Common Stocks (Cost $6,151) |
16,879 |
|||||||||||
| |
|
|||||||||||
WARRANTS 0.0% |
| |||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
| West Marine - Exp. 09/08/2028 «(j) |
14,259 |
0 |
||||||||||
| |
|
|||||||||||
| Total Warrants (Cost $0) |
0 |
|||||||||||
| |
|
|||||||||||
PREFERRED SECURITIES 6.7% |
| |||||||||||
BANKING & FINANCE 0.9% |
| |||||||||||
| ADLER Group SA « |
3,298,852 |
0 |
||||||||||
| WAFC Voussoir « |
6,320,668 |
6,321 |
||||||||||
| |
|
|||||||||||
6,321 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 5.8% |
| |||||||||||
| Atlas Re Ltd. « |
59 |
5,874 |
||||||||||
| Clover Holdings, Inc. |
| |||||||||||
| 0.000% «(j) |
12,441 |
239 |
||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
| Mustang Express Ltd. |
| |||||||||||
| 0.000% « |
21,186 |
$ |
21,902 |
|||||||||
| SVB Financial Trust |
| |||||||||||
| 0.000% due 11/07/2032 (f) |
19,600 |
2 |
||||||||||
| 11.000% due 11/07/2032 |
4,403 |
2,025 |
||||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 12.500% «(j) |
13,587,536 |
9,899 |
||||||||||
| Venture Global LNG, Inc. |
| |||||||||||
| 9.000% due 09/30/2029 (h)(k) |
470,000 |
458 |
||||||||||
| |
|
|||||||||||
40,399 |
||||||||||||
| |
|
|||||||||||
| Total Preferred Securities (Cost $50,181) |
46,720 |
|||||||||||
| |
|
|||||||||||
SHORT-TERM INSTRUMENTS 3.6% |
| |||||||||||
MUTUAL FUNDS 0.2% |
| |||||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class |
| |||||||||||
| 3.690% (i) |
1,535,617 |
1,536 |
||||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
||||||||||||
EGYPT TREASURY BILLS 0.7% |
| |||||||||||
| 24.227% due 08/04/2026 - 11/17/2026 (e)(f) |
EGP |
240,900 |
4,745 |
|||||||||
| |
|
|||||||||||
NIGERIA TREASURY BILLS 2.3% |
| |||||||||||
| 20.606% due 01/14/2027 - 01/28/2027 (e)(f) |
NGN |
24,105,300 |
15,637 |
|||||||||
| |
|
|||||||||||
U.S. TREASURY BILLS 0.4% |
| |||||||||||
| 3.685% due 07/21/2026 - 08/11/2026 (e)(f)(n) |
$ |
2,901 |
2,892 |
|||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $24,861) |
24,810 |
|||||||||||
| |
|
|||||||||||
Total Investments in Securities (Cost $1,157,072) |
1,023,003 |
|||||||||||
| |
|
|||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN AFFILIATES 12.4% |
| |||||||||||
COMMON STOCKS 0.9% |
| |||||||||||
AFFILIATED INVESTMENTS 0.9% |
| |||||||||||
| Market Garden « |
5,412,622 |
$ |
5,953 |
|||||||||
| |
|
|||||||||||
Total Common Stocks (Cost $5,412) |
5,953 |
|||||||||||
| |
|
|||||||||||
SHORT-TERM INSTRUMENTS 11.6% |
| |||||||||||
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.6% |
| |||||||||||
| PIMCO Short-Term Floating NAV Portfolio III |
8,237,864 |
80,245 |
||||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $80,198) |
80,245 |
|||||||||||
| |
|
|||||||||||
Total Investments in Affiliates (Cost $85,610) |
86,198 |
|||||||||||
| Total Investments 159.9% (Cost $1,242,682) |
|
$ |
1,109,201 |
|||||||||
| Financial Derivative Instruments (l)(m) (0.2)% (Cost or Premiums, net $9,502) |
|
(1,183 |
) | |||||||||
Other Assets and Liabilities, net (59.7)% |
(414,474 |
) | ||||||||||
| |
|
|||||||||||
Net Assets 100.0% |
|
$ |
693,544 |
|||||||||
| |
|
|||||||||||
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
« |
Security valued using significant unobservable inputs (Level 3). |
µ |
All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
~ |
Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
• |
Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
þ |
Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
(a) |
When-issued security. |
(b) |
Payment in-kind security. |
(c) |
Security is not accruing income as of the date of this report. |
(d) |
Security did not produce income within the last twelve months. |
(e) |
Coupon represents a weighted average yield to maturity. |
(f) |
Zero coupon security. |
(g) |
Principal amount of security is adjusted for inflation. |
(h) |
Perpetual maturity; date shown, if applicable, represents next contractual call date. |
(i) |
Coupon represents a 7-Day Yield. |
72 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
(j) RESTRICTED SECURITIES:
Issuer Description |
Acquisition Date |
Cost |
Market Value |
Market Value as Percentage of Net Assets |
||||||||||||||||
| Clover Holdings, Inc. |
12/09/2024 - 03/10/2025 |
$ |
186 |
$ |
239 |
0.03 |
% | |||||||||||||
| Incora Intermediate II LLC |
01/31/2025 |
3,894 |
3,160 |
0.46 |
||||||||||||||||
| Incora Top Holdco LLC6.000% due 01/30/2033 |
01/31/2025 - 05/01/2026 |
1,853 |
2,921 |
0.42 |
||||||||||||||||
| MNSN Holdings, Inc. |
03/16/2023 - 03/29/2023 |
43 |
325 |
0.05 |
||||||||||||||||
| Market Garden |
03/13/2024 |
5,413 |
5,953 |
0.86 |
||||||||||||||||
| Petersen Claim Units0.000% due 12/31/2099 |
12/08/2025 - 03/17/2026 |
1,317 |
195 |
0.03 |
||||||||||||||||
| Steinhoff International Holdings NV |
06/30/2023 - 10/30/2023 |
0 |
0 |
0.00 |
||||||||||||||||
| Syniverse Holdings, Inc. 12.500% |
05/12/2022 - 05/31/2026 |
13,421 |
9,899 |
1.43 |
||||||||||||||||
| West Marine |
09/12/2023 |
120 |
53 |
0.01 |
||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||
$ |
26,247 |
$ |
22,745 |
3.29 |
% | |||||||||||||||
| |
|
|
|
|
|
|||||||||||||||
BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||||
| BOS |
3.990 |
% |
05/05/2026 |
07/02/2026 |
(3,686 |
) |
$ |
(3,709 |
) | |||||||||||||||
4.000 |
06/04/2026 |
07/06/2026 |
(229 |
) |
(229 |
) | ||||||||||||||||||
4.050 |
06/30/2026 |
TBD |
(2) |
(553 |
) |
(553 |
) | |||||||||||||||||
| BPS |
(0.250 |
) |
06/17/2026 |
TBD |
(2) |
EUR |
(352 |
) |
(402 |
) | ||||||||||||||
1.850 |
06/17/2026 |
TBD |
(2) |
EUR |
(290 |
) |
(331 |
) | ||||||||||||||||
1.950 |
06/17/2026 |
TBD |
(2) |
(2,150 |
) |
(2,458 |
) | |||||||||||||||||
2.050 |
06/17/2026 |
TBD |
(2) |
(612 |
) |
(700 |
) | |||||||||||||||||
2.472 |
06/12/2026 |
09/14/2026 |
(764 |
) |
(875 |
) | ||||||||||||||||||
3.860 |
06/11/2026 |
TBD |
(2) |
$ |
(194 |
) |
(194 |
) | ||||||||||||||||
4.000 |
07/02/2026 |
09/04/2026 |
(3,537 |
) |
(3,537 |
) | ||||||||||||||||||
4.040 |
05/04/2026 |
07/02/2026 |
(3,723 |
) |
(3,747 |
) | ||||||||||||||||||
4.050 |
02/03/2026 |
TBD |
(2) |
GBP |
(3,011 |
) |
(4,061 |
) | ||||||||||||||||
4.070 |
06/11/2026 |
TBD |
(2) |
$ |
(796 |
) |
(798 |
) | ||||||||||||||||
4.720 |
06/18/2026 |
12/17/2026 |
(4,381 |
) |
(4,389 |
) | ||||||||||||||||||
4.800 |
06/18/2026 |
12/17/2026 |
(6,628 |
) |
(6,640 |
) | ||||||||||||||||||
4.820 |
01/27/2026 |
07/23/2026 |
(49,776 |
) |
(50,816 |
) | ||||||||||||||||||
| BRC |
1.650 |
06/17/2026 |
TBD |
(2) |
EUR |
(640 |
) |
(732 |
) | |||||||||||||||
1.850 |
06/17/2026 |
TBD |
(2) |
(256 |
) |
(292 |
) | |||||||||||||||||
1.900 |
06/17/2026 |
TBD |
(2) |
(1,751 |
) |
(2,002 |
) | |||||||||||||||||
3.580 |
03/06/2026 |
TBD |
(2) |
$ |
(780 |
) |
(788 |
) | ||||||||||||||||
4.000 |
02/06/2026 |
TBD |
(2) |
(628 |
) |
(638 |
) | |||||||||||||||||
4.000 |
04/16/2026 |
TBD |
(2) |
(952 |
) |
(960 |
) | |||||||||||||||||
4.000 |
04/16/2026 |
TBD |
(2) |
(64 |
) |
(65 |
) | |||||||||||||||||
4.050 |
03/05/2026 |
TBD |
(2) |
(364 |
) |
(369 |
) | |||||||||||||||||
4.650 |
03/05/2026 |
TBD |
(2) |
(342 |
) |
(348 |
) | |||||||||||||||||
4.720 |
06/02/2026 |
07/02/2026 |
(3,255 |
) |
(3,268 |
) | ||||||||||||||||||
4.770 |
06/22/2026 |
10/16/2026 |
(10,793 |
) |
(10,806 |
) | ||||||||||||||||||
4.810 |
06/02/2026 |
10/02/2026 |
(175 |
) |
(176 |
) | ||||||||||||||||||
4.820 |
06/10/2026 |
10/09/2026 |
(1,017 |
) |
(1,020 |
) | ||||||||||||||||||
4.820 |
06/22/2026 |
10/16/2026 |
(23,125 |
) |
(23,153 |
) | ||||||||||||||||||
4.860 |
04/22/2026 |
07/22/2026 |
(2,310 |
) |
(2,332 |
) | ||||||||||||||||||
| BYR |
3.970 |
06/26/2026 |
08/03/2026 |
(4,695 |
) |
(4,698 |
) | |||||||||||||||||
4.120 |
04/21/2026 |
07/21/2026 |
(3,279 |
) |
(3,306 |
) | ||||||||||||||||||
4.120 |
04/23/2026 |
07/23/2026 |
(406 |
) |
(409 |
) | ||||||||||||||||||
4.120 |
06/01/2026 |
09/01/2026 |
(3,286 |
) |
(3,297 |
) | ||||||||||||||||||
4.120 |
06/23/2026 |
07/21/2026 |
(4,430 |
) |
(4,434 |
) | ||||||||||||||||||
4.120 |
06/24/2026 |
07/21/2026 |
(4,613 |
) |
(4,616 |
) | ||||||||||||||||||
4.120 |
06/30/2026 |
07/21/2026 |
(2,042 |
) |
(2,042 |
) | ||||||||||||||||||
4.120 |
06/30/2026 |
07/31/2026 |
(873 |
) |
(873 |
) | ||||||||||||||||||
4.170 |
05/26/2026 |
08/26/2026 |
(3,445 |
) |
(3,459 |
) | ||||||||||||||||||
| CEW |
3.870 |
05/13/2026 |
TBD |
(2) |
(1,554 |
) |
(1,562 |
) | ||||||||||||||||
5.020 |
04/20/2026 |
07/21/2026 |
(1,451 |
) |
(1,466 |
) | ||||||||||||||||||
| DBL |
2.600 |
06/17/2026 |
TBD |
(2) |
EUR |
(5,206 |
) |
(5,954 |
) | |||||||||||||||
3.900 |
12/12/2025 |
TBD |
(2) |
$ |
(81 |
) |
(83 |
) | ||||||||||||||||
3.950 |
12/12/2025 |
TBD |
(2) |
(2,046 |
) |
(2,091 |
) | |||||||||||||||||
3.950 |
06/17/2026 |
TBD |
(2) |
(3,817 |
) |
(3,821 |
) | |||||||||||||||||
4.030 |
06/03/2026 |
07/01/2026 |
(5,179 |
) |
(5,195 |
) | ||||||||||||||||||
4.070 |
07/01/2026 |
07/30/2026 |
(5,218 |
) |
(5,218 |
) | ||||||||||||||||||
4.350 |
05/08/2026 |
08/07/2026 |
(2,828 |
) |
(2,846 |
) | ||||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 73 |
Consolidated Schedule of Investments |
PIMCO Access Income Fund |
(Cont.) |
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||||
4.605 |
% |
06/18/2026 |
08/21/2026 |
$ |
(3,887 |
) |
$ |
(3,893 |
) | |||||||||||||||
4.755 |
06/18/2026 |
08/21/2026 |
(10,127 |
) |
(10,145 |
) | ||||||||||||||||||
4.840 |
06/02/2026 |
08/03/2026 |
(154 |
) |
(155 |
) | ||||||||||||||||||
4.850 |
05/08/2026 |
08/07/2026 |
(3,453 |
) |
(3,478 |
) | ||||||||||||||||||
4.855 |
06/18/2026 |
08/21/2026 |
(8,720 |
) |
(8,735 |
) | ||||||||||||||||||
5.050 |
05/08/2026 |
08/07/2026 |
(1,767 |
) |
(1,780 |
) | ||||||||||||||||||
5.090 |
06/02/2026 |
08/03/2026 |
(1,210 |
) |
(1,215 |
) | ||||||||||||||||||
5.155 |
06/18/2026 |
08/21/2026 |
(7,142 |
) |
(7,155 |
) | ||||||||||||||||||
| DEU |
3.970 |
06/25/2026 |
TBD |
(2) |
(1,018 |
) |
(1,019 |
) | ||||||||||||||||
4.000 |
02/02/2026 |
TBD |
(2) |
(619 |
) |
(629 |
) | |||||||||||||||||
| JML |
1.450 |
06/17/2026 |
TBD |
(2) |
EUR |
(2,803 |
) |
(3,204 |
) | |||||||||||||||
1.750 |
06/17/2026 |
TBD |
(2) |
(2,462 |
) |
(2,815 |
) | |||||||||||||||||
| MEI |
4.100 |
06/18/2026 |
07/20/2026 |
$ |
(181 |
) |
(181 |
) | ||||||||||||||||
4.100 |
06/30/2026 |
TBD |
(2) |
(182 |
) |
(182 |
) | |||||||||||||||||
| MSB |
4.520 |
05/08/2026 |
11/04/2026 |
(534 |
) |
(538 |
) | |||||||||||||||||
4.670 |
03/18/2026 |
07/16/2026 |
(477 |
) |
(484 |
) | ||||||||||||||||||
4.670 |
05/08/2026 |
11/04/2026 |
(3,182 |
) |
(3,204 |
) | ||||||||||||||||||
4.720 |
05/08/2026 |
11/04/2026 |
(2,798 |
) |
(2,818 |
) | ||||||||||||||||||
4.770 |
05/08/2026 |
11/04/2026 |
(4,010 |
) |
(4,039 |
) | ||||||||||||||||||
4.870 |
05/08/2026 |
11/04/2026 |
(4,954 |
) |
(4,991 |
) | ||||||||||||||||||
| MYI |
1.700 |
06/24/2026 |
07/08/2026 |
EUR |
(518 |
) |
(592 |
) | ||||||||||||||||
1.750 |
06/17/2026 |
07/08/2026 |
(256 |
) |
(292 |
) | ||||||||||||||||||
3.023 |
06/12/2026 |
09/14/2026 |
(1,938 |
) |
(2,217 |
) | ||||||||||||||||||
| MZF |
4.720 |
06/17/2026 |
12/17/2026 |
$ |
(62,494 |
) |
(62,610 |
) | ||||||||||||||||
| NOM |
3.950 |
02/25/2026 |
TBD |
(2) |
(683 |
) |
(693 |
) | ||||||||||||||||
4.000 |
05/29/2026 |
TBD |
(2) |
(315 |
) |
(316 |
) | |||||||||||||||||
| RBC |
3.570 |
05/14/2026 |
08/14/2026 |
CAD |
(3,605 |
) |
(2,554 |
) | ||||||||||||||||
| RTA |
4.145 |
05/20/2026 |
11/20/2026 |
$ |
(2,208 |
) |
(2,219 |
) | ||||||||||||||||
4.145 |
06/02/2026 |
11/30/2026 |
(2,586 |
) |
(2,595 |
) | ||||||||||||||||||
4.145 |
06/11/2026 |
12/11/2026 |
(737 |
) |
(738 |
) | ||||||||||||||||||
4.145 |
06/23/2026 |
11/30/2026 |
(683 |
) |
(683 |
) | ||||||||||||||||||
4.245 |
06/26/2026 |
07/27/2026 |
(11,245 |
) |
(11,252 |
) | ||||||||||||||||||
4.420 |
06/05/2026 |
09/04/2026 |
(2,029 |
) |
(2,036 |
) | ||||||||||||||||||
4.590 |
04/17/2026 |
10/19/2026 |
(8,480 |
) |
(8,562 |
) | ||||||||||||||||||
4.660 |
06/08/2026 |
10/08/2026 |
(1,673 |
) |
(1,678 |
) | ||||||||||||||||||
4.720 |
04/28/2026 |
10/28/2026 |
(1,234 |
) |
(1,244 |
) | ||||||||||||||||||
4.770 |
04/28/2026 |
10/28/2026 |
(1,232 |
) |
(1,243 |
) | ||||||||||||||||||
| SBI |
4.470 |
04/27/2026 |
10/27/2026 |
(771 |
) |
(778 |
) | |||||||||||||||||
| SCX |
4.050 |
01/30/2026 |
TBD |
(2) |
(1,055 |
) |
(1,073 |
) | ||||||||||||||||
4.050 |
02/03/2026 |
TBD |
(2) |
(5,748 |
) |
(5,844 |
) | |||||||||||||||||
4.050 |
06/15/2026 |
07/01/2026 |
(2,234 |
) |
(2,238 |
) | ||||||||||||||||||
4.050 |
07/01/2026 |
TBD |
(2) |
(1,066 |
) |
(1,066 |
) | |||||||||||||||||
4.170 |
06/26/2026 |
08/04/2026 |
(722 |
) |
(722 |
) | ||||||||||||||||||
| SOG |
2.470 |
06/17/2026 |
TBD |
(2) |
EUR |
(1,545 |
) |
(1,767 |
) | |||||||||||||||
2.480 |
06/29/2026 |
TBD |
(2) |
(2,124 |
) |
(2,427 |
) | |||||||||||||||||
3.910 |
04/16/2026 |
TBD |
(2) |
$ |
(1,232 |
) |
(1,242 |
) | ||||||||||||||||
3.970 |
12/12/2025 |
TBD |
(2) |
(1,202 |
) |
(1,229 |
) | |||||||||||||||||
3.990 |
03/10/2026 |
TBD |
(2) |
(2,333 |
) |
(2,362 |
) | |||||||||||||||||
3.990 |
06/04/2026 |
TBD |
(2) |
(2,517 |
) |
(2,524 |
) | |||||||||||||||||
4.000 |
02/10/2026 |
TBD |
(2) |
GBP |
(1,645 |
) |
(2,216 |
) | ||||||||||||||||
4.220 |
06/08/2026 |
08/04/2026 |
$ |
(1,037 |
) |
(1,040 |
) | |||||||||||||||||
4.230 |
06/08/2026 |
07/08/2026 |
(2,223 |
) |
(2,229 |
) | ||||||||||||||||||
4.570 |
06/12/2026 |
10/13/2026 |
(4,403 |
) |
(4,413 |
) | ||||||||||||||||||
4.620 |
06/25/2026 |
12/24/2026 |
(1,249 |
) |
(1,250 |
) | ||||||||||||||||||
4.720 |
05/21/2026 |
11/20/2026 |
(3,307 |
) |
(3,324 |
) | ||||||||||||||||||
4.770 |
05/12/2026 |
11/10/2026 |
(727 |
) |
(731 |
) | ||||||||||||||||||
| UBS |
2.480 |
06/10/2026 |
09/10/2026 |
EUR |
(3,174 |
) |
(3,632 |
) | ||||||||||||||||
2.480 |
06/18/2026 |
09/10/2026 |
(823 |
) |
(941 |
) | ||||||||||||||||||
2.527 |
06/30/2026 |
09/30/2026 |
(1,053 |
) |
(1,203 |
) | ||||||||||||||||||
3.960 |
05/05/2026 |
08/04/2026 |
$ |
(1,601 |
) |
(1,611 |
) | |||||||||||||||||
4.000 |
02/26/2026 |
TBD |
(2) |
GBP |
(1,963 |
) |
(2,639 |
) | ||||||||||||||||
4.630 |
04/06/2026 |
07/07/2026 |
$ |
(5,453 |
) |
(5,514 |
) | |||||||||||||||||
4.670 |
04/23/2026 |
07/23/2026 |
(7,030 |
) |
(7,093 |
) | ||||||||||||||||||
4.730 |
04/06/2026 |
07/07/2026 |
(5,859 |
) |
(5,925 |
) | ||||||||||||||||||
4.770 |
04/16/2026 |
07/16/2026 |
(8,310 |
) |
(8,393 |
) | ||||||||||||||||||
4.820 |
04/23/2026 |
07/23/2026 |
(4,190 |
) |
(4,229 |
) | ||||||||||||||||||
| |
|
|||||||||||||||||||||||
| Total Reverse Repurchase Agreements |
|
$ |
(427,597 |
) | ||||||||||||||||||||
| |
|
|||||||||||||||||||||||
74 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2026:
Counterparty |
Repurchase Agreement Proceeds to be Received |
Payable for Reverse Repurchase Agreements |
Payable for Sale-Buyback Transactions |
Total Borrowings and Other Financing Transactions |
Collateral Pledged/ (Received) |
Net Exposure (3) |
||||||||||||||||||
| Global/Master Repurchase Agreement |
| |||||||||||||||||||||||
| BOS |
$ |
0 |
$ |
(4,491 |
) |
$ |
0 |
$ |
(4,491 |
) |
$ |
5,018 |
$ |
527 |
||||||||||
| BPS |
0 |
(78,948 |
) |
0 |
(78,948 |
) |
93,562 |
14,614 |
||||||||||||||||
| BRC |
0 |
(46,949 |
) |
0 |
(46,949 |
) |
60,915 |
13,966 |
||||||||||||||||
| BYR |
0 |
(27,134 |
) |
0 |
(27,134 |
) |
31,516 |
4,382 |
||||||||||||||||
| CEW |
0 |
(3,028 |
) |
0 |
(3,028 |
) |
3,687 |
659 |
||||||||||||||||
| DBL |
0 |
(61,764 |
) |
0 |
(61,764 |
) |
72,933 |
11,169 |
||||||||||||||||
| DEU |
0 |
(1,648 |
) |
0 |
(1,648 |
) |
1,677 |
29 |
||||||||||||||||
| JML |
0 |
(6,019 |
) |
0 |
(6,019 |
) |
5,965 |
(54 |
) | |||||||||||||||
| MEI |
0 |
(363 |
) |
0 |
(363 |
) |
408 |
45 |
||||||||||||||||
| MSB |
0 |
(16,074 |
) |
0 |
(16,074 |
) |
23,426 |
7,352 |
||||||||||||||||
| MYI |
0 |
(3,101 |
) |
0 |
(3,101 |
) |
3,667 |
566 |
||||||||||||||||
| MZF |
0 |
(62,610 |
) |
0 |
(62,610 |
) |
86,101 |
23,491 |
||||||||||||||||
| NOM |
0 |
(1,009 |
) |
0 |
(1,009 |
) |
1,251 |
242 |
||||||||||||||||
| RBC |
0 |
(2,554 |
) |
0 |
(2,554 |
) |
3,771 |
1,217 |
||||||||||||||||
| RTA |
0 |
(32,250 |
) |
0 |
(32,250 |
) |
38,644 |
6,394 |
||||||||||||||||
| SBI |
0 |
(778 |
) |
0 |
(778 |
) |
955 |
177 |
||||||||||||||||
| SCX |
0 |
(10,943 |
) |
0 |
(10,943 |
) |
10,782 |
(161 |
) | |||||||||||||||
| SOG |
0 |
(26,754 |
) |
0 |
(26,754 |
) |
32,477 |
5,723 |
||||||||||||||||
| UBS |
0 |
(41,180 |
) |
0 |
(41,180 |
) |
55,699 |
14,519 |
||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
| Total Borrowings and Other Financing Transactions |
$ |
0 |
$ |
(427,597 |
) |
$ |
0 |
|||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
Overnight and Continuous |
Up to 30 days |
31-90 days |
Greater Than 90 days |
Total |
||||||||||||||||
| Reverse Repurchase Agreements |
| |||||||||||||||||||
| Corporate Bonds & Notes |
$ |
0 |
$ |
(29,173 |
) |
$ |
(21,796 |
) |
$ |
(57,183 |
) |
$ |
(108,152 |
) | ||||||
| U.S. Government Agencies |
0 |
(10,157 |
) |
(12,626 |
) |
(12,217 |
) |
(35,000 |
) | |||||||||||
| Non-Agency Mortgage-Backed Securities |
0 |
(28,925 |
) |
(12,365 |
) |
(73,299 |
) |
(114,589 |
) | |||||||||||
| Asset-Backed Securities |
0 |
(57,894 |
) |
(19,850 |
) |
(62,089 |
) |
(139,833 |
) | |||||||||||
| Sovereign Issues |
(7,433 |
) |
0 |
(722 |
) |
(11,638 |
) |
(19,793 |
) | |||||||||||
| Preferred Securities |
0 |
(409 |
) |
0 |
0 |
(409 |
) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Borrowings |
$ |
(7,433 |
) |
$ |
(126,558 |
) |
$ |
(67,359 |
) |
$ |
(216,426 |
) |
$ |
(417,776 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Payable for reverse repurchase agreements (4) |
|
$ |
(417,776 |
) | ||||||||||||||||
| |
|
|||||||||||||||||||
(k) |
Securities with an aggregate market value of $531,437 and cash of $3,482 have been pledged as collateral under the terms of the above master agreements as of June 30, 2026. |
(1) |
The average amount of borrowings outstanding during the period ended June 30, 2026 was $(439,504) at a weighted average interest rate of 4.671%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
(2) |
Open maturity reverse repurchase agreement. |
(3) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(4) |
Unsettled reverse repurchase agreements liability of $(9,821) is outstanding at period end. |
(l) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION
(1)
Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value (4) |
Variation Margin |
|||||||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||||||
| Venture Global LNG, Inc. |
5.000 |
% |
Quarterly |
12/20/2030 |
2.113 |
% |
$ |
7,800 |
$ |
179 |
$ |
715 |
$ |
894 |
$ |
14 |
$ |
0 |
||||||||||||||||||||||||||
| Worldline SA/France |
5.000 |
Quarterly |
12/20/2027 |
6.803 |
EUR |
400 |
(39 |
) |
28 |
(11 |
) |
0 |
0 |
|||||||||||||||||||||||||||||||
| Worldline SA/France |
5.000 |
Quarterly |
12/20/2028 |
8.139 |
100 |
(14 |
) |
7 |
(7 |
) |
0 |
0 |
||||||||||||||||||||||||||||||||
| Worldline SA/France |
5.000 |
Quarterly |
12/20/2030 |
9.729 |
10,900 |
(1,781 |
) |
(70 |
) |
(1,851 |
) |
20 |
0 |
|||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
$ |
(1,655 |
) |
$ |
680 |
$ |
(975 |
) |
$ |
34 |
$ |
0 |
|||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
75 |
Consolidated Schedule of Investments |
PIMCO Access Income Fund |
(Cont.) |
INTEREST RATE SWAPS
Pay/Receive Floating Rate |
Floating Rate Index |
Fixed Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value |
Variation Margin |
|||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||
| Pay |
1-Day GBP-SONIO Compounded-OIS |
3.500 |
% |
Annual |
03/18/2031 |
GBP |
1,400 |
$ |
(6 |
) |
$ |
(40 |
) |
$ |
(46 |
) |
$ |
0 |
$ |
(2 |
) | |||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2027 |
$ |
239,300 |
2,405 |
(3,313 |
) |
(908 |
) |
0 |
(135 |
) | ||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2028 |
84,900 |
1,218 |
(1,645 |
) |
(427 |
) |
0 |
(98 |
) | |||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
06/20/2029 |
1,400 |
(27 |
) |
35 |
8 |
2 |
0 |
|||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.250 |
Annual |
06/18/2030 |
111,900 |
(1,026 |
) |
(1,711 |
) |
(2,737 |
) |
0 |
(222 |
) | ||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
03/18/2031 |
81,820 |
610 |
(2,088 |
) |
(1,478 |
) |
0 |
(205 |
) | |||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.250 |
Annual |
06/17/2031 |
74,610 |
(1,121 |
) |
(1,113 |
) |
(2,234 |
) |
0 |
(197 |
) | ||||||||||||||||||||||||||
| Pay (5) |
1-Day USD-SOFR Compounded-OIS |
4.000 |
Annual |
07/02/2031 |
114,900 |
610 |
(143 |
) |
467 |
0 |
(312 |
) | ||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/17/2035 |
8,500 |
(139 |
) |
307 |
168 |
41 |
0 |
|||||||||||||||||||||||||||||
| Receive (5) |
1-Day USD-SOFR Compounded-OIS |
4.000 |
Annual |
02/15/2036 |
17,400 |
(11 |
) |
29 |
18 |
87 |
0 |
|||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/17/2045 |
5,250 |
102 |
235 |
337 |
45 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
06/15/2052 |
25,600 |
6,320 |
3,739 |
10,059 |
194 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
12/21/2052 |
17,400 |
4,191 |
2,874 |
7,065 |
134 |
0 |
||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.400 |
Annual |
12/21/2052 |
22,900 |
40 |
2,998 |
3,038 |
225 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.172 |
Maturity |
01/02/2031 |
BRL |
14,200 |
1 |
(58 |
) |
(57 |
) |
8 |
0 |
|||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.180 |
Maturity |
01/02/2031 |
120,900 |
(49 |
) |
(432 |
) |
(481 |
) |
68 |
0 |
|||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.330 |
Maturity |
01/02/2031 |
1,700 |
0 |
(6 |
) |
(6 |
) |
1 |
0 |
||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.724 |
Maturity |
01/02/2031 |
56,000 |
0 |
(70 |
) |
(70 |
) |
31 |
0 |
||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.790 |
Maturity |
01/02/2031 |
14,800 |
0 |
(14 |
) |
(14 |
) |
8 |
0 |
||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.882 |
Maturity |
01/02/2031 |
73,000 |
0 |
(37 |
) |
(37 |
) |
41 |
0 |
||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
12.000 |
Annual |
06/17/2027 |
COP |
9,205,700 |
(2 |
) |
0 |
(2 |
) |
0 |
(1 |
) | ||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
11.250 |
Quarterly |
06/17/2028 |
955,300 |
0 |
1 |
1 |
0 |
0 |
||||||||||||||||||||||||||||||
| Receive |
6-Month EUR-EURIBOR |
0.500 |
Annual |
09/21/2052 |
EUR |
7,800 |
676 |
3,558 |
4,234 |
10 |
0 |
|||||||||||||||||||||||||||||
| Receive (5) |
6-Month EUR-EURIBOR |
0.830 |
Annual |
12/09/2052 |
22,900 |
313 |
2,793 |
3,106 |
0 |
(4 |
) | |||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ |
14,105 |
$ |
5,899 |
$ |
20,004 |
$ |
895 |
$ |
(1,176 |
) | ||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Total Swap Agreements |
|
$ |
12,450 |
$ |
6,579 |
$ |
19,029 |
$ |
929 |
$ |
(1,176 |
) | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||
Market Value |
Variation Margin Asset |
Total |
Market Value |
Variation Margin Liability |
Total |
|||||||||||||||||||||||||||||||
Purchased Options |
Futures |
Swap Agreements |
Written Options |
Futures |
Swap Agreements |
|||||||||||||||||||||||||||||||
| Total Exchange-Traded or Centrally Cleared |
$ |
0 |
$ |
0 |
$ |
929 |
$ |
929 |
$ |
0 |
$ |
0 |
$ |
(1,176 |
) |
$ |
(1,176 |
) | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Cash of $22,293 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2026.
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) |
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(3) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) |
The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(5) |
This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information. |
76 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty |
Settlement Month |
Currency to be Delivered |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
| BOA |
07/2026 |
DOP |
30,180 |
$ |
513 |
$ |
4 |
$ |
0 |
|||||||||||||||
07/2026 |
GBP |
144 |
192 |
1 |
0 |
|||||||||||||||||||
07/2026 |
$ |
2,307 |
EUR |
1,982 |
0 |
(42 |
) | |||||||||||||||||
08/2026 |
DOP |
21,293 |
$ |
358 |
4 |
0 |
||||||||||||||||||
08/2026 |
HKD |
3,259 |
416 |
0 |
0 |
|||||||||||||||||||
09/2026 |
COP |
17,635,535 |
4,549 |
0 |
(519 |
) | ||||||||||||||||||
12/2026 |
1,444,098 |
363 |
0 |
(43 |
) | |||||||||||||||||||
| BPS |
07/2026 |
BRL |
4,749 |
917 |
0 |
(3 |
) | |||||||||||||||||
07/2026 |
CAD |
152 |
107 |
0 |
0 |
|||||||||||||||||||
07/2026 |
EUR |
1,902 |
2,200 |
27 |
0 |
|||||||||||||||||||
07/2026 |
$ |
935 |
BRL |
4,749 |
0 |
(15 |
) | |||||||||||||||||
07/2026 |
6,087 |
GBP |
4,566 |
12 |
(42 |
) | ||||||||||||||||||
07/2026 |
67 |
KWD |
20 |
0 |
(1 |
) | ||||||||||||||||||
07/2026 |
773 |
ZAR |
12,675 |
0 |
0 |
|||||||||||||||||||
08/2026 |
795 |
BRL |
4,051 |
0 |
(17 |
) | ||||||||||||||||||
09/2026 |
COP |
89,860 |
$ |
24 |
0 |
(1 |
) | |||||||||||||||||
06/2027 |
$ |
52 |
KWD |
16 |
0 |
(1 |
) | |||||||||||||||||
07/2029 |
KWD |
17 |
$ |
60 |
3 |
0 |
||||||||||||||||||
05/2030 |
163 |
560 |
29 |
0 |
||||||||||||||||||||
06/2031 |
74 |
248 |
7 |
0 |
||||||||||||||||||||
| BRC |
07/2026 |
TRY |
372,805 |
7,832 |
0 |
(43 |
) | |||||||||||||||||
07/2026 |
$ |
5,395 |
TRY |
258,143 |
57 |
0 |
||||||||||||||||||
07/2026 |
3,854 |
ZAR |
62,599 |
0 |
(38 |
) | ||||||||||||||||||
| BSH |
08/2026 |
13,329 |
BRL |
68,009 |
0 |
(256 |
) | |||||||||||||||||
09/2026 |
COP |
9,388,826 |
$ |
2,406 |
0 |
(292 |
) | |||||||||||||||||
| CBK |
07/2026 |
EUR |
978 |
1,141 |
23 |
0 |
||||||||||||||||||
07/2026 |
$ |
250 |
EGP |
13,387 |
21 |
0 |
||||||||||||||||||
07/2026 |
3,266 |
EUR |
2,802 |
0 |
(64 |
) | ||||||||||||||||||
08/2026 |
COP |
31,890,564 |
$ |
8,388 |
0 |
(841 |
) | |||||||||||||||||
08/2026 |
EUR |
3,174 |
3,622 |
0 |
(10 |
) | ||||||||||||||||||
09/2026 |
COP |
15,893,202 |
4,180 |
0 |
(388 |
) | ||||||||||||||||||
| DUB |
07/2026 |
$ |
359 |
EGP |
19,369 |
33 |
0 |
|||||||||||||||||
07/2026 |
1,798 |
ZAR |
29,109 |
0 |
(24 |
) | ||||||||||||||||||
| FAR |
07/2026 |
GBP |
15,959 |
$ |
21,430 |
272 |
(11 |
) | ||||||||||||||||
07/2026 |
$ |
14 |
JPY |
2,287 |
0 |
0 |
||||||||||||||||||
07/2026 |
2,513 |
ZAR |
41,469 |
15 |
0 |
|||||||||||||||||||
08/2026 |
JPY |
2,281 |
$ |
14 |
0 |
0 |
||||||||||||||||||
| GLM |
07/2026 |
DOP |
2,865 |
48 |
0 |
0 |
||||||||||||||||||
07/2026 |
$ |
1,290 |
CAD |
1,836 |
4 |
0 |
||||||||||||||||||
08/2026 |
CAD |
1,834 |
$ |
1,290 |
0 |
(4 |
) | |||||||||||||||||
08/2026 |
DOP |
55,495 |
929 |
8 |
0 |
|||||||||||||||||||
08/2026 |
$ |
1,293 |
BRL |
6,609 |
0 |
(23 |
) | |||||||||||||||||
09/2026 |
DOP |
145,106 |
$ |
2,381 |
5 |
(27 |
) | |||||||||||||||||
09/2026 |
$ |
1,722 |
BRL |
8,864 |
0 |
(30 |
) | |||||||||||||||||
10/2026 |
DOP |
5,063 |
$ |
85 |
2 |
0 |
||||||||||||||||||
11/2026 |
78,380 |
1,289 |
0 |
(1 |
) | |||||||||||||||||||
12/2026 |
5,197 |
87 |
2 |
0 |
||||||||||||||||||||
| JPM |
07/2026 |
BRL |
4,760 |
925 |
3 |
0 |
||||||||||||||||||
07/2026 |
EUR |
1,910 |
2,214 |
31 |
0 |
|||||||||||||||||||
07/2026 |
$ |
919 |
BRL |
4,760 |
3 |
0 |
||||||||||||||||||
08/2026 |
HKD |
12,105 |
$ |
1,547 |
1 |
0 |
||||||||||||||||||
09/2026 |
COP |
54,462 |
15 |
0 |
(1 |
) | ||||||||||||||||||
10/2026 |
$ |
925 |
BRL |
4,865 |
0 |
(3 |
) | |||||||||||||||||
| MBC |
07/2026 |
EUR |
6,421 |
$ |
7,452 |
115 |
0 |
|||||||||||||||||
07/2026 |
JPY |
543 |
3 |
0 |
0 |
|||||||||||||||||||
07/2026 |
$ |
2,669 |
EUR |
2,301 |
0 |
(39 |
) | |||||||||||||||||
08/2026 |
366 |
EGP |
19,820 |
29 |
0 |
|||||||||||||||||||
08/2026 |
2,560 |
EUR |
2,242 |
5 |
0 |
|||||||||||||||||||
| SCX |
08/2026 |
HKD |
11,424 |
$ |
1,461 |
2 |
0 |
|||||||||||||||||
| SOG |
07/2026 |
EUR |
105,114 |
122,619 |
2,516 |
0 |
||||||||||||||||||
07/2026 |
JPY |
1,744 |
11 |
0 |
0 |
|||||||||||||||||||
07/2026 |
$ |
124,260 |
EUR |
109,240 |
557 |
0 |
||||||||||||||||||
08/2026 |
CAD |
34 |
$ |
24 |
0 |
0 |
||||||||||||||||||
08/2026 |
EUR |
109,240 |
124,429 |
0 |
(556 |
) | ||||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 77 |
Consolidated Schedule of Investments |
PIMCO Access Income Fund |
(Cont.) |
Counterparty |
Settlement Month |
Currency to be Delivered |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
| SSB |
07/2026 |
CAD |
1,887 |
$ |
1,369 |
$ |
38 |
$ |
0 |
|||||||||||||||
07/2026 |
$ |
12 |
CAD |
17 |
0 |
0 |
||||||||||||||||||
07/2026 |
15,250 |
GBP |
11,537 |
53 |
0 |
|||||||||||||||||||
08/2026 |
CAD |
17 |
$ |
12 |
0 |
0 |
||||||||||||||||||
08/2026 |
GBP |
11,537 |
15,250 |
0 |
(53 |
) | ||||||||||||||||||
| UAG |
09/2026 |
COP |
2,615,709 |
678 |
0 |
(73 |
) | |||||||||||||||||
09/2026 |
$ |
5,537 |
COP |
21,366,547 |
603 |
0 |
||||||||||||||||||
12/2026 |
COP |
14,922,013 |
$ |
3,824 |
0 |
(375 |
) | |||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
| Total Forward Foreign Currency Contracts |
|
$ |
4,485 |
$ |
(3,836 |
) | ||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION
(1)
Counterparty |
Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value (4) |
|||||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||||
BOA |
Ecuador Government International Bonds |
5.000 |
% |
Quarterly |
06/20/2031 |
3.632 |
% |
$ |
500 |
$ |
26 |
$ |
3 |
$ |
29 |
$ |
0 |
|||||||||||||||||||||||||
| Kenya Government International Bonds |
1.000 |
Quarterly |
06/20/2031 |
3.299 |
1,000 |
(97 |
) |
1 |
0 |
(96 |
) | |||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
06/20/2031 |
2.146 |
4,800 |
(245 |
) |
9 |
0 |
(236 |
) | |||||||||||||||||||||||||||||||
BPS |
Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
1,030 |
(144 |
) |
38 |
0 |
(106 |
) | ||||||||||||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2028 |
6.501 |
EUR |
300 |
(19 |
) |
10 |
0 |
(9 |
) | ||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2028 |
1.573 |
$ |
900 |
(174 |
) |
162 |
0 |
(12 |
) | ||||||||||||||||||||||||||||||
BRC |
Egypt Government International Bonds |
1.000 |
Quarterly |
12/20/2028 |
2.194 |
3,000 |
(521 |
) |
439 |
0 |
(82 |
) | ||||||||||||||||||||||||||||||
| Egypt Government International Bonds |
1.000 |
Quarterly |
06/20/2029 |
2.238 |
800 |
(171 |
) |
144 |
0 |
(27 |
) | |||||||||||||||||||||||||||||||
| Nissan Motor Co. Ltd. |
1.000 |
Quarterly |
12/20/2030 |
2.400 |
JPY |
100,000 |
(55 |
) |
20 |
0 |
(35 |
) | ||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
06/20/2031 |
2.146 |
$ |
900 |
(51 |
) |
7 |
0 |
(44 |
) | ||||||||||||||||||||||||||||||
CBK |
Argentine Republic Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.431 |
400 |
(47 |
) |
61 |
14 |
0 |
|||||||||||||||||||||||||||||||
| Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
3,500 |
(487 |
) |
126 |
0 |
(361 |
) | |||||||||||||||||||||||||||||||
| Kenya Government International Bonds |
1.000 |
Quarterly |
06/20/2031 |
3.299 |
900 |
(83 |
) |
(3 |
) |
0 |
(86 |
) | ||||||||||||||||||||||||||||||
DUB |
Petroleos Mexicanos « |
4.750 |
Monthly |
07/06/2026 |
— |
¨ |
117 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||||||
| Petroleos Mexicanos « |
4.850 |
Monthly |
07/06/2026 |
— |
¨ |
206 |
0 |
1 |
1 |
0 |
||||||||||||||||||||||||||||||||
GST |
Argentine Republic Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.431 |
900 |
(83 |
) |
115 |
32 |
0 |
|||||||||||||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2028 |
6.501 |
EUR |
500 |
(33 |
) |
19 |
0 |
(14 |
) | ||||||||||||||||||||||||||||||
JPM |
Ecuador Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.177 |
$ |
400 |
13 |
2 |
15 |
0 |
|||||||||||||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2031 |
10.863 |
EUR |
900 |
(224 |
) |
22 |
0 |
(202 |
) | ||||||||||||||||||||||||||||||
| Nissan Motor Co. Ltd. |
1.000 |
Quarterly |
12/20/2030 |
2.400 |
JPY |
50,000 |
(28 |
) |
10 |
0 |
(18 |
) | ||||||||||||||||||||||||||||||
MYC |
Argentine Republic Government International Bonds |
5.000 |
Quarterly |
12/20/2026 |
0.814 |
$ |
2,400 |
16 |
35 |
51 |
0 |
|||||||||||||||||||||||||||||||
| Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
3,530 |
(486 |
) |
122 |
0 |
(364 |
) | |||||||||||||||||||||||||||||||
| Nissan Motor Co. Ltd. |
1.000 |
Quarterly |
12/20/2030 |
2.400 |
JPY |
100,000 |
(55 |
) |
20 |
0 |
(35 |
) | ||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Total Swap Agreements |
$ |
(2,948 |
) |
$ |
1,363 |
$ |
142 |
$ |
(1,727 |
) | ||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
78 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||||||||||||||
Counterparty |
Forward Foreign Currency Contracts |
Purchased Options |
Swap Agreements |
Total Over the Counter |
Forward Foreign Currency Contracts |
Written Options |
Swap Agreements |
Total Over the Counter |
Net Market Value of OTC Derivatives |
Collateral Pledged/ (Received) |
Net Exposure (5) |
|||||||||||||||||||||||||||||||||||||
| BOA |
$ |
9 |
$ |
0 |
$ |
29 |
$ |
38 |
$ |
(604 |
) |
$ |
0 |
$ |
(332 |
) |
$ |
(936 |
) |
$ |
(898 |
) |
$ |
667 |
$ |
(231 |
) | |||||||||||||||||||||
| BPS |
78 |
0 |
0 |
78 |
(80 |
) |
0 |
(127 |
) |
(207 |
) |
(129 |
) |
0 |
(129 |
) | ||||||||||||||||||||||||||||||||
| BRC |
57 |
0 |
0 |
57 |
(81 |
) |
0 |
(188 |
) |
(269 |
) |
(212 |
) |
223 |
11 |
|||||||||||||||||||||||||||||||||
| BSH |
0 |
0 |
0 |
0 |
(548 |
) |
0 |
0 |
(548 |
) |
(548 |
) |
435 |
(113 |
) | |||||||||||||||||||||||||||||||||
| CBK |
44 |
0 |
14 |
58 |
(1,303 |
) |
0 |
(447 |
) |
(1,750 |
) |
(1,692 |
) |
1,351 |
(341 |
) | ||||||||||||||||||||||||||||||||
| DUB |
33 |
0 |
1 |
34 |
(24 |
) |
0 |
0 |
(24 |
) |
10 |
0 |
10 |
|||||||||||||||||||||||||||||||||||
| FAR |
287 |
0 |
0 |
287 |
(11 |
) |
0 |
0 |
(11 |
) |
276 |
(320 |
) |
(44 |
) | |||||||||||||||||||||||||||||||||
| GLM |
21 |
0 |
0 |
21 |
(85 |
) |
0 |
0 |
(85 |
) |
(64 |
) |
115 |
51 |
||||||||||||||||||||||||||||||||||
| GST |
0 |
0 |
32 |
32 |
0 |
0 |
(14 |
) |
(14 |
) |
18 |
0 |
18 |
|||||||||||||||||||||||||||||||||||
| JPM |
38 |
0 |
15 |
53 |
(4 |
) |
0 |
(220 |
) |
(224 |
) |
(171 |
) |
0 |
(171 |
) | ||||||||||||||||||||||||||||||||
| MBC |
149 |
0 |
0 |
149 |
(39 |
) |
0 |
0 |
(39 |
) |
110 |
0 |
110 |
|||||||||||||||||||||||||||||||||||
| MYC |
0 |
0 |
51 |
51 |
0 |
0 |
(399 |
) |
(399 |
) |
(348 |
) |
485 |
137 |
||||||||||||||||||||||||||||||||||
| SCX |
2 |
0 |
0 |
2 |
0 |
0 |
0 |
0 |
2 |
0 |
2 |
|||||||||||||||||||||||||||||||||||||
| SOG |
3,073 |
0 |
0 |
3,073 |
(556 |
) |
0 |
0 |
(556 |
) |
2,517 |
(2,510 |
) |
7 |
||||||||||||||||||||||||||||||||||
| SSB |
91 |
0 |
0 |
91 |
(53 |
) |
0 |
0 |
(53 |
) |
38 |
0 |
38 |
|||||||||||||||||||||||||||||||||||
| UAG |
603 |
0 |
0 |
603 |
(448 |
) |
0 |
0 |
(448 |
) |
155 |
0 |
155 |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total Over the Counter |
$ |
4,485 |
$ |
0 |
$ |
142 |
$ |
4,627 |
$ |
(3,836 |
) |
$ |
0 |
$ |
(1,727 |
) |
$ |
(5,563 |
) |
|||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
(n) |
Securities with an aggregate market value of $3,276 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2026. |
¨ |
Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. See Note 3, Investment Valuation and Fair Value measurements, in the Notes to the Financial statements for more information. |
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) |
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(3) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) |
The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(5) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of June 30, 2026:
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
||||||||||||||||||||||||
| Swap Agreements |
$ |
0 |
$ |
34 |
$ |
0 |
$ |
0 |
$ |
895 |
$ |
929 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
||||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
4,485 |
$ |
0 |
$ |
4,485 |
||||||||||||
| Swap Agreements |
0 |
142 |
0 |
0 |
0 |
142 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
142 |
$ |
0 |
$ |
4,485 |
$ |
0 |
$ |
4,627 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
176 |
$ |
0 |
$ |
4,485 |
$ |
895 |
$ |
5,556 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
79 |
Consolidated Schedule of Investments |
PIMCO Access Income Fund |
(Cont.) |
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Financial Derivative Instruments - Liabilities |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
||||||||||||||||||||||||
| Swap Agreements |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
1,176 |
$ |
1,176 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
||||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
3,836 |
$ |
0 |
$ |
3,836 |
||||||||||||
| Swap Agreements |
0 |
1,727 |
0 |
0 |
0 |
1,727 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
1,727 |
$ |
0 |
$ |
3,836 |
$ |
0 |
$ |
5,563 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
1,727 |
$ |
0 |
$ |
3,836 |
$ |
1,176 |
$ |
6,739 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended June 30, 2026:
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Net Realized Gain (Loss) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
||||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
283 |
$ |
283 |
||||||||||||
| Swap Agreements |
0 |
528 |
0 |
0 |
(2,156 |
) |
(1,628 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
528 |
$ |
0 |
$ |
0 |
$ |
(1,873 |
) |
$ |
(1,345 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
||||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(1,126 |
) |
$ |
0 |
$ |
(1,126 |
) | ||||||||||
| Swap Agreements |
0 |
785 |
0 |
0 |
0 |
785 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
785 |
$ |
0 |
$ |
(1,126 |
) |
$ |
0 |
$ |
(341 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
1,313 |
$ |
0 |
$ |
(1,126 |
) |
$ |
(1,873 |
) |
$ |
(1,686 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
||||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(321 |
) |
$ |
(321 |
) | ||||||||||
| Swap Agreements |
0 |
681 |
0 |
0 |
(5,781 |
) |
(5,100 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
681 |
$ |
0 |
$ |
0 |
$ |
(6,102 |
) |
$ |
(5,421 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
||||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
5,534 |
$ |
0 |
$ |
5,534 |
||||||||||||
| Swap Agreements |
0 |
1,399 |
0 |
0 |
0 |
1,399 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
1,399 |
$ |
0 |
$ |
5,534 |
$ |
0 |
$ |
6,933 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
2,080 |
$ |
0 |
$ |
5,534 |
$ |
(6,102 |
) |
$ |
1,512 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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 Fund’s assets and liabilities:
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||
| Loan Participations and Assignments |
$ |
0 |
$ |
184,752 |
$ |
85,270 |
$ |
270,022 |
||||||||
| Corporate Bonds & Notes |
||||||||||||||||
| Banking & Finance |
0 |
38,586 |
350 |
38,936 |
||||||||||||
| Industrials |
0 |
122,209 |
5,627 |
127,836 |
||||||||||||
| Utilities |
0 |
19,295 |
422 |
19,717 |
||||||||||||
| Convertible Bonds & Notes |
||||||||||||||||
| Industrials |
0 |
1,347 |
0 |
1,347 |
||||||||||||
| U.S. Government Agencies |
0 |
46,881 |
0 |
46,881 |
||||||||||||
| U.S. Treasury Obligations |
0 |
666 |
0 |
666 |
||||||||||||
| Non-Agency Mortgage-Backed Securities |
0 |
150,568 |
7,949 |
158,517 |
||||||||||||
| Asset-Backed Securities |
||||||||||||||||
| Automobile ABS Other |
0 |
1,871 |
0 |
1,871 |
||||||||||||
| Automobile Sequential |
0 |
0 |
4,856 |
4,856 |
||||||||||||
| Home Equity Other |
0 |
135,369 |
0 |
135,369 |
||||||||||||
| Whole Loan Collateral |
0 |
21,081 |
0 |
21,081 |
||||||||||||
| Other ABS |
0 |
24,512 |
13,745 |
38,257 |
||||||||||||
| Sovereign Issues |
0 |
69,238 |
0 |
69,238 |
||||||||||||
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Common Stocks |
||||||||||||||||
| Consumer Discretionary |
$ |
0 |
$ |
0 |
$ |
53 |
$ |
53 |
||||||||
| Financials |
13,341 |
0 |
0 |
13,341 |
||||||||||||
| Industrials |
0 |
0 |
3,160 |
3,160 |
||||||||||||
| Real Estate |
325 |
0 |
0 |
325 |
||||||||||||
| Preferred Securities |
||||||||||||||||
| Banking & Finance |
0 |
0 |
6,321 |
6,321 |
||||||||||||
| Industrials |
0 |
2,485 |
37,914 |
40,399 |
||||||||||||
| Short-Term Instruments |
||||||||||||||||
| Mutual Funds |
1,536 |
0 |
0 |
1,536 |
||||||||||||
| Egypt Treasury Bills |
0 |
4,745 |
0 |
4,745 |
||||||||||||
| Nigeria Treasury Bills |
0 |
15,637 |
0 |
15,637 |
||||||||||||
| U.S. Treasury Bills |
0 |
2,892 |
0 |
2,892 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
15,202 |
$ |
842,134 |
$ |
165,667 |
$ |
1,023,003 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Investments in Affiliates, at Value |
| |||||||||||||||
| Common Stocks |
| |||||||||||||||
| Affiliated Investments |
0 |
0 |
5,953 |
5,953 |
||||||||||||
80 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Short-Term Instruments |
| |||||||||||||||
| Central Funds Used for Cash Management Purposes |
$ |
80,245 |
$ |
0 |
$ |
0 |
$ |
80,245 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
80,245 |
$ |
0 |
$ |
5,953 |
$ |
86,198 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ |
95,447 |
$ |
842,134 |
$ |
171,620 |
$ |
1,109,201 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||
| Exchange-traded or centrally cleared |
0 |
929 |
0 |
929 |
||||||||||||
| Over the counter |
0 |
4,626 |
1 |
4,627 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
0 |
$ |
5,555 |
$ |
1 |
$ |
5,556 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Financial Derivative Instruments - Liabilities |
| |||||||||||||||
| Exchange-traded or centrally cleared |
$ |
0 |
$ |
(1,176 |
) |
$ |
0 |
$ |
(1,176 |
) | ||||||
| Over the counter |
0 |
(5,563 |
) |
0 |
(5,563 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
0 |
$ |
(6,739 |
) |
$ |
0 |
$ |
(6,739 |
) | |||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Financial Derivative Instruments |
$ |
0 |
$ |
(1,184 |
) |
$ |
1 |
$ |
(1,183 |
) | ||||||
| |
|
|
|
|
|
|
|
|||||||||
| Totals |
$ |
95,447 |
$ |
840,950 |
$ |
171,621 |
$ |
1,108,018 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2026:
Category and Subcategory |
Beginning Balance at 06/30/2025 |
Net Purchases (1) |
Net Sales/ Settlements (1) |
Accrued Discounts/ (Premiums) |
Realized Gain/(Loss) |
Net Change in Unrealized Appreciation/ (Depreciation) (2) |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance at 06/30/2026 |
Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2026 (2) |
||||||||||||||||||||||||||||||
| Investments in Securities, at Value |
|
|||||||||||||||||||||||||||||||||||||||
| Loan Participations and Assignments |
$ |
69,500 |
$ |
12,282 |
$ |
(30,852 |
) |
$ |
299 |
$ |
288 |
$ |
(1,556 |
) |
$ |
35,309 |
$ |
0 |
$ |
85,270 |
$ |
(830 |
) | |||||||||||||||||
| Corporate Bonds & Notes |
| |||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
58 |
354 |
(55 |
) |
0 |
0 |
(7 |
) |
0 |
0 |
350 |
(4 |
) | |||||||||||||||||||||||||||
| Industrials |
7,749 |
451 |
(4,118 |
) |
83 |
0 |
1,462 |
0 |
0 |
5,627 |
404 |
|||||||||||||||||||||||||||||
| Utilities |
0 |
1,496 |
0 |
(10 |
) |
0 |
(1,064 |
) |
0 |
0 |
422 |
(1,064 |
) | |||||||||||||||||||||||||||
| Non-Agency Mortgage-Backed Securities |
0 |
7,544 |
0 |
0 |
0 |
405 |
0 |
0 |
7,949 |
404 |
||||||||||||||||||||||||||||||
| Asset-Backed Securities |
| |||||||||||||||||||||||||||||||||||||||
| Automobile Sequentia |
5,082 |
0 |
(168 |
) |
0 |
0 |
(58 |
) |
0 |
0 |
4,856 |
(55 |
) | |||||||||||||||||||||||||||
| Other ABS |
16,763 |
0 |
0 |
0 |
0 |
(2,421 |
) |
0 |
(597 |
) |
13,745 |
(2,032 |
) | |||||||||||||||||||||||||||
| Common Stocks |
||||||||||||||||||||||||||||||||||||||||
| Consumer Discretionary |
53 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
53 |
0 |
||||||||||||||||||||||||||||||
| Health Care |
32,448 |
0 |
(29,017 |
) |
0 |
(1,015 |
) |
(2,416 |
) |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
| Industrials |
2,709 |
0 |
0 |
0 |
0 |
451 |
0 |
0 |
3,160 |
451 |
||||||||||||||||||||||||||||||
| Real Estate (3) |
16 |
0 |
0 |
0 |
0 |
309 |
0 |
(325 |
) |
0 |
0 |
|||||||||||||||||||||||||||||
| Preferred Securities |
||||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
0 |
6,321 |
0 |
0 |
0 |
0 |
0 |
0 |
6,321 |
0 |
||||||||||||||||||||||||||||||
| Industrials |
17,611 |
23,088 |
0 |
0 |
0 |
(2,785 |
) |
0 |
0 |
37,914 |
(2,785 |
) | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ |
151,989 |
$ |
51,536 |
$ |
(64,210 |
) |
$ |
372 |
$ |
(727 |
) |
$ |
(7,680 |
) |
$ |
35,309 |
$ |
(922 |
) |
$ |
165,667 |
$ |
(5,511 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Investments in Affiliates |
| |||||||||||||||||||||||||||||||||||||||
| Common Stocks |
||||||||||||||||||||||||||||||||||||||||
| Affiliated Investments |
$ |
9,950 |
$ |
0 |
$ |
(4,696 |
) |
$ |
0 |
$ |
0 |
$ |
699 |
$ |
0 |
$ |
0 |
$ |
5,953 |
$ |
625 |
|||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Financial Derivative Instruments |
| |||||||||||||||||||||||||||||||||||||||
| Over the counter |
$ |
24 |
$ |
0 |
$ |
(13 |
) |
$ |
0 |
$ |
0 |
$ |
(10 |
) |
$ |
0 |
$ |
0 |
$ |
1 |
$ |
0 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Totals |
$ |
161,963 |
$ |
51,536 |
$ |
(68,919 |
) |
$ |
372 |
$ |
(727 |
) |
$ |
(6,991 |
) |
$ |
35,309 |
$ |
(922 |
) |
$ |
171,621 |
$ |
(4,886 |
) | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
81 |
Consolidated Schedule of Investments |
PIMCO Access Income Fund |
(Cont.) |
June 30, 2026 |
The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:
Category and Subcategory |
Ending Balance at 06/30/2026 |
Valuation Technique |
Unobservable Inputs |
(% Unless Noted Otherwise) |
||||||||||||||
Input Value(s) |
Weighted Average |
|||||||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||||
| Loan Participations and Assignments |
$ |
42,134 |
Discounted Cash Flow |
Discount rate |
6.140-22.500 |
9.155 |
||||||||||||
35,998 |
Third Party Vendoer |
Broker Quote |
88.000-126.000 |
120.863 |
||||||||||||||
4,266 |
Indicative Market Quotation |
Broker Quote |
101.250 |
— |
||||||||||||||
2,872 |
Recent Transaction |
Purchase Price |
100.000 |
— |
||||||||||||||
| Corporate Bonds & Notes |
| |||||||||||||||||
| Banking & Finance |
350 |
Other Valuation Techniques (3) |
— |
— |
||||||||||||||
| Industrials |
5,627 |
Comparable Companies/ Discounted Cash Flow |
EBITDA Multiple/ Discount Rate |
X/% |
13.000/10.250 |
— |
||||||||||||
| Utilities |
195 |
Indicative Market Quotation |
Broker Quote |
425.000 |
||||||||||||||
227 |
Indicative Market Quotation |
Broker Quote |
EUR |
13.500 |
— |
|||||||||||||
| Non-Agency Mortgage-Backed Securities |
||||||||||||||||||
6,066 |
Discounted Cash Flow |
Discount rate |
8.767-14.162 |
11.432 |
||||||||||||||
221 |
Proxy Pricing |
Base Price |
5.813 |
|||||||||||||||
1,662 |
Recent Transaction |
Purchase Price |
100.000 |
— |
||||||||||||||
| Asset - Backed Securities |
| |||||||||||||||||
| Automoblie Sequenita |
4,856 |
Discounted Cash Flow |
Discount rate |
10.941 |
||||||||||||||
| Other ABS |
13,745 |
Discounted Cash Flow |
Discount rate |
12.500-15.000 |
14.485 |
|||||||||||||
| Common Stocks |
| |||||||||||||||||
| Affliated Investments |
5,953 |
Sum of the Parts |
Discount rate/ Mortality Assumption |
15.323/2015 ANB VBT Mortality Table |
— |
|||||||||||||
| Consumer Discretionary |
53 |
Expected Recovery |
Price |
$ |
— |
— |
||||||||||||
| Industrials |
3,160 |
Comparable Companies/ Discounted Cash Flow |
EBITDA Multiple/ Discount Rate |
X/% |
13.000/10.250 |
— |
||||||||||||
| Preferred Securities |
| |||||||||||||||||
| Banking & Finance |
6,321 |
Recent transaction |
Purchase Price |
$ |
1.000 |
— |
||||||||||||
| Industrials |
239 |
Comparable Companies |
Revenue/EBITDA Multiple |
x |
4.625/18.000 |
— |
||||||||||||
26,231 |
Discounted Cash Flow |
Discount Rate |
3.769-26.880 |
18.563 |
||||||||||||||
11,444 |
Recent transaction |
Commitment |
$ |
1,000 |
— |
|||||||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||||
| Over the counter |
1 |
Indicative Market Quotation |
Broker Quote |
0.053-0.055 |
0.054 |
|||||||||||||
| |
|
|||||||||||||||||
| Total |
$ |
171,621 |
||||||||||||||||
| |
|
|||||||||||||||||
(1) |
Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
(2) |
Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. |
(3) |
Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. |
82 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
June 30, 2026 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 136.8% |
| |||||||||||
LOAN PARTICIPATIONS AND ASSIGNMENTS 35.4% |
| |||||||||||
| ADI Global Distribution Funding LLC |
| |||||||||||
| TBD% due 06/17/2033 |
$ |
1,000 |
$ |
1,004 |
||||||||
| Aligned Data Centers International LP |
| |||||||||||
| 7.164% due 05/16/2028 «~ |
30,215 |
30,215 |
||||||||||
| Altice France SA |
| |||||||||||
| 6.579% (EUR003M + 2.204%) due 04/30/2028 ~ |
EUR |
151 |
173 |
|||||||||
| 6.579% (EUR003M + 2.240%) due 10/30/2028 ~ |
2,720 |
3,117 |
||||||||||
| 7.798% (TSFR3M + 3.673%) due 04/30/2028 ~ |
$ |
1,510 |
1,519 |
|||||||||
| 8.735% - 8.736% (TSFR3M + 3.673%) due 10/30/2028 ~ |
22,721 |
22,735 |
||||||||||
| 9.079% (EUR003M + 2.240%) due 05/30/2031 ~ |
EUR |
6,114 |
7,139 |
|||||||||
| 10.548% (TSFR3M + 3.673%) due 05/31/2031 ~ |
$ |
92,796 |
94,931 |
|||||||||
| Aston XLN Topco Ltd. |
| |||||||||||
| 9.850% due 07/30/2032 «~ |
GBP |
12,658 |
16,350 |
|||||||||
| Bausch Health Cos., Inc. |
| |||||||||||
| 9.894% (TSFR1M + 3.644%) due 10/08/2030 ~ |
$ |
42,255 |
41,073 |
|||||||||
| Central Parent, Inc. |
| |||||||||||
| 6.982% (TSFR3M + 3.732%) due 07/06/2029 «~ |
93,162 |
61,487 |
||||||||||
| Cerba Healthcare SAS |
| |||||||||||
| 5.839% (EUR006M + 2.139%) due 06/30/2028 ~ |
EUR |
15,900 |
13,060 |
|||||||||
| 6.089% (EUR006M + 2.128%) due 02/16/2029 ~ |
10,450 |
8,597 |
||||||||||
| 7.589% (EUR006M + 2.139%) due 02/16/2029 ~ |
1,100 |
907 |
||||||||||
| Charlotte Buyer, Inc. |
| |||||||||||
| TBD% due 06/30/2031 |
$ |
1,900 |
1,901 |
|||||||||
| Circor International, Inc. |
| |||||||||||
| TBD% - 0.500% due 06/20/2029 «µ |
1,066 |
1,084 |
||||||||||
| Clover Holdings 2 LLC |
| |||||||||||
| TBD% - 4.000% due 12/10/2029 µ |
6,575 |
6,068 |
||||||||||
| Comexposium SAS |
| |||||||||||
| TBD% (EUR012M + 0.969%) due 03/28/2031 ~ |
EUR |
18,770 |
27,022 |
|||||||||
| TBD% (EUR012M + 2.258%) due 07/10/2031 ~ |
64,347 |
92,638 |
||||||||||
| TBD% - 1.138% (EUR012M + 2.258%) due 10/16/2031 ~ |
6,310 |
9,084 |
||||||||||
| Coreweave Compute Acquisition Co. II LLC |
| |||||||||||
| 13.281% - 13.352% (TSFR3M + 3.732%) due 07/31/2028 «~ |
$ |
13,277 |
13,485 |
|||||||||
| Coreweave Compute Acquisition Co. IV LLC |
| |||||||||||
| 9.661% - 9.732% (TSFR3M + 3.666%) due 05/16/2029 «~ |
33,151 |
34,181 |
||||||||||
| Databricks, Inc. |
| |||||||||||
| TBD% - 1.000% due 01/05/2032 µ |
2,809 |
2,809 |
||||||||||
| 8.114% (TSFR1M + 3.612%) due 01/05/2032 ~ |
12,691 |
12,675 |
||||||||||
| Dialysis Holdco LLC |
| |||||||||||
| 9.644% (TSFR1M + 3.644%) due 11/26/2030 «~ |
79,131 |
80,417 |
||||||||||
| Discovery Global Holdings, Inc. |
| |||||||||||
| 6.144% (TSFR1M + 3.644%) due 06/03/2033 ~ |
55,413 |
55,498 |
||||||||||
| Dun & Bradstreet Corp. |
| |||||||||||
| TBD% - 9.121% (TSFR1M + 3.621%) due 08/26/2032 «~µ |
1,364 |
1,349 |
||||||||||
| 9.153% (TSFR1M + 3.644%) due 08/26/2032 «~ |
13,574 |
12,801 |
||||||||||
| Ecopetrol SA |
| |||||||||||
| 5.843% (TSFR6M + 0.000%) due 12/18/2027 «~ |
7,500 |
7,527 |
||||||||||
| Encina Private Credit LLC |
| |||||||||||
| TBD% due 11/30/2026 «~ |
124 |
106 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Envalior Finance GmbH |
| |||||||||||
| 7.650% (EUR003M + 2.150%) due 03/29/2030 ~ |
EUR |
16,200 |
$ |
17,228 |
||||||||
| Espai Barca Fondo De Titulizacion |
| |||||||||||
| 5.000% - 11.500% due 06/30/2028 « |
19,740 |
24,908 |
||||||||||
| Finastra USA, Inc. |
| |||||||||||
| 7.746% (TSFR6M + 3.751%) due 09/15/2032 ~ |
$ |
6,484 |
5,994 |
|||||||||
| Forward Air Corp. |
| |||||||||||
| 8.163% (TSFR3M + 3.663%) due 12/19/2030 ~ |
78,209 |
73,952 |
||||||||||
| Gaia Purchaser, Inc. |
| |||||||||||
| TBD% due 06/25/2033 |
4,100 |
4,105 |
||||||||||
| Galaxy U.S. Opco, Inc. (5.663% Cash and 3.250% PIK) |
| |||||||||||
| 8.913% (TSFR3M + 3.663%) due 07/31/2030 ~(d) |
55,170 |
50,722 |
||||||||||
| Gateway Casinos & Entertainment Ltd. |
| |||||||||||
| 9.918% (TSFR3M + 3.668%) due 12/18/2030 ~ |
66,968 |
66,843 |
||||||||||
| Harp Finco Ltd. |
| |||||||||||
| 8.730% due 03/27/2032 «~ |
GBP |
19,324 |
25,889 |
|||||||||
| Houghton Mifflin Harcourt Publishing Co. |
| |||||||||||
| 9.013% (TSFR3M + 3.663%) due 04/09/2029 ~ |
$ |
9,929 |
7,889 |
|||||||||
| Ineos U.S. Finance LLC |
| |||||||||||
| 6.894% (TSFR1M + 3.644%) due 02/18/2030 ~ |
30,944 |
28,576 |
||||||||||
| ION Platform Finance SARL |
| |||||||||||
| 6.291% (EUR003M + 2.324%) due 10/07/2032 ~ |
EUR |
29,486 |
25,203 |
|||||||||
| Ivanti Software, Inc. |
| |||||||||||
| TBD% - 9.414% (TSFR3M + 3.658%) due 06/01/2029 ~µ |
$ |
11,794 |
11,455 |
|||||||||
| 8.414% (TSFR3M + 3.658%) due 06/01/2029 ~ |
88,247 |
39,049 |
||||||||||
| J&J Ventures Gaming LLC |
| |||||||||||
| 8.758% (TSFR1M + 3.644%) due 04/26/2028 «~ |
9,206 |
9,206 |
||||||||||
| JetBlue Airways Corp. |
| |||||||||||
| 8.427% (TSFR3M + 0.000%) due 08/27/2029 ~ |
4,000 |
3,574 |
||||||||||
| Lealand Finance Co. BV |
| |||||||||||
| 6.758% (TSFR1M + 3.644%) due 06/30/2027 ~ |
385 |
373 |
||||||||||
| Lealand Finance Co. BV (4.758% Cash and 3.000% PIK) |
| |||||||||||
| 7.758% (TSFR1M + 3.644%) due 12/31/2027 ~(d) |
6,710 |
6,491 |
||||||||||
| McAfee LLC |
| |||||||||||
| 6.644% (TSFR1M + 3.644%) due 03/01/2029 ~ |
3,970 |
3,539 |
||||||||||
| Mercury Aggregator LP |
| |||||||||||
| TBD% due 04/03/2027 « |
17,815 |
0 |
||||||||||
| MH Sub I LLC |
| |||||||||||
| 7.894% (TSFR1M + 3.644%) due 12/31/2031 ~ |
4,925 |
4,281 |
||||||||||
| Motion Finco SARL |
| |||||||||||
| 7.232% (TSFR3M + 3.732%) due 11/12/2029 ~ |
13,681 |
11,703 |
||||||||||
| MPH Acquisition Holdings LLC |
| |||||||||||
| 7.413% (TSFR3M + 3.663%) due 12/31/2030 ~ |
999 |
1,003 |
||||||||||
| 8.263% (TSFR3M + 3.663%) due 12/31/2030 ~ |
55,095 |
48,652 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 7.214% (TSFR1M + 3.612%) due 04/30/2029 ~ |
70,861 |
50,232 |
||||||||||
| 9.364% (TSFR1M + 3.612%) due 04/30/2029 ~ |
9,781 |
7,947 |
||||||||||
| Nscale AS |
| |||||||||||
| TBD% - 8.664% (TSFR3M + 3.670%) due 08/23/2032 «~µ |
18,877 |
18,880 |
||||||||||
| Paradigm Parent LLC |
| |||||||||||
| 8.232% (TSFR3M + 3.732%) due 04/16/2032 ~ |
35,830 |
30,858 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Peraton Corp. |
| |||||||||||
| 7.513% (TSFR3M + 3.663%) due 02/01/2028 ~ |
$ |
183,810 |
$ |
166,348 |
||||||||
| 11.516% (TSFR3M + 3.666%) due 02/01/2029 ~ |
43,519 |
29,593 |
||||||||||
| Polaris Newco LLC |
| |||||||||||
| 6.150% (EUR003M + 2.150%) due 06/02/2028 ~ |
EUR |
53,907 |
53,523 |
|||||||||
| 7.925% (TSFR3M + 3.663%) due 06/02/2028 ~ |
$ |
74,307 |
64,767 |
|||||||||
| Poseidon Bidco SASU |
| |||||||||||
| 7.504% due 03/13/2030 |
EUR |
104,160 |
34,514 |
|||||||||
| Project Alpha Intermediate Holding, Inc. |
| |||||||||||
| 6.982% (TSFR3M + 3.732%) due 10/26/2030 ~ |
$ |
6 |
4 |
|||||||||
| Promotora de Informaciones SA |
| |||||||||||
| 7.424% (EUR003M + 2.168%) due 06/29/2029 «~ |
EUR |
9,802 |
11,255 |
|||||||||
| 7.674% (EUR003M + 2.168%) due 12/31/2029 ~ |
147,517 |
164,761 |
||||||||||
| Puris LLC |
| |||||||||||
| 9.422% - 9.482% (TSFR3M + 3.672%) due 06/30/2031 «~ |
$ |
14,908 |
14,462 |
|||||||||
| QXO, Inc. |
| |||||||||||
| TBD% due 04/30/2032 |
4,800 |
4,795 |
||||||||||
| Republic of Kenya Government International Bonds |
| |||||||||||
| 9.086% (JY0003M + 6.750%) due 04/05/2028 «~ |
3,333 |
3,347 |
||||||||||
| SCUR-Alpha 1503 GmbH |
| |||||||||||
| 9.163% (TSFR3M + 3.663%) due 04/01/2030 ~ |
72,899 |
63,670 |
||||||||||
| Softbank Vision Fund II |
| |||||||||||
| 7.382% (TSFR3M + 3.732%) due 04/25/2029 «~ |
27,648 |
28,129 |
||||||||||
| Spruce Bidco II, Inc. |
| |||||||||||
| TBD% - 8.461% (TSFR6M + 3.621%) due 01/30/2032 «~µ |
2,245 |
2,245 |
||||||||||
| 5.977% (JY0003M + 0.000%) due 01/30/2032 «~ |
JPY |
190,955 |
1,184 |
|||||||||
| 7.047% (CDOR06 + 0.000%) due 01/30/2032 «~ |
CAD |
1,786 |
1,268 |
|||||||||
| 8.413% (TSFR3M + 3.663%) due 01/30/2032 «~ |
$ |
9,864 |
9,928 |
|||||||||
| Steenbok Lux Finco 2 SARL |
| |||||||||||
| 10% due 12/31/2028 |
EUR |
240,613 |
97,395 |
|||||||||
| Stepstone Group Midco 2 GmbH |
| |||||||||||
| 6.885% (EUR006M + 2.459%) due 04/26/2032 ~ |
55,400 |
51,965 |
||||||||||
| 8.176% - 8.179% (TSFR6M + 3.679%) due 12/19/2031 ~ |
$ |
69,261 |
56,145 |
|||||||||
| Stormlight |
| |||||||||||
| 8.370% due 05/13/2030 «~ |
30,972 |
30,972 |
||||||||||
| Strategic Gaming Commitment |
| |||||||||||
| 10.673% (TSFR3M + 3.673%) due 10/15/2030 «~ |
21,000 |
22,561 |
||||||||||
| Subcalidora 2 |
| |||||||||||
| 8.041% (EUR003M + 2.291%) due 08/14/2029 «~ |
EUR |
52,304 |
59,442 |
|||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 10.732% (TSFR3M + 3.732%) due 05/13/2027 ~ |
$ |
134,432 |
117,244 |
|||||||||
| TransDigm, Inc. |
| |||||||||||
| 6.144% (TSFR1M + 3.644%) due 02/13/2033 ~ |
2,300 |
2,303 |
||||||||||
| Transnet SOC Ltd. |
| |||||||||||
| 10.658% due 03/02/2028 «~ |
ZAR |
117,771 |
7,184 |
|||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 8.758% (TSFR1M + 3.644%) due 06/28/2028 ~ |
$ |
177,317 |
174,818 |
|||||||||
| Unicorn Bay |
| |||||||||||
| 13.000% due 12/31/2026 « |
HKD |
248,620 |
32,096 |
|||||||||
| Upfield BV |
| |||||||||||
| 8.980% due 10/31/2030 ~ |
GBP |
41,400 |
52,609 |
|||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 83 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| VEON Amsterdam BV |
| |||||||||||
| 7.924% (TSFR3M + 3.679%) due 03/25/2027 «~ |
$ |
8,800 |
$ |
8,789 |
||||||||
| Virgin Media Bristol LLC |
| |||||||||||
| 6.967% (TSFR6M + 3.692%) due 03/31/2031 ~ |
16,778 |
14,935 |
||||||||||
| 6.990% (TSFR1M + 3.633%) due 01/31/2029 ~ |
29,646 |
28,480 |
||||||||||
| Virgin Media Investment Holdings Ltd. |
| |||||||||||
| 6.978% due 08/01/2030 «~ |
GBP |
1,600 |
1,963 |
|||||||||
| Westmoreland Coal Co. |
| |||||||||||
| 8.000% due 03/15/2029 |
$ |
6,750 |
3,881 |
|||||||||
| Worthington Steel, Inc. |
| |||||||||||
| 7.620% - 7.621% (TSFR1M + 3.624%) due 06/01/2033 ~ |
3,600 |
3,596 |
||||||||||
| |
|
|||||||||||
| Total Loan Participations and Assignments (Cost $2,938,710) |
2,659,675 |
|||||||||||
| |
|
|||||||||||
CORPORATE BONDS & NOTES 25.5% |
| |||||||||||
BANKING & FINANCE 4.6% |
| |||||||||||
| Alamo Re Ltd. |
| |||||||||||
| 9.039% (T-BILL 1MO + 5.250%) due 06/07/2029 ~ |
250 |
250 |
||||||||||
| 11.039% (T-BILL 1MO + 7.250%) due 06/07/2028 ~ |
750 |
749 |
||||||||||
| 14.289% (T-BILL 1MO + 10.500%) due 06/07/2028 ~ |
7,050 |
7,041 |
||||||||||
| Ambac Assurance Corp. |
| |||||||||||
| 5.100% due 12/31/2099 (j) |
185 |
247 |
||||||||||
| Armor Holdco, Inc. |
| |||||||||||
| 8.500% due 11/15/2029 (m) |
11,600 |
11,677 |
||||||||||
| Armor RE II Ltd. |
| |||||||||||
| 8.810% (T-BILL 3MO + 5.000%) due 06/07/2033 ~ |
300 |
300 |
||||||||||
| 12.050% (BRMMUSDF + 8.500%) due 01/07/2032 ~ |
600 |
633 |
||||||||||
| 13.750% (BRMMUSDF + 10.200%) due 05/07/2031 ~ |
500 |
520 |
||||||||||
| 18.560% (T-BILL 3MO + 14.750%) due 06/07/2033 ~ |
900 |
895 |
||||||||||
| Banco Mercantil del Norte SA |
| |||||||||||
| 8.000% due 01/24/2033 •(j)(k) |
5,000 |
5,011 |
||||||||||
| 8.450% due 06/24/2036 •(j)(k) |
4,600 |
4,611 |
||||||||||
| Bayou Re Ltd. |
| |||||||||||
| 10.020% (BNMMDTSC + 6.500%) due 05/09/2033 ~ |
900 |
898 |
||||||||||
| 11.852% (BNMMDTSC + 8.332%) due 04/30/2031 ~ |
250 |
258 |
||||||||||
| 22.020% (BNMMDTSC + 18.500%) due 04/30/2031 ~ |
250 |
269 |
||||||||||
| Blue Ridge Re Ltd. |
| |||||||||||
| 7.020% (FHMMUSTF + 3.500%) due 01/08/2029 ~ |
400 |
400 |
||||||||||
| 9.520% (FHMMUSTF + 6.000%) due 01/08/2029 ~ |
300 |
301 |
||||||||||
| 11.520% (FHMMUSTF + 8.000%) due 01/08/2029 ~ |
250 |
247 |
||||||||||
| Bonanza RE Ltd. |
| |||||||||||
| 3.510% (MSMMUSTF + 0.000%) due 01/08/2027 ~ |
1,100 |
1,001 |
||||||||||
| Buttonwood RE Ltd. |
| |||||||||||
| 8.550% (BRMMUSDF + 5.000%) due 05/29/2029 ~ |
250 |
250 |
||||||||||
| 9.050% (BRMMUSDF + 5.500%) due 05/29/2029 ~ |
250 |
250 |
||||||||||
| 10.050% (BRMMUSDF + 6.500%) due 05/29/2029 ~ |
250 |
250 |
||||||||||
| 11.550% (BRMMUSDF + 8.000%) due 05/29/2029 ~ |
250 |
250 |
||||||||||
| Cape Lookout Re Ltd. |
| |||||||||||
| 8.770% (FHMMUSTF + 5.250%) due 03/21/2033 ~ |
1,600 |
1,584 |
||||||||||
| 9.520% (FHMMUSTF + 6.000%) due 03/21/2033 ~ |
1,550 |
1,549 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 12.226% (GSMMUSTF + 8.702%) due 04/05/2027 ~ |
$ |
6,500 |
$ |
6,489 |
||||||||
| Charles River Re Ltd. |
| |||||||||||
| 11.152% (BNMMDTSC + 7.632%) due 05/10/2031 ~ |
250 |
253 |
||||||||||
| Citrus Re Ltd. |
| |||||||||||
| 9.060% (T-BILL 3MO + 5.250%) due 06/07/2033 ~ |
400 |
406 |
||||||||||
| 10.039% (T-BILL 3MO + 6.250%) due 06/07/2033 ~ |
400 |
406 |
||||||||||
| Corestate Capital Holding SA (10.000% Cash or 11.000% PIK) |
| |||||||||||
| 10.000% due 12/31/2026 (d) |
EUR |
297 |
314 |
|||||||||
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| |||||||||||
| 8.000% due 12/31/2028 (d) |
331 |
197 |
||||||||||
| Credicorp Capital Sociedad Titulizadora SA |
| |||||||||||
| 9.700% due 03/05/2045 |
PEN |
3,500 |
1,097 |
|||||||||
| Credit Suisse AG AT1 Claim |
| |||||||||||
| 0.000% due 12/31/2060 |
$ |
5,060 |
1,782 |
|||||||||
| East Lane Re VII Ltd. |
| |||||||||||
| 12.050% (BRMMUSDF + 8.500%) due 03/31/2032 ~ |
2,000 |
2,009 |
||||||||||
| Everglades Re II Ltd. |
| |||||||||||
| 9.289% (T-BILL 1MO + 5.500%) due 05/22/2033 ~ |
550 |
550 |
||||||||||
| 10.289% (T-BILL 1MO + 6.500%) due 05/22/2033 ~ |
800 |
799 |
||||||||||
| 12.039% (T-BILL 1MO + 8.250%) due 05/22/2033 ~ |
1,000 |
999 |
||||||||||
| Fairfax India Holdings Corp. |
| |||||||||||
| 5.000% due 02/26/2028 (m) |
12,350 |
11,898 |
||||||||||
| Gateway Re Ltd. |
| |||||||||||
| 5.550% (BRMMUSDF + 2.000%) due 07/06/2029 ~ |
8,250 |
8,251 |
||||||||||
| Golden Bear Re Ltd. |
| |||||||||||
| 13.289% (T-BILL 1MO + 9.500%) due 03/08/2032 ~ |
2,100 |
2,118 |
||||||||||
| 13.300% (JMMMUSTF + 9.750%) due 01/08/2029 ~ |
4,300 |
4,412 |
||||||||||
| Greengrove RE Ltd. |
| |||||||||||
| 11.270% (BNMMDTSC + 7.750%) due 04/08/2032 ~ |
1,500 |
1,531 |
||||||||||
| GSG Bidco Ltd. |
| |||||||||||
| 4.700% due 06/15/2031 |
EUR |
3,600 |
4,080 |
|||||||||
| Handshake Re Ltd. |
| |||||||||||
| 8.050% (JMMMUSTF + 4.500%) due 01/08/2030 ~ |
$ |
300 |
296 |
|||||||||
| Herbie Re Ltd. |
| |||||||||||
| 7.760% (MSMMUSTF + 4.250%) due 01/07/2030 ~ |
500 |
500 |
||||||||||
| Hestia Re Ltd. |
| |||||||||||
| 10.270% (BNMMDTSC + 6.750%) due 03/13/2032 ~ |
500 |
512 |
||||||||||
| 11.770% (BNMMDTSC + 8.250%) due 03/13/2032 ~ |
500 |
511 |
||||||||||
| 13.039% (T-BILL 1MO + 9.250%) due 04/16/2029 ~ |
250 |
252 |
||||||||||
| IIFL Finance Ltd. |
| |||||||||||
| 7.600% due 09/10/2029 (m) |
3,200 |
3,218 |
||||||||||
| Integrity RE III Ltd. |
| |||||||||||
| 10.520% (FHMMUSTF + 7.000%) due 06/07/2029 ~ |
300 |
300 |
||||||||||
| 11.520% (FHMMUSTF + 8.000%) due 06/06/2027 ~ |
250 |
254 |
||||||||||
| 13.270% (FHMMUSTF + 9.750%) due 06/06/2027 ~ |
250 |
253 |
||||||||||
| 14.520% (FHMMUSTF + 11.000%) due 06/07/2029 ~ |
250 |
249 |
||||||||||
| 15.770% (FHMMUSTF + 12.250%) due 06/06/2028 ~ |
800 |
829 |
||||||||||
| 19.770% (FHMMUSTF + 16.250%) due 06/07/2029 ~ |
250 |
249 |
||||||||||
| 29.020% (FHMMUSTF + 25.500%) due 06/06/2027 ~ |
1,400 |
1,464 |
||||||||||
| ION Platform Finance SARL |
| |||||||||||
| 6.500% due 09/30/2030 (m) |
EUR |
20,900 |
19,264 |
|||||||||
| 6.875% due 09/30/2032 (m) |
18,300 |
15,607 |
||||||||||
| 7.875% due 05/01/2029 (m) |
26,300 |
27,200 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| ION Platform Finance U.S., Inc. |
| |||||||||||
| 7.875% due 09/30/2032 (m) |
$ |
7,225 |
$ |
5,244 |
||||||||
| ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| |||||||||||
| 8.750% due 05/01/2029 (m) |
13,938 |
12,450 |
||||||||||
| 9.000% due 08/01/2029 (m) |
20,988 |
18,692 |
||||||||||
| 9.500% due 05/30/2029 (m) |
33,640 |
30,729 |
||||||||||
| Iron Mountain, Inc. |
| |||||||||||
| 6.250% due 01/15/2035 |
4,800 |
4,825 |
||||||||||
| Locke Tavern Re Ltd. |
| |||||||||||
| 6.800% (JMMMUSTF + 3.250%) due 04/11/2033 ~ |
800 |
796 |
||||||||||
| 7.800% (JMMMUSTF + 4.250%) due 04/11/2033 ~ |
700 |
701 |
||||||||||
| Long Point Re IV Ltd. |
| |||||||||||
| 7.289% (T-BILL 1MO + 3.500%) due 06/01/2034 ~ |
1,950 |
1,950 |
||||||||||
| Longleaf Pine Re Ltd. |
| |||||||||||
| 21.453% (GSMMUSTI + 17.932%) due 05/27/2031 ~ |
700 |
715 |
||||||||||
| Lower Ferry Re Ltd. |
| |||||||||||
| 6.510% (MSMMUSTF + 3.000%) due 07/08/2033 ~ |
250 |
250 |
||||||||||
| 7.510% (MSMMUSTF + 4.000%) due 07/08/2033 ~ |
300 |
300 |
||||||||||
| 9.014% (MSMMUSTF + 5.504%) due 07/08/2030 ~ |
250 |
250 |
||||||||||
| Luca RE Ltd. |
| |||||||||||
| 9.036% (T-BILL 3MO + 5.250%) due 07/09/2032 ~ |
4,750 |
4,748 |
||||||||||
| Luminis SA |
| |||||||||||
| 9.649% (TSFR3M + 5.985%) due 09/15/2038 «~ |
1,800 |
2,102 |
||||||||||
| Mayflower Re Ltd. |
| |||||||||||
| 8.565% (FHMMUSTF + 5.045%) due 07/08/2030 ~ |
250 |
250 |
||||||||||
| Mountain Re Ltd. |
| |||||||||||
| 10.770% (BNMMDTSC + 7.250%) due 06/07/2033 ~ |
600 |
600 |
||||||||||
| Nature Coast Re Ltd. |
| |||||||||||
| 11.789% (T-BILL 3MO + 8.000%) due 02/26/2030 ~ |
1,900 |
1,916 |
||||||||||
| 13.271% (GSMMUSTI + 9.750%) due 04/10/2033 ~ |
1,200 |
1,246 |
||||||||||
| 13.521% (GSMMUSTI + 10.000%) due 12/07/2030 ~ |
824 |
816 |
||||||||||
| Orange Capital RE DAC |
| |||||||||||
| 8.103% (EUR003M + 6.000%) due 01/17/2029 ~ |
EUR |
300 |
357 |
|||||||||
| Palm RE Ltd. |
| |||||||||||
| 8.550% (BRMMUSDF + 5.000%) due 06/07/2033 ~ |
$ |
1,000 |
1,014 |
|||||||||
| 11.270% (BNMMDTSC + 7.750%) due 06/07/2032 ~ |
800 |
817 |
||||||||||
| 13.220% (BNMMDTSC + 9.700%) due 06/09/2031 ~ |
250 |
258 |
||||||||||
| Polestar Re Ltd. |
| |||||||||||
| 10.550% (BRMMUSDF + 7.000%) due 01/08/2029 ~ |
400 |
401 |
||||||||||
| 12.550% (BRMMUSDF + 9.000%) due 01/08/2029 ~ |
400 |
404 |
||||||||||
| 14.050% (BRMMUSDF + 10.500%) due 01/08/2029 ~ |
250 |
251 |
||||||||||
| 14.140% (BRMMUSDF + 10.590%) due 01/07/2028 ~ |
2,300 |
2,397 |
||||||||||
| 16.800% (BRMMUSDF + 13.250%) due 01/07/2027 ~ |
6,500 |
6,674 |
||||||||||
| Purple Re Ltd. |
| |||||||||||
| 10.050% (JMMMUSTF + 6.500%) due 06/07/2033 ~ |
1,200 |
1,200 |
||||||||||
| 12.676% (JMMMUSTF + 9.126%) due 06/06/2031 ~ |
700 |
719 |
||||||||||
| Quercus II Re DAC |
| |||||||||||
| 13.324% (EUR003M + 11.000%) due 01/07/2031 ~ |
EUR |
1,700 |
1,971 |
|||||||||
| Quercus Re DAC |
| |||||||||||
| 10.149% (EUR003M + 8.000%) due 01/06/2031 ~ |
300 |
348 |
||||||||||
84 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Recoletos RE DAC |
| |||||||||||
| 5.289% (T-BILL 3MO + 1.500%) due 07/06/2032 ~ |
$ |
900 |
$ |
899 |
||||||||
| Sabine Re Ltd. |
| |||||||||||
| 12.040% (BNMMDTSC + 8.520%) due 04/07/2031 ~ |
300 |
304 |
||||||||||
| Sanders Re III Ltd. |
| |||||||||||
| 15.870% (BRMMUSDF + 12.320%) due 04/09/2029 ~ |
6,045 |
1,983 |
||||||||||
| Stingray Compute LLC |
| |||||||||||
| 6.000% due 06/15/2031 |
1,100 |
1,104 |
||||||||||
| Sutter Re Ltd. |
| |||||||||||
| 7.289% (T-BILL 3MO + 3.500%) due 06/07/2034 ~ |
1,350 |
1,350 |
||||||||||
| 9.289% (T-BILL 3MO + 5.500%) due 06/07/2034 ~ |
700 |
701 |
||||||||||
| Titanium 2l Bondco SARL |
| |||||||||||
| 6.250% due 01/14/2031 |
EUR |
57,661 |
9,647 |
|||||||||
| Torrey Pines Re Ltd. |
| |||||||||||
| 6.539% (T-BILL 1MO + 2.750%) due 06/07/2033 ~ |
$ |
300 |
300 |
|||||||||
| 6.789% (T-BILL 1MO + 3.000%) due 06/07/2034 ~ |
650 |
654 |
||||||||||
| 7.536% (T-BILL 1MO + 3.750%) due 06/07/2034 ~ |
300 |
301 |
||||||||||
| 9.586% (JMMMUSTF + 6.036%) due 06/07/2032 ~ |
2,200 |
2,263 |
||||||||||
| 9.810% (T-BILL 1MO + 6.000%) due 06/07/2034 ~ |
300 |
307 |
||||||||||
| 10.656% (JMMMUSTF + 7.106%) due 06/07/2032 ~ |
1,300 |
1,340 |
||||||||||
| Tremont Re Ltd. |
| |||||||||||
| 7.786% (T-BILL 1MO + 4.000%) due 03/22/2033 ~ |
300 |
299 |
||||||||||
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| |||||||||||
| 6.000% due 01/15/2030 (m) |
48,068 |
46,995 |
||||||||||
| Ursa Re II Ltd. |
| |||||||||||
| 8.510% (MSMMUSTF + 5.000%) due 12/07/2029 ~ |
300 |
304 |
||||||||||
| 11.260% (MSMMUSTF + 7.750%) due 06/07/2028 ~ |
2,300 |
2,366 |
||||||||||
| Ursa Re Ltd. |
| |||||||||||
| 11.021% (GSMMUSTI + 7.500%) due 02/22/2028 ~ |
3,700 |
3,822 |
||||||||||
| 12.800% (JMMMUSTF + 9.250%) due 12/07/2028 ~ |
6,800 |
6,928 |
||||||||||
| Veraison Re Ltd. |
| |||||||||||
| 7.671% (GSMMUSTI + 4.150%) due 03/08/2034 ~ |
300 |
300 |
||||||||||
| 8.521% (GSMMUSTI + 5.000%) due 03/08/2033 ~ |
300 |
303 |
||||||||||
| Vitality Re XVII Ltd. |
| |||||||||||
| 7.521% (GSMMUSTI + 4.000%) due 01/08/2031 ~ |
300 |
300 |
||||||||||
| Windmill III Re DAC |
| |||||||||||
| 7.285% (EUR003M + 5.210%) due 07/05/2028 ~ |
EUR |
250 |
294 |
|||||||||
| Windrose Re Ltd. |
| |||||||||||
| 8.782% (HSMMUSTF + 5.250%) due 02/11/2033 ~ |
$ |
400 |
400 |
|||||||||
| Winston RE Ltd. |
| |||||||||||
| 8.300% (BRMMUSDF + 4.750%) due 05/04/2033 ~ |
350 |
351 |
||||||||||
| 8.800% (BRMMUSDF + 5.250%) due 05/04/2033 ~ |
300 |
301 |
||||||||||
| 9.550% (BRMMUSDF + 6.000%) due 05/04/2033 ~ |
300 |
302 |
||||||||||
| 10.020% (BNMMDTSC + 6.500%) due 02/21/2028 ~ |
300 |
309 |
||||||||||
| Yardstick RE DAC |
| |||||||||||
| 4.274% (EUR003M + 1.950%) due 07/08/2034 «~ |
EUR |
350 |
400 |
|||||||||
| |
|
|||||||||||
348,508 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 19.2% |
| |||||||||||
| ADI Escrow Issuer LLC |
| |||||||||||
| 7.125% due 07/15/2034 |
$ |
700 |
715 |
|||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Altice France Lux 3/Altice Holdings 1 |
| |||||||||||
| 10.000% due 01/15/2033 (m) |
$ |
5,985 |
$ |
5,893 |
||||||||
| Altice France SA |
| |||||||||||
| 9.500% due 11/01/2029 (m) |
5,852 |
5,945 |
||||||||||
| 12.875% due 11/01/2029 |
EUR |
4,276 |
5,016 |
|||||||||
| ams-OSRAM AG |
| |||||||||||
| 7.250% due 05/31/2032 (m) |
32,240 |
38,018 |
||||||||||
| 10.500% due 03/30/2029 (m) |
34,871 |
42,498 |
||||||||||
| APLD ComputeCo 3 LLC |
| |||||||||||
| 7.000% due 06/15/2031 |
$ |
2,700 |
2,698 |
|||||||||
| Aston Martin Capital Holdings Ltd. |
| |||||||||||
| 10.000% due 03/31/2029 (m) |
21,624 |
16,843 |
||||||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
| |||||||||||
| 8.000% due 02/15/2031 (m) |
3,470 |
3,507 |
||||||||||
| B&G Foods, Inc. |
| |||||||||||
| 11.000% due 06/15/2031 |
9,270 |
8,565 |
||||||||||
| Beazer Homes USA, Inc. |
| |||||||||||
| 8.000% due 01/15/2032 |
935 |
940 |
||||||||||
| Borr IHC Ltd./Borr Finance LLC |
| |||||||||||
| 8.750% due 01/15/2032 (m) |
2,700 |
2,639 |
||||||||||
| 9.000% due 01/15/2034 (m) |
4,300 |
4,161 |
||||||||||
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
| |||||||||||
| 8.000% due 06/15/2029 |
27,220 |
17,693 |
||||||||||
| Central Parent, Inc./CDK Global, Inc. |
| |||||||||||
| 7.250% due 06/15/2029 |
18,470 |
12,006 |
||||||||||
| Charlotte Buyer, Inc. |
| |||||||||||
| 8.000% due 06/30/2031 |
600 |
608 |
||||||||||
| Claritev Corp. (6.000% Cash and 0.750% PIK) |
| |||||||||||
| 6.750% due 03/31/2031 (d) |
26,258 |
15,492 |
||||||||||
| Cogent Communications Group LLC/Cogent Finance, Inc. |
| |||||||||||
| 7.000% due 06/15/2027 (m) |
15,080 |
14,983 |
||||||||||
| CoreWeave, Inc. |
| |||||||||||
| 8.500% due 07/15/2032 |
EUR |
5,600 |
6,311 |
|||||||||
| 9.625% due 07/15/2032 |
$ |
2,900 |
2,860 |
|||||||||
| CVR Energy, Inc. |
| |||||||||||
| 7.500% due 02/15/2031 (m) |
3,000 |
2,988 |
||||||||||
| CVS Pass-Through Trust |
| |||||||||||
| 7.507% due 01/10/2032 (m) |
1,216 |
1,271 |
||||||||||
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
| |||||||||||
| 9.250% due 06/01/2032 (m) |
1,600 |
1,627 |
||||||||||
| DISH DBS Corp. |
| |||||||||||
| 5.250% due 12/01/2026 (m) |
93,515 |
92,574 |
||||||||||
| 5.750% due 12/01/2028 (m) |
89,906 |
87,168 |
||||||||||
| 7.750% due 07/01/2026 |
57,800 |
57,800 |
||||||||||
| Dorman Products, Inc. |
| |||||||||||
| 6.250% due 06/15/2034 |
300 |
304 |
||||||||||
| Ecopetrol SA |
| |||||||||||
| 7.750% due 02/01/2032 (m) |
61,350 |
64,279 |
||||||||||
| ELK Grove Village Property LLC |
| |||||||||||
| 7.500% due 06/15/2031 (m) |
1,900 |
1,914 |
||||||||||
| Flora Food Management BV |
| |||||||||||
| 6.875% due 07/02/2029 (m) |
EUR |
3,000 |
3,353 |
|||||||||
| 7.500% due 10/31/2030 |
5,300 |
6,043 |
||||||||||
| FMC Corp. |
| |||||||||||
| 8.000% due 06/01/2031 (m) |
$ |
1,400 |
1,458 |
|||||||||
| Gaia Purchaser, Inc. |
| |||||||||||
| 7.625% due 07/15/2033 (c) |
1,500 |
1,518 |
||||||||||
| Gazprom PJSC Via Gaz Capital SA |
| |||||||||||
| 7.288% due 08/16/2037 |
300 |
225 |
||||||||||
| 8.625% due 04/28/2034 |
1,081 |
946 |
||||||||||
| GSG Bidco Ltd. |
| |||||||||||
| 5.375% due 06/15/2036 |
EUR |
1,850 |
2,098 |
|||||||||
| 6.375% due 06/15/2051 |
6,300 |
7,278 |
||||||||||
| Hybar LLC |
| |||||||||||
| 7.375% due 07/01/2034 |
$ |
800 |
805 |
|||||||||
| Incora Intermediate II LLC (0.500% PIK) |
| |||||||||||
| 0.500% due 01/31/2030 «(d) |
78,175 |
78,175 |
||||||||||
| Incora Top Holdco LLC |
| |||||||||||
| 6.000% due 01/30/2033 «(l) |
53,544 |
84,392 |
||||||||||
| JetBlue Airways Corp./JetBlue Loyalty LP |
| |||||||||||
| 9.875% due 09/20/2031 (m) |
19,784 |
17,945 |
||||||||||
| LifePoint Health, Inc. |
| |||||||||||
| 7.000% due 05/01/2034 (m) |
2,700 |
2,590 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Motion Finco SARL |
| |||||||||||
| 7.375% due 06/15/2030 (m) |
EUR |
51,500 |
$ |
51,347 |
||||||||
| 8.375% due 02/15/2032 (m) |
$ |
1,200 |
1,014 |
|||||||||
| MPH Acquisition Holdings LLC |
| |||||||||||
| 5.750% due 12/31/2030 (m) |
42,206 |
35,241 |
||||||||||
| MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
| |||||||||||
| 11.500% due 12/31/2030 (d)(m) |
19,336 |
19,159 |
||||||||||
| National Mentor Holdings, Inc. |
| |||||||||||
| 10.500% due 12/15/2030 (m) |
2,400 |
2,531 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 11.750% due 04/30/2029 |
42,147 |
26,988 |
||||||||||
| Ocado Group PLC |
| |||||||||||
| 10.500% due 08/08/2029 (m) |
GBP |
47,950 |
66,028 |
|||||||||
| 11.000% due 06/15/2030 (m) |
21,580 |
30,231 |
||||||||||
| Petroleos de Venezuela SA |
| |||||||||||
| 5.375% due 04/12/2027 ^(e) |
$ |
100 |
37 |
|||||||||
| 6.000% due 11/15/2026 ^(e) |
36,885 |
13,924 |
||||||||||
| 9.750% due 05/17/2035 ^(e) |
15,800 |
7,067 |
||||||||||
| ProFrac Holdings II LLC |
| |||||||||||
| 10.984% (TSFR3M + 7.250%) due 01/23/2029 ~ |
18,368 |
17,610 |
||||||||||
| QXO Building Products, Inc. |
| |||||||||||
| 6.500% due 07/15/2031 (m) |
2,100 |
2,141 |
||||||||||
| 6.875% due 07/15/2034 |
2,500 |
2,568 |
||||||||||
| Road Michigan Property Owner I LLC |
| |||||||||||
| 7.500% due 03/30/2045 (m) |
176,414 |
175,928 |
||||||||||
| Russian Railways Via RZD Capital PLC |
| |||||||||||
| 7.487% due 03/25/2031 ^(e) |
GBP |
200 |
186 |
|||||||||
| Sonangol Finance Ltd. |
| |||||||||||
| 10.000% due 01/29/2031 |
$ |
4,800 |
4,839 |
|||||||||
| Thames Water Super Senior Issuer PLC |
| |||||||||||
| 9.750% due 10/10/2027 |
GBP |
3,398 |
4,788 |
|||||||||
| 9.750% due 10/10/2027 |
788 |
1,110 |
||||||||||
| Times Square Hotel Trust |
| |||||||||||
| 8.528% due 08/01/2026 |
$ |
115 |
115 |
|||||||||
| Toll Road Investors Partnership II LP |
| |||||||||||
| 0.000% due 02/15/2043 (h) |
15,299 |
5,636 |
||||||||||
| Topaz Solar Farms LLC |
| |||||||||||
| 4.875% due 09/30/2039 (m) |
12,806 |
11,366 |
||||||||||
| 5.750% due 09/30/2039 (m) |
900 |
887 |
||||||||||
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
| |||||||||||
| 8.250% due 05/15/2030 (m) |
EUR |
74,718 |
78,168 |
|||||||||
| 9.500% due 05/15/2030 (m) |
$ |
7,933 |
7,485 |
|||||||||
| Tutor Perini Corp. |
| |||||||||||
| 6.625% due 07/15/2033 (c) |
2,000 |
2,014 |
||||||||||
| U.S. Acute Care Solutions LLC |
| |||||||||||
| 9.750% due 05/15/2029 (m) |
2,750 |
2,596 |
||||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 10.625% due 06/28/2028 |
13,209 |
12,284 |
||||||||||
| Ubisoft Entertainment SA |
| |||||||||||
| 0.878% due 11/24/2027 (m) |
EUR |
12,500 |
12,639 |
|||||||||
| Vale SA |
| |||||||||||
| 0.000% due 12/29/2049 ~(j) |
BRL |
830,470 |
64,567 |
|||||||||
| Vedanta Resources Finance II PLC |
| |||||||||||
| 7.000% due 07/13/2032 (c) |
$ |
5,000 |
4,975 |
|||||||||
| 7.375% due 07/13/2034 (c) |
4,600 |
4,559 |
||||||||||
| 7.750% due 07/13/2037 (c) |
5,000 |
4,970 |
||||||||||
| Viridien |
| |||||||||||
| 8.500% due 10/15/2030 (m) |
EUR |
7,867 |
9,526 |
|||||||||
| 10.000% due 10/15/2030 (m) |
$ |
5,429 |
5,770 |
|||||||||
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. |
| |||||||||||
| 8.750% due 01/15/2032 (m) |
10,600 |
10,509 |
||||||||||
| Vmed O2 U.K. Financing I PLC |
| |||||||||||
| 6.750% due 01/15/2033 (m) |
11,000 |
9,324 |
||||||||||
| Volcan Cia Minera SAA |
| |||||||||||
| 8.500% due 10/28/2032 |
4,310 |
4,467 |
||||||||||
| VZ Secured Financing BV |
| |||||||||||
| 7.500% due 01/15/2033 (m) |
7,600 |
7,281 |
||||||||||
| Yellowstone Energy LP |
| |||||||||||
| 5.750% due 12/31/2026 |
411 |
408 |
||||||||||
| |
|
|||||||||||
1,446,425 |
||||||||||||
| |
|
|||||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
85 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
UTILITIES 1.7% |
| |||||||||||
| Altice Holdings 1 SARL |
| |||||||||||
| 0.000% due 12/31/2099 « |
EUR |
78 |
$ |
1,195 |
||||||||
| COX Asset Mexico SA de CV |
| |||||||||||
| 7.125% due 01/08/2032 (m) |
$ |
400 |
406 |
|||||||||
| 7.750% due 05/08/2036 (m) |
1,000 |
1,024 |
||||||||||
| FORESEA Holding SA |
| |||||||||||
| 7.500% due 06/15/2030 (m) |
2,711 |
2,678 |
||||||||||
| Gazprom PJSC via Gaz Finance PLC |
| |||||||||||
| 3.000% due 06/29/2027 |
200 |
181 |
||||||||||
| NGD Holdings BV |
| |||||||||||
| 9.875% due 12/31/2029 |
3,602 |
3,530 |
||||||||||
| Nova Securitisation SARL |
| |||||||||||
| 5.750% due 02/03/2031 (m) |
5,300 |
5,115 |
||||||||||
| 6.500% due 02/03/2036 (m) |
3,900 |
3,670 |
||||||||||
| OI SA |
| |||||||||||
| 8.500% due 12/31/2028 ^(e) |
153,998 |
1,636 |
||||||||||
| 10.000% due 06/30/2027 ^(e) |
113,043 |
55,109 |
||||||||||
| PBF Holding Co. LLC/PBF Finance Corp. |
| |||||||||||
| 7.250% due 06/01/2034 (m) |
2,700 |
2,675 |
||||||||||
| Peru LNG SRL |
| |||||||||||
| 5.375% due 03/22/2030 (m) |
25,372 |
24,694 |
||||||||||
| Petersen Claim Units |
| |||||||||||
| 0.000% due 12/31/2099 «(l) |
438 |
1,860 |
||||||||||
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
| |||||||||||
| 6.500% due 02/15/2029 (m) |
14,115 |
14,015 |
||||||||||
| Veon Midco BV |
| |||||||||||
| 6.950% due 06/01/2031 |
3,500 |
3,497 |
||||||||||
| 7.450% due 06/01/2033 (m) |
3,400 |
3,394 |
||||||||||
| |
|
|||||||||||
124,679 |
||||||||||||
| |
|
|||||||||||
| Total Corporate Bonds & Notes (Cost $2,111,694) |
1,919,612 |
|||||||||||
| |
|
|||||||||||
CONVERTIBLE BONDS & NOTES 0.3% |
| |||||||||||
BANKING & FINANCE 0.0% |
| |||||||||||
| CIFI Holdings Group Co. Ltd. |
| |||||||||||
| 0.000% due 06/30/2029 (h)(l) |
875 |
29 |
||||||||||
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| |||||||||||
| 8.000% due 12/31/2028 (d) |
EUR |
2,521 |
1,498 |
|||||||||
| Country Garden Holdings Co. Ltd. |
| |||||||||||
| 0.000% due 12/31/2031 (h)(l) |
$ |
1,285 |
90 |
|||||||||
| |
|
|||||||||||
1,617 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 0.3% |
| |||||||||||
| Ubisoft Entertainment SA |
| |||||||||||
| 2.375% due 11/15/2028 (m) |
EUR |
21,800 |
24,473 |
|||||||||
| |
|
|||||||||||
| Total Convertible Bonds & Notes (Cost $27,814) |
26,090 |
|||||||||||
| |
|
|||||||||||
MUNICIPAL BONDS & NOTES 0.5% |
| |||||||||||
MICHIGAN 0.0% |
| |||||||||||
| Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 |
| |||||||||||
| 0.000% due 06/01/2046 (h) |
$ |
23,000 |
3,355 |
|||||||||
| |
|
|||||||||||
WEST VIRGINIA 0.5% |
| |||||||||||
| Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
| |||||||||||
| 0.000% due 06/01/2047 (h) |
355,485 |
35,622 |
||||||||||
| |
|
|||||||||||
| Total Municipal Bonds & Notes (Cost $55,880) |
38,977 |
|||||||||||
| |
|
|||||||||||
U.S. GOVERNMENT AGENCIES 1.3% |
| |||||||||||
| Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
| |||||||||||
| 0.700% due 11/25/2055 ~(a) |
248,327 |
14,555 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
| |||||||||||
| 2.079% due 11/25/2045 ~(a) |
$ |
75,137 |
$ |
1,953 |
||||||||
| Federal Home Loan Mortgage Corp. REMICS |
| |||||||||||
| 0.657% due 11/15/2048 •(a)(m) |
26,299 |
765 |
||||||||||
| 2.358% due 06/25/2050 •(a)(m) |
786 |
83 |
||||||||||
| 2.408% due 05/25/2050 •(a) |
5,370 |
587 |
||||||||||
| 2.443% due 01/15/2047 •(a) |
190 |
20 |
||||||||||
| 2.493% due 09/15/2042 •(a) |
240 |
18 |
||||||||||
| 2.593% due 05/15/2037 •(a) |
546 |
39 |
||||||||||
| 2.672% due 01/25/2051 •(a)(m) |
8,091 |
1,138 |
||||||||||
| 2.703% due 05/15/2037 •(a) |
33 |
2 |
||||||||||
| 2.763% due 07/15/2036 •(a)(m) |
655 |
58 |
||||||||||
| 2.873% due 09/15/2036 •(a) |
208 |
20 |
||||||||||
| 2.893% due 05/15/2041 •(a) |
464 |
35 |
||||||||||
| 2.993% due 04/15/2036 •(a) |
77 |
6 |
||||||||||
| 3.000% due 06/25/2050 (a)(m) |
9,389 |
1,690 |
||||||||||
| 3.430% due 09/15/2041 •(m) |
602 |
555 |
||||||||||
| 3.500% due 07/25/2050 (a)(m) |
18,516 |
3,421 |
||||||||||
| 4.000% due 03/15/2027 (a) |
1 |
0 |
||||||||||
| 4.000% due 07/25/2050 (a)(m) |
14,872 |
3,384 |
||||||||||
| 4.073% due 09/15/2036 •(a) |
347 |
42 |
||||||||||
| 5.000% due 05/25/2048 (a)(m) |
4,618 |
712 |
||||||||||
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust |
| |||||||||||
| 1.948% due 11/25/2057 ~ |
845 |
319 |
||||||||||
| 3.396% due 05/25/2057 ~ |
4,108 |
1,795 |
||||||||||
| 3.506% due 10/25/2058 ~ |
2,118 |
950 |
||||||||||
| 3.618% due 05/25/2064 ~ |
3,955 |
1,909 |
||||||||||
| 4.168% due 11/25/2059 ~ |
12,586 |
6,027 |
||||||||||
| 4.250% due 09/25/2060 (m) |
1,243 |
1,215 |
||||||||||
| 4.250% due 03/25/2061 ~(m) |
700 |
653 |
||||||||||
| 4.500% due 11/25/2061 ~(m) |
3,900 |
3,633 |
||||||||||
| 4.572% due 11/25/2061 ~(a) |
10,986 |
4,371 |
||||||||||
| 5.000% due 04/25/2062 ~(m) |
3,400 |
3,087 |
||||||||||
| 5.477% due 05/25/2060 ~ |
1,858 |
1,014 |
||||||||||
| 7.654% due 03/25/2061 ~(m) |
1,928 |
1,156 |
||||||||||
| 10.447% due 11/25/2060 ~ |
1,166 |
879 |
||||||||||
| 10.931% due 09/25/2060 ~(m) |
1,573 |
1,190 |
||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||
| 10.728% due 01/25/2042 •(m) |
3,800 |
3,918 |
||||||||||
| 11.128% due 10/25/2041 •(m) |
8,896 |
9,063 |
||||||||||
| 11.428% due 11/25/2041 •(m) |
8,324 |
8,532 |
||||||||||
| Federal Home Loan Mortgage Corp. STRIPS |
| |||||||||||
| 2.243% due 04/15/2039 •(a)(m) |
820 |
78 |
||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust |
| |||||||||||
| 9.628% due 10/25/2041 •(m) |
8,201 |
8,319 |
||||||||||
| Federal National Mortgage Association REMICS |
| |||||||||||
| 0.368% due 10/25/2042 •(m) |
843 |
673 |
||||||||||
| 2.178% due 07/25/2041 •(a)(m) |
1,080 |
97 |
||||||||||
| 2.258% due 08/25/2038 •(a) |
286 |
18 |
||||||||||
| 2.290% due 10/25/2060 ~(a) |
11,413 |
1,016 |
||||||||||
| 2.308% due 08/25/2049 •(a) |
123 |
12 |
||||||||||
| 2.308% due 07/25/2059 •(a)(m) |
5,087 |
510 |
||||||||||
| 2.328% due 10/25/2040 •(a)(m) |
902 |
37 |
||||||||||
| 2.408% due 02/25/2043 •(a)(m) |
1,062 |
107 |
||||||||||
| 2.608% due 12/25/2037 •(a) |
26 |
1 |
||||||||||
| 2.778% due 09/25/2037 •(a) |
168 |
10 |
||||||||||
| 2.858% due 03/25/2040 •(a) |
169 |
1 |
||||||||||
| 2.898% due 12/25/2036 •(a)(m) |
749 |
66 |
||||||||||
| 2.908% due 11/25/2036 •(a) |
25 |
1 |
||||||||||
| 2.978% due 06/25/2037 •(a) |
125 |
7 |
||||||||||
| 3.000% due 01/25/2042 (a) |
32 |
0 |
||||||||||
| 3.238% due 03/25/2038 •(a) |
514 |
53 |
||||||||||
| 3.258% due 02/25/2038 •(a) |
301 |
33 |
||||||||||
| 3.500% due 08/25/2032 (a) |
373 |
26 |
||||||||||
| 3.500% due 06/25/2050 (a)(m) |
13,732 |
2,891 |
||||||||||
| 3.955% due 01/25/2041 • |
1,793 |
1,781 |
||||||||||
| 4.000% due 06/25/2050 (a)(m) |
1,663 |
309 |
||||||||||
| 4.500% due 04/25/2042 (a) |
371 |
33 |
||||||||||
| 5.000% due 01/25/2048 (a)(m) |
3,276 |
708 |
||||||||||
| Federal National Mortgage Association REMICS Trust |
| |||||||||||
| 1.051% due 08/25/2043 ~(a) |
13,280 |
558 |
||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||
| 2.346% due 12/20/2048 •(a)(m) |
2,110 |
177 |
||||||||||
| 2.366% due 08/20/2042 •(a)(m) |
1,049 |
93 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 2.496% due 12/20/2040 •(a) |
$ |
519 |
$ |
18 |
||||||||
| 2.500% due 09/20/2036 (a) |
28,580 |
2,222 |
||||||||||
| 3.500% due 06/20/2042 (a) |
129 |
11 |
||||||||||
| |
|
|||||||||||
| Total U.S. Government Agencies (Cost $108,665) |
98,660 |
|||||||||||
| |
|
|||||||||||
U.S. TREASURY OBLIGATIONS 0.1% |
| |||||||||||
| U.S. Treasury Bonds |
| |||||||||||
| 4.875% due 08/15/2045 (o) |
4,166 |
4,135 |
||||||||||
| U.S. Treasury Notes |
| |||||||||||
| 4.125% due 02/15/2036 |
220 |
215 |
||||||||||
| |
|
|||||||||||
| Total U.S. Treasury Obligations (Cost $4,535) |
4,350 |
|||||||||||
| |
|
|||||||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES 38.4% |
| |||||||||||
| 1166 Avenue of the Americas Commercial Mortgage Trust II |
| |||||||||||
| 5.690% due 10/13/2037 (m) |
500 |
466 |
||||||||||
| 20 Times Square Trust |
| |||||||||||
| 3.203% due 05/15/2035 ~ |
1,880 |
1,625 |
||||||||||
| 3.203% due 05/15/2035 ~(m) |
2,000 |
1,668 |
||||||||||
| 280 Park Avenue Mortgage Trust |
| |||||||||||
| 5.448% due 09/15/2034 •(m) |
12,600 |
12,540 |
||||||||||
| 6.739% due 09/15/2034 •(m) |
2,500 |
2,455 |
||||||||||
| Adjustable Rate Mortgage Trust |
| |||||||||||
| 4.023% due 03/25/2036 •(m) |
2,609 |
1,502 |
||||||||||
| 4.063% due 03/25/2037 •(m) |
482 |
641 |
||||||||||
| 4.727% due 03/25/2037 ~(m) |
999 |
936 |
||||||||||
| 5.132% due 03/25/2036 ~(m) |
17,898 |
8,186 |
||||||||||
| 6.037% due 11/25/2037 ~(m) |
793 |
488 |
||||||||||
| American Home Mortgage Assets Trust |
| |||||||||||
| 4.303% due 11/25/2035 • |
147 |
144 |
||||||||||
| 4.343% due 08/25/2037 •(m) |
4,583 |
4,203 |
||||||||||
| American Home Mortgage Investment Trust |
| |||||||||||
| 4.303% due 03/25/2037 • |
2,371 |
802 |
||||||||||
| 4.363% due 09/25/2045 •(m) |
1,877 |
1,707 |
||||||||||
| 4.663% due 02/25/2044 •(m) |
6,030 |
5,839 |
||||||||||
| 6.600% due 01/25/2037 þ |
4,653 |
588 |
||||||||||
| Anthracite Investments Cayman Ltd. |
| |||||||||||
| 5.678% due 06/20/2041 |
2,021 |
0 |
||||||||||
| ASG Resecuritization Trust |
| |||||||||||
| 3.478% due 01/28/2037 ~(m) |
6,321 |
5,340 |
||||||||||
| 6.000% due 06/28/2037 ~(m) |
24,585 |
11,017 |
||||||||||
| Ashford Hospitality Trust |
| |||||||||||
| 4.698% due 04/15/2035 •(m) |
1,395 |
1,397 |
||||||||||
| 5.048% due 04/15/2035 •(m) |
8,598 |
8,601 |
||||||||||
| 5.198% due 04/15/2035 •(m) |
24,610 |
24,574 |
||||||||||
| 5.898% due 04/15/2035 • |
266 |
264 |
||||||||||
| 6.898% due 04/15/2035 •(m) |
10,939 |
10,780 |
||||||||||
| 8.073% due 06/15/2035 •(m) |
24,694 |
24,256 |
||||||||||
| Atrium Hotel Portfolio Trust |
| |||||||||||
| 5.423% due 12/15/2036 •(m) |
3,000 |
2,964 |
||||||||||
| 5.573% due 12/15/2036 •(m) |
2,840 |
2,792 |
||||||||||
| 5.873% due 12/15/2036 •(m) |
9,300 |
9,097 |
||||||||||
| 6.973% due 12/15/2036 •(m) |
1,400 |
1,363 |
||||||||||
| Avon Finance |
| |||||||||||
| 0.000% due 12/28/2049 (b)(h) |
GBP |
11,488 |
12,650 |
|||||||||
| 0.000% due 12/28/2049 (a) |
9,500 |
0 |
||||||||||
| 7.246% due 12/28/2049 • |
11,241 |
14,917 |
||||||||||
| 7.496% due 12/28/2049 • |
8,564 |
11,347 |
||||||||||
| 7.746% due 12/28/2049 • |
9,124 |
3,518 |
||||||||||
| BAMLL Commercial Mortgage Securities Trust |
| |||||||||||
| 2.627% due 01/15/2032 (m) |
$ |
18,810 |
17,389 |
|||||||||
| 3.727% due 08/14/2034 ~(m) |
8,000 |
1,092 |
||||||||||
| 5.190% due 09/15/2038 • |
3,000 |
2,884 |
||||||||||
| Banc of America Alternative Loan Trust |
| |||||||||||
| 2.877% due 06/25/2037 •(a) |
232 |
26 |
||||||||||
| 4.123% due 06/25/2037 • |
215 |
160 |
||||||||||
| 6.000% due 06/25/2037 |
73 |
63 |
||||||||||
| 6.000% due 06/25/2046 |
32 |
28 |
||||||||||
| 6.000% due 07/25/2046 (m) |
511 |
443 |
||||||||||
| Banc of America Funding Corp. |
| |||||||||||
| 3.744% due 05/26/2036 ~(m) |
3,934 |
3,444 |
||||||||||
| Banc of America Funding Trust |
| |||||||||||
| 0.000% due 06/26/2035 ~(m) |
989 |
979 |
||||||||||
| 0.000% due 11/26/2036 ~(m) |
23,993 |
8,330 |
||||||||||
86 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 2.643% due 12/20/2034 ~ |
$ |
174 |
$ |
147 |
||||||||
| 3.764% due 08/25/2047 ~(m) |
1,907 |
1,546 |
||||||||||
| 4.174% due 04/20/2047 •(m) |
3,496 |
3,032 |
||||||||||
| 4.183% due 04/25/2037 •(m) |
741 |
629 |
||||||||||
| 4.239% due 01/20/2047 ~ |
58 |
50 |
||||||||||
| 4.299% due 09/20/2037 ~ |
275 |
223 |
||||||||||
| 4.353% due 10/20/2046 ~ |
200 |
162 |
||||||||||
| 4.376% due 03/20/2036 ~(m) |
646 |
597 |
||||||||||
| 4.429% due 02/20/2035 •(m) |
1,985 |
1,941 |
||||||||||
| 4.488% due 09/20/2047 ~ |
130 |
114 |
||||||||||
| 4.608% due 01/25/2035 ~ |
62 |
60 |
||||||||||
| 5.065% due 04/20/2035 ~(m) |
689 |
677 |
||||||||||
| 5.593% due 12/20/2036 ~ |
14 |
14 |
||||||||||
| 6.000% due 10/25/2037 (m) |
2,089 |
1,834 |
||||||||||
| 6.220% due 09/20/2046 ~(m) |
396 |
392 |
||||||||||
| 6.619% due 07/26/2036 ~(m) |
7,937 |
2,209 |
||||||||||
| Banc of America Mortgage Trust |
| |||||||||||
| 5.645% due 01/25/2036 ~ |
75 |
73 |
||||||||||
| 5.750% due 10/25/2036 (m) |
391 |
332 |
||||||||||
| 5.750% due 05/25/2037 |
447 |
334 |
||||||||||
| 6.000% due 10/25/2036 |
47 |
41 |
||||||||||
| 6.622% due 10/20/2046 ~ |
14 |
13 |
||||||||||
| Bayview Commercial Asset Trust |
| |||||||||||
| 4.029% due 03/25/2037 •(m) |
80 |
77 |
||||||||||
| BBCCRE Trust |
| |||||||||||
| 3.966% due 08/10/2033 (m) |
28,218 |
26,375 |
||||||||||
| 4.216% due 08/10/2033 (m) |
12,400 |
11,184 |
||||||||||
| 4.715% due 08/10/2033 ~(m) |
7,790 |
6,626 |
||||||||||
| BBCMS Mortgage Trust |
| |||||||||||
| 3.811% due 02/15/2053 ~(m) |
1,250 |
1,024 |
||||||||||
| 4.923% due 07/15/2037 •(m) |
13,000 |
12,661 |
||||||||||
| 7.473% due 07/15/2037 •(m) |
2,600 |
1,952 |
||||||||||
| BCAP LLC Trust |
| |||||||||||
| 2.419% due 02/26/2037 ~(m) |
6,435 |
5,242 |
||||||||||
| 3.650% due 04/25/2038 ~(m) |
12,761 |
9,761 |
||||||||||
| 3.652% due 04/26/2037 ~(m) |
5,121 |
4,439 |
||||||||||
| 3.758% due 07/26/2036 ~ |
311 |
280 |
||||||||||
| 3.785% due 05/26/2037 ~(m) |
1,144 |
1,031 |
||||||||||
| 3.891% due 02/26/2047 •(m) |
9,113 |
7,561 |
||||||||||
| 3.894% due 05/26/2036 •(m) |
2,619 |
2,248 |
||||||||||
| 4.177% due 10/26/2037 ~(m) |
4,264 |
2,709 |
||||||||||
| 4.199% due 05/26/2035 •(m) |
3,451 |
3,123 |
||||||||||
| 4.335% due 02/26/2036 ~(m) |
2,049 |
1,330 |
||||||||||
| 4.490% due 03/26/2037 ~(m) |
659 |
610 |
||||||||||
| 4.896% due 03/27/2037 ~(m) |
3,526 |
3,076 |
||||||||||
| 5.181% due 11/26/2035 ~(m) |
1,731 |
1,451 |
||||||||||
| 5.251% due 06/26/2036 ~(m) |
1,734 |
1,458 |
||||||||||
| 5.500% due 12/26/2035 ~(m) |
7,641 |
4,383 |
||||||||||
| 5.509% due 07/26/2045 ~(m) |
1,480 |
1,452 |
||||||||||
| 6.000% due 06/26/2037 ~(m) |
1,021 |
925 |
||||||||||
| 6.000% due 08/26/2037 ~(m) |
1,945 |
1,575 |
||||||||||
| 6.000% due 10/26/2037 ~(m) |
1,468 |
992 |
||||||||||
| 6.199% due 01/26/2036 ~(m) |
24,900 |
8,004 |
||||||||||
| BCP Trust |
| |||||||||||
| 7.378% due 06/15/2038 •(m) |
11,850 |
1,111 |
||||||||||
| Bear Stearns ALT-A Trust |
| |||||||||||
| 3.533% due 03/25/2036 ~(m) |
685 |
364 |
||||||||||
| 3.861% due 11/25/2035 ~(m) |
7,429 |
3,781 |
||||||||||
| 3.871% due 04/25/2037 ~(m) |
3,265 |
2,222 |
||||||||||
| 3.947% due 05/25/2036 ~ |
144 |
135 |
||||||||||
| 4.050% due 08/25/2036 ~ |
266 |
117 |
||||||||||
| 4.075% due 04/25/2035 ~ |
92 |
87 |
||||||||||
| 4.083% due 06/25/2046 •(m) |
934 |
867 |
||||||||||
| 4.103% due 08/25/2036 •(m) |
11,812 |
10,730 |
||||||||||
| 4.112% due 11/25/2036 ~ |
1,401 |
586 |
||||||||||
| 4.163% due 02/25/2034 •(m) |
1,175 |
1,098 |
||||||||||
| 4.169% due 11/25/2035 ~ |
18 |
10 |
||||||||||
| 4.229% due 07/25/2036 ~(m) |
43,822 |
17,662 |
||||||||||
| 4.261% due 07/25/2035 ~ |
180 |
119 |
||||||||||
| 4.263% due 01/25/2036 •(m) |
2,402 |
2,362 |
||||||||||
| 4.419% due 08/25/2046 ~(m) |
3,531 |
2,362 |
||||||||||
| 4.475% due 12/25/2046 ~(m) |
3,060 |
1,466 |
||||||||||
| 4.495% due 09/25/2035 ~(m) |
7,189 |
2,318 |
||||||||||
| 4.548% due 05/25/2036 ~(m) |
6,078 |
2,333 |
||||||||||
| 4.667% due 05/25/2035 ~ |
83 |
82 |
||||||||||
| 4.888% due 01/25/2035 •(m) |
641 |
619 |
||||||||||
| 4.888% due 03/25/2035 •(m) |
5,165 |
4,635 |
||||||||||
| 6.000% due 09/25/2034 ~ |
148 |
145 |
||||||||||
| Bear Stearns ARM Trust |
| |||||||||||
| 4.032% due 08/25/2047 ~ |
99 |
87 |
||||||||||
| 4.095% due 06/25/2047 ~(m) |
1,113 |
998 |
||||||||||
| 4.329% due 02/25/2036 ~ |
240 |
223 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 5.660% due 09/25/2034 ~ |
$ |
12 |
$ |
12 |
||||||||
| 5.779% due 10/25/2036 ~ |
28 |
28 |
||||||||||
| 6.259% due 09/25/2034 ~ |
9 |
9 |
||||||||||
| Beast Mortgage Trust |
| |||||||||||
| 4.790% due 03/15/2036 •(m) |
11,700 |
10,153 |
||||||||||
| 5.190% due 03/15/2036 •(m) |
1,509 |
631 |
||||||||||
| 7.190% due 03/15/2036 •(m) |
6,000 |
895 |
||||||||||
| Benchmark Mortgage Trust |
| |||||||||||
| 2.437% due 09/15/2048 (m) |
13,678 |
11,753 |
||||||||||
| 3.094% due 04/15/2054 ~ |
200 |
142 |
||||||||||
| 3.094% due 04/15/2054 ~(m) |
4,396 |
2,853 |
||||||||||
| 3.359% due 09/15/2048 ~(m) |
3,800 |
2,473 |
||||||||||
| 3.404% due 12/15/2062 ~ |
700 |
20 |
||||||||||
| 4.029% due 03/15/2062 ~(m) |
19,430 |
16,631 |
||||||||||
| BMO Mortgage Trust |
| |||||||||||
| 3.378% due 02/17/2055 ~(m) |
7,850 |
7,599 |
||||||||||
| Bridgegate Funding PLC |
| |||||||||||
| 0.000% due 10/16/2062 (h) |
GBP |
5,795 |
6,192 |
|||||||||
| 0.000% due 05/15/2080 ~(m) |
36,962 |
33,526 |
||||||||||
| 5.644% due 05/15/2080 •(m) |
17,260 |
22,960 |
||||||||||
| 5.944% due 05/15/2080 •(m) |
19,178 |
25,515 |
||||||||||
| 6.944% due 05/15/2080 •(m) |
13,424 |
17,873 |
||||||||||
| 7.994% due 05/15/2080 •(m) |
7,671 |
10,185 |
||||||||||
| 8.344% due 05/15/2080 •(m) |
13,424 |
17,892 |
||||||||||
| BSREP Commercial Mortgage Trust |
| |||||||||||
| 4.690% due 08/15/2038 •(m) |
$ |
6,135 |
5,911 |
|||||||||
| 5.090% due 08/15/2038 •(m) |
426 |
397 |
||||||||||
| BSST Mortgage Trust |
| |||||||||||
| 4.926% due 02/15/2037 •(m) |
11,900 |
10,623 |
||||||||||
| 5.376% due 02/15/2037 •(m) |
3,300 |
1,741 |
||||||||||
| BWAY Mortgage Trust |
| |||||||||||
| 5.940% due 09/15/2036 •(m) |
5,000 |
4,880 |
||||||||||
| BX Commercial Mortgage Trust |
| |||||||||||
| 5.067% due 02/15/2039 • |
8,252 |
8,277 |
||||||||||
| 5.589% due 11/15/2038 •(m) |
16,356 |
16,359 |
||||||||||
| 5.715% due 01/17/2039 •(m) |
13,615 |
13,625 |
||||||||||
| 6.065% due 01/17/2039 •(m) |
10,109 |
10,115 |
||||||||||
| 6.339% due 02/15/2038 •(m) |
1,470 |
1,464 |
||||||||||
| BX Trust |
| |||||||||||
| 4.245% due 10/15/2036 • |
518 |
518 |
||||||||||
| 4.375% due 10/15/2026 • |
22,280 |
22,275 |
||||||||||
| 5.225% due 01/15/2039 • |
1,060 |
1,061 |
||||||||||
| 6.167% due 10/15/2026 •(m) |
1,074 |
1,074 |
||||||||||
| BXP Trust |
| |||||||||||
| 3.459% due 08/13/2037 |
4,000 |
3,762 |
||||||||||
| 3.670% due 08/13/2037 ~(m) |
14,050 |
11,968 |
||||||||||
| CALI Mortgage Trust |
| |||||||||||
| 3.957% due 03/10/2039 (m) |
14,900 |
14,326 |
||||||||||
| CBA Commercial Small Balance Commercial Mortgage |
| |||||||||||
| 6.040% due 01/25/2039 þ |
173 |
165 |
||||||||||
| CD Mortgage Trust |
| |||||||||||
| 5.688% due 10/15/2048 (m) |
969 |
911 |
||||||||||
| Chase Mortgage Finance Trust |
| |||||||||||
| 4.040% due 01/25/2036 ~(m) |
2,198 |
1,972 |
||||||||||
| 4.847% due 03/25/2037 ~(m) |
708 |
694 |
||||||||||
| 6.000% due 03/25/2037 |
484 |
240 |
||||||||||
| CHL Mortgage Pass-Through Trust |
| |||||||||||
| 3.548% due 06/20/2035 ~ |
2 |
2 |
||||||||||
| 3.682% due 03/25/2037 ~(m) |
2,314 |
1,952 |
||||||||||
| 4.230% due 05/20/2036 ~(m) |
260 |
244 |
||||||||||
| 4.363% due 03/25/2035 • |
134 |
53 |
||||||||||
| 4.381% due 11/20/2035 ~(m) |
3,536 |
3,321 |
||||||||||
| 4.398% due 08/20/2035 ~ |
16 |
15 |
||||||||||
| 4.443% due 03/25/2036 • |
7 |
6 |
||||||||||
| 4.614% due 09/20/2036 ~(m) |
1,160 |
1,032 |
||||||||||
| 4.621% due 11/25/2035 ~(m) |
554 |
457 |
||||||||||
| 5.000% due 11/25/2035 |
18 |
7 |
||||||||||
| 5.027% due 09/25/2047 ~(m) |
1,526 |
1,192 |
||||||||||
| 5.184% due 06/25/2047 ~(m) |
887 |
884 |
||||||||||
| 5.500% due 12/25/2034 |
30 |
30 |
||||||||||
| 5.500% due 08/25/2035 |
27 |
13 |
||||||||||
| 5.500% due 11/25/2035 |
22 |
11 |
||||||||||
| 5.633% due 03/25/2046 •(m) |
12,668 |
11,163 |
||||||||||
| 6.000% due 07/25/2037 |
140 |
59 |
||||||||||
| 6.000% due 08/25/2037 |
1 |
1 |
||||||||||
| 6.000% due 08/25/2037 (m) |
2,934 |
1,197 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| CIM Trust |
| |||||||||||
| 4.750% due 12/25/2065 þ(m) |
$ |
1,987 |
$ |
1,944 |
||||||||
| Citigroup Commercial Mortgage Trust |
| |||||||||||
| 3.917% due 12/15/2072 ~ |
1,511 |
363 |
||||||||||
| 3.917% due 12/15/2072 ~(m) |
6,600 |
3,197 |
||||||||||
| Citigroup Global Markets Mortgage Securities VII, Inc. |
| |||||||||||
| 6.500% due 02/25/2029 |
68 |
67 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 0.000% due 08/25/2037 ~ |
1,586 |
63 |
||||||||||
| 3.788% due 07/25/2036 ~(m) |
1,468 |
1,102 |
||||||||||
| 4.201% due 03/25/2037 ~(m) |
1,029 |
907 |
||||||||||
| 4.303% due 04/25/2037 ~ |
185 |
164 |
||||||||||
| 4.445% due 09/25/2037 ~(m) |
2,112 |
2,034 |
||||||||||
| 4.574% due 10/25/2035 ~(m) |
220 |
217 |
||||||||||
| 4.710% due 08/25/2034 ~(m) |
3,868 |
3,658 |
||||||||||
| 5.011% due 02/25/2036 ~(m) |
3,095 |
2,965 |
||||||||||
| 5.161% due 03/25/2037 ~ |
329 |
300 |
||||||||||
| 5.500% due 11/25/2035 |
143 |
134 |
||||||||||
| 5.500% due 12/25/2035 (m) |
1,863 |
861 |
||||||||||
| 6.000% due 07/25/2036 (m) |
3,821 |
1,600 |
||||||||||
| 6.050% due 03/25/2036 • |
47 |
47 |
||||||||||
| 6.201% due 03/25/2037 ~ |
140 |
143 |
||||||||||
| 6.500% due 09/25/2036 |
805 |
380 |
||||||||||
| City of Port Huron Water Supply System Revenue |
| |||||||||||
| 7.750% due 11/01/2045 «(l) |
71,620 |
71,286 |
||||||||||
| CLNY Trust |
| |||||||||||
| 5.108% due 11/15/2038 •(m) |
746 |
739 |
||||||||||
| 5.655% due 11/15/2038 •(m) |
4,561 |
4,417 |
||||||||||
| 6.004% due 11/15/2038 •(m) |
8,005 |
7,674 |
||||||||||
| 6.700% due 11/15/2038 •(m) |
11,000 |
10,357 |
||||||||||
| 7.396% due 11/15/2038 •(m) |
24,000 |
20,509 |
||||||||||
| COMM Mortgage Trust |
| |||||||||||
| 2.819% due 01/10/2039 (m) |
9,131 |
8,936 |
||||||||||
| 4.673% due 06/15/2034 •(m) |
2,000 |
1,966 |
||||||||||
| 4.921% due 09/15/2033 •(m) |
5,000 |
4,741 |
||||||||||
| 7.890% due 12/15/2038 •(m) |
10,004 |
9,691 |
||||||||||
| 8.740% due 12/15/2038 •(m) |
8,928 |
8,545 |
||||||||||
| 9.740% due 12/15/2038 •(m) |
3,360 |
3,160 |
||||||||||
| Countrywide Alternative Loan Trust |
| |||||||||||
| 0.821% due 12/25/2035 ~(a) |
6,975 |
284 |
||||||||||
| 1.784% due 12/25/2035 ~(a) |
2,178 |
184 |
||||||||||
| 3.387% due 07/25/2036 •(a)(m) |
6,446 |
1,068 |
||||||||||
| 3.944% due 03/20/2047 • |
295 |
260 |
||||||||||
| 4.113% due 05/25/2036 • |
1,158 |
286 |
||||||||||
| 4.113% due 08/25/2036 • |
712 |
272 |
||||||||||
| 4.123% due 05/25/2036 •(m) |
5,024 |
4,864 |
||||||||||
| 4.125% due 10/25/2035 ~(m) |
2,078 |
1,816 |
||||||||||
| 4.139% due 06/25/2037 ~ |
63 |
61 |
||||||||||
| 4.143% due 09/25/2046 •(m) |
4,446 |
4,255 |
||||||||||
| 4.183% due 08/25/2047 •(m) |
638 |
543 |
||||||||||
| 4.203% due 05/25/2047 •(m) |
2,960 |
2,367 |
||||||||||
| 4.223% due 03/25/2036 •(m) |
5,600 |
5,467 |
||||||||||
| 4.263% due 06/25/2037 • |
435 |
370 |
||||||||||
| 4.263% due 06/25/2037 •(m) |
4,599 |
4,399 |
||||||||||
| 4.283% due 07/25/2036 •(m) |
5,809 |
5,260 |
||||||||||
| 4.358% due 11/20/2035 • |
49 |
45 |
||||||||||
| 4.443% due 09/25/2035 •(m) |
2,231 |
1,530 |
||||||||||
| 4.443% due 10/25/2046 • |
75 |
66 |
||||||||||
| 4.463% due 10/25/2035 • |
379 |
215 |
||||||||||
| 4.594% due 11/25/2046 •(m) |
1,817 |
1,669 |
||||||||||
| 4.978% due 05/25/2036 ~(m) |
1,509 |
1,485 |
||||||||||
| 5.054% due 07/20/2035 •(m) |
3,057 |
2,846 |
||||||||||
| 5.223% due 11/25/2035 •(m) |
6,142 |
5,850 |
||||||||||
| 5.500% due 04/25/2035 |
11 |
10 |
||||||||||
| 5.500% due 07/25/2035 |
702 |
341 |
||||||||||
| 5.500% due 10/25/2035 |
93 |
58 |
||||||||||
| 5.500% due 11/25/2035 (m) |
2,372 |
1,274 |
||||||||||
| 5.500% due 12/25/2035 |
685 |
328 |
||||||||||
| 5.500% due 01/25/2036 |
47 |
46 |
||||||||||
| 5.500% due 02/25/2036 |
773 |
419 |
||||||||||
| 5.500% due 02/25/2036 (m) |
656 |
430 |
||||||||||
| 5.500% due 05/25/2036 (m) |
2,621 |
2,127 |
||||||||||
| 5.500% due 04/25/2037 (m) |
1,411 |
611 |
||||||||||
| 5.750% due 01/25/2036 |
117 |
52 |
||||||||||
| 5.750% due 05/25/2036 |
140 |
49 |
||||||||||
| 5.750% due 01/25/2037 (m) |
7,119 |
3,295 |
||||||||||
| 5.750% due 04/25/2037 (m) |
749 |
621 |
||||||||||
| 6.000% due 03/25/2035 |
282 |
117 |
||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 87 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 6.000% due 11/25/2035 |
$ |
315 |
$ |
43 |
||||||||
| 6.000% due 04/25/2036 |
598 |
254 |
||||||||||
| 6.000% due 08/25/2036 |
207 |
103 |
||||||||||
| 6.000% due 11/25/2036 |
203 |
102 |
||||||||||
| 6.000% due 12/25/2036 |
661 |
241 |
||||||||||
| 6.000% due 01/25/2037 |
497 |
405 |
||||||||||
| 6.000% due 01/25/2037 (m) |
719 |
427 |
||||||||||
| 6.000% due 02/25/2037 |
2,104 |
695 |
||||||||||
| 6.000% due 03/25/2037 (m) |
10,309 |
3,782 |
||||||||||
| 6.000% due 04/25/2037 (m) |
8,568 |
3,455 |
||||||||||
| 6.000% due 09/25/2037 (m) |
7,438 |
2,539 |
||||||||||
| 6.250% due 12/25/2036 • |
496 |
192 |
||||||||||
| 6.500% due 06/25/2036 |
339 |
162 |
||||||||||
| 6.500% due 11/25/2036 (m) |
8,376 |
2,438 |
||||||||||
| 9.452% due 07/25/2035 • |
43 |
39 |
||||||||||
| 16.423% due 05/25/2037 • |
649 |
669 |
||||||||||
| Countrywide Alternative Loan Trust Resecuritization |
| |||||||||||
| 7.000% due 01/25/2037 |
4,856 |
756 |
||||||||||
| Credit Suisse First Boston Mortgage Securities Corp. |
| |||||||||||
| 6.000% due 01/25/2036 |
235 |
139 |
||||||||||
| 7.500% due 05/25/2032 (m) |
499 |
496 |
||||||||||
| CSAB Mortgage-Backed Trust |
| |||||||||||
| 5.500% due 05/25/2037 (m) |
1,737 |
1,136 |
||||||||||
| CSMC Mortgage-Backed Trust |
| |||||||||||
| 4.363% due 07/25/2036 • |
406 |
50 |
||||||||||
| 5.733% due 01/15/2049 ~(m) |
10,300 |
6,319 |
||||||||||
| 6.000% due 07/25/2036 |
1,630 |
692 |
||||||||||
| 6.396% due 04/25/2036 þ(m) |
3,732 |
1,913 |
||||||||||
| 6.500% due 05/25/2036 |
2,662 |
800 |
||||||||||
| CSMC Trust |
| |||||||||||
| 0.230% due 01/25/2060 ~(a) |
181,488 |
1,917 |
||||||||||
| 0.387% due 10/25/2060 ~(a) |
180,588 |
3,395 |
||||||||||
| 1.077% due 01/25/2060 ~(a) |
221,780 |
6,296 |
||||||||||
| 1.099% due 10/25/2060 ~(a) |
201,745 |
5,552 |
||||||||||
| 1.760% due 02/27/2047 ~(m) |
28,540 |
9,901 |
||||||||||
| 3.486% due 01/25/2060 ~(m) |
12,166 |
6,901 |
||||||||||
| 3.486% due 01/25/2060 ~ |
7,541 |
3,015 |
||||||||||
| 3.763% due 10/25/2060 ~(m) |
18,835 |
12,185 |
||||||||||
| 3.763% due 10/25/2060 ~ |
11,268 |
5,579 |
||||||||||
| 3.904% due 11/10/2032 ~(m) |
2,500 |
184 |
||||||||||
| 3.904% due 04/28/2037 ~(m) |
1,188 |
1,134 |
||||||||||
| 3.990% due 05/27/2036 ~(m) |
1,001 |
872 |
||||||||||
| 4.295% due 04/26/2035 ~(m) |
4,557 |
4,224 |
||||||||||
| 4.450% due 06/25/2036 ~(m) |
1,991 |
1,619 |
||||||||||
| 4.474% due 10/26/2036 ~(m) |
7,061 |
6,655 |
||||||||||
| 4.643% due 07/26/2037 ~(m) |
4,472 |
4,100 |
||||||||||
| 4.894% due 07/15/2032 •(m) |
2,000 |
1,989 |
||||||||||
| 5.140% due 07/15/2038 • |
1,000 |
835 |
||||||||||
| 5.594% due 07/15/2032 •(m) |
3,121 |
3,103 |
||||||||||
| 5.750% due 05/26/2037 (m) |
10,120 |
4,377 |
||||||||||
| 6.240% due 10/15/2037 •(m) |
3,512 |
3,418 |
||||||||||
| 6.500% due 07/26/2036 (m) |
11,424 |
2,298 |
||||||||||
| 6.640% due 07/15/2038 •(m) |
15,850 |
707 |
||||||||||
| 6.994% due 07/15/2032 •(m) |
7,454 |
7,413 |
||||||||||
| 7.000% due 08/26/2036 (m) |
14,223 |
2,470 |
||||||||||
| 7.640% due 07/15/2038 •(m) |
13,700 |
144 |
||||||||||
| 8.044% due 07/15/2032 •(m) |
22,750 |
22,329 |
||||||||||
| 9.044% due 07/15/2032 •(m) |
4,300 |
4,148 |
||||||||||
| 40.739% due 11/25/2037 •(m) |
5,230 |
4,376 |
||||||||||
| 40.739% due 11/27/2037 •(m) |
6,716 |
6,415 |
||||||||||
| CSMC Trust Capital Certificates |
| |||||||||||
| 3.948% due 05/26/2036 ~(m) |
1,855 |
1,636 |
||||||||||
| 3.975% due 12/29/2037 ~(m) |
2,452 |
1,224 |
||||||||||
| 4.120% due 09/26/2047 ~(m) |
14,876 |
6,613 |
||||||||||
| 7.000% due 08/27/2036 (m) |
2,929 |
1,450 |
||||||||||
| CSWF Corp. |
| |||||||||||
| 4.807% due 06/15/2034 •(m) |
502 |
501 |
||||||||||
| DBGS Mortgage Trust |
| |||||||||||
| 3.843% due 04/10/2037 (m) |
2,670 |
2,506 |
||||||||||
| 5.285% due 10/15/2039 •(m) |
1,000 |
1,001 |
||||||||||
| 7.040% due 10/15/2039 •(m) |
26,404 |
25,940 |
||||||||||
| DBWF Mortgage Trust |
| |||||||||||
| 3.791% due 12/10/2036 (m) |
28,896 |
28,678 |
||||||||||
| 3.935% due 12/10/2036 ~(m) |
13,193 |
12,936 |
||||||||||
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
| |||||||||||
| 3.913% due 02/25/2047 • |
268 |
148 |
||||||||||
| 5.500% due 12/25/2035 |
349 |
301 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
| |||||||||||
| 4.063% due 04/25/2037 •(m) |
$ |
3,034 |
$ |
2,184 |
||||||||
| 6.250% due 07/25/2036 ~ |
29 |
25 |
||||||||||
| Deutsche Mortgage Securities, Inc. Mortgage Loan Trust |
| |||||||||||
| 5.500% due 09/25/2033 |
47 |
47 |
||||||||||
| DOLP Trust |
| |||||||||||
| 3.704% due 05/10/2041 ~(m) |
29,000 |
24,450 |
||||||||||
| DSLA Mortgage Loan Trust |
| |||||||||||
| 3.934% due 04/19/2047 • |
180 |
189 |
||||||||||
| Ellington Financial Mortgage Trust |
| |||||||||||
| 0.250% due 02/25/2068 ~(a) |
189,560 |
98 |
||||||||||
| 0.547% due 02/25/2068 ~(a) |
189,560 |
1,623 |
||||||||||
| 6.615% due 02/25/2068 ~(m) |
29,973 |
29,752 |
||||||||||
| EQUS Mortgage Trust |
| |||||||||||
| 4.645% due 10/15/2038 • |
6,440 |
6,440 |
||||||||||
| Eurosail-U.K. PLC |
| |||||||||||
| 0.000% due 06/13/2045 ~ |
GBP |
6 |
1,084 |
|||||||||
| 3.241% due 03/13/2045 •(m) |
EUR |
7,067 |
7,118 |
|||||||||
| 5.116% (BP0003M + 1.250%) due 06/13/2045 ~(m) |
GBP |
14,072 |
17,330 |
|||||||||
| 5.466% due 09/13/2045 •(m) |
15,554 |
19,520 |
||||||||||
| 5.616% (BP0003M + 1.750%) due 06/13/2045 ~(m) |
8,667 |
9,516 |
||||||||||
| 6.116% due 09/13/2045 •(m) |
11,113 |
13,283 |
||||||||||
| 7.366% (BP0003M + 3.500%) due 06/13/2045 ~(m) |
3,082 |
3,073 |
||||||||||
| 7.716% due 09/13/2045 •(m) |
9,266 |
12,241 |
||||||||||
| First Citizens Loan Trust |
| |||||||||||
| 1.922% due 05/27/2053 « |
$ |
41,108 |
2,386 |
|||||||||
| 6.726% due 05/27/2053 « |
1,000 |
950 |
||||||||||
| First Horizon Alternative Mortgage Securities Trust |
| |||||||||||
| 0.000% due 12/26/2049 (h) |
2 |
0 |
||||||||||
| 3.337% due 11/25/2036 •(a) |
720 |
74 |
||||||||||
| 4.264% due 02/25/2036 ~ |
24 |
17 |
||||||||||
| 4.459% due 05/25/2036 ~ |
317 |
260 |
||||||||||
| 4.755% due 11/25/2036 ~ |
335 |
222 |
||||||||||
| 5.008% due 08/25/2035 ~ |
51 |
2 |
||||||||||
| 6.250% due 11/25/2036 |
55 |
13 |
||||||||||
| First Horizon Mortgage Pass-Through Trust |
| |||||||||||
| 3.875% due 07/25/2037 ~ |
8 |
4 |
||||||||||
| 4.436% due 01/25/2037 ~ |
161 |
71 |
||||||||||
| 4.804% due 05/25/2037 ~(m) |
2,248 |
868 |
||||||||||
| 5.500% due 08/25/2037 |
202 |
52 |
||||||||||
| GC Pastor Hipotecario 5 FTA |
| |||||||||||
| 2.556% due 06/21/2046 •(m) |
EUR |
9,401 |
10,033 |
|||||||||
| GMACM Mortgage Loan Trust |
| |||||||||||
| 3.682% due 07/19/2035 ~ |
$ |
15 |
13 |
|||||||||
| 3.847% due 11/19/2035 ~ |
879 |
342 |
||||||||||
| GreenPoint Mortgage Funding Trust |
| |||||||||||
| 4.123% due 01/25/2037 • |
392 |
343 |
||||||||||
| 4.163% due 12/25/2046 •(m) |
1,976 |
2,047 |
||||||||||
| GS Mortgage Securities Corp. Trust |
| |||||||||||
| 2.856% due 05/10/2034 |
11,201 |
10,037 |
||||||||||
| 3.104% due 05/10/2034 (m) |
3,817 |
3,013 |
||||||||||
| 3.721% due 02/10/2037 (m) |
9,000 |
8,824 |
||||||||||
| 3.871% due 02/10/2037 (m) |
1,501 |
1,447 |
||||||||||
| 4.872% due 07/15/2035 •(m) |
1,298 |
850 |
||||||||||
| 4.922% due 11/15/2032 •(m) |
7,538 |
7,476 |
||||||||||
| 5.322% due 11/15/2032 •(m) |
8,250 |
8,190 |
||||||||||
| 5.922% due 11/15/2032 •(m) |
6,640 |
6,576 |
||||||||||
| 6.472% due 11/15/2032 •(m) |
10,358 |
10,257 |
||||||||||
| 8.372% due 11/15/2032 •(m) |
2,210 |
2,191 |
||||||||||
| GS Mortgage-Backed Securities Trust |
| |||||||||||
| 0.000% due 07/25/2059 ~(a) |
204,757 |
2,230 |
||||||||||
| 2.176% due 11/25/2065 ~(a) |
282,135 |
10,721 |
||||||||||
| 2.272% due 10/25/2065 ~(a) |
272,523 |
9,136 |
||||||||||
| 2.499% due 11/25/2061 ~(a) |
118,712 |
5,548 |
||||||||||
| 3.666% due 09/25/2055 ~(a) |
236,683 |
17,070 |
||||||||||
| 3.736% due 07/25/2059 ~(m) |
20,073 |
13,593 |
||||||||||
| 7.140% due 10/25/2065 ~(m) |
4,711 |
4,244 |
||||||||||
| 7.285% due 11/25/2065 ~(m) |
4,634 |
4,141 |
||||||||||
| 7.531% due 11/25/2061 ~(m) |
1,900 |
1,658 |
||||||||||
| 9.233% due 09/25/2055 ~ |
8,591 |
8,498 |
||||||||||
| GSC Capital Corp. Mortgage Trust |
| |||||||||||
| 4.123% due 05/25/2036 •(m) |
755 |
749 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| GSR Mortgage Loan Trust |
| |||||||||||
| 4.213% due 07/25/2037 • |
$ |
225 |
$ |
50 |
||||||||
| 4.479% due 01/25/2036 ~ |
217 |
205 |
||||||||||
| 4.995% due 12/25/2034 ~ |
6 |
5 |
||||||||||
| 6.000% due 09/25/2034 |
200 |
204 |
||||||||||
| 6.104% due 11/25/2035 ~ |
115 |
55 |
||||||||||
| 6.500% due 08/25/2036 • |
565 |
132 |
||||||||||
| HarborView Mortgage Loan Trust |
| |||||||||||
| 3.879% due 08/19/2036 ~ |
36 |
30 |
||||||||||
| 4.054% due 01/25/2047 •(m) |
3,823 |
3,668 |
||||||||||
| 4.134% due 02/19/2046 •(m) |
479 |
450 |
||||||||||
| 4.174% due 11/19/2036 •(m) |
409 |
391 |
||||||||||
| 4.234% due 03/19/2036 •(m) |
5,635 |
5,320 |
||||||||||
| 4.254% due 01/19/2036 •(m) |
3,816 |
2,425 |
||||||||||
| 4.314% due 06/19/2034 • |
60 |
56 |
||||||||||
| 4.394% due 01/19/2035 • |
86 |
67 |
||||||||||
| 4.576% due 06/19/2045 • |
763 |
292 |
||||||||||
| 4.729% due 06/20/2035 •(m) |
2,749 |
2,565 |
||||||||||
| 5.104% due 06/20/2035 • |
634 |
581 |
||||||||||
| Harvest Funding PLC |
| |||||||||||
| 0.000% due 11/15/2069 (h) |
GBP |
28,513 |
0 |
|||||||||
| 5.743% due 11/15/2069 •(m) |
17,071 |
21,675 |
||||||||||
| 6.743% due 11/15/2069 •(m) |
17,071 |
21,046 |
||||||||||
| 7.993% due 11/15/2069 •(m) |
28,452 |
30,297 |
||||||||||
| Hilton USA Trust |
| |||||||||||
| 2.828% due 11/05/2035 (m) |
$ |
1,000 |
834 |
|||||||||
| 3.323% due 11/05/2035 (m) |
1,435 |
696 |
||||||||||
| HomeBanc Mortgage Trust |
| |||||||||||
| 4.263% due 03/25/2035 •(m) |
2,549 |
2,103 |
||||||||||
| 4.303% due 04/25/2037 ~(m) |
1,671 |
1,512 |
||||||||||
| HSI Asset Loan Obligation Trust |
| |||||||||||
| 6.000% due 06/25/2037 (m) |
1,151 |
1,099 |
||||||||||
| IM Pastor 3 FTH |
| |||||||||||
| 2.526% due 03/22/2043 •(m) |
EUR |
7,667 |
7,846 |
|||||||||
| IM Pastor 4 FTA |
| |||||||||||
| 2.526% due 03/22/2044 •(m) |
11,514 |
12,212 |
||||||||||
| Impac CMB Trust |
| |||||||||||
| 4.283% due 11/25/2035 • |
$ |
61 |
56 |
|||||||||
| 4.483% due 10/25/2034 • |
10 |
10 |
||||||||||
| Impac Secured Assets Corp. |
| |||||||||||
| 4.623% due 03/25/2036 •(m) |
694 |
619 |
||||||||||
| Impac Secured Assets Trust |
| |||||||||||
| 3.983% due 05/25/2037 • |
2 |
1 |
||||||||||
| IndyMac IMSC Mortgage Loan Trust |
| |||||||||||
| 3.653% due 06/25/2037 ~(m) |
2,433 |
1,423 |
||||||||||
| IndyMac INDA Mortgage Loan Trust |
| |||||||||||
| 3.046% due 03/25/2037 ~ |
13 |
11 |
||||||||||
| 3.822% due 12/25/2036 ~ |
335 |
254 |
||||||||||
| IndyMac INDX Mortgage Loan Trust |
| |||||||||||
| 3.077% due 06/25/2037 ~ |
120 |
98 |
||||||||||
| 3.181% due 02/25/2035 ~ |
177 |
162 |
||||||||||
| 3.270% due 05/25/2037 ~(m) |
1,314 |
1,120 |
||||||||||
| 3.625% due 11/25/2035 ~(m) |
1,811 |
1,766 |
||||||||||
| 3.864% due 06/25/2036 ~(m) |
434 |
388 |
||||||||||
| 3.906% due 11/25/2036 ~(m) |
430 |
408 |
||||||||||
| 4.163% due 11/25/2046 •(m) |
2,669 |
2,628 |
||||||||||
| 4.183% due 11/25/2036 • |
76 |
73 |
||||||||||
| 4.223% due 04/25/2035 • |
21 |
21 |
||||||||||
| 4.263% due 02/25/2037 •(m) |
1,703 |
1,117 |
||||||||||
| 4.363% due 07/25/2036 • |
254 |
165 |
||||||||||
| 4.563% due 08/25/2034 • |
90 |
84 |
||||||||||
| 4.623% due 09/25/2034 • |
151 |
132 |
||||||||||
| Jefferies Resecuritization Trust |
| |||||||||||
| 0.000% due 12/26/2036 ~ |
3,449 |
810 |
||||||||||
| JP Morgan Alternative Loan Trust |
| |||||||||||
| 3.938% due 05/25/2036 ~ |
468 |
239 |
||||||||||
| 4.163% due 06/25/2037 •(m) |
20,235 |
6,882 |
||||||||||
| 4.269% due 06/27/2037 •(m) |
3,745 |
2,105 |
||||||||||
| 4.579% due 11/25/2036 ~ |
25 |
34 |
||||||||||
| 5.500% due 11/25/2036 ~ |
7 |
5 |
||||||||||
| 6.000% due 12/25/2035 |
463 |
300 |
||||||||||
| 6.460% due 12/25/2036 þ(m) |
712 |
758 |
||||||||||
| 6.909% due 06/27/2037 ~(m) |
12,990 |
5,777 |
||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust |
| |||||||||||
| 1.974% due 01/05/2040 (m) |
8,530 |
7,939 |
||||||||||
88 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 2.287% due 03/05/2042 (m) |
$ |
14,331 |
$ |
13,551 |
||||||||
| 3.990% due 12/05/2038 ~(m) |
5,740 |
1,055 |
||||||||||
| 3.990% due 12/05/2038 ~ |
3,858 |
552 |
||||||||||
| 4.128% due 07/05/2031 |
3,360 |
2,833 |
||||||||||
| 4.248% due 07/05/2033 (m) |
19,215 |
18,186 |
||||||||||
| 4.379% due 07/05/2031 (m) |
13,293 |
10,341 |
||||||||||
| 4.472% due 04/15/2037 •(m) |
939 |
932 |
||||||||||
| 4.723% due 02/15/2035 •(m) |
7,700 |
7,607 |
||||||||||
| 4.802% due 07/05/2033 •(m) |
4,593 |
4,448 |
||||||||||
| 4.982% due 04/15/2037 •(m) |
1,409 |
1,389 |
||||||||||
| 5.023% due 02/15/2035 •(m) |
9,984 |
9,741 |
||||||||||
| 5.040% due 03/15/2036 •(m) |
2,600 |
2,446 |
||||||||||
| 5.102% due 07/05/2033 •(m) |
3,000 |
2,601 |
||||||||||
| 5.223% due 02/15/2035 •(m) |
3,751 |
3,623 |
||||||||||
| 5.240% due 09/15/2029 •(m) |
241 |
237 |
||||||||||
| 5.289% due 12/15/2036 • |
7,905 |
373 |
||||||||||
| 5.490% due 03/15/2036 •(m) |
7,900 |
6,672 |
||||||||||
| 5.739% due 12/15/2036 • |
3,030 |
40 |
||||||||||
| 5.830% due 06/15/2038 •(m) |
2,000 |
1,707 |
||||||||||
| 5.973% due 02/15/2035 •(m) |
699 |
676 |
||||||||||
| 6.489% due 12/15/2036 • |
4,800 |
12 |
||||||||||
| 6.923% due 02/15/2035 •(m) |
13,987 |
13,238 |
||||||||||
| 7.235% due 10/05/2040 (m) |
1,000 |
1,030 |
||||||||||
| JP Morgan Mortgage Trust |
| |||||||||||
| 3.894% due 10/25/2036 ~ |
10 |
7 |
||||||||||
| 4.183% due 10/25/2036 ~ |
201 |
110 |
||||||||||
| 4.316% due 05/25/2036 ~ |
146 |
119 |
||||||||||
| 4.438% due 06/25/2037 ~(m) |
1,258 |
973 |
||||||||||
| 5.285% due 07/25/2035 ~ |
11 |
11 |
||||||||||
| 6.000% due 08/25/2037 |
320 |
133 |
||||||||||
| JP Morgan Resecuritization Trust |
| |||||||||||
| 6.000% due 09/26/2036 ~(m) |
804 |
632 |
||||||||||
| 6.500% due 04/26/2036 ~(m) |
3,825 |
1,075 |
||||||||||
| JPMDB Commercial Mortgage Securities Trust |
| |||||||||||
| 3.057% due 11/13/2052 (m) |
1,028 |
939 |
||||||||||
| Lansdowne Mortgage Securities No. 1 PLC |
| |||||||||||
| 2.861% due 06/15/2045 • |
EUR |
900 |
890 |
|||||||||
| Lansdowne Mortgage Securities No. 2 PLC |
| |||||||||||
| 2.720% due 09/16/2048 •(m) |
3,645 |
4,003 |
||||||||||
| Lavender Trust |
| |||||||||||
| 6.000% due 11/26/2036 (m) |
$ |
5,120 |
4,977 |
|||||||||
| 6.250% due 10/26/2036 (m) |
3,326 |
1,381 |
||||||||||
| Lehman Mortgage Trust |
| |||||||||||
| 5.584% due 04/25/2036 ~ |
149 |
92 |
||||||||||
| 6.000% due 08/25/2036 |
404 |
303 |
||||||||||
| 6.000% due 09/25/2036 |
317 |
133 |
||||||||||
| 6.000% due 01/25/2038 |
289 |
282 |
||||||||||
| 6.500% due 09/25/2037 |
3,133 |
1,060 |
||||||||||
| 7.250% due 09/25/2037 (m) |
30,266 |
8,360 |
||||||||||
| Lehman XS Trust |
| |||||||||||
| 4.323% due 07/25/2037 •(m) |
22,511 |
16,796 |
||||||||||
| 4.663% due 08/25/2047 • |
173 |
165 |
||||||||||
| 4.763% due 07/25/2047 •(m) |
3,319 |
3,138 |
||||||||||
| LUX |
| |||||||||||
| 6.316% due 08/15/2040 •(m) |
1,136 |
1,144 |
||||||||||
| MASTR Adjustable Rate Mortgages Trust |
| |||||||||||
| 3.301% due 10/25/2034 ~ |
109 |
98 |
||||||||||
| 4.443% due 05/25/2047 •(m) |
5,960 |
5,007 |
||||||||||
| MASTR Alternative Loan Trust |
| |||||||||||
| 4.113% due 03/25/2036 •(m) |
19,756 |
1,583 |
||||||||||
| 4.163% due 03/25/2036 •(m) |
26,113 |
2,120 |
||||||||||
| 7.000% due 10/25/2047 (m) |
10,520 |
4,113 |
||||||||||
| Merrill Lynch Alternative Note Asset Trust |
| |||||||||||
| 4.113% due 05/25/2037 • |
15,924 |
2,587 |
||||||||||
| 6.000% due 05/25/2037 (m) |
2,110 |
1,567 |
||||||||||
| Merrill Lynch Mortgage Investors Trust |
| |||||||||||
| 4.244% due 03/25/2036 ~(m) |
4,758 |
2,106 |
||||||||||
| 5.099% due 05/25/2036 ~(m) |
760 |
720 |
||||||||||
| MF1 |
| |||||||||||
| 4.695% due 12/15/2034 • |
900 |
896 |
||||||||||
| 6.445% due 12/15/2034 • |
475 |
471 |
||||||||||
| 7.845% due 12/15/2034 •(m) |
2,750 |
2,723 |
||||||||||
| MFA Trust |
| |||||||||||
| 4.039% due 04/25/2065 ~(m) |
14,456 |
13,977 |
||||||||||
| MFT Mortgage Trust |
| |||||||||||
| 3.358% due 02/10/2042 (m) |
556 |
464 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Mill City Mortgage Loan Trust |
| |||||||||||
| 0.000% due 08/25/2058 ~(a) |
$ |
41,846 |
$ |
177 |
||||||||
| 0.000% due 08/25/2058 ~ |
41,846 |
3 |
||||||||||
| 0.000% due 08/25/2059 ~(a) |
27,093 |
495 |
||||||||||
| 0.000% due 11/25/2060 ~(a) |
114,702 |
2,660 |
||||||||||
| 0.000% due 04/25/2066 ~(a) |
62,334 |
274 |
||||||||||
| 0.000% due 04/25/2066 (a) |
62,334 |
17 |
||||||||||
| 0.080% due 08/25/2059 ~(a) |
23,941 |
124 |
||||||||||
| 3.034% due 04/25/2066 ~(m) |
10,135 |
6,365 |
||||||||||
| 3.034% due 04/25/2066 ~ |
2,296 |
1,322 |
||||||||||
| 3.250% due 08/25/2058 ~(m) |
2,759 |
1,984 |
||||||||||
| 3.250% due 08/25/2059 ~(m) |
5,987 |
4,792 |
||||||||||
| 3.682% due 08/25/2058 ~(m) |
7,661 |
4,896 |
||||||||||
| 3.682% due 08/25/2058 ~ |
970 |
502 |
||||||||||
| 3.744% due 11/25/2060 ~ |
3,865 |
2,100 |
||||||||||
| 3.761% due 08/25/2059 ~ |
4,064 |
2,269 |
||||||||||
| 3.761% due 08/25/2059 ~(m) |
1,532 |
1,088 |
||||||||||
| Morgan Stanley Capital I Trust |
| |||||||||||
| 2.509% due 04/05/2042 ~ |
60 |
49 |
||||||||||
| 3.912% due 09/09/2032 (m) |
25,312 |
23,823 |
||||||||||
| 4.690% due 12/15/2036 •(m) |
6,246 |
3,654 |
||||||||||
| 5.240% due 12/15/2036 • |
453 |
24 |
||||||||||
| 5.984% due 12/15/2036 •(m) |
18,590 |
195 |
||||||||||
| 7.935% due 12/15/2038 •(m) |
18,000 |
15,656 |
||||||||||
| 8.834% due 12/15/2038 •(m) |
19,500 |
16,568 |
||||||||||
| Morgan Stanley Mortgage Loan Trust |
| |||||||||||
| 4.073% due 01/25/2035 • |
156 |
150 |
||||||||||
| 4.103% due 05/25/2036 • |
136 |
23 |
||||||||||
| 4.343% due 05/25/2036 ~ |
1,214 |
432 |
||||||||||
| 4.763% due 07/25/2035 ~ |
358 |
288 |
||||||||||
| 5.628% due 01/25/2035 ~ |
134 |
122 |
||||||||||
| 5.750% due 12/25/2035 |
138 |
86 |
||||||||||
| 5.962% due 06/25/2036 ~ |
1,629 |
428 |
||||||||||
| 6.000% due 08/25/2037 |
136 |
43 |
||||||||||
| Morgan Stanley Re-REMICS Trust |
| |||||||||||
| 3.060% due 02/26/2037 •(m) |
1,446 |
1,406 |
||||||||||
| 3.063% due 03/26/2037 þ(m) |
893 |
943 |
||||||||||
| 5.024% due 07/26/2035 ~(m) |
3,437 |
3,427 |
||||||||||
| 5.669% due 09/26/2035 ~(m) |
106 |
105 |
||||||||||
| 6.000% due 04/26/2036 (m) |
5,133 |
5,152 |
||||||||||
| Morgan Stanley Resecuritization Trust |
| |||||||||||
| 5.182% due 06/26/2035 ~(m) |
8,412 |
6,086 |
||||||||||
| Morgan Stanley Residential Mortgage Loan Trust |
| |||||||||||
| 0.301% due 03/25/2071 ~(a) |
410,959 |
2,261 |
||||||||||
| 0.325% due 01/25/2070 ~(a)(m) |
49,882 |
198 |
||||||||||
| 0.375% due 12/25/2068 ~(a) |
144,215 |
241 |
||||||||||
| 1.347% due 03/25/2071 ~(a) |
410,959 |
12,979 |
||||||||||
| 1.358% due 01/25/2070 ~(a)(m) |
49,882 |
1,574 |
||||||||||
| 1.560% due 12/25/2068 (a)(m) |
144,215 |
5,611 |
||||||||||
| 6.684% due 03/25/2071 ~(m) |
6,428 |
5,913 |
||||||||||
| 7.082% due 01/25/2070 ~(m) |
1,900 |
1,859 |
||||||||||
| 7.742% due 12/25/2068 ~(m) |
4,006 |
3,956 |
||||||||||
| Mortgage Equity Conversion Asset Trust |
| |||||||||||
| 4.000% due 07/25/2060 |
954 |
922 |
||||||||||
| Mortgage Funding PLC |
| |||||||||||
| 7.066% due 03/13/2046 •(m) |
GBP |
1,000 |
1,331 |
|||||||||
| MRCD Mortgage Trust |
| |||||||||||
| 2.718% due 12/15/2036 (m) |
$ |
2,000 |
1,820 |
|||||||||
| 4.250% due 12/15/2036 ~ |
1,500 |
199 |
||||||||||
| MSDB Trust |
| |||||||||||
| 3.427% due 07/11/2039 ~(m) |
34,438 |
33,317 |
||||||||||
| MSSG Trust |
| |||||||||||
| 3.397% due 09/13/2039 (m) |
10,775 |
10,350 |
||||||||||
| 3.690% due 09/13/2039 |
20,000 |
19,018 |
||||||||||
| 3.865% due 09/13/2039 ~(m) |
7,980 |
7,370 |
||||||||||
| Natixis Commercial Mortgage Securities Trust |
| |||||||||||
| 3.047% due 08/15/2036 (m) |
28,190 |
26,042 |
||||||||||
| 3.655% due 08/15/2036 (m) |
3,225 |
2,873 |
||||||||||
| 4.193% due 04/10/2037 ~(m) |
5,880 |
3,248 |
||||||||||
| 4.460% due 01/15/2043 ~ |
100 |
89 |
||||||||||
| 4.544% due 08/15/2036 ~ |
900 |
346 |
||||||||||
| 5.590% due 08/15/2038 •(m) |
2,250 |
2,223 |
||||||||||
| New Orleans Hotel Trust |
| |||||||||||
| 4.962% due 04/15/2032 •(m) |
6,425 |
6,408 |
||||||||||
| 5.262% due 04/15/2032 •(m) |
1,200 |
1,187 |
||||||||||
| 5.712% due 04/15/2032 •(m) |
13,642 |
13,472 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| New Residential Mortgage Loan Trust |
| |||||||||||
| 0.000% due 09/25/2064 ~(a) |
$ |
424,060 |
$ |
2,344 |
||||||||
| 0.250% due 12/25/2065 ~(a) |
164,585 |
808 |
||||||||||
| 0.277% due 11/25/2065 ~(a) |
160,979 |
741 |
||||||||||
| 1.606% due 11/25/2065 ~(a) |
160,979 |
5,260 |
||||||||||
| 1.664% due 12/25/2065 ~(a) |
164,585 |
5,925 |
||||||||||
| 2.343% due 09/25/2064 ~(a)(m) |
424,060 |
15,395 |
||||||||||
| 3.826% due 11/25/2059 ~(m) |
8,300 |
4,887 |
||||||||||
| 6.566% due 12/25/2065 ~(m) |
2,582 |
2,328 |
||||||||||
| 6.587% due 11/25/2065 ~(m) |
2,320 |
2,131 |
||||||||||
| 7.590% due 09/25/2064 ~(m) |
16,143 |
14,690 |
||||||||||
| Newgate Funding PLC |
| |||||||||||
| 3.651% due 12/15/2050 •(m) |
EUR |
791 |
864 |
|||||||||
| 3.901% due 12/15/2050 •(m) |
1,510 |
1,654 |
||||||||||
| Nomura Asset Acceptance Corp. Alternative Loan Trust |
| |||||||||||
| 4.083% due 10/25/2036 •(m) |
$ |
772 |
717 |
|||||||||
| Nomura Resecuritization Trust |
| |||||||||||
| 4.258% due 09/26/2035 ~(m) |
2,699 |
2,352 |
||||||||||
| NovaStar Mortgage Funding Trust |
| |||||||||||
| 0.382% due 09/25/2046 • |
70 |
66 |
||||||||||
| NYO Commercial Mortgage Trust |
| |||||||||||
| 4.835% due 11/15/2038 •(m) |
2,000 |
2,000 |
||||||||||
| 5.285% due 12/15/2038 •(m) |
2,200 |
2,197 |
||||||||||
| Pretium Mortgage Credit Partners LLC |
| |||||||||||
| 5.124% due 10/25/2055 þ(m) |
7,731 |
7,649 |
||||||||||
| Pretium Mortgage Credit Partners Trust |
| |||||||||||
| 0.000% due 04/25/2065 (h)(m) |
19,864 |
16,919 |
||||||||||
| 4.357% due 01/25/2070 (a)(m) |
15,550 |
13,325 |
||||||||||
| 4.424% due 01/27/2070 (m) |
16,329 |
13,737 |
||||||||||
| Prime Mortgage Trust |
| |||||||||||
| 4.113% due 06/25/2036 •(m) |
1,038 |
780 |
||||||||||
| 7.000% due 07/25/2034 |
22 |
21 |
||||||||||
| Project Cashmere |
| |||||||||||
| 0.000% due 12/30/2057 «(c) |
AUD |
33,505 |
23,127 |
|||||||||
| 7.563% due 12/30/2057 «(c) |
13,222 |
9,134 |
||||||||||
| 8.643% due 12/30/2057 «(c) |
14,866 |
10,237 |
||||||||||
| PRPM LLC |
| |||||||||||
| 5.089% due 02/25/2031 þ(m) |
$ |
1,230 |
1,214 |
|||||||||
| 5.185% due 02/25/2031 þ(m) |
3,757 |
3,713 |
||||||||||
| 5.385% due 10/25/2030 þ(m) |
2,917 |
2,902 |
||||||||||
| 5.503% due 08/25/2030 þ(m) |
3,641 |
3,628 |
||||||||||
| 5.729% due 07/25/2030 þ(m) |
1,702 |
1,697 |
||||||||||
| 6.255% due 05/25/2030 þ(m) |
716 |
716 |
||||||||||
| RALI Trust |
| |||||||||||
| 4.063% due 02/25/2037 • |
231 |
214 |
||||||||||
| 4.123% due 07/25/2036 •(m) |
7,497 |
2,214 |
||||||||||
| 4.143% due 05/25/2037 •(m) |
5,195 |
4,902 |
||||||||||
| 4.183% due 06/25/2037 •(m) |
525 |
484 |
||||||||||
| 4.744% due 01/25/2046 •(m) |
2,410 |
1,841 |
||||||||||
| 5.500% due 04/25/2037 |
34 |
27 |
||||||||||
| 6.000% due 08/25/2035 (m) |
416 |
371 |
||||||||||
| 6.000% due 12/25/2035 (m) |
877 |
764 |
||||||||||
| 6.000% due 06/25/2036 |
110 |
91 |
||||||||||
| 6.000% due 08/25/2036 |
167 |
146 |
||||||||||
| 6.000% due 09/25/2036 (m) |
2,591 |
888 |
||||||||||
| 6.000% due 11/25/2036 (m) |
1,123 |
900 |
||||||||||
| 6.000% due 01/25/2037 |
166 |
138 |
||||||||||
| 6.250% due 02/25/2037 (m) |
1,644 |
1,371 |
||||||||||
| 6.500% due 09/25/2037 (m) |
572 |
476 |
||||||||||
| 7.000% due 10/25/2037 (m) |
3,650 |
2,918 |
||||||||||
| RBSSP Resecuritization Trust |
| |||||||||||
| 4.883% due 05/26/2037 ~(m) |
2,697 |
1,298 |
||||||||||
| 5.168% due 09/26/2035 ~(m) |
2,865 |
1,469 |
||||||||||
| 5.366% due 07/26/2045 ~(m) |
7,448 |
7,441 |
||||||||||
| 6.000% due 03/26/2036 ~(m) |
3,284 |
1,568 |
||||||||||
| 6.000% due 06/26/2037 ~ |
199 |
189 |
||||||||||
| Residential Asset Mortgage Products Trust |
| |||||||||||
| 8.000% due 05/25/2032 |
152 |
96 |
||||||||||
| Residential Asset Securitization Trust |
| |||||||||||
| 5.500% due 07/25/2035 |
506 |
286 |
||||||||||
| 6.000% due 08/25/2036 |
6,203 |
1,459 |
||||||||||
| 6.000% due 02/25/2037 |
167 |
67 |
||||||||||
| 6.000% due 03/25/2037 |
2,767 |
818 |
||||||||||
| 6.000% due 07/25/2037 (m) |
6,126 |
2,099 |
||||||||||
| 6.250% due 01/25/2037 |
5,409 |
1,598 |
||||||||||
| 6.250% due 08/25/2037 |
3,925 |
815 |
||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 89 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 6.500% due 08/25/2036 |
$ |
10,189 |
$ |
2,594 |
||||||||
| 6.750% due 08/25/2036 |
10,258 |
2,711 |
||||||||||
| RFMSI Trust |
| |||||||||||
| 5.528% due 07/27/2037 ~ |
79 |
61 |
||||||||||
| 5.850% due 11/25/2035 |
36 |
24 |
||||||||||
| 6.000% due 04/25/2037 |
256 |
204 |
||||||||||
| 6.000% due 06/25/2037 |
136 |
110 |
||||||||||
| RiverView HECM Trust |
| |||||||||||
| 4.510% due 05/25/2047 •(m) |
1,707 |
1,473 |
||||||||||
| Seasoned Loans Structured Transaction Trust |
| |||||||||||
| 6.079% due 09/25/2060 ~(m) |
253,252 |
168,724 |
||||||||||
| Sequoia Mortgage Trust |
| |||||||||||
| 3.737% due 01/20/2038 ~ |
64 |
50 |
||||||||||
| 4.494% due 07/20/2036 • |
61 |
10 |
||||||||||
| 4.649% due 02/20/2034 • |
65 |
59 |
||||||||||
| 5.693% due 09/20/2032 ~ |
106 |
104 |
||||||||||
| SFO Commercial Mortgage Trust |
| |||||||||||
| 5.139% due 05/15/2038 •(m) |
18,150 |
18,153 |
||||||||||
| 5.489% due 05/15/2038 •(m) |
2,120 |
2,120 |
||||||||||
| 5.789% due 05/15/2038 •(m) |
1,760 |
1,759 |
||||||||||
| SG Commercial Mortgage Securities Trust |
| |||||||||||
| 2.632% due 03/15/2037 (m) |
3,660 |
3,521 |
||||||||||
| 2.937% due 03/15/2037 (m) |
2,736 |
2,621 |
||||||||||
| 4.660% due 02/15/2041 ~(m) |
9,000 |
7,715 |
||||||||||
| SMRT Commercial Mortgage Trust |
| |||||||||||
| 4.626% due 01/15/2039 • |
11,535 |
11,533 |
||||||||||
| 6.326% due 01/15/2039 •(m) |
30,200 |
30,155 |
||||||||||
| Soho Trust |
| |||||||||||
| 2.786% due 08/10/2038 ~(m) |
30,150 |
24,531 |
||||||||||
| SREIT Trust |
| |||||||||||
| 4.561% due 11/15/2036 • |
160 |
160 |
||||||||||
| STARM Mortgage Loan Trust |
| |||||||||||
| 6.114% due 02/25/2037 ~(m) |
578 |
538 |
||||||||||
| Starwood Mortgage Residential Trust |
| |||||||||||
| 3.935% due 11/25/2066 ~ |
100 |
78 |
||||||||||
| 3.935% due 11/25/2066 ~(m) |
400 |
299 |
||||||||||
| Starwood Mortgage Trust |
| |||||||||||
| 6.890% due 04/15/2034 •(m) |
8,042 |
7,995 |
||||||||||
| 7.890% due 04/15/2034 •(m) |
6,612 |
6,616 |
||||||||||
| Stratton Mortgage Funding PLC |
| |||||||||||
| 0.000% due 06/28/2050 (b)(h) |
GBP |
3,433 |
3,770 |
|||||||||
| 0.000% due 06/28/2050 (h) |
0 |
305 |
||||||||||
| 0.000% due 06/20/2060 (b)(h) |
3,784 |
4,420 |
||||||||||
| 0.000% due 06/20/2060 (h) |
0 |
2,154 |
||||||||||
| 7.746% due 06/20/2060 • |
378 |
571 |
||||||||||
| 8.746% due 06/20/2060 • |
378 |
586 |
||||||||||
| Structured Adjustable Rate Mortgage Loan Trust |
| |||||||||||
| 3.980% due 02/25/2037 ~(m) |
$ |
4,250 |
2,715 |
|||||||||
| 4.174% due 03/25/2036 ~(m) |
21,041 |
11,687 |
||||||||||
| 4.199% due 01/25/2036 ~ |
485 |
254 |
||||||||||
| 4.447% due 08/25/2036 ~ |
2,256 |
416 |
||||||||||
| 4.576% due 04/25/2047 ~ |
990 |
392 |
||||||||||
| 5.144% due 01/25/2035 • |
533 |
499 |
||||||||||
| Structured Asset Mortgage Investments II Trust |
| |||||||||||
| 4.103% due 03/25/2037 • |
663 |
25 |
||||||||||
| 4.143% due 07/25/2046 •(m) |
6,854 |
4,879 |
||||||||||
| 4.183% due 05/25/2036 •(m) |
1,264 |
808 |
||||||||||
| 4.183% due 08/25/2036 •(m) |
596 |
502 |
||||||||||
| 4.223% due 05/25/2045 • |
31 |
30 |
||||||||||
| 4.256% due 02/25/2036 ~ |
2,415 |
921 |
||||||||||
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
| |||||||||||
| 4.708% due 01/25/2034 ~ |
43 |
42 |
||||||||||
| Suntrust Alternative Loan Trust |
| |||||||||||
| 3.387% due 04/25/2036 •(a) |
3,867 |
516 |
||||||||||
| TBW Mortgage-Backed Trust |
| |||||||||||
| 6.000% due 07/25/2036 |
204 |
61 |
||||||||||
| 6.500% due 07/25/2036 |
18,349 |
3,694 |
||||||||||
| TDA 27 FTA |
| |||||||||||
| 2.325% due 12/28/2050 •(m) |
EUR |
3,964 |
3,985 |
|||||||||
| TDA 28 FTA |
| |||||||||||
| 2.363% due 10/28/2050 •(m) |
6,374 |
4,002 |
||||||||||
| Towd Point Mortgage Trust |
| |||||||||||
| 0.000% due 12/25/2058 (b)(h) |
$ |
46,162 |
6,399 |
|||||||||
| 0.000% due 12/25/2058 (a) |
476,308 |
0 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 0.000% due 10/25/2059 (a)(l) |
$ |
299,201 |
$ |
0 |
||||||||
| 0.000% due 01/25/2060 (a) |
59,344 |
672 |
||||||||||
| 3.878% due 10/25/2059 ~(m) |
4,000 |
2,775 |
||||||||||
| 3.878% due 10/25/2059 ~ |
12,097 |
7,464 |
||||||||||
| 4.000% due 01/25/2060 ~ |
185 |
165 |
||||||||||
| 4.500% due 10/25/2059 ~ |
4,228 |
3,588 |
||||||||||
| 4.516% due 01/25/2060 ~ |
3,080 |
2,284 |
||||||||||
| VASA Trust |
| |||||||||||
| 4.640% due 07/15/2039 •(m) |
1,000 |
982 |
||||||||||
| 7.640% due 07/15/2039 •(m) |
4,435 |
3,906 |
||||||||||
| Verus Securitization Trust |
| |||||||||||
| 0.000% due 10/25/2066 ~(a) |
86,612 |
8,553 |
||||||||||
| 0.000% due 02/25/2067 ~(a) |
189,936 |
280 |
||||||||||
| 0.180% due 02/25/2067 ~(a) |
189,936 |
1,641 |
||||||||||
| 0.305% due 05/25/2065 ~(a) |
361,199 |
1,942 |
||||||||||
| 0.430% due 10/25/2066 ~(a) |
86,612 |
1,852 |
||||||||||
| 0.963% due 05/25/2065 ~(a) |
361,199 |
12,492 |
||||||||||
| 4.248% due 02/25/2067 ~(m) |
6,603 |
4,396 |
||||||||||
| 4.414% due 10/25/2066 ~(m) |
3,272 |
2,135 |
||||||||||
| 6.400% due 05/25/2065 ~(m) |
9,662 |
9,097 |
||||||||||
| 7.793% due 06/25/2069 ~(m) |
1,000 |
1,006 |
||||||||||
| VNDO Trust |
| |||||||||||
| 4.033% due 01/10/2035 ~(m) |
4,814 |
4,808 |
||||||||||
| WaMu Mortgage Pass-Through Certificates Trust |
| |||||||||||
| 3.632% due 03/25/2037 ~ |
183 |
155 |
||||||||||
| 3.858% due 08/25/2036 ~(m) |
756 |
694 |
||||||||||
| 3.862% due 11/25/2036 ~ |
65 |
59 |
||||||||||
| 3.871% due 06/25/2037 ~(m) |
502 |
447 |
||||||||||
| 3.884% due 03/25/2037 ~(m) |
1,215 |
1,091 |
||||||||||
| 3.994% due 02/25/2037 ~(m) |
1,239 |
1,083 |
||||||||||
| 4.014% due 07/25/2037 ~(m) |
647 |
529 |
||||||||||
| 4.041% due 07/25/2037 ~ |
392 |
363 |
||||||||||
| 4.303% due 07/25/2045 • |
73 |
72 |
||||||||||
| 4.494% due 06/25/2047 • |
1,215 |
1,163 |
||||||||||
| 4.542% due 07/25/2047 • |
318 |
282 |
||||||||||
| 4.554% due 07/25/2047 •(m) |
8,698 |
7,404 |
||||||||||
| 4.603% due 06/25/2044 • |
54 |
55 |
||||||||||
| 4.624% due 10/25/2046 • |
168 |
152 |
||||||||||
| 4.704% due 09/25/2046 •(m) |
1,950 |
1,654 |
||||||||||
| 4.792% due 07/25/2046 •(m) |
1,883 |
1,745 |
||||||||||
| 5.365% due 03/25/2033 ~ |
17 |
17 |
||||||||||
| Warwick Finance Residential Mortgages Number Three PLC |
| |||||||||||
| 0.000% due 12/21/2049 (h) |
GBP |
0 |
1,865 |
|||||||||
| 6.396% due 12/21/2049 • |
646 |
855 |
||||||||||
| 6.896% due 12/21/2049 • |
646 |
848 |
||||||||||
| Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
| |||||||||||
| 3.137% due 06/25/2046 •(m) |
$ |
4,332 |
2,479 |
|||||||||
| 4.133% due 02/25/2037 • |
1,066 |
773 |
||||||||||
| 4.243% due 01/25/2047 •(m) |
6,045 |
5,656 |
||||||||||
| 4.283% due 12/25/2035 • |
2,599 |
2,311 |
||||||||||
| 4.363% due 07/25/2036 •(m) |
2,634 |
1,944 |
||||||||||
| 4.594% due 10/25/2046 • |
221 |
198 |
||||||||||
| 5.750% due 11/25/2035 (m) |
644 |
626 |
||||||||||
| 6.000% due 04/25/2037 (m) |
888 |
774 |
||||||||||
| 6.467% due 05/25/2036 þ(m) |
2,784 |
2,479 |
||||||||||
| Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
| |||||||||||
| 3.725% due 06/25/2033 ~ |
57 |
53 |
||||||||||
| Wells Fargo Alternative Loan Trust |
| |||||||||||
| 5.750% due 07/25/2037 |
142 |
125 |
||||||||||
| 6.312% due 07/25/2037 ~(m) |
921 |
873 |
||||||||||
| 6.500% due 07/25/2037 (m) |
2,380 |
1,942 |
||||||||||
| Wells Fargo Commercial Mortgage Trust |
| |||||||||||
| 3.862% due 12/15/2039 (m) |
3,736 |
3,581 |
||||||||||
| 3.874% due 06/15/2036 ~(m) |
500 |
469 |
||||||||||
| 3.874% due 06/15/2036 ~ |
3,700 |
3,205 |
||||||||||
| 4.418% due 12/15/2039 (m) |
1,500 |
1,382 |
||||||||||
| 5.424% due 06/15/2049 ~(m) |
4,744 |
4,657 |
||||||||||
| 5.761% due 09/15/2040 ~(m) |
1,004 |
991 |
||||||||||
| Wells Fargo Mortgage Loan Trust |
| |||||||||||
| 3.846% due 03/27/2037 ~(m) |
2,736 |
1,377 |
||||||||||
| 5.696% due 04/27/2036 ~(m) |
1,997 |
1,873 |
||||||||||
| Wells Fargo Mortgage-Backed Securities Trust |
| |||||||||||
| 6.000% due 06/25/2037 |
36 |
33 |
||||||||||
| 6.365% due 09/25/2036 ~ |
2 |
2 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 6.486% due 10/25/2036 ~ |
$ |
3 |
$ |
3 |
||||||||
| Worldwide Plaza Trust |
| |||||||||||
| 3.526% due 11/10/2036 (m) |
21,944 |
18,097 |
||||||||||
| 3.715% due 11/10/2036 ~(m) |
3,000 |
1,045 |
||||||||||
| 3.715% due 11/10/2036 ~ |
8,000 |
84 |
||||||||||
| WSTN Trust |
| |||||||||||
| 0.341% due 07/05/2037 ~(a)(m) |
515,000 |
716 |
||||||||||
| 7.958% due 07/05/2037 ~(m) |
11,363 |
11,469 |
||||||||||
| 8.748% due 07/05/2037 ~(m) |
11,200 |
11,217 |
||||||||||
| 10.174% due 07/05/2037 ~(m) |
16,010 |
16,061 |
||||||||||
| |
|
|||||||||||
| Total Non-Agency Mortgage-Backed Securities (Cost $3,089,132) |
2,892,094 |
|||||||||||
| |
|
|||||||||||
ASSET-BACKED SECURITIES 15.1% |
| |||||||||||
AUTOMOBILE ABS OTHER 0.1% |
| |||||||||||
| Ally Bank Auto Credit-Linked Notes |
| |||||||||||
| 11.395% due 09/15/2032 |
398 |
403 |
||||||||||
| Exeter Automobile Receivables Trust |
| |||||||||||
| 0.000% due 12/15/2033 (h) |
25 |
1,011 |
||||||||||
| Flagship Credit Auto Trust |
| |||||||||||
| 0.000% due 12/15/2027 «(h) |
9 |
368 |
||||||||||
| 0.000% due 06/15/2029 «(h) |
3 |
0 |
||||||||||
| Huntington Bank Auto Credit-Linked Notes |
| |||||||||||
| 7.609% due 10/20/2032 • |
290 |
290 |
||||||||||
| 11.109% due 10/20/2032 • |
373 |
368 |
||||||||||
| Santander Bank Auto Credit-Linked Notes |
| |||||||||||
| 7.762% due 06/15/2032 |
672 |
683 |
||||||||||
| 10.171% due 06/15/2032 |
1,437 |
1,484 |
||||||||||
| 13.030% due 06/15/2032 |
1,247 |
1,286 |
||||||||||
| SBNA Auto Receivables Trust |
| |||||||||||
| 8.710% due 06/15/2033 |
900 |
893 |
||||||||||
| |
|
|||||||||||
6,786 |
||||||||||||
| |
|
|||||||||||
AUTOMOBILE SEQUENTIAL 0.2% |
| |||||||||||
| CPS Auto Securitization Trust |
| |||||||||||
| 11.000% due 06/16/2032 «(m) |
16,524 |
16,606 |
||||||||||
| |
|
|||||||||||
HOME EQUITY OTHER 8.3% |
| |||||||||||
| Aames Mortgage Investment Trust |
| |||||||||||
| 4.678% due 10/25/2035 •(m) |
2,200 |
2,115 |
||||||||||
| ABFC Trust |
| |||||||||||
| 4.323% due 10/25/2033 • |
124 |
122 |
||||||||||
| 4.708% due 07/25/2034 •(m) |
115 |
117 |
||||||||||
| 4.738% due 06/25/2035 •(m) |
3,000 |
2,890 |
||||||||||
| 4.813% due 03/25/2034 • |
357 |
346 |
||||||||||
| 4.813% due 03/25/2035 •(m) |
246 |
220 |
||||||||||
| 4.933% due 03/25/2035 • |
447 |
356 |
||||||||||
| ACE Securities Corp. Home Equity Loan Trust |
| |||||||||||
| 3.983% due 12/25/2036 •(m) |
20,370 |
5,200 |
||||||||||
| 4.723% due 08/25/2035 •(m) |
5,157 |
4,387 |
||||||||||
| 4.753% due 05/25/2035 •(m) |
899 |
745 |
||||||||||
| 4.858% due 07/25/2035 •(m) |
17,938 |
16,780 |
||||||||||
| Aegis Asset-Backed Securities Trust |
| |||||||||||
| 4.483% due 08/25/2035 • |
32 |
32 |
||||||||||
| 4.723% due 08/25/2035 • |
2,225 |
416 |
||||||||||
| 4.738% due 06/25/2035 • |
3,000 |
992 |
||||||||||
| Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates |
| |||||||||||
| 5.863% due 09/25/2034 •(m) |
740 |
750 |
||||||||||
| Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
| |||||||||||
| 3.279% due 09/25/2032 •(m) |
1,148 |
1,061 |
||||||||||
| 4.633% due 11/25/2035 •(m) |
4,300 |
4,123 |
||||||||||
| 4.678% due 09/25/2035 •(m) |
1,091 |
1,097 |
||||||||||
| 4.708% due 11/25/2035 •(m) |
1,200 |
1,061 |
||||||||||
| 4.708% due 01/25/2036 •(m) |
3,996 |
3,772 |
||||||||||
| 4.738% due 05/25/2035 •(m) |
613 |
601 |
||||||||||
| 4.783% due 01/25/2036 •(m) |
3,900 |
3,484 |
||||||||||
| 5.488% due 05/25/2034 • |
103 |
102 |
||||||||||
| 5.488% due 08/25/2035 •(m) |
6,382 |
6,311 |
||||||||||
| 6.613% due 08/25/2032 • |
113 |
112 |
||||||||||
90 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Argent Securities Trust |
| |||||||||||
| 3.913% due 09/25/2036 •(m) |
$ |
7,095 |
$ |
2,252 |
||||||||
| 3.963% due 06/25/2036 •(m) |
6,181 |
1,632 |
||||||||||
| 4.003% due 04/25/2036 • |
963 |
291 |
||||||||||
| 4.063% due 06/25/2036 • |
3,480 |
919 |
||||||||||
| 4.143% due 03/25/2036 •(m) |
9,381 |
5,301 |
||||||||||
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
| |||||||||||
| 4.453% due 11/25/2035 •(m) |
14,851 |
13,404 |
||||||||||
| 4.453% due 01/25/2036 •(m) |
1,089 |
1,190 |
||||||||||
| 4.523% due 02/25/2036 •(m) |
18,352 |
14,993 |
||||||||||
| Asset-Backed Securities Corp. Home Equity Loan Trust |
| |||||||||||
| 4.663% due 11/25/2035 •(m) |
2,439 |
2,380 |
||||||||||
| 4.768% due 04/25/2035 • |
27 |
32 |
||||||||||
| 4.783% due 05/25/2035 •(m) |
610 |
604 |
||||||||||
| 4.843% due 04/25/2035 •(m) |
900 |
829 |
||||||||||
| Bear Stearns Asset-Backed Securities I Trust |
| |||||||||||
| 2.141% due 09/25/2034 • |
35 |
35 |
||||||||||
| 4.043% due 12/25/2036 •(m) |
6,866 |
7,006 |
||||||||||
| 4.168% due 01/25/2037 •(m) |
6,479 |
6,348 |
||||||||||
| 4.783% due 04/25/2035 •(m) |
1,088 |
1,080 |
||||||||||
| 4.783% due 10/25/2035 •(m) |
392 |
392 |
||||||||||
| 4.843% due 12/25/2035 •(m) |
2,869 |
2,908 |
||||||||||
| Carrington Mortgage Loan Trust |
| |||||||||||
| 3.843% due 03/25/2035 • |
495 |
422 |
||||||||||
| 4.183% due 12/26/2036 •(m) |
13,201 |
11,321 |
||||||||||
| CIT Mortgage Loan Trust |
| |||||||||||
| 5.513% due 10/25/2037 •(m) |
15,000 |
14,807 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 3.963% due 05/25/2037 • |
377 |
256 |
||||||||||
| 4.063% due 12/25/2036 •(m) |
15,479 |
5,680 |
||||||||||
| 4.083% due 09/25/2036 •(m) |
9,013 |
6,825 |
||||||||||
| 4.083% due 12/25/2036 •(m) |
9,942 |
5,557 |
||||||||||
| 4.203% due 12/25/2036 •(m) |
11,341 |
4,172 |
||||||||||
| 4.738% due 10/25/2035 •(m) |
2,296 |
1,693 |
||||||||||
| Countrywide Asset-Backed Certificates |
| |||||||||||
| 4.043% due 03/25/2037 •(m) |
9,314 |
8,685 |
||||||||||
| 4.153% due 01/25/2046 •(m) |
36,103 |
29,650 |
||||||||||
| 4.443% due 12/25/2036 • |
233 |
198 |
||||||||||
| 4.663% due 03/25/2047 •(m) |
753 |
593 |
||||||||||
| 4.753% due 05/25/2035 • |
82 |
82 |
||||||||||
| 4.858% due 05/25/2035 • |
430 |
425 |
||||||||||
| 4.863% due 05/25/2047 •(m) |
4,080 |
3,772 |
||||||||||
| Countrywide Asset-Backed Certificates Trust |
| |||||||||||
| 4.163% due 06/25/2037 •(m) |
15,363 |
15,695 |
||||||||||
| 4.243% due 03/25/2036 •(m) |
11,555 |
10,725 |
||||||||||
| 4.243% due 05/25/2036 •(m) |
3,180 |
2,717 |
||||||||||
| 4.263% due 11/25/2047 •(m) |
3,255 |
3,047 |
||||||||||
| 4.348% due 04/25/2036 •(m) |
8,762 |
8,418 |
||||||||||
| 4.552% due 05/25/2036 • |
756 |
628 |
||||||||||
| 4.738% due 01/25/2036 •(m) |
2,926 |
2,888 |
||||||||||
| 4.873% due 08/25/2035 •(m) |
277 |
276 |
||||||||||
| 4.933% due 04/25/2036 •(m) |
3,950 |
3,583 |
||||||||||
| 5.788% due 11/25/2035 •(m) |
6,266 |
4,545 |
||||||||||
| 6.867% due 09/25/2046 þ(m) |
6,181 |
4,573 |
||||||||||
| Credit Suisse First Boston Mortgage Securities Corp. |
| |||||||||||
| 4.813% due 02/25/2031 •(m) |
610 |
601 |
||||||||||
| EMC Mortgage Loan Trust |
| |||||||||||
| 7.138% due 04/25/2042 •(m) |
1,318 |
1,306 |
||||||||||
| Encore Credit Receivables Trust |
| |||||||||||
| 4.453% due 07/25/2035 • |
188 |
185 |
||||||||||
| 4.498% due 07/25/2035 • |
270 |
257 |
||||||||||
| 4.813% due 07/25/2035 • |
698 |
628 |
||||||||||
| FBR Securitization Trust |
| |||||||||||
| 4.693% due 09/25/2035 •(m) |
6,500 |
5,926 |
||||||||||
| 4.738% due 11/25/2035 •(m) |
3,644 |
2,278 |
||||||||||
| Fieldstone Mortgage Investment Trust |
| |||||||||||
| 4.103% due 07/25/2036 •(m) |
3,760 |
2,082 |
||||||||||
| Fremont Home Loan Trust |
| |||||||||||
| 4.063% due 01/25/2037 •(m) |
2,540 |
1,152 |
||||||||||
| 4.243% due 02/25/2037 • |
1,043 |
316 |
||||||||||
| 4.438% due 01/25/2036 •(m) |
4,700 |
4,047 |
||||||||||
| 4.723% due 04/25/2035 •(m) |
4,300 |
3,822 |
||||||||||
| 4.828% due 06/25/2035 •(m) |
876 |
868 |
||||||||||
| GMACM Home Equity Loan Trust |
| |||||||||||
| 6.249% due 12/25/2037 þ(m) |
403 |
389 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| GSAMP Trust |
| |||||||||||
| 3.823% due 01/25/2037 •(m) |
$ |
2,242 |
$ |
1,379 |
||||||||
| 3.853% due 01/25/2037 • |
669 |
411 |
||||||||||
| 4.043% due 12/25/2036 • |
712 |
379 |
||||||||||
| 4.083% due 04/25/2036 • |
369 |
241 |
||||||||||
| 4.163% due 11/25/2036 •(m) |
2,938 |
1,338 |
||||||||||
| 4.263% due 12/25/2036 •(m) |
3,326 |
1,640 |
||||||||||
| 4.303% due 04/25/2036 •(m) |
13,149 |
8,625 |
||||||||||
| 5.413% due 10/25/2034 • |
97 |
99 |
||||||||||
| Home Equity Mortgage Loan Asset-Backed Trust |
| |||||||||||
| 3.923% due 11/25/2036 •(m) |
2,164 |
2,020 |
||||||||||
| 4.003% due 04/25/2037 •(m) |
14,413 |
9,769 |
||||||||||
| 4.083% due 04/25/2037 •(m) |
1,940 |
1,718 |
||||||||||
| 4.388% due 12/25/2031 þ |
430 |
277 |
||||||||||
| 4.468% due 03/25/2036 • |
1,026 |
826 |
||||||||||
| HSI Asset Securitization Corp. Trust |
| |||||||||||
| 3.983% due 12/25/2036 • |
18,565 |
4,727 |
||||||||||
| 4.083% due 10/25/2036 •(m) |
5,954 |
2,027 |
||||||||||
| 4.103% due 12/25/2036 •(m) |
11,371 |
2,739 |
||||||||||
| 4.143% due 01/25/2037 •(m) |
25,159 |
17,376 |
||||||||||
| IXIS Real Estate Capital Trust |
| |||||||||||
| 4.738% due 09/25/2035 •(m) |
1,031 |
1,146 |
||||||||||
| JP Morgan Mortgage Acquisition Corp. |
| |||||||||||
| 4.663% due 09/25/2035 •(m) |
2,300 |
2,108 |
||||||||||
| JP Morgan Mortgage Acquisition Trust |
| |||||||||||
| 3.701% due 08/25/2036 • |
5 |
2 |
||||||||||
| 4.063% due 07/25/2036 •(m) |
2,425 |
1,140 |
||||||||||
| 4.083% due 07/25/2036 • |
900 |
236 |
||||||||||
| 5.962% due 09/25/2029 þ(m) |
2,172 |
1,268 |
||||||||||
| 6.388% due 10/25/2036 þ(m) |
5,951 |
3,472 |
||||||||||
| Lehman ABS Mortgage Loan Trust |
| |||||||||||
| 3.853% due 06/25/2037 •(m) |
2,970 |
1,934 |
||||||||||
| Long Beach Mortgage Loan Trust |
| |||||||||||
| 4.143% due 02/25/2036 •(m) |
15,722 |
14,115 |
||||||||||
| 4.303% due 05/25/2046 •(m) |
7,560 |
2,212 |
||||||||||
| 4.468% due 11/25/2035 •(m) |
46,139 |
46,190 |
||||||||||
| 4.678% due 08/25/2035 •(m) |
3,400 |
3,169 |
||||||||||
| 4.888% due 04/25/2035 •(m) |
6,423 |
6,228 |
||||||||||
| MASTR Asset-Backed Securities Trust |
| |||||||||||
| 3.983% due 08/25/2036 •(m) |
2,439 |
840 |
||||||||||
| 4.063% due 03/25/2036 •(m) |
4,331 |
2,505 |
||||||||||
| 4.103% due 06/25/2036 •(m) |
3,068 |
2,881 |
||||||||||
| 4.123% due 02/25/2036 •(m) |
5,563 |
1,933 |
||||||||||
| 4.243% due 06/25/2036 • |
2,384 |
773 |
||||||||||
| 4.303% due 12/25/2035 •(m) |
12,647 |
10,638 |
||||||||||
| 4.333% due 01/25/2036 • |
73 |
74 |
||||||||||
| 4.663% due 10/25/2035 •(m) |
1,553 |
1,401 |
||||||||||
| 4.738% due 05/25/2035 • |
24 |
28 |
||||||||||
| 4.768% due 03/25/2035 • |
1,161 |
1,176 |
||||||||||
| 4.783% due 03/25/2035 • |
763 |
621 |
||||||||||
| 4.813% due 05/25/2035 •(m) |
1,200 |
1,197 |
||||||||||
| 4.843% due 03/25/2035 • |
1,707 |
1,687 |
||||||||||
| Merrill Lynch Mortgage Investors Trust |
| |||||||||||
| 4.708% due 02/25/2036 • |
474 |
472 |
||||||||||
| 4.798% due 02/25/2036 • |
180 |
178 |
||||||||||
| Morgan Stanley ABS Capital I, Inc. Trust |
| |||||||||||
| 3.833% due 10/25/2036 • |
1,963 |
850 |
||||||||||
| 3.863% due 11/25/2036 • |
1,040 |
578 |
||||||||||
| 3.883% due 09/25/2036 •(m) |
3,037 |
1,020 |
||||||||||
| 3.903% due 10/25/2036 •(m) |
6,624 |
2,868 |
||||||||||
| 3.913% due 11/25/2036 •(m) |
11,338 |
6,318 |
||||||||||
| 3.983% due 10/25/2036 •(m) |
3,192 |
1,382 |
||||||||||
| 4.063% due 06/25/2036 •(m) |
4,022 |
1,963 |
||||||||||
| 4.063% due 06/25/2036 • |
397 |
356 |
||||||||||
| 4.063% due 09/25/2036 •(m) |
6,102 |
2,049 |
||||||||||
| 4.093% due 02/25/2037 •(m) |
4,018 |
1,756 |
||||||||||
| 4.633% due 09/25/2035 •(m) |
1,220 |
1,033 |
||||||||||
| 4.798% due 01/25/2035 •(m) |
6,379 |
6,126 |
||||||||||
| 4.798% due 03/25/2035 •(m) |
859 |
787 |
||||||||||
| 4.858% due 01/25/2035 •(m) |
927 |
826 |
||||||||||
| Morgan Stanley Capital I, Inc. Trust |
| |||||||||||
| 4.123% due 03/25/2036 • |
9 |
7 |
||||||||||
| Morgan Stanley Home Equity Loan Trust |
| |||||||||||
| 3.993% due 04/25/2037 •(m) |
18,996 |
9,670 |
||||||||||
| New Century Home Equity Loan Trust |
| |||||||||||
| 4.408% due 12/25/2035 •(m) |
814 |
785 |
||||||||||
| 4.438% due 12/25/2035 •(m) |
2,195 |
1,991 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 4.543% due 03/25/2035 •(m) |
$ |
525 |
$ |
523 |
||||||||
| 4.708% due 06/25/2035 •(m) |
318 |
344 |
||||||||||
| 4.738% due 06/25/2035 •(m) |
1,067 |
1,055 |
||||||||||
| 4.783% due 06/25/2035 •(m) |
1,342 |
1,407 |
||||||||||
| 4.888% due 03/25/2035 •(m) |
813 |
805 |
||||||||||
| 6.763% due 01/25/2033 • |
169 |
144 |
||||||||||
| Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
| |||||||||||
| 4.323% due 07/25/2036 •(m) |
3,500 |
3,056 |
||||||||||
| 4.423% due 10/25/2036 • |
3,993 |
692 |
||||||||||
| 4.678% due 05/25/2035 •(m) |
1,927 |
1,553 |
||||||||||
| NovaStar Mortgage Funding Trust |
| |||||||||||
| 4.103% due 11/25/2036 • |
973 |
293 |
||||||||||
| Option One Mortgage Loan Trust |
| |||||||||||
| 3.893% due 07/25/2037 •(m) |
17,175 |
11,600 |
||||||||||
| 4.043% due 01/25/2037 • |
223 |
146 |
||||||||||
| 4.043% due 01/25/2037 •(m) |
6,673 |
3,879 |
||||||||||
| 4.093% due 04/25/2037 •(m) |
1,768 |
863 |
||||||||||
| 4.203% due 01/25/2037 • |
1,361 |
791 |
||||||||||
| 4.263% due 03/25/2037 • |
435 |
210 |
||||||||||
| 5.662% due 01/25/2037 þ |
1 |
1 |
||||||||||
| Ownit Mortgage Loan Trust |
| |||||||||||
| 3.148% due 10/25/2035 þ(m) |
2,987 |
1,635 |
||||||||||
| 4.663% due 10/25/2036 •(m) |
2,229 |
2,213 |
||||||||||
| Park Place Securities, Inc. |
| |||||||||||
| 4.708% due 09/25/2035 •(m) |
2,200 |
1,986 |
||||||||||
| Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
| |||||||||||
| 4.738% due 07/25/2035 •(m) |
1,600 |
1,409 |
||||||||||
| 5.638% due 10/25/2034 •(m) |
1,195 |
1,054 |
||||||||||
| People’s Choice Home Loan Securities Trust |
| |||||||||||
| 4.738% due 05/25/2035 •(m) |
900 |
662 |
||||||||||
| RAAC Trust |
| |||||||||||
| 6.388% due 05/25/2046 •(m) |
17,021 |
16,752 |
||||||||||
| RASC Trust |
| |||||||||||
| 4.423% due 12/25/2035 •(m) |
5,287 |
4,671 |
||||||||||
| Renaissance Home Equity Loan Trust |
| |||||||||||
| 5.612% due 04/25/2037 þ |
3,152 |
750 |
||||||||||
| Residential Asset Mortgage Products Trust |
| |||||||||||
| 4.513% due 04/25/2034 •(m) |
670 |
668 |
||||||||||
| 4.633% due 04/25/2034 •(m) |
131 |
131 |
||||||||||
| 5.338% due 04/25/2034 •(m) |
937 |
943 |
||||||||||
| 5.743% due 04/25/2034 •(m) |
1,738 |
1,762 |
||||||||||
| Residential Asset Securities Corporation Trust |
| |||||||||||
| 4.023% due 11/25/2036 •(m) |
3,485 |
3,243 |
||||||||||
| 4.103% due 10/25/2036 •(m) |
1,822 |
1,697 |
||||||||||
| 4.243% due 08/25/2036 •(m) |
7,012 |
6,241 |
||||||||||
| 4.258% due 04/25/2036 •(m) |
6,211 |
5,609 |
||||||||||
| 4.708% due 12/25/2035 •(m) |
1,814 |
1,493 |
||||||||||
| Saxon Asset Securities Trust |
| |||||||||||
| 1.388% due 11/25/2035 •(m) |
8,842 |
6,943 |
||||||||||
| 3.603% due 03/25/2035 •(m) |
5,096 |
2,857 |
||||||||||
| Securitized Asset-Backed Receivables LLC Trust |
| |||||||||||
| 4.043% due 07/25/2036 •(m) |
2,001 |
1,750 |
||||||||||
| 4.083% due 07/25/2036 • |
2,480 |
788 |
||||||||||
| 4.223% due 02/25/2037 • |
200 |
89 |
||||||||||
| 4.438% due 01/25/2035 • |
5 |
4 |
||||||||||
| Soundview Home Loan Trust |
| |||||||||||
| 3.913% due 06/25/2037 •(m) |
2,559 |
1,777 |
||||||||||
| 4.043% due 06/25/2037 •(m) |
4,639 |
3,221 |
||||||||||
| 4.123% due 02/25/2037 •(m) |
6,568 |
1,756 |
||||||||||
| 4.283% due 02/25/2037 •(m) |
7,622 |
2,042 |
||||||||||
| 4.713% due 10/25/2037 •(m) |
3,371 |
2,652 |
||||||||||
| 4.738% due 11/25/2035 •(m) |
986 |
971 |
||||||||||
| 4.863% due 09/25/2037 •(m) |
1,203 |
1,025 |
||||||||||
| Structured Asset Investment Loan Trust |
| |||||||||||
| 4.763% due 09/25/2034 •(m) |
2,196 |
2,168 |
||||||||||
| Structured Asset Securities Corp. |
| |||||||||||
| 9.763% due 05/25/2032 •(m) |
3,578 |
3,340 |
||||||||||
| UCFC Home Equity Loan Trust |
| |||||||||||
| 7.750% due 04/15/2030 ~ |
224 |
226 |
||||||||||
| Wells Fargo Home Equity Asset-Backed Securities Trust |
| |||||||||||
| 4.168% due 01/25/2037 •(m) |
9,676 |
10,122 |
||||||||||
| |
|
|||||||||||
621,470 |
||||||||||||
| |
|
|||||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
91 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
HOME EQUITY SEQUENTIAL 0.0% |
| |||||||||||
| JP Morgan Mortgage Acquisition Trust |
| |||||||||||
| 4.163% due 03/25/2047 þ(m) |
$ |
2,213 |
$ |
1,425 |
||||||||
| |
|
|||||||||||
MANUFACTURING HOUSE ABS OTHER 0.2% |
| |||||||||||
| Access Financial Manufactured Housing Contract Trust |
| |||||||||||
| 7.650% due 05/15/2049 |
200 |
1 |
||||||||||
| Conseco Finance Securitizations Corp. |
| |||||||||||
| 8.060% due 09/01/2029 ~ |
2,914 |
312 |
||||||||||
| 9.163% due 03/01/2033 ~ |
6,625 |
6,825 |
||||||||||
| 9.546% due 12/01/2033 ~ |
3,893 |
3,939 |
||||||||||
| GreenPoint Manufactured Housing |
| |||||||||||
| 9.230% due 12/15/2029 ~ |
2,927 |
2,920 |
||||||||||
| Mid-State Capital Corp. Trust |
| |||||||||||
| 6.742% due 10/15/2040 (m) |
1,351 |
1,365 |
||||||||||
| Oakwood Mortgage Investors, Inc. |
| |||||||||||
| 8.490% due 10/15/2030 |
1,132 |
1,099 |
||||||||||
| |
|
|||||||||||
16,461 |
||||||||||||
| |
|
|||||||||||
MANUFACTURING HOUSE SEQUENTIAL 0.1% |
| |||||||||||
| BCMSC Trust |
| |||||||||||
| 7.830% due 06/15/2030 ~ |
3,549 |
175 |
||||||||||
| Conseco Finance Corp. |
| |||||||||||
| 6.530% due 02/01/2031 ~ |
214 |
196 |
||||||||||
| 7.060% due 02/01/2031 ~ |
932 |
858 |
||||||||||
| 7.500% due 03/01/2030 ~ |
5,839 |
1,199 |
||||||||||
| Conseco Finance Securitizations Corp. |
| |||||||||||
| 7.770% due 09/01/2031 þ |
115 |
116 |
||||||||||
| 7.960% due 05/01/2031 |
1,457 |
239 |
||||||||||
| 8.260% due 12/01/2030 ~ |
4,584 |
672 |
||||||||||
| 8.850% due 12/01/2030 ~ |
5,630 |
589 |
||||||||||
| Oakwood Mortgage Investors, Inc. |
| |||||||||||
| 7.840% due 11/15/2029 ~ |
306 |
309 |
||||||||||
| |
|
|||||||||||
4,353 |
||||||||||||
| |
|
|||||||||||
WHOLE LOAN COLLATERAL 1.5% |
| |||||||||||
| Bear Stearns Asset-Backed Securities I Trust |
| |||||||||||
| 6.000% due 12/25/2035 |
220 |
117 |
||||||||||
| 6.500% due 03/25/2037 þ(m) |
8,809 |
8,113 |
||||||||||
| Bear Stearns Asset-Backed Securities Trust |
| |||||||||||
| 4.580% due 10/25/2036 ~ |
104 |
80 |
||||||||||
| 4.875% due 10/25/2036 ~(m) |
2,323 |
968 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 4.463% due 11/25/2046 •(m) |
4,267 |
3,707 |
||||||||||
| 6.352% due 05/25/2036 þ |
334 |
115 |
||||||||||
| 6.423% due 03/25/2036 þ |
1,252 |
561 |
||||||||||
| 6.851% due 05/25/2036 þ |
1,940 |
669 |
||||||||||
| Countrywide Asset-Backed Certificates Trust |
| |||||||||||
| 4.243% due 04/25/2036 • |
282 |
262 |
||||||||||
| First Franklin Mortgage Loan Trust |
| |||||||||||
| 4.333% due 02/25/2036 •(m) |
5,090 |
4,797 |
||||||||||
| 4.708% due 09/25/2035 •(m) |
5,505 |
5,210 |
||||||||||
| 4.738% due 05/25/2036 •(m) |
12,465 |
11,611 |
||||||||||
| 4.813% due 03/25/2035 •(m) |
2,101 |
2,055 |
||||||||||
| GSAMP Trust |
| |||||||||||
| 5.638% due 06/25/2034 •(m) |
1,253 |
1,178 |
||||||||||
| Lehman XS Trust |
| |||||||||||
| 4.245% due 05/25/2037 ~(m) |
5,167 |
4,423 |
||||||||||
| 6.670% due 06/24/2046 þ |
117 |
130 |
||||||||||
| Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
| |||||||||||
| 4.813% due 04/25/2035 •(m) |
257 |
257 |
||||||||||
| Pretium Mortgage Credit Partners LLC |
| |||||||||||
| 4.968% due 02/25/2056 þ(m) |
2,813 |
2,790 |
||||||||||
| 5.074% due 02/25/2056 þ(m) |
1,114 |
1,107 |
||||||||||
| 5.180% due 01/25/2056 þ(m) |
4,723 |
4,687 |
||||||||||
| 5.184% due 11/25/2055 þ |
7,354 |
7,284 |
||||||||||
| 5.193% due 10/25/2055 þ(m) |
5,732 |
5,740 |
||||||||||
| 5.265% due 12/25/2055 þ(m) |
5,282 |
5,231 |
||||||||||
| 5.342% due 12/25/2055 þ(m) |
7,006 |
6,959 |
||||||||||
| 5.391% due 08/25/2055 þ(m) |
1,518 |
1,519 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 5.510% due 04/25/2056 þ(m) |
$ |
4,326 |
$ |
4,318 |
||||||||
| 5.657% due 07/25/2055 þ |
870 |
871 |
||||||||||
| 5.668% due 06/25/2066 þ |
1,084 |
1,085 |
||||||||||
| 5.693% due 05/25/2056 þ |
989 |
989 |
||||||||||
| 5.710% due 04/25/2056 þ |
983 |
983 |
||||||||||
| 5.732% due 08/25/2055 þ |
885 |
887 |
||||||||||
| 5.744% due 06/25/2055 þ(m) |
1,293 |
1,295 |
||||||||||
| 5.770% due 07/25/2056 þ(c) |
1,000 |
1,003 |
||||||||||
| PRPM LLC |
| |||||||||||
| 6.299% due 06/25/2031 þ |
3,200 |
3,206 |
||||||||||
| RCO X Mortgage LLC |
| |||||||||||
| 5.418% due 10/25/2030 þ(m) |
3,584 |
3,567 |
||||||||||
| Residential Asset Mortgage Products Trust |
| |||||||||||
| 4.511% due 08/25/2033 • |
230 |
227 |
||||||||||
| Securitized Asset-Backed Receivables LLC Trust |
| |||||||||||
| 4.263% due 05/25/2036 •(m) |
13,438 |
7,193 |
||||||||||
| 4.363% due 11/25/2035 •(m) |
7,923 |
6,897 |
||||||||||
| 4.423% due 08/25/2035 •(m) |
1,066 |
831 |
||||||||||
| 4.738% due 12/25/2034 •(m) |
388 |
348 |
||||||||||
| Specialty Underwriting & Residential Finance Trust |
| |||||||||||
| 3.767% due 02/25/2037 þ |
2,272 |
715 |
||||||||||
| 4.063% due 06/25/2037 •(m) |
2,693 |
1,323 |
||||||||||
| 4.463% due 03/25/2037 • |
246 |
127 |
||||||||||
| VCAT LLC |
| |||||||||||
| 5.062% due 02/25/2056 þ |
893 |
889 |
||||||||||
| 5.101% due 01/25/2056 þ |
874 |
868 |
||||||||||
| |
|
|||||||||||
117,192 |
||||||||||||
| |
|
|||||||||||
OTHER ABS 4.7% |
| |||||||||||
| ABSLT DE LLC |
| |||||||||||
| 12.103% due 05/20/2033 « |
57,200 |
57,161 |
||||||||||
| Acacia CDO 5 Ltd. |
| |||||||||||
| 7.600% due 11/08/2039 • |
8,674 |
1,819 |
||||||||||
| Adagio VI CLO DAC |
| |||||||||||
| 0.000% due 04/30/2031 «~ |
EUR |
1,343 |
0 |
|||||||||
| AIM Aviation Finance Ltd. |
| |||||||||||
| 6.213% due 02/15/2040 þ(m) |
$ |
668 |
660 |
|||||||||
| Anchorage Credit Funding 13 Ltd. |
| |||||||||||
| 17.149% due 07/27/2039 ~ |
5,100 |
3,474 |
||||||||||
| Apex Credit CLO LLC |
| |||||||||||
| 0.000% due 10/20/2034 ~ |
20,050 |
4,826 |
||||||||||
| Aqueduct European CLO DAC |
| |||||||||||
| 0.000% due 01/25/2039 |
EUR |
1,343 |
838 |
|||||||||
| Barings Infrastructure CLO Ltd. |
| |||||||||||
| 9.402% due 07/20/2039 |
$ |
1,250 |
1,250 |
|||||||||
| C-BASS CBO XVI Corp. |
| |||||||||||
| 7.000% due 09/06/2041 • |
98,373 |
445 |
||||||||||
| Carlyle Global Market Strategies CLO Ltd. |
| |||||||||||
| 0.000% due 04/17/2031 ~ |
2,900 |
31 |
||||||||||
| CIFC Funding Ltd. |
| |||||||||||
| 0.000% due 04/24/2030 ~ |
3,390 |
335 |
||||||||||
| College Avenue Student Loans Trust |
| |||||||||||
| 0.000% due 06/25/2054 «(h) |
21 |
11,810 |
||||||||||
| 8.660% due 06/25/2054 (m) |
3,811 |
3,983 |
||||||||||
| Cologix Canadian Issuer LP |
| |||||||||||
| 7.740% due 01/25/2052 (m) |
CAD |
2,000 |
1,397 |
|||||||||
| Cork Street CLO DAC |
| |||||||||||
| 0.000% due 11/27/2028 «~ |
EUR |
1,401 |
94 |
|||||||||
| Coronado CDO Ltd. |
| |||||||||||
| 5.419% due 09/04/2038 • |
$ |
21,446 |
5,876 |
|||||||||
| 6.000% due 09/04/2038 |
3,398 |
1,109 |
||||||||||
| Deutsche Bank AG |
| |||||||||||
| 10.883% due 01/21/2035 «• |
18,900 |
19,069 |
||||||||||
| Dryden 123 CLO Ltd. |
| |||||||||||
| 0.000% due 04/15/2038 ~ |
8,400 |
6,191 |
||||||||||
| 0.000% due 04/15/2038 « |
8,400 |
179 |
||||||||||
| Duke Funding VI Ltd. |
| |||||||||||
| 7.250% due 04/08/2039 • |
7,546 |
563 |
||||||||||
| ECAF I Ltd. |
| |||||||||||
| 3.473% due 06/15/2040 |
347 |
314 |
||||||||||
| 4.947% due 06/15/2040 |
2,294 |
2,155 |
||||||||||
| Euromax V ABS PLC |
| |||||||||||
| 2.588% due 11/10/2095 • |
EUR |
2,580 |
2,833 |
|||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| FAB U.K. Ltd. |
| |||||||||||
| 0.000% due 12/06/2045 ~ |
GBP |
16,553 |
$ |
4,809 |
||||||||
| Glacier Funding CDO III Ltd. |
| |||||||||||
| 7.020% due 08/04/2035 • |
$ |
31,282 |
1,844 |
|||||||||
| GreenSky Home Improvement Issuer Trust |
| |||||||||||
| 8.750% due 10/27/2059 |
387 |
400 |
||||||||||
| Hillcrest CDO I Ltd. |
| |||||||||||
| 4.731% due 12/10/2039 • |
33,153 |
4,947 |
||||||||||
| Hout Bay Corp. |
| |||||||||||
| 4.716% due 07/05/2041 • |
109,166 |
16,203 |
||||||||||
| 4.916% due 07/05/2041 • |
4,871 |
6 |
||||||||||
| 5.046% due 07/05/2041 ^•(e) |
1,690 |
0 |
||||||||||
| KGS-Alpha SBA COOF Trust |
| |||||||||||
| 1.125% due 04/25/2038 «~(a) |
434 |
9 |
||||||||||
| Labrador Aviation Finance Ltd. |
| |||||||||||
| 4.300% due 01/15/2042 (m) |
1,101 |
1,178 |
||||||||||
| LendingPoint Pass-Through Trust |
| |||||||||||
| 0.000% due 03/15/2028 (h) |
1,400 |
56 |
||||||||||
| 0.000% due 04/15/2028 «(h) |
1,700 |
112 |
||||||||||
| Madison Park Funding XXIII Ltd. |
| |||||||||||
| 0.000% due 07/27/2047 ~ |
5,600 |
341 |
||||||||||
| Man GLG U.S. CLO Ltd. |
| |||||||||||
| 0.000% due 07/15/2034 ~ |
6,450 |
2,245 |
||||||||||
| Marble Point CLO XXIII Ltd. |
| |||||||||||
| 0.000% due 01/22/2052 ~ |
17,150 |
4,140 |
||||||||||
| Margate Funding Ltd. |
| |||||||||||
| 7.080% due 12/04/2044 • |
14,352 |
2,241 |
||||||||||
| 7.350% due 12/04/2044 ^•(e) |
14,026 |
0 |
||||||||||
| Marlette Funding Trust |
| |||||||||||
| 0.000% due 07/16/2029 «(h) |
16 |
0 |
||||||||||
| 0.000% due 09/17/2029 «(h) |
35 |
0 |
||||||||||
| 0.000% due 03/15/2030 «(h) |
33 |
2 |
||||||||||
| 0.000% due 09/16/2030 «(h) |
9 |
1 |
||||||||||
| National Collegiate V Commutation Trust |
| |||||||||||
| 0.000% due 03/25/2038 •(m) |
135,030 |
14,201 |
||||||||||
| OCP CLO Ltd. |
| |||||||||||
| 0.000% due 07/20/2037 ~ |
11 |
2,668 |
||||||||||
| Pagaya AI Debt Grantor Trust |
| |||||||||||
| 0.000% due 04/15/2032 «~ |
700 |
225 |
||||||||||
| 5.823% due 04/15/2032 « |
441 |
441 |
||||||||||
| 6.261% due 04/15/2032 « |
470 |
469 |
||||||||||
| 10.273% due 04/15/2032 «(m) |
580 |
562 |
||||||||||
| Pagaya AI Debt Selection Trust |
| |||||||||||
| 3.270% due 05/15/2029 |
100 |
99 |
||||||||||
| Palisades CDO Ltd. |
| |||||||||||
| 7.700% due 07/22/2039 • |
6,540 |
2,068 |
||||||||||
| Putnam Structured Product Funding Ltd. |
| |||||||||||
| 5.140% due 10/15/2038 • |
671 |
350 |
||||||||||
| RCKT Trust |
| |||||||||||
| 7.830% due 11/27/2034 (m) |
700 |
599 |
||||||||||
| Reach ABS Trust |
| |||||||||||
| 7.750% due 08/16/2032 (m) |
500 |
517 |
||||||||||
| Rockford Tower CLO Ltd. |
| |||||||||||
| 0.000% due 10/15/2029 ~ |
11,667 |
436 |
||||||||||
| 0.000% due 10/20/2030 ~ |
4,967 |
12 |
||||||||||
| 0.000% due 10/20/2031 ~ |
4,967 |
12 |
||||||||||
| 0.000% due 04/20/2034 ~ |
22,000 |
2,960 |
||||||||||
| SLM Student Loan EDC Repackaging Trust |
| |||||||||||
| 0.000% due 10/28/2029 «(h) |
36 |
10,179 |
||||||||||
| SLM Student Loan Trust |
| |||||||||||
| 0.000% due 01/25/2042 «(h) |
31 |
5,664 |
||||||||||
| SMB Private Education Loan Trust |
| |||||||||||
| 0.000% due 10/15/2048 «(h) |
8 |
1,964 |
||||||||||
| 0.000% due 09/15/2054 (h) |
28,995 |
31,875 |
||||||||||
| 0.000% due 11/16/2054 «(h) |
5 |
3,764 |
||||||||||
| 0.000% due 02/16/2055 «(h) |
9 |
7,941 |
||||||||||
| Soloso CDO Ltd. |
| |||||||||||
| 4.260% due 10/07/2037 • |
17,418 |
13,934 |
||||||||||
| South Coast Funding V Ltd. |
| |||||||||||
| 4.965% due 08/06/2039 • |
3,678 |
1,074 |
||||||||||
| South Coast Funding VII Ltd. |
| |||||||||||
| 0.454% due 01/06/2041 • |
168,577 |
30,762 |
||||||||||
| 0.644% due 01/06/2041 • |
10,259 |
1 |
||||||||||
| 0.794% due 01/06/2041 • |
2,565 |
0 |
||||||||||
92 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Start II Ltd. |
| |||||||||||
| 4.089% due 03/15/2044 (m) |
$ |
329 |
$ |
330 |
||||||||
| Stream Innovations Issuer Trust |
| |||||||||||
| 6.270% due 07/15/2044 |
289 |
297 |
||||||||||
| Taberna Preferred Funding V Ltd. |
| |||||||||||
| 4.300% due 08/05/2036 • |
7,824 |
7,393 |
||||||||||
| Talon Funding Ltd. |
| |||||||||||
| 7.240% due 06/05/2035 • |
676 |
104 |
||||||||||
| Tropic CDO V Ltd. |
| |||||||||||
| 4.255% due 07/15/2036 • |
3,168 |
3,081 |
||||||||||
| Verde CDO Ltd. |
| |||||||||||
| 4.170% due 10/05/2045 • |
240,688 |
43,608 |
||||||||||
| |
|
|||||||||||
352,536 |
||||||||||||
| |
|
|||||||||||
| Total Asset-Backed Securities (Cost $1,655,593) |
1,136,829 |
|||||||||||
| |
|
|||||||||||
SOVEREIGN ISSUES 9.0% |
| |||||||||||
| Angola Government International Bonds |
| |||||||||||
| 8.000% due 11/26/2029 (m) |
3,821 |
3,891 |
||||||||||
| Argentina Bonar Bonds |
| |||||||||||
| 0.750% due 07/09/2030 þ(m) |
31,687 |
19,686 |
||||||||||
| 4.125% due 07/09/2035 þ(m) |
21,344 |
16,020 |
||||||||||
| Argentina Republic Government International Bonds |
| |||||||||||
| 0.750% due 07/09/2030 þ |
360 |
319 |
||||||||||
| 1.000% due 07/09/2029 (m) |
3,711 |
3,386 |
||||||||||
| 3.500% due 07/09/2041 þ(m) |
17,260 |
12,945 |
||||||||||
| 4.125% due 07/09/2035 þ(m) |
14,400 |
11,556 |
||||||||||
| 4.125% due 07/09/2046 þ |
214 |
164 |
||||||||||
| 5.000% due 01/09/2038 þ(m) |
76,360 |
63,914 |
||||||||||
| Avenir Issuer IV Ireland DAC |
| |||||||||||
| 6.000% due 10/25/2027 |
4,163 |
4,117 |
||||||||||
| Colombia TES |
| |||||||||||
| 1.000% due 08/22/2029 « |
COP |
800 |
0 |
|||||||||
| 1.000% due 03/26/2031 « |
398,700 |
96 |
||||||||||
| 1.000% due 01/24/2035 « |
2,383,300 |
685 |
||||||||||
| 6.250% due 07/09/2036 |
89,924,100 |
18,004 |
||||||||||
| 7.000% due 06/30/2032 |
2,250,300 |
522 |
||||||||||
| 7.250% due 10/18/2034 |
66,145,600 |
14,678 |
||||||||||
| 9.250% due 05/28/2042 |
240,613,500 |
57,322 |
||||||||||
| 11.000% due 08/22/2029 |
42,032,400 |
11,936 |
||||||||||
| 11.500% due 07/25/2046 |
2,393,500 |
679 |
||||||||||
| 11.750% due 01/24/2035 |
272,684,400 |
78,359 |
||||||||||
| 12.000% due 03/13/2058 |
2,841,500 |
822 |
||||||||||
| 12.500% due 02/27/2030 |
181,343,100 |
53,394 |
||||||||||
| 12.750% due 11/28/2040 |
50,344,100 |
15,367 |
||||||||||
| 13.250% due 02/09/2033 |
41,753,800 |
12,890 |
||||||||||
| Costa Rica Government International Bonds |
| |||||||||||
| 5.950% due 04/27/2033 (m) |
EUR |
700 |
853 |
|||||||||
| Development Bank of Kazakhstan JSC |
| |||||||||||
| 18.400% due 10/16/2028 |
KZT |
1,026,000 |
2,235 |
|||||||||
| Dominican Republic International Bonds |
| |||||||||||
| 10.500% due 03/15/2037 (m) |
DOP |
2,727,800 |
48,605 |
|||||||||
| 10.750% due 06/01/2036 (m) |
60,400 |
1,092 |
||||||||||
| DRC International Bonds |
| |||||||||||
| 8.750% due 04/16/2032 |
$ |
9,500 |
9,847 |
|||||||||
| 9.500% due 04/16/2037 |
1,300 |
1,363 |
||||||||||
| Ecuador Government International Bonds |
| |||||||||||
| 0.000% due 07/31/2030 (h)(m) |
10,260 |
8,875 |
||||||||||
| 8.750% due 01/29/2034 (m) |
3,600 |
3,647 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Egypt Government Bonds |
| |||||||||||
| 19.698% due 10/14/2030 |
EGP |
5,265,900 |
$ |
102,165 |
||||||||
| Ghana Government International Bonds |
| |||||||||||
| 0.000% due 07/03/2026 (h)(m) |
$ |
91 |
91 |
|||||||||
| 0.000% due 01/03/2030 (h)(m) |
487 |
438 |
||||||||||
| 5.000% due 07/03/2029 þ(m) |
2,412 |
2,386 |
||||||||||
| Pakistan Government International Bonds |
| |||||||||||
| 6.975% due 04/24/2029 |
4,500 |
4,515 |
||||||||||
| Peru Government Bonds |
| |||||||||||
| 5.350% due 08/12/2040 |
PEN |
100 |
26 |
|||||||||
| 6.150% due 08/12/2032 |
5 |
2 |
||||||||||
| Peru Government International Bonds |
| |||||||||||
| 5.400% due 08/12/2034 |
1 |
0 |
||||||||||
| 6.900% due 08/12/2037 |
15 |
4 |
||||||||||
| 6.950% due 08/12/2031 |
4 |
1 |
||||||||||
| Qatar Government International Bonds |
| |||||||||||
| 4.800% due 04/08/2033 (m) |
$ |
13,100 |
13,170 |
|||||||||
| Republic of Angola Via Avenir Issuer IV Ireland DAC |
| |||||||||||
| 10.750% due 02/05/2029 |
361 |
371 |
||||||||||
| Republic of Kenya Government International Bonds |
| |||||||||||
| 7.875% due 02/26/2034 (m) |
4,000 |
3,984 |
||||||||||
| Russia Foreign Bonds - Eurobond |
| |||||||||||
| 5.100% due 03/28/2035 |
600 |
0 |
||||||||||
| 5.625% due 04/04/2042 |
10,200 |
7,140 |
||||||||||
| 5.875% due 09/16/2043 |
200 |
137 |
||||||||||
| Turkiye Government Bonds |
| |||||||||||
| 40.305% (BISTREFI + 0.000%) due 09/06/2028 ~(m) |
TRY |
1,484,300 |
31,988 |
|||||||||
| 40.760% (BISTREFI + 0.000%) due 08/19/2026 ~ |
1,300 |
28 |
||||||||||
| 40.760% (BISTREFI + 0.000%) due 05/17/2028 ~(m) |
276,200 |
5,978 |
||||||||||
| Ukraine Government International Bonds |
| |||||||||||
| 0.000% due 02/01/2030 þ(i) |
$ |
605 |
436 |
|||||||||
| 0.000% due 02/01/2034 þ(i) |
2,262 |
1,284 |
||||||||||
| 0.000% due 02/01/2035 þ(i) |
1,912 |
1,154 |
||||||||||
| 0.000% due 02/01/2036 þ(i) |
1,593 |
960 |
||||||||||
| 4.500% due 02/01/2034 þ |
3,223 |
2,272 |
||||||||||
| 4.500% due 02/01/2035 þ |
3,879 |
2,696 |
||||||||||
| 4.500% due 02/01/2036 þ |
3,980 |
2,731 |
||||||||||
| Venezuela Government International Bonds |
| |||||||||||
| 7.000% due 03/31/2038 ^(e) |
100 |
44 |
||||||||||
| 9.250% due 09/15/2027 ^(e) |
12,834 |
6,337 |
||||||||||
| 9.250% due 05/07/2028 ^(e) |
9,100 |
4,391 |
||||||||||
| 11.750% due 10/21/2026 ^(e) |
100 |
55 |
||||||||||
| 11.950% due 08/05/2031 ^(e) |
4,500 |
2,452 |
||||||||||
| |
|
|||||||||||
| Total Sovereign Issues (Cost $614,358) |
674,505 |
|||||||||||
| |
|
|||||||||||
SHARES |
||||||||||||
COMMON STOCKS 2.0% |
| |||||||||||
COMMUNICATION SERVICES 0.8% |
| |||||||||||
| Clear Channel Outdoor Holdings, Inc. (f) |
4,853,248 |
11,745 |
||||||||||
| iHeartMedia, Inc. Class A (f) |
1,780,743 |
7,639 |
||||||||||
| Promotora de Informaciones SA Class A (f) |
4,079,279 |
1,427 |
||||||||||
| SES SA «(f) |
1,755,353 |
26,550 |
||||||||||
| Uniti Group, Inc. (f) |
959,341 |
11,004 |
||||||||||
| |
|
|||||||||||
58,365 |
||||||||||||
| |
|
|||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
| Caesars Entertainment, Inc. (f) |
2 |
0 |
||||||||||
| Desarrolladora Homex SAB de CV «(f) |
719,113 |
0 |
||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
| Steinhoff International Holdings NV «(f)(l) |
299,163,217 |
$ |
0 |
|||||||||
| West Marine «(f)(l) |
43,000 |
272 |
||||||||||
| |
|
|||||||||||
272 |
||||||||||||
| |
|
|||||||||||
FINANCIALS 1.0% |
| |||||||||||
| Banca Monte dei Paschi di Siena SpA |
6,139,000 |
76,292 |
||||||||||
| Corestate Capital Holding SA «(f)(l) |
843,935 |
0 |
||||||||||
| UBS Group AG |
12,342 |
612 |
||||||||||
| XBP Global Holdings, Inc. (f) |
5,398 |
12 |
||||||||||
| |
|
|||||||||||
76,916 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
| Foresea Holdings SA « |
263,557 |
6,040 |
||||||||||
| McDermott International Ltd. (f) |
4,683 |
103 |
||||||||||
| Westmoreland Mining Holdings «(f)(l) |
238,883 |
157 |
||||||||||
| Westmoreland Mining LLC «(f)(l) |
240,987 |
632 |
||||||||||
| |
|
|||||||||||
6,932 |
||||||||||||
| |
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
| Country Garden Holdings Co. Ltd. (f) |
866,494 |
19 |
||||||||||
| MNSN Holdings, Inc. (f)(l) |
25,645 |
2,155 |
||||||||||
| |
|
|||||||||||
2,174 |
||||||||||||
| |
|
|||||||||||
| Total Common Stocks (Cost $111,173) |
144,659 |
|||||||||||
| |
|
|||||||||||
WARRANTS 0.1% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
| Windstream Holdings II LLC - Exp. 08/01/2035 « |
737,041 |
8,446 |
||||||||||
| |
|
|||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
| West Marine - Exp. 09/08/2028 « |
5,580 |
0 |
||||||||||
| |
|
|||||||||||
| Total Warrants (Cost $4,490) |
8,446 |
|||||||||||
| |
|
|||||||||||
PREFERRED SECURITIES 5.4% |
| |||||||||||
BANKING & FINANCE 1.1% |
| |||||||||||
| ADLER Group SA « |
10,224,514 |
0 |
||||||||||
| AGFC Capital Trust I |
| |||||||||||
| 5.685% due 01/15/2067 (m) |
35,500,000 |
22,184 |
||||||||||
| American AgCredit Corp. |
| |||||||||||
| 8.680% due 09/15/2026 (j)(m) |
10,000,000 |
10,152 |
||||||||||
| Capital Farm Credit ACA |
| |||||||||||
| 8.393% due 09/15/2026 (j)(m) |
4,300,000 |
4,274 |
||||||||||
| Compeer Financial ACA |
| |||||||||||
| 4.875% due 08/15/2026 (j)(m) |
1,900,000 |
1,886 |
||||||||||
| OCP CLO Ltd. |
| |||||||||||
| 0.000% due 04/26/2036 |
4,645 |
1,652 |
||||||||||
| WAFC Voussoir « |
16,767,702 |
16,767 |
||||||||||
| Windstream Holdings II LLC |
| |||||||||||
| 11.000% « |
24,136 |
26,905 |
||||||||||
| |
|
|||||||||||
83,820 |
||||||||||||
| |
|
|||||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
93 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
SHARES |
MARKET VALUE (000S) |
|||||||||||
INDUSTRIALS 4.3% |
| |||||||||||
| Atlas Re Ltd. « |
528 |
$ |
52,570 |
|||||||||
| Clover Holdings, Inc. |
| |||||||||||
| 0.000% «(l) |
157,800 |
3,025 |
||||||||||
| Mustang Express Ltd. |
| |||||||||||
| 0.000% « |
211,068 |
218,201 |
||||||||||
| SVB Financial Trust |
| |||||||||||
| 0.000% due 11/07/2032 (h) |
167,720 |
17 |
||||||||||
| 11.000% due 11/07/2032 |
29,233 |
13,447 |
||||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 12.500% «(l) |
25,028,855 |
18,234 |
||||||||||
| Venture Global LNG, Inc. |
| |||||||||||
| 9.000% due 09/30/2029 (j)(m) |
13,530,000 |
13,193 |
||||||||||
| |
|
|||||||||||
318,687 |
||||||||||||
| |
|
|||||||||||
| Total Preferred Securities (Cost $406,845) |
402,507 |
|||||||||||
| |
|
|||||||||||
REAL ESTATE INVESTMENT TRUSTS 0.3% |
| |||||||||||
REAL ESTATE 0.3% |
| |||||||||||
| VICI Properties, Inc. |
711,293 |
18,885 |
||||||||||
| |
|
|||||||||||
| Total Real Estate Investment Trusts (Cost $8,657) |
18,885 |
|||||||||||
| |
|
|||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
SHORT-TERM INSTRUMENTS 3.4% |
| |||||||||||
EGYPT TREASURY BILLS 0.5% |
| |||||||||||
| 24.015% due 08/04/2026 - 11/17/2026 (g)(h) |
EGP |
2,097,600 |
$ |
40,592 |
||||||||
NIGERIA TREASURY BILLS 2.1% |
| |||||||||||
| 20.610% due 07/14/2026 - 01/28/2027 (g)(h) |
NGN |
244,144,881 |
158,464 |
|||||||||
U.S. TREASURY BILLS 0.8% |
| |||||||||||
| 3.727% due 07/21/2026 - 08/27/2026 (g)(h)(o)(q) |
$ |
61,959 |
61,798 |
|||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $261,089) |
260,854 |
|||||||||||
| |
|
|||||||||||
Total Investments in Securities (Cost $11,398,635) |
10,286,143 |
|||||||||||
| |
|
|||||||||||
INVESTMENTS IN AFFILIATES 13.7% |
| |||||||||||
COMMON STOCKS 2.4% |
| |||||||||||
AFFILIATED INVESTMENTS 2.4% |
| |||||||||||
| Incora Intermediate II LLC «(l) |
2,316,329 |
91,304 |
||||||||||
| Market Garden «(l) |
41,876,606 |
46,058 |
||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
| Sierra Hamilton Holder LLC «(l) |
30,337,712 |
3 |
||||||||||
| Windstream Servcies LLC |
3,783,475 |
43,396 |
||||||||||
| |
|
|||||||||||
180,761 |
||||||||||||
| |
|
|||||||||||
| Total Common Stocks (Cost $185,163) |
180,761 |
|||||||||||
| |
|
|||||||||||
SHORT-TERM INSTRUMENTS 11.3% |
| |||||||||||
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.3% |
| |||||||||||
| PIMCO Short-Term Floating NAV Portfolio III |
87,258,140 |
849,982 |
||||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $849,696) |
849,982 |
|||||||||||
| |
|
|||||||||||
Total Investments in Affiliates (Cost $1,034,859) |
1,030,743 |
|||||||||||
Total Investments 150.5% (Cost $12,433,494) |
|
$ |
11,316,886 |
|||||||||
| Financial Derivative Instruments (n)(p) (0.5)% (Cost or Premiums, net $(10,507)) |
|
(33,825 |
) | |||||||||
Other Assets and Liabilities, net (50.0)% |
(3,759,379 |
) | ||||||||||
| |
|
|||||||||||
Net Assets 100.0% |
|
$ |
7,523,682 |
|||||||||
| |
|
|||||||||||
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
« |
Security valued using significant unobservable inputs (Level 3). |
µ |
All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
~ |
Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
• |
Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
þ |
Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
(a) |
Security is an Interest Only (“IO”) or IO Strip. |
(b) |
Principal only security. |
(c) |
When-issued security. |
(d) |
Payment in-kind security. |
(e) |
Security is not accruing income as of the date of this report. |
(f) |
Security did not produce income within the last twelve months. |
(g) |
Coupon represents a weighted average yield to maturity. |
(h) |
Zero coupon security. |
(i) |
Security becomes interest bearing at a future date. |
(j) |
Perpetual maturity; date shown, if applicable, represents next contractual call date. |
(k) |
Contingent convertible security. |
94 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
(l) RESTRICTED SECURITIES:
Issuer Description |
Acquisition Date |
Cost |
Market Value |
Market Value as Percentage of Net Assets |
||||||||||||
| CIFI Holdings Group Co. Ltd. 0.000% due 06/30/2029 |
12/29/2025 |
$ |
93 |
$ |
29 |
0.00 |
% | |||||||||
| City of Port Huron Water Supply System Revenue 7.750% due 11/01/2045 |
12/19/2025 - 03/18/2026 |
71,878 |
71,286 |
0.95 |
||||||||||||
| Clover Holdings, Inc. 0.000% |
12/09/2024 - 03/10/2025 |
2,367 |
3,025 |
0.04 |
||||||||||||
| Corestate Capital Holding SA |
08/22/2023 |
0 |
0 |
0.00 |
||||||||||||
| Country Garden Holdings Co. Ltd. 0.000% due 12/31/2031 |
12/31/2025 |
198 |
90 |
0.00 |
||||||||||||
| Incora Intermediate II LLC |
01/31/2025 |
112,516 |
91,304 |
1.21 |
||||||||||||
| Incora Top Holdco LLC 6.000% due 01/30/2033 |
01/31/2025 - 05/01/2026 |
53,544 |
84,392 |
1.12 |
||||||||||||
| MNSN Holdings, Inc. |
03/16/2023 - 03/29/2023 |
285 |
2,155 |
0.03 |
||||||||||||
| Market Garden |
03/13/2024 |
41,877 |
46,058 |
0.61 |
||||||||||||
| Petersen Claim Units 0.000% due 12/31/2099 |
12/08/2025 - 03/17/2026 |
12,594 |
1,860 |
0.02 |
||||||||||||
| Sierra Hamilton Holder LLC |
07/31/2017 |
7,690 |
3 |
0.00 |
||||||||||||
| Steinhoff International Holdings NV |
06/30/2023 - 10/30/2023 |
0 |
0 |
0.00 |
||||||||||||
| Syniverse Holdings, Inc. 12.500% |
05/12/2022 - 05/31/2026 |
24,722 |
18,234 |
0.24 |
||||||||||||
| Towd Point Mortgage Trust 0.000% due 10/25/2059 |
05/28/2025 |
105 |
0 |
0.00 |
||||||||||||
| West Marine |
09/12/2023 |
618 |
272 |
0.00 |
||||||||||||
| Westmoreland Mining Holdings |
12/08/2014 - 03/26/2019 |
6,949 |
157 |
0.00 |
||||||||||||
| Westmoreland Mining LLC |
06/30/2023 |
1,597 |
632 |
0.01 |
||||||||||||
| |
|
|
|
|
|
|||||||||||
$ |
337,033 |
$ |
319,496 |
4.23 |
% | |||||||||||
| |
|
|
|
|
|
|||||||||||
BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||
| BMO |
4.320 |
% |
05/26/2026 |
08/26/2026 |
(2,079 |
) |
$ |
(2,088 |
) | |||||||||||||
4.470 |
05/26/2026 |
08/26/2026 |
(9,138 |
) |
(9,179 |
) | ||||||||||||||||
4.620 |
05/26/2026 |
08/26/2026 |
(3,897 |
) |
(3,915 |
) | ||||||||||||||||
| BNY |
4.620 |
05/07/2026 |
11/06/2026 |
(78,964 |
) |
(79,521 |
) | |||||||||||||||
4.720 |
04/17/2026 |
10/19/2026 |
(17,596 |
) |
(17,773 |
) | ||||||||||||||||
4.720 |
06/23/2026 |
12/23/2026 |
(47,858 |
) |
(47,908 |
) | ||||||||||||||||
| BOS |
3.950 |
06/04/2026 |
07/06/2026 |
(1,340 |
) |
(1,344 |
) | |||||||||||||||
3.990 |
05/05/2026 |
07/02/2026 |
(50,684 |
) |
(51,004 |
) | ||||||||||||||||
4.000 |
06/04/2026 |
07/06/2026 |
(2,643 |
) |
(2,651 |
) | ||||||||||||||||
4.120 |
06/11/2026 |
09/10/2026 |
(16,610 |
) |
(16,648 |
) | ||||||||||||||||
4.220 |
06/11/2026 |
09/10/2026 |
(33,212 |
) |
(33,289 |
) | ||||||||||||||||
4.270 |
06/11/2026 |
09/10/2026 |
(8,087 |
) |
(8,106 |
) | ||||||||||||||||
4.320 |
05/22/2026 |
09/18/2026 |
(13,844 |
) |
(13,908 |
) | ||||||||||||||||
4.320 |
06/11/2026 |
09/10/2026 |
(5,919 |
) |
(5,933 |
) | ||||||||||||||||
4.370 |
06/11/2026 |
09/10/2026 |
(1,228 |
) |
(1,231 |
) | ||||||||||||||||
4.620 |
05/22/2026 |
09/18/2026 |
(10,898 |
) |
(10,952 |
) | ||||||||||||||||
4.720 |
05/22/2026 |
09/18/2026 |
(2,942 |
) |
(2,957 |
) | ||||||||||||||||
| BPS |
(0.250 |
) |
06/17/2026 |
TBD |
(2) |
EUR |
(879 |
) |
(1,005 |
) | ||||||||||||
1.850 |
06/17/2026 |
TBD |
(2) |
EUR |
(2,172 |
) |
(2,484 |
) | ||||||||||||||
1.950 |
06/17/2026 |
TBD |
(2) |
(6,366 |
) |
(7,279 |
) | |||||||||||||||
2.050 |
06/17/2026 |
TBD |
(2) |
(3,807 |
) |
(4,353 |
) | |||||||||||||||
2.472 |
06/12/2026 |
09/14/2026 |
(9,608 |
) |
(10,993 |
) | ||||||||||||||||
2.492 |
06/12/2026 |
09/14/2026 |
(4,976 |
) |
(5,693 |
) | ||||||||||||||||
2.492 |
06/26/2026 |
09/28/2026 |
(12,713 |
) |
(14,531 |
) | ||||||||||||||||
2.526 |
06/12/2026 |
08/12/2026 |
(9,163 |
) |
(10,484 |
) | ||||||||||||||||
2.569 |
06/26/2026 |
09/28/2026 |
(8,033 |
) |
(9,181 |
) | ||||||||||||||||
4.000 |
07/02/2026 |
09/04/2026 |
$ |
(30,712 |
) |
(30,715 |
) | |||||||||||||||
4.020 |
01/30/2026 |
TBD |
(2) |
(824 |
) |
(838 |
) | |||||||||||||||
4.040 |
05/04/2026 |
07/02/2026 |
(32,573 |
) |
(32,785 |
) | ||||||||||||||||
4.050 |
12/12/2025 |
TBD |
(2) |
(4,231 |
) |
(4,327 |
) | |||||||||||||||
4.050 |
02/03/2026 |
TBD |
(2) |
GBP |
(28,206 |
) |
(38,036 |
) | ||||||||||||||
4.100 |
12/12/2025 |
TBD |
(2) |
$ |
(4,549 |
) |
(4,654 |
) | ||||||||||||||
4.260 |
05/14/2026 |
09/14/2026 |
(396 |
) |
(398 |
) | ||||||||||||||||
4.350 |
06/18/2026 |
12/17/2026 |
(18,841 |
) |
(18,870 |
) | ||||||||||||||||
4.511 |
05/29/2026 |
09/28/2026 |
GBP |
(7,552 |
) |
(10,058 |
) | |||||||||||||||
4.780 |
06/18/2026 |
12/17/2026 |
$ |
(1,030 |
) |
(1,032 |
) | |||||||||||||||
4.820 |
01/27/2026 |
07/23/2026 |
(116,268 |
) |
(118,696 |
) | ||||||||||||||||
4.820 |
06/18/2026 |
12/17/2026 |
(3,916 |
) |
(3,923 |
) | ||||||||||||||||
4.830 |
06/18/2026 |
12/17/2026 |
(27,575 |
) |
(27,623 |
) | ||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 95 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||
| BRC |
1.650 |
% |
06/17/2026 |
TBD |
(2) |
$ |
(7,678 |
) |
$ |
(8,778 |
) | |||||||||||
1.750 |
06/17/2026 |
TBD |
(2) |
(791 |
) |
(905 |
) | |||||||||||||||
1.850 |
06/17/2026 |
TBD |
(2) |
(2,300 |
) |
(2,630 |
) | |||||||||||||||
1.900 |
06/17/2026 |
TBD |
(2) |
(4,960 |
) |
(5,672 |
) | |||||||||||||||
2.250 |
06/17/2026 |
TBD |
(2) |
(3,625 |
) |
(4,146 |
) | |||||||||||||||
2.450 |
06/17/2026 |
07/01/2026 |
(2,029 |
) |
(2,320 |
) | ||||||||||||||||
2.450 |
06/17/2026 |
07/02/2026 |
(2,877 |
) |
(3,290 |
) | ||||||||||||||||
2.500 |
02/09/2026 |
TBD |
(2) |
(4,001 |
) |
(4,040 |
) | |||||||||||||||
2.850 |
06/22/2026 |
07/31/2026 |
(4,545 |
) |
(4,548 |
) | ||||||||||||||||
3.850 |
12/12/2025 |
TBD |
(2) |
(586 |
) |
(599 |
) | |||||||||||||||
3.850 |
12/12/2025 |
12/11/2027 |
(32 |
) |
(33 |
) | ||||||||||||||||
4.000 |
04/16/2026 |
TBD |
(2) |
(276 |
) |
(279 |
) | |||||||||||||||
4.020 |
06/15/2026 |
07/15/2026 |
(12,244 |
) |
(12,266 |
) | ||||||||||||||||
4.500 |
06/17/2026 |
10/15/2026 |
(1,667 |
) |
(1,670 |
) | ||||||||||||||||
4.570 |
06/26/2026 |
10/22/2026 |
(3,203 |
) |
(3,205 |
) | ||||||||||||||||
4.610 |
05/27/2026 |
08/25/2026 |
(3,109 |
) |
(3,123 |
) | ||||||||||||||||
4.620 |
04/06/2026 |
07/07/2026 |
(306 |
) |
(310 |
) | ||||||||||||||||
4.650 |
05/20/2026 |
09/17/2026 |
(14,114 |
) |
(14,191 |
) | ||||||||||||||||
4.700 |
06/17/2026 |
10/15/2026 |
(1,224 |
) |
(1,226 |
) | ||||||||||||||||
4.720 |
06/22/2026 |
10/16/2026 |
(11,631 |
) |
(11,645 |
) | ||||||||||||||||
4.720 |
06/24/2026 |
10/22/2026 |
(126,761 |
) |
(126,877 |
) | ||||||||||||||||
4.720 |
06/26/2026 |
10/22/2026 |
(1,333 |
) |
(1,334 |
) | ||||||||||||||||
4.750 |
06/09/2026 |
09/09/2026 |
(1,465 |
) |
(1,469 |
) | ||||||||||||||||
4.760 |
05/04/2026 |
09/01/2026 |
(12,578 |
) |
(12,674 |
) | ||||||||||||||||
4.760 |
05/14/2026 |
09/10/2026 |
(1,112 |
) |
(1,119 |
) | ||||||||||||||||
4.760 |
06/02/2026 |
10/02/2026 |
(57,241 |
) |
(57,460 |
) | ||||||||||||||||
4.770 |
04/13/2026 |
07/13/2026 |
(9,887 |
) |
(9,991 |
) | ||||||||||||||||
4.770 |
06/10/2026 |
10/09/2026 |
(5,599 |
) |
(5,614 |
) | ||||||||||||||||
4.770 |
06/22/2026 |
10/16/2026 |
(541 |
) |
(542 |
) | ||||||||||||||||
4.770 |
06/26/2026 |
10/22/2026 |
(3,993 |
) |
(3,995 |
) | ||||||||||||||||
4.810 |
05/07/2026 |
08/07/2026 |
(1,400 |
) |
(1,410 |
) | ||||||||||||||||
4.810 |
05/14/2026 |
09/10/2026 |
(4,245 |
) |
(4,272 |
) | ||||||||||||||||
4.820 |
06/10/2026 |
10/09/2026 |
(639 |
) |
(641 |
) | ||||||||||||||||
4.820 |
06/22/2026 |
10/16/2026 |
(13,086 |
) |
(13,101 |
) | ||||||||||||||||
4.820 |
06/26/2026 |
10/22/2026 |
(3,294 |
) |
(3,296 |
) | ||||||||||||||||
4.840 |
06/09/2026 |
10/07/2026 |
(4,142 |
) |
(4,154 |
) | ||||||||||||||||
4.850 |
06/17/2026 |
10/15/2026 |
(1,652 |
) |
(1,655 |
) | ||||||||||||||||
4.870 |
06/26/2026 |
10/22/2026 |
(1,908 |
) |
(1,909 |
) | ||||||||||||||||
4.900 |
06/17/2026 |
10/15/2026 |
(8,020 |
) |
(8,036 |
) | ||||||||||||||||
| BYR |
3.970 |
06/26/2026 |
08/03/2026 |
(42,995 |
) |
(43,019 |
) | |||||||||||||||
4.120 |
02/03/2026 |
07/31/2026 |
(907 |
) |
(923 |
) | ||||||||||||||||
4.120 |
03/05/2026 |
07/31/2026 |
(674 |
) |
(683 |
) | ||||||||||||||||
4.120 |
04/21/2026 |
07/21/2026 |
(11,824 |
) |
(11,921 |
) | ||||||||||||||||
4.120 |
04/22/2026 |
07/31/2026 |
(4,694 |
) |
(4,732 |
) | ||||||||||||||||
4.120 |
04/23/2026 |
07/23/2026 |
(11,691 |
) |
(11,784 |
) | ||||||||||||||||
4.120 |
05/28/2026 |
07/21/2026 |
(21,154 |
) |
(21,237 |
) | ||||||||||||||||
4.120 |
06/08/2026 |
10/08/2026 |
(3,740 |
) |
(3,750 |
) | ||||||||||||||||
4.120 |
06/10/2026 |
10/08/2026 |
(5,513 |
) |
(5,526 |
) | ||||||||||||||||
4.120 |
06/23/2026 |
10/08/2026 |
(9,832 |
) |
(9,841 |
) | ||||||||||||||||
4.120 |
06/24/2026 |
10/08/2026 |
(3,949 |
) |
(3,952 |
) | ||||||||||||||||
4.120 |
06/30/2026 |
07/31/2026 |
(11,962 |
) |
(11,964 |
) | ||||||||||||||||
4.170 |
05/26/2026 |
08/26/2026 |
(44,020 |
) |
(44,199 |
) | ||||||||||||||||
| CDC |
0.000 |
06/15/2026 |
09/09/2026 |
(747 |
) |
(749 |
) | |||||||||||||||
4.020 |
05/13/2026 |
09/09/2026 |
(1,229 |
) |
(1,235 |
) | ||||||||||||||||
4.030 |
06/25/2026 |
09/09/2026 |
(2,075 |
) |
(2,076 |
) | ||||||||||||||||
4.030 |
07/01/2026 |
09/09/2026 |
(1,383 |
) |
(1,383 |
) | ||||||||||||||||
4.100 |
05/13/2026 |
07/01/2026 |
(4,474 |
) |
(4,499 |
) | ||||||||||||||||
4.120 |
05/04/2026 |
09/01/2026 |
(1,268 |
) |
(1,277 |
) | ||||||||||||||||
4.120 |
05/13/2026 |
09/09/2026 |
(5,321 |
) |
(5,351 |
) | ||||||||||||||||
4.120 |
05/22/2026 |
09/18/2026 |
(6,373 |
) |
(6,402 |
) | ||||||||||||||||
4.120 |
06/15/2026 |
09/30/2026 |
(1,277 |
) |
(1,280 |
) | ||||||||||||||||
4.120 |
06/22/2026 |
10/20/2026 |
(24,153 |
) |
(24,178 |
) | ||||||||||||||||
4.120 |
06/25/2026 |
07/02/2026 |
(6,136 |
) |
(6,140 |
) | ||||||||||||||||
4.120 |
06/25/2026 |
09/09/2026 |
(2,745 |
) |
(2,747 |
) | ||||||||||||||||
4.120 |
06/25/2026 |
09/30/2026 |
(2,238 |
) |
(2,239 |
) | ||||||||||||||||
4.120 |
06/26/2026 |
07/01/2026 |
(1,109 |
) |
(1,109 |
) | ||||||||||||||||
4.120 |
06/30/2026 |
09/09/2026 |
(822 |
) |
(822 |
) | ||||||||||||||||
4.120 |
07/01/2026 |
09/09/2026 |
(3,836 |
) |
(3,836 |
) | ||||||||||||||||
4.130 |
06/01/2026 |
07/01/2026 |
(1,084 |
) |
(1,087 |
) | ||||||||||||||||
4.130 |
06/01/2026 |
09/01/2026 |
(7,744 |
) |
(7,771 |
) | ||||||||||||||||
96 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||
4.130 |
% |
06/02/2026 |
07/02/2026 |
$ |
(6,994 |
) |
$ |
(7,017 |
) | |||||||||||||
4.170 |
04/23/2026 |
07/23/2026 |
(252 |
) |
(254 |
) | ||||||||||||||||
4.170 |
04/28/2026 |
07/28/2026 |
(10,070 |
) |
(10,144 |
) | ||||||||||||||||
4.180 |
04/06/2026 |
07/07/2026 |
(5,224 |
) |
(5,276 |
) | ||||||||||||||||
4.420 |
05/13/2026 |
09/09/2026 |
(6,897 |
) |
(6,939 |
) | ||||||||||||||||
4.520 |
05/13/2026 |
09/09/2026 |
(12,756 |
) |
(12,827 |
) | ||||||||||||||||
| CEW |
3.870 |
05/13/2026 |
TBD |
(2) |
(19,094 |
) |
(19,194 |
) | ||||||||||||||
5.020 |
04/20/2026 |
07/21/2026 |
(2,757 |
) |
(2,785 |
) | ||||||||||||||||
| DBL |
2.582 |
01/29/2026 |
TBD |
(2) |
EUR |
(15,744 |
) |
(18,171 |
) | |||||||||||||
2.600 |
06/17/2026 |
TBD |
(2) |
(26,137 |
) |
(29,894 |
) | |||||||||||||||
2.882 |
01/30/2026 |
TBD |
(2) |
(3,373 |
) |
(3,897 |
) | |||||||||||||||
2.912 |
01/21/2026 |
TBD |
(2) |
(4,706 |
) |
(5,442 |
) | |||||||||||||||
3.900 |
12/12/2025 |
TBD |
(2) |
$ |
(4,806 |
) |
(4,911 |
) | ||||||||||||||
3.950 |
12/12/2025 |
TBD |
(2) |
(39,705 |
) |
(40,581 |
) | |||||||||||||||
4.030 |
06/08/2026 |
07/01/2026 |
(42,018 |
) |
(42,126 |
) | ||||||||||||||||
4.070 |
07/01/2026 |
07/30/2026 |
(42,390 |
) |
(42,390 |
) | ||||||||||||||||
4.088 |
05/22/2026 |
08/21/2026 |
(23,099 |
) |
(23,204 |
) | ||||||||||||||||
4.091 |
05/28/2026 |
07/02/2026 |
(1,735 |
) |
(1,741 |
) | ||||||||||||||||
4.105 |
06/18/2026 |
08/21/2026 |
(50,038 |
) |
(50,112 |
) | ||||||||||||||||
4.117 |
04/24/2026 |
07/24/2026 |
(22,548 |
) |
(22,724 |
) | ||||||||||||||||
4.138 |
05/22/2026 |
08/21/2026 |
(774 |
) |
(778 |
) | ||||||||||||||||
4.167 |
04/24/2026 |
07/24/2026 |
(22,909 |
) |
(23,089 |
) | ||||||||||||||||
4.191 |
05/28/2026 |
07/02/2026 |
(5,424 |
) |
(5,445 |
) | ||||||||||||||||
4.195 |
06/26/2026 |
09/25/2026 |
(7,799 |
) |
(7,804 |
) | ||||||||||||||||
4.205 |
06/18/2026 |
08/21/2026 |
(827 |
) |
(828 |
) | ||||||||||||||||
4.217 |
04/24/2026 |
07/24/2026 |
(3,012 |
) |
(3,036 |
) | ||||||||||||||||
4.267 |
04/24/2026 |
07/24/2026 |
(12,181 |
) |
(12,279 |
) | ||||||||||||||||
4.288 |
05/22/2026 |
08/21/2026 |
(21,376 |
) |
(21,478 |
) | ||||||||||||||||
4.295 |
06/26/2026 |
09/25/2026 |
(843 |
) |
(843 |
) | ||||||||||||||||
4.338 |
05/22/2026 |
08/21/2026 |
(6,612 |
) |
(6,644 |
) | ||||||||||||||||
4.355 |
06/18/2026 |
08/21/2026 |
(8,919 |
) |
(8,933 |
) | ||||||||||||||||
4.367 |
04/24/2026 |
07/24/2026 |
(3,901 |
) |
(3,934 |
) | ||||||||||||||||
4.388 |
05/22/2026 |
08/21/2026 |
(9,002 |
) |
(9,046 |
) | ||||||||||||||||
4.405 |
06/18/2026 |
08/21/2026 |
(7,893 |
) |
(7,905 |
) | ||||||||||||||||
4.455 |
06/18/2026 |
08/21/2026 |
(13,157 |
) |
(13,178 |
) | ||||||||||||||||
4.467 |
04/24/2026 |
07/24/2026 |
(3,902 |
) |
(3,935 |
) | ||||||||||||||||
4.488 |
05/22/2026 |
08/21/2026 |
(3,052 |
) |
(3,067 |
) | ||||||||||||||||
4.505 |
06/18/2026 |
08/21/2026 |
(30,689 |
) |
(30,739 |
) | ||||||||||||||||
4.541 |
05/28/2026 |
07/02/2026 |
(5,914 |
) |
(5,940 |
) | ||||||||||||||||
4.555 |
06/18/2026 |
08/21/2026 |
(8,555 |
) |
(8,569 |
) | ||||||||||||||||
4.588 |
05/22/2026 |
08/21/2026 |
(695 |
) |
(699 |
) | ||||||||||||||||
4.605 |
06/18/2026 |
08/21/2026 |
(3,226 |
) |
(3,231 |
) | ||||||||||||||||
4.614 |
05/04/2026 |
07/31/2026 |
(1,713 |
) |
(1,726 |
) | ||||||||||||||||
4.655 |
06/18/2026 |
08/21/2026 |
(22,518 |
) |
(22,556 |
) | ||||||||||||||||
4.660 |
06/01/2026 |
08/28/2026 |
(21,005 |
) |
(21,087 |
) | ||||||||||||||||
4.705 |
06/18/2026 |
08/21/2026 |
(2,540 |
) |
(2,544 |
) | ||||||||||||||||
4.710 |
06/01/2026 |
08/28/2026 |
(10,537 |
) |
(10,578 |
) | ||||||||||||||||
4.741 |
05/28/2026 |
07/02/2026 |
(7,383 |
) |
(7,416 |
) | ||||||||||||||||
4.755 |
06/18/2026 |
08/21/2026 |
(30,297 |
) |
(30,349 |
) | ||||||||||||||||
4.805 |
06/18/2026 |
08/21/2026 |
(3,058 |
) |
(3,063 |
) | ||||||||||||||||
4.855 |
06/18/2026 |
08/21/2026 |
(3,120 |
) |
(3,125 |
) | ||||||||||||||||
4.905 |
06/18/2026 |
08/21/2026 |
(19,615 |
) |
(19,649 |
) | ||||||||||||||||
5.005 |
06/18/2026 |
08/21/2026 |
(11,148 |
) |
(11,168 |
) | ||||||||||||||||
| DEU |
3.970 |
05/13/2026 |
TBD |
(2) |
(93 |
) |
(93 |
) | ||||||||||||||
4.000 |
02/02/2026 |
TBD |
(2) |
(18,995 |
) |
(19,309 |
) | |||||||||||||||
4.010 |
02/02/2026 |
TBD |
(2) |
(11,905 |
) |
(12,102 |
) | |||||||||||||||
| GLM |
4.870 |
04/29/2026 |
07/29/2026 |
(52,420 |
) |
(52,867 |
) | |||||||||||||||
4.920 |
04/29/2026 |
07/29/2026 |
(2,799 |
) |
(2,823 |
) | ||||||||||||||||
4.930 |
12/23/2025 |
09/23/2026 |
(93,615 |
) |
(96,051 |
) | ||||||||||||||||
4.980 |
12/23/2025 |
09/23/2026 |
(6,104 |
) |
(6,265 |
) | ||||||||||||||||
5.030 |
12/23/2025 |
09/23/2026 |
(4,043 |
) |
(4,151 |
) | ||||||||||||||||
5.180 |
12/23/2025 |
09/23/2026 |
(2,678 |
) |
(2,751 |
) | ||||||||||||||||
| IND |
4.130 |
06/04/2026 |
09/04/2026 |
(1,140 |
) |
(1,144 |
) | |||||||||||||||
4.130 |
06/10/2026 |
07/15/2026 |
(527 |
) |
(528 |
) | ||||||||||||||||
4.130 |
06/15/2026 |
09/15/2026 |
(527 |
) |
(528 |
) | ||||||||||||||||
4.130 |
06/16/2026 |
09/16/2026 |
(1,933 |
) |
(1,936 |
) | ||||||||||||||||
4.140 |
05/13/2026 |
08/13/2026 |
(780 |
) |
(785 |
) | ||||||||||||||||
4.190 |
06/10/2026 |
07/08/2026 |
(263 |
) |
(264 |
) | ||||||||||||||||
4.200 |
05/11/2026 |
08/11/2026 |
(1,779 |
) |
(1,789 |
) | ||||||||||||||||
4.210 |
04/28/2026 |
07/28/2026 |
(15,129 |
) |
(15,242 |
) | ||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 97 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||
4.330 |
% |
06/26/2026 |
09/28/2026 |
$ |
(2,545 |
) |
$ |
(2,546 |
) | |||||||||||||
4.380 |
06/26/2026 |
09/28/2026 |
(2,625 |
) |
(2,626 |
) | ||||||||||||||||
| JML |
1.250 |
06/17/2026 |
TBD |
(2) |
EUR |
(392 |
) |
(448 |
) | |||||||||||||
4.060 |
06/22/2026 |
07/31/2026 |
$ |
(30,051 |
) |
(30,082 |
) | |||||||||||||||
4.746 |
06/10/2026 |
09/10/2026 |
GBP |
(11,376 |
) |
(15,130 |
) | |||||||||||||||
4.750 |
06/22/2026 |
07/02/2026 |
$ |
(81 |
) |
(81 |
) | |||||||||||||||
4.750 |
06/22/2026 |
07/31/2026 |
(16 |
) |
(16 |
) | ||||||||||||||||
| JPS |
4.220 |
05/14/2026 |
11/16/2026 |
(1,223 |
) |
(1,229 |
) | |||||||||||||||
4.220 |
05/18/2026 |
11/16/2026 |
(2,315 |
) |
(2,327 |
) | ||||||||||||||||
4.320 |
05/14/2026 |
11/16/2026 |
(2,239 |
) |
(2,251 |
) | ||||||||||||||||
| MBC |
2.450 |
06/26/2026 |
TBD |
(2) |
EUR |
(691 |
) |
(789 |
) | |||||||||||||
4.050 |
02/24/2026 |
TBD |
(2) |
$ |
(34,034 |
) |
(34,521 |
) | ||||||||||||||
4.282 |
04/21/2026 |
10/21/2026 |
GBP |
(13,909 |
) |
(18,605 |
) | |||||||||||||||
4.382 |
04/21/2026 |
10/21/2026 |
(13,190 |
) |
(17,647 |
) | ||||||||||||||||
4.432 |
05/14/2026 |
09/14/2026 |
(10,579 |
) |
(14,115 |
) | ||||||||||||||||
4.482 |
05/14/2026 |
09/14/2026 |
(6,984 |
) |
(9,319 |
) | ||||||||||||||||
4.532 |
04/21/2026 |
10/21/2026 |
(8,294 |
) |
(11,100 |
) | ||||||||||||||||
| MEI |
2.782 |
06/10/2026 |
09/10/2026 |
EUR |
(1,934 |
) |
(2,213 |
) | ||||||||||||||
2.832 |
06/10/2026 |
09/10/2026 |
(5,032 |
) |
(5,758 |
) | ||||||||||||||||
4.000 |
05/18/2026 |
TBD |
(2) |
$ |
(324 |
) |
(326 |
) | ||||||||||||||
4.100 |
06/30/2026 |
07/20/2026 |
(1,084 |
) |
(1,085 |
) | ||||||||||||||||
4.100 |
06/30/2026 |
06/29/2028 |
(1,548 |
) |
(1,549 |
) | ||||||||||||||||
4.100 |
07/01/2026 |
TBD |
(2) |
(911 |
) |
(911 |
) | |||||||||||||||
4.252 |
06/25/2026 |
08/24/2026 |
GBP |
(14,888 |
) |
(19,762 |
) | |||||||||||||||
4.332 |
04/22/2026 |
10/22/2026 |
(15,822 |
) |
(21,163 |
) | ||||||||||||||||
4.332 |
06/10/2026 |
09/10/2026 |
(804 |
) |
(1,069 |
) | ||||||||||||||||
4.432 |
04/22/2026 |
10/22/2026 |
(10,404 |
) |
(13,919 |
) | ||||||||||||||||
4.582 |
04/22/2026 |
10/22/2026 |
(9,732 |
) |
(13,024 |
) | ||||||||||||||||
4.682 |
04/22/2026 |
10/22/2026 |
(5,562 |
) |
(7,444 |
) | ||||||||||||||||
4.882 |
04/22/2026 |
10/22/2026 |
(5,881 |
) |
(7,875 |
) | ||||||||||||||||
| MSB |
4.470 |
05/08/2026 |
11/04/2026 |
$ |
(726 |
) |
(731 |
) | ||||||||||||||
4.520 |
05/08/2026 |
11/04/2026 |
(3,562 |
) |
(3,586 |
) | ||||||||||||||||
4.520 |
06/30/2026 |
12/30/2026 |
(1,555 |
) |
(1,555 |
) | ||||||||||||||||
4.570 |
05/08/2026 |
11/04/2026 |
(4,066 |
) |
(4,093 |
) | ||||||||||||||||
4.620 |
05/08/2026 |
11/04/2026 |
(18,209 |
) |
(18,335 |
) | ||||||||||||||||
4.620 |
06/30/2026 |
12/30/2026 |
(9,430 |
) |
(9,431 |
) | ||||||||||||||||
4.670 |
05/08/2026 |
11/04/2026 |
(4,072 |
) |
(4,101 |
) | ||||||||||||||||
4.670 |
05/18/2026 |
11/12/2026 |
(5,790 |
) |
(5,823 |
) | ||||||||||||||||
4.670 |
06/12/2026 |
12/11/2026 |
(1,992 |
) |
(1,997 |
) | ||||||||||||||||
4.720 |
05/08/2026 |
11/04/2026 |
(24,587 |
) |
(24,761 |
) | ||||||||||||||||
4.770 |
06/30/2026 |
12/30/2026 |
(35,795 |
) |
(35,800 |
) | ||||||||||||||||
4.820 |
05/13/2026 |
11/04/2026 |
(11,568 |
) |
(11,643 |
) | ||||||||||||||||
4.820 |
06/30/2026 |
12/30/2026 |
(9,495 |
) |
(9,496 |
) | ||||||||||||||||
5.120 |
06/12/2026 |
12/11/2026 |
(21,146 |
) |
(21,203 |
) | ||||||||||||||||
| MSC |
3.630 |
06/22/2026 |
07/31/2026 |
(1,039 |
) |
(1,040 |
) | |||||||||||||||
4.770 |
06/30/2026 |
12/30/2026 |
(5,932 |
) |
(5,933 |
) | ||||||||||||||||
| MYI |
1.700 |
06/24/2026 |
07/08/2026 |
EUR |
(3,108 |
) |
(3,553 |
) | ||||||||||||||
1.750 |
06/17/2026 |
07/08/2026 |
(1,533 |
) |
(1,753 |
) | ||||||||||||||||
2.000 |
06/30/2026 |
07/14/2026 |
$ |
(527 |
) |
(527 |
) | |||||||||||||||
2.550 |
06/17/2026 |
07/08/2026 |
EUR |
(7,190 |
) |
(8,224 |
) | |||||||||||||||
| MZF |
4.720 |
06/17/2026 |
12/17/2026 |
$ |
(53,179 |
) |
(53,278 |
) | ||||||||||||||
| NOM |
3.850 |
12/12/2025 |
TBD |
(2) |
(5,045 |
) |
(5,153 |
) | ||||||||||||||
4.000 |
12/12/2025 |
TBD |
(2) |
(2,994 |
) |
(3,061 |
) | |||||||||||||||
4.000 |
02/10/2026 |
TBD |
(2) |
(1,409 |
) |
(1,431 |
) | |||||||||||||||
4.000 |
05/29/2026 |
TBD |
(2) |
(3,325 |
) |
(3,336 |
) | |||||||||||||||
4.100 |
06/15/2026 |
07/01/2026 |
(6,614 |
) |
(6,626 |
) | ||||||||||||||||
4.100 |
07/01/2026 |
TBD |
(2) |
(3,175 |
) |
(3,175 |
) | |||||||||||||||
| RBC |
3.570 |
05/14/2026 |
08/14/2026 |
CAD |
(1,335 |
) |
(946 |
) | ||||||||||||||
| RCE |
3.232 |
04/30/2026 |
10/29/2026 |
EUR |
(2,074 |
) |
(2,382 |
) | ||||||||||||||
| RCY |
4.120 |
06/11/2026 |
07/13/2026 |
$ |
(2,129 |
) |
(2,134 |
) | ||||||||||||||
| RTA |
4.145 |
05/20/2026 |
11/20/2026 |
(15,131 |
) |
(15,202 |
) | |||||||||||||||
4.145 |
06/02/2026 |
11/30/2026 |
(8,382 |
) |
(8,410 |
) | ||||||||||||||||
4.145 |
06/09/2026 |
11/20/2026 |
(1,099 |
) |
(1,102 |
) | ||||||||||||||||
4.145 |
06/09/2026 |
11/30/2026 |
(12,766 |
) |
(12,799 |
) | ||||||||||||||||
4.145 |
06/23/2026 |
11/20/2026 |
(8,404 |
) |
(8,412 |
) | ||||||||||||||||
4.145 |
06/25/2026 |
11/20/2026 |
(3,752 |
) |
(3,755 |
) | ||||||||||||||||
4.245 |
06/26/2026 |
07/27/2026 |
(60,011 |
) |
(60,046 |
) | ||||||||||||||||
4.390 |
06/18/2026 |
08/18/2026 |
(425 |
) |
(426 |
) | ||||||||||||||||
4.420 |
06/05/2026 |
09/04/2026 |
(27,627 |
) |
(27,715 |
) | ||||||||||||||||
4.420 |
06/18/2026 |
08/18/2026 |
(918 |
) |
(919 |
) | ||||||||||||||||
98 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||
4.437 |
% |
06/05/2026 |
09/04/2026 |
$ |
(7,236 |
) |
$ |
(7,259 |
) | |||||||||||||
4.470 |
06/01/2026 |
07/01/2026 |
(6,278 |
) |
(6,301 |
) | ||||||||||||||||
4.470 |
06/05/2026 |
08/04/2026 |
(13,471 |
) |
(13,515 |
) | ||||||||||||||||
4.470 |
06/05/2026 |
09/04/2026 |
(29,333 |
) |
(29,427 |
) | ||||||||||||||||
4.470 |
06/29/2026 |
10/26/2026 |
(7,550 |
) |
(7,552 |
) | ||||||||||||||||
4.470 |
07/01/2026 |
11/02/2026 |
(6,170 |
) |
(6,170 |
) | ||||||||||||||||
4.487 |
06/05/2026 |
09/04/2026 |
(5,313 |
) |
(5,330 |
) | ||||||||||||||||
4.590 |
04/17/2026 |
10/19/2026 |
(6,366 |
) |
(6,428 |
) | ||||||||||||||||
4.590 |
06/08/2026 |
10/08/2026 |
(328 |
) |
(329 |
) | ||||||||||||||||
4.620 |
05/20/2026 |
11/20/2026 |
(18,665 |
) |
(18,764 |
) | ||||||||||||||||
4.620 |
06/04/2026 |
12/04/2026 |
(6,602 |
) |
(6,625 |
) | ||||||||||||||||
4.650 |
06/18/2026 |
08/18/2026 |
(6,297 |
) |
(6,307 |
) | ||||||||||||||||
4.670 |
06/04/2026 |
12/04/2026 |
(2,744 |
) |
(2,754 |
) | ||||||||||||||||
4.690 |
06/08/2026 |
10/08/2026 |
(1,215 |
) |
(1,219 |
) | ||||||||||||||||
4.720 |
06/08/2026 |
10/08/2026 |
(9,905 |
) |
(9,935 |
) | ||||||||||||||||
4.770 |
04/28/2026 |
10/28/2026 |
(5,521 |
) |
(5,568 |
) | ||||||||||||||||
4.770 |
06/08/2026 |
10/08/2026 |
(3,543 |
) |
(3,554 |
) | ||||||||||||||||
4.820 |
04/17/2026 |
10/19/2026 |
(12,728 |
) |
(12,859 |
) | ||||||||||||||||
4.830 |
04/28/2026 |
10/28/2026 |
(7,586 |
) |
(7,652 |
) | ||||||||||||||||
4.830 |
06/08/2026 |
10/08/2026 |
(186 |
) |
(186 |
) | ||||||||||||||||
4.840 |
04/28/2026 |
10/28/2026 |
(19,072 |
) |
(19,238 |
) | ||||||||||||||||
| SBI |
4.170 |
04/27/2026 |
10/27/2026 |
(7,611 |
) |
(7,668 |
) | |||||||||||||||
4.220 |
04/27/2026 |
10/27/2026 |
(829 |
) |
(835 |
) | ||||||||||||||||
4.320 |
04/27/2026 |
10/27/2026 |
(1,698 |
) |
(1,712 |
) | ||||||||||||||||
4.321 |
06/02/2026 |
10/02/2026 |
(1,573 |
) |
(1,573 |
) | ||||||||||||||||
4.421 |
06/02/2026 |
10/02/2026 |
(24,977 |
) |
(24,977 |
) | ||||||||||||||||
4.470 |
04/27/2026 |
10/27/2026 |
(12,023 |
) |
(12,120 |
) | ||||||||||||||||
4.570 |
04/27/2026 |
10/27/2026 |
(16,639 |
) |
(16,776 |
) | ||||||||||||||||
4.620 |
04/27/2026 |
10/27/2026 |
(559 |
) |
(563 |
) | ||||||||||||||||
4.870 |
04/27/2026 |
10/27/2026 |
(40,680 |
) |
(41,038 |
) | ||||||||||||||||
4.920 |
04/27/2026 |
10/27/2026 |
(7,129 |
) |
(7,192 |
) | ||||||||||||||||
| SCX |
1.950 |
06/17/2026 |
TBD |
(2) |
EUR |
(5,464 |
) |
(6,248 |
) | |||||||||||||
4.050 |
01/30/2026 |
TBD |
(2) |
$ |
(68,061 |
) |
(69,223 |
) | ||||||||||||||
4.050 |
02/11/2026 |
TBD |
(2) |
(6,387 |
) |
(6,488 |
) | |||||||||||||||
4.050 |
04/16/2026 |
TBD |
(2) |
(246 |
) |
(248 |
) | |||||||||||||||
4.100 |
03/03/2026 |
TBD |
(2) |
(993 |
) |
(1,006 |
) | |||||||||||||||
4.170 |
06/26/2026 |
08/04/2026 |
(3,608 |
) |
(3,610 |
) | ||||||||||||||||
4.560 |
04/21/2026 |
10/21/2026 |
GBP |
(12,803 |
) |
(17,135 |
) | |||||||||||||||
| SGY |
3.960 |
06/04/2026 |
TBD |
(2) |
$ |
(2,287 |
) |
(2,294 |
) | |||||||||||||
3.960 |
06/25/2026 |
TBD |
(2) |
(1,396 |
) |
(1,397 |
) | |||||||||||||||
| SOG |
2.450 |
06/17/2026 |
TBD |
(2) |
EUR |
(13,799 |
) |
(15,782 |
) | |||||||||||||
2.460 |
06/17/2026 |
TBD |
(2) |
(2,276 |
) |
(2,603 |
) | |||||||||||||||
2.480 |
06/29/2026 |
TBD |
(2) |
(26,652 |
) |
(30,457 |
) | |||||||||||||||
3.910 |
05/08/2026 |
TBD |
(2) |
$ |
(12,418 |
) |
(12,491 |
) | ||||||||||||||
3.970 |
12/12/2025 |
TBD |
(2) |
(27,063 |
) |
(27,662 |
) | |||||||||||||||
3.970 |
05/19/2026 |
TBD |
(2) |
(2,734 |
) |
(2,744 |
) | |||||||||||||||
3.990 |
06/04/2026 |
TBD |
(2) |
(1,736 |
) |
(1,741 |
) | |||||||||||||||
4.090 |
06/09/2026 |
08/10/2026 |
(49,357 |
) |
(49,481 |
) | ||||||||||||||||
4.180 |
05/26/2026 |
08/26/2026 |
(6,205 |
) |
(6,230 |
) | ||||||||||||||||
4.180 |
06/09/2026 |
08/26/2026 |
(740 |
) |
(742 |
) | ||||||||||||||||
4.180 |
06/17/2026 |
08/26/2026 |
(1,692 |
) |
(1,694 |
) | ||||||||||||||||
4.220 |
05/04/2026 |
08/04/2026 |
(1,305 |
) |
(1,314 |
) | ||||||||||||||||
4.220 |
06/12/2026 |
08/04/2026 |
(2,544 |
) |
(2,549 |
) | ||||||||||||||||
4.220 |
06/18/2026 |
08/04/2026 |
(1,815 |
) |
(1,818 |
) | ||||||||||||||||
4.220 |
07/01/2026 |
08/04/2026 |
(2,374 |
) |
(2,374 |
) | ||||||||||||||||
4.230 |
04/08/2026 |
07/08/2026 |
(4,344 |
) |
(4,387 |
) | ||||||||||||||||
4.230 |
04/16/2026 |
07/16/2026 |
(4,681 |
) |
(4,723 |
) | ||||||||||||||||
4.230 |
04/30/2026 |
07/16/2026 |
(2,680 |
) |
(2,700 |
) | ||||||||||||||||
4.230 |
05/07/2026 |
07/08/2026 |
(815 |
) |
(820 |
) | ||||||||||||||||
4.230 |
05/07/2026 |
07/16/2026 |
(4,923 |
) |
(4,955 |
) | ||||||||||||||||
4.230 |
05/28/2026 |
07/08/2026 |
(2,269 |
) |
(2,278 |
) | ||||||||||||||||
4.230 |
06/04/2026 |
07/16/2026 |
(899 |
) |
(901 |
) | ||||||||||||||||
4.230 |
06/12/2026 |
07/16/2026 |
(763 |
) |
(765 |
) | ||||||||||||||||
4.230 |
06/17/2026 |
07/08/2026 |
(1,745 |
) |
(1,748 |
) | ||||||||||||||||
4.230 |
06/23/2026 |
07/01/2026 |
(5,120 |
) |
(5,125 |
) | ||||||||||||||||
4.230 |
06/24/2026 |
07/07/2026 |
(1,193 |
) |
(1,194 |
) | ||||||||||||||||
4.230 |
06/24/2026 |
07/16/2026 |
(4,002 |
) |
(4,006 |
) | ||||||||||||||||
4.230 |
06/25/2026 |
07/16/2026 |
(5,469 |
) |
(5,473 |
) | ||||||||||||||||
4.230 |
07/01/2026 |
07/08/2026 |
(4,845 |
) |
(4,845 |
) | ||||||||||||||||
4.620 |
06/12/2026 |
12/11/2026 |
(3,571 |
) |
(3,580 |
) | ||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 99 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||
4.620 |
% |
06/25/2026 |
12/24/2026 |
$ |
(16,421 |
) |
$ |
(16,434 |
) | |||||||||||||
4.720 |
05/01/2026 |
10/30/2026 |
(22,577 |
) |
(22,758 |
) | ||||||||||||||||
4.770 |
05/01/2026 |
10/30/2026 |
(7,912 |
) |
(7,976 |
) | ||||||||||||||||
4.770 |
05/12/2026 |
11/10/2026 |
(21,863 |
) |
(22,007 |
) | ||||||||||||||||
| UBS |
1.700 |
07/02/2026 |
TBD |
(2) |
EUR |
(457 |
) |
(522 |
) | |||||||||||||
2.440 |
06/08/2026 |
08/10/2026 |
(4,746 |
) |
(5,432 |
) | ||||||||||||||||
2.450 |
06/17/2026 |
TBD |
(2) |
(10,427 |
) |
(11,925 |
) | |||||||||||||||
2.460 |
06/17/2026 |
TBD |
(2) |
(356 |
) |
(408 |
) | |||||||||||||||
2.480 |
06/10/2026 |
09/10/2026 |
(61,242 |
) |
(70,077 |
) | ||||||||||||||||
2.480 |
06/18/2026 |
09/10/2026 |
(473 |
) |
(541 |
) | ||||||||||||||||
2.527 |
06/30/2026 |
09/30/2026 |
(3,759 |
) |
(4,296 |
) | ||||||||||||||||
2.868 |
06/10/2026 |
09/10/2026 |
(9,941 |
) |
(11,378 |
) | ||||||||||||||||
2.916 |
06/10/2026 |
09/10/2026 |
(165 |
) |
(189 |
) | ||||||||||||||||
3.066 |
06/10/2026 |
09/10/2026 |
(3,144 |
) |
(3,599 |
) | ||||||||||||||||
3.250 |
05/26/2026 |
07/08/2026 |
GBP |
(216 |
) |
(288 |
) | |||||||||||||||
3.960 |
05/05/2026 |
08/04/2026 |
$ |
(18,549 |
) |
(18,665 |
) | |||||||||||||||
4.080 |
04/06/2026 |
07/07/2026 |
(4,635 |
) |
(4,680 |
) | ||||||||||||||||
4.120 |
06/11/2026 |
09/10/2026 |
(1,688 |
) |
(1,691 |
) | ||||||||||||||||
4.130 |
04/06/2026 |
07/07/2026 |
(2,010 |
) |
(2,030 |
) | ||||||||||||||||
4.201 |
06/10/2026 |
09/10/2026 |
GBP |
(18,957 |
) |
(25,206 |
) | |||||||||||||||
4.264 |
06/30/2026 |
09/30/2026 |
(11,421 |
) |
(15,152 |
) | ||||||||||||||||
4.350 |
05/14/2026 |
09/14/2026 |
$ |
(2,153 |
) |
(2,165 |
) | |||||||||||||||
4.444 |
06/10/2026 |
09/10/2026 |
GBP |
(2,270 |
) |
(3,019 |
) | |||||||||||||||
4.450 |
06/01/2026 |
08/28/2026 |
$ |
(36,105 |
) |
(36,239 |
) | |||||||||||||||
4.550 |
06/01/2026 |
08/28/2026 |
(1,500 |
) |
(1,506 |
) | ||||||||||||||||
4.590 |
05/19/2026 |
08/19/2026 |
(1,665 |
) |
(1,674 |
) | ||||||||||||||||
4.620 |
06/04/2026 |
12/04/2026 |
(6,399 |
) |
(6,421 |
) | ||||||||||||||||
4.640 |
05/19/2026 |
08/19/2026 |
(6,553 |
) |
(6,589 |
) | ||||||||||||||||
4.650 |
06/01/2026 |
08/28/2026 |
(1,442 |
) |
(1,448 |
) | ||||||||||||||||
4.670 |
04/27/2026 |
07/27/2026 |
(6,417 |
) |
(6,471 |
) | ||||||||||||||||
4.680 |
04/06/2026 |
07/07/2026 |
(9,894 |
) |
(10,004 |
) | ||||||||||||||||
4.720 |
04/27/2026 |
07/27/2026 |
(39,107 |
) |
(39,440 |
) | ||||||||||||||||
4.730 |
04/06/2026 |
07/07/2026 |
(38,073 |
) |
(38,503 |
) | ||||||||||||||||
4.770 |
04/16/2026 |
07/16/2026 |
(2,605 |
) |
(2,631 |
) | ||||||||||||||||
4.770 |
04/27/2026 |
07/27/2026 |
(4,137 |
) |
(4,173 |
) | ||||||||||||||||
4.820 |
01/27/2026 |
07/23/2026 |
(2,950 |
) |
(3,011 |
) | ||||||||||||||||
4.830 |
06/18/2026 |
12/17/2026 |
(997 |
) |
(998 |
) | ||||||||||||||||
4.870 |
04/27/2026 |
10/27/2026 |
(1,312 |
) |
(1,324 |
) | ||||||||||||||||
4.930 |
12/23/2025 |
09/23/2026 |
(4,393 |
) |
(4,507 |
) | ||||||||||||||||
| WFS |
4.230 |
04/16/2026 |
07/15/2026 |
(1,007 |
) |
(1,016 |
) | |||||||||||||||
4.266 |
06/22/2026 |
08/24/2026 |
(6,360 |
) |
(6,367 |
) | ||||||||||||||||
4.295 |
06/26/2026 |
09/28/2026 |
(301 |
) |
(301 |
) | ||||||||||||||||
4.310 |
06/15/2026 |
09/15/2026 |
(21,049 |
) |
(21,090 |
) | ||||||||||||||||
4.316 |
06/22/2026 |
08/24/2026 |
(27,457 |
) |
(27,487 |
) | ||||||||||||||||
4.330 |
04/06/2026 |
07/07/2026 |
(6,942 |
) |
(7,014 |
) | ||||||||||||||||
4.345 |
06/26/2026 |
09/28/2026 |
(3,003 |
) |
(3,005 |
) | ||||||||||||||||
4.366 |
06/22/2026 |
08/24/2026 |
(12,033 |
) |
(12,046 |
) | ||||||||||||||||
4.380 |
04/06/2026 |
07/07/2026 |
(16,991 |
) |
(17,169 |
) | ||||||||||||||||
4.395 |
06/26/2026 |
09/28/2026 |
(407 |
) |
(408 |
) | ||||||||||||||||
4.480 |
04/06/2026 |
07/07/2026 |
(23,886 |
) |
(24,142 |
) | ||||||||||||||||
| |
|
|||||||||||||||||||||
| Total Reverse Repurchase Agreements |
|
$ |
(3,935,922 |
) | ||||||||||||||||||
| |
|
|||||||||||||||||||||
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2026:
Counterparty |
Repurchase Agreement Proceeds to be Received |
Payable for Reverse Repurchase Agreements |
Payable for Sale-Buyback Transactions |
Total Borrowings and Other Financing Transactions |
Collateral Pledged/(Received) |
Net Exposure (3) |
||||||||||||||||||
| Global/Master Repurchase Agreement |
| |||||||||||||||||||||||
| BMO |
$ |
0 |
$ |
(15,182 |
) |
$ |
0 |
$ |
(15,182 |
) |
$ |
18,510 |
$ |
3,328 |
||||||||||
| BNY |
0 |
(145,202 |
) |
0 |
(145,202 |
) |
194,663 |
49,461 |
||||||||||||||||
| BOS |
0 |
(148,023 |
) |
0 |
(148,023 |
) |
170,676 |
22,653 |
||||||||||||||||
| BPS |
0 |
(357,958 |
) |
0 |
(357,958 |
) |
400,249 |
42,291 |
||||||||||||||||
| BRC |
0 |
(344,425 |
) |
0 |
(344,425 |
) |
439,884 |
95,459 |
||||||||||||||||
| BYR |
0 |
(173,531 |
) |
0 |
(173,531 |
) |
199,126 |
25,595 |
||||||||||||||||
| CDC |
0 |
(116,638 |
) |
0 |
(116,638 |
) |
130,673 |
14,035 |
||||||||||||||||
| CEW |
0 |
(21,979 |
) |
0 |
(21,979 |
) |
23,877 |
1,898 |
||||||||||||||||
100 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Counterparty |
Repurchase Agreement Proceeds to be Received |
Payable for Reverse Repurchase Agreements |
Payable for Sale-Buyback Transactions |
Total Borrowings and Other Financing Transactions |
Collateral Pledged/(Received) |
Net Exposure (3) |
||||||||||||||||||
| DBL |
$ |
0 |
$ |
(599,854 |
) |
$ |
0 |
$ |
(599,854 |
) |
$ |
679,402 |
$ |
79,548 |
||||||||||
| DEU |
0 |
(31,504 |
) |
0 |
(31,504 |
) |
33,745 |
2,241 |
||||||||||||||||
| GLM |
0 |
(164,908 |
) |
0 |
(164,908 |
) |
197,620 |
32,712 |
||||||||||||||||
| IND |
0 |
(27,388 |
) |
0 |
(27,388 |
) |
31,676 |
4,288 |
||||||||||||||||
| JML |
0 |
(45,757 |
) |
0 |
(45,757 |
) |
56,957 |
11,200 |
||||||||||||||||
| JPS |
0 |
(5,807 |
) |
0 |
(5,807 |
) |
6,742 |
935 |
||||||||||||||||
| MBC |
0 |
(106,096 |
) |
0 |
(106,096 |
) |
123,598 |
17,502 |
||||||||||||||||
| MEI |
0 |
(96,098 |
) |
0 |
(96,098 |
) |
142,004 |
45,906 |
||||||||||||||||
| MSB |
0 |
(152,555 |
) |
0 |
(152,555 |
) |
200,106 |
47,551 |
||||||||||||||||
| MSC |
0 |
(6,973 |
) |
0 |
(6,973 |
) |
9,218 |
2,245 |
||||||||||||||||
| MYI |
0 |
(14,057 |
) |
0 |
(14,057 |
) |
16,001 |
1,944 |
||||||||||||||||
| MZF |
0 |
(53,278 |
) |
0 |
(53,278 |
) |
73,980 |
20,702 |
||||||||||||||||
| NOM |
0 |
(22,782 |
) |
0 |
(22,782 |
) |
22,476 |
(306 |
) | |||||||||||||||
| RBC |
0 |
(946 |
) |
0 |
(946 |
) |
1,397 |
451 |
||||||||||||||||
| RCE |
0 |
(2,382 |
) |
0 |
(2,382 |
) |
3,892 |
1,510 |
||||||||||||||||
| RCY |
0 |
(2,134 |
) |
0 |
(2,134 |
) |
2,610 |
476 |
||||||||||||||||
| RTA |
0 |
(315,758 |
) |
0 |
(315,758 |
) |
397,417 |
81,659 |
||||||||||||||||
| SBI |
0 |
(114,454 |
) |
0 |
(114,454 |
) |
149,554 |
35,100 |
||||||||||||||||
| SCX |
0 |
(103,958 |
) |
0 |
(103,958 |
) |
122,047 |
18,089 |
||||||||||||||||
| SGY |
0 |
(3,691 |
) |
0 |
(3,691 |
) |
4,302 |
611 |
||||||||||||||||
| SOG |
0 |
(276,357 |
) |
0 |
(276,357 |
) |
342,062 |
65,705 |
||||||||||||||||
| UBS |
0 |
(346,202 |
) |
0 |
(346,202 |
) |
376,044 |
29,842 |
||||||||||||||||
| WFS |
0 |
(120,045 |
) |
0 |
(120,045 |
) |
138,760 |
18,715 |
||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
| Total Borrowings and Other Financing Transactions |
$ |
0 |
$ |
(3,935,922 |
) |
$ |
0 |
|||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
Overnight and Continuous |
Up to 30 days |
31-90 days |
Greater Than 90 days |
Total |
||||||||||||||||
| Reverse Repurchase Agreements |
| |||||||||||||||||||
| Corporate Bonds & Notes |
$ |
(2,320 |
) |
$ |
(209,929 |
) |
$ |
(378,561 |
) |
$ |
(413,181 |
) |
$ |
(1,003,991 |
) | |||||
| Convertible Bonds & Notes |
0 |
0 |
0 |
(22,521 |
) |
(22,521 |
) | |||||||||||||
| U.S. Government Agencies |
0 |
(17,185 |
) |
(15,032 |
) |
(4,021 |
) |
(36,238 |
) | |||||||||||
| U.S. Treasury Obligations |
(13,322 |
) |
(13,158 |
) |
0 |
0 |
(26,480 |
) | ||||||||||||
| Non-Agency Mortgage-Backed Securities |
(6,301 |
) |
(319,631 |
) |
(771,357 |
) |
(812,863 |
) |
(1,910,152 |
) | ||||||||||
| Asset-Backed Securities |
0 |
(153,872 |
) |
(133,297 |
) |
(281,950 |
) |
(569,119 |
) | |||||||||||
| Sovereign Issues |
(47,251 |
) |
(81 |
) |
(33,707 |
) |
(146,164 |
) |
(227,203 |
) | ||||||||||
| Preferred Securities |
0 |
(28,227 |
) |
0 |
(15,673 |
) |
(43,900 |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Borrowings |
$ |
(69,194 |
) |
$ |
(742,083 |
) |
$ |
(1,331,954 |
) |
$ |
(1,696,373 |
) |
$ |
(3,839,604 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Payable for reverse repurchase agreements (4) |
|
$ |
(3,839,604 |
) | ||||||||||||||||
| |
|
|||||||||||||||||||
(m) |
Securities with an aggregate market value of $4,647,797 and cash of $65,683 have been pledged as collateral under the terms of the above master agreements as of June 30, 2026. |
(1) |
The average amount of borrowings outstanding during the period ended June 30, 2026 was $(3,398,463) at a weighted average interest rate of 4.525%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
(2) |
Open maturity reverse repurchase agreement. |
(3) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(4) |
Unsettled reverse repurchase agreements liability of $(96,318) is outstanding at period end. |
(n) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION
(1)
| Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value (4) |
Variation Margin |
|||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||
| Venture Global LNG, Inc. |
5.000% |
Quarterly |
12/20/2030 |
2.113 |
% |
$ |
78,600 |
$ |
1,783 |
$ |
7,224 |
$ |
9,007 |
$ |
138 |
$ |
0 |
|||||||||||||||||||||||
| Worldline SA/France |
5.000 |
Quarterly |
12/20/2027 |
6.803 |
EUR |
3,900 |
(376 |
) |
272 |
(104 |
) |
4 |
0 |
|||||||||||||||||||||||||||
| Worldline SA/France |
5.000 |
Quarterly |
12/20/2028 |
8.139 |
800 |
(114 |
) |
55 |
(59 |
) |
1 |
0 |
||||||||||||||||||||||||||||
| Worldline SA/France |
5.000 |
Quarterly |
12/20/2030 |
9.729 |
116,100 |
(19,452 |
) |
(258 |
) |
(19,710 |
) |
209 |
0 |
|||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ |
(18,159 |
) |
$ |
7,293 |
$ |
(10,866 |
) |
$ |
352 |
$ |
0 |
|||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
101 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
INTEREST RATE SWAPS
| Pay/Receive Floating Rate |
Floating Rate Index |
Fixed Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value |
Variation Margin |
|||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||
Receive |
1-Day GBP-SONIO Compounded-OIS |
0.500 |
% |
Annual |
09/16/2030 |
GBP |
27,000 |
$ |
335 |
$ |
5,452 |
$ |
5,787 |
$ |
37 |
$ |
0 |
|||||||||||||||||||||||
Pay |
1-Day GBP-SONIO Compounded-OIS |
3.500 |
Annual |
03/18/2031 |
128,420 |
(3,129 |
) |
(1,058 |
) |
(4,187 |
) |
0 |
(175 |
) | ||||||||||||||||||||||||||
Receive |
1-Day GBP-SONIO Compounded-OIS |
0.750 |
Annual |
09/21/2052 |
28,300 |
(2,278 |
) |
25,878 |
23,600 |
92 |
0 |
|||||||||||||||||||||||||||||
Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2026 |
$ |
1,244,900 |
6,094 |
(6,593 |
) |
(499 |
) |
0 |
(108 |
) | ||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
1.360 |
Semi-Annual |
02/15/2027 |
13,450 |
(2 |
) |
241 |
239 |
3 |
0 |
|||||||||||||||||||||||||||||
Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2027 |
1,348,200 |
13,042 |
(18,158 |
) |
(5,116 |
) |
0 |
(761 |
) | |||||||||||||||||||||||||||
Pay |
1-Day USD-SOFR Compounded-OIS |
0.500 |
Semi-Annual |
06/16/2028 |
660 |
(31 |
) |
(17 |
) |
(48 |
) |
0 |
(1 |
) | ||||||||||||||||||||||||||
Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2028 |
196,000 |
2,649 |
(3,636 |
) |
(987 |
) |
0 |
(226 |
) | |||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
06/20/2029 |
123,500 |
(2,337 |
) |
3,019 |
682 |
181 |
0 |
|||||||||||||||||||||||||||||
Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2029 |
275,200 |
4,155 |
(5,694 |
) |
(1,539 |
) |
0 |
(487 |
) | |||||||||||||||||||||||||||
Pay |
1-Day USD-SOFR Compounded-OIS |
3.250 |
Annual |
06/18/2030 |
1,973,200 |
(18,087 |
) |
(30,177 |
) |
(48,264 |
) |
0 |
(3,913 |
) | ||||||||||||||||||||||||||
Pay |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
03/18/2031 |
1,367,270 |
6,648 |
(31,338 |
) |
(24,690 |
) |
0 |
(3,425 |
) | |||||||||||||||||||||||||||
Pay |
1-Day USD-SOFR Compounded-OIS |
3.250 |
Annual |
06/17/2031 |
890,960 |
(13,625 |
) |
(13,051 |
) |
(26,676 |
) |
0 |
(2,356 |
) | ||||||||||||||||||||||||||
Pay (5) |
1-Day USD-SOFR Compounded-OIS |
4.000 |
Annual |
07/02/2031 |
1,451,000 |
7,422 |
(1,519 |
) |
5,903 |
0 |
(3,937 |
) | ||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
1.500 |
Annual |
12/15/2031 |
98,500 |
(2,199 |
) |
15,033 |
12,834 |
283 |
0 |
|||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Semi-Annual |
12/15/2031 |
16,600 |
(225 |
) |
2,218 |
1,993 |
47 |
0 |
|||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
2.000 |
Annual |
12/21/2032 |
88,000 |
10,651 |
(166 |
) |
10,485 |
303 |
0 |
|||||||||||||||||||||||||||||
Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2034 |
1,300 |
28 |
(50 |
) |
(22 |
) |
0 |
(6 |
) | |||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/17/2035 |
83,530 |
(1,370 |
) |
3,021 |
1,651 |
407 |
0 |
|||||||||||||||||||||||||||||
Receive (5) |
1-Day USD-SOFR Compounded-OIS |
4.000 |
Annual |
02/15/2036 |
185,300 |
(116 |
) |
310 |
194 |
925 |
0 |
|||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
3.850 |
Annual |
12/21/2038 |
108,200 |
418 |
2,243 |
2,661 |
658 |
0 |
||||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
2.750 |
Semi-Annual |
03/20/2043 |
1,300 |
(4 |
) |
267 |
263 |
9 |
0 |
|||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
2.750 |
Semi-Annual |
12/16/2045 |
3,800 |
(44 |
) |
940 |
896 |
28 |
0 |
|||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/17/2045 |
52,450 |
1,014 |
2,351 |
3,365 |
445 |
0 |
||||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
2.500 |
Semi-Annual |
06/20/2048 |
3,100 |
256 |
646 |
902 |
23 |
0 |
||||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
2.250 |
Semi-Annual |
03/12/2050 |
20,500 |
(367 |
) |
7,252 |
6,885 |
151 |
0 |
|||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
06/15/2052 |
68,000 |
16,788 |
9,930 |
26,718 |
516 |
0 |
||||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
12/21/2052 |
45,800 |
11,031 |
7,566 |
18,597 |
353 |
0 |
||||||||||||||||||||||||||||||
Receive |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
12/21/2052 |
92,160 |
786 |
10,086 |
10,872 |
883 |
0 |
||||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
11.250 |
Maturity |
01/04/2027 |
BRL |
9,400 |
0 |
(143 |
) |
(143 |
) |
0 |
0 |
|||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
11.275 |
Maturity |
01/04/2027 |
4,700 |
0 |
(71 |
) |
(71 |
) |
0 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
11.290 |
Maturity |
01/04/2027 |
4,700 |
0 |
(70 |
) |
(70 |
) |
0 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
11.731 |
Maturity |
01/04/2027 |
2,400 |
0 |
(27 |
) |
(27 |
) |
0 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
11.746 |
Maturity |
01/04/2027 |
10,500 |
0 |
(117 |
) |
(117 |
) |
0 |
0 |
||||||||||||||||||||||||||||
Receive |
1-Year BRL-CDI |
11.823 |
Maturity |
01/04/2027 |
599,100 |
0 |
5,884 |
5,884 |
0 |
(22 |
) | |||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
11.901 |
Maturity |
01/04/2027 |
25,100 |
0 |
(247 |
) |
(247 |
) |
1 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
12.047 |
Maturity |
01/04/2027 |
437,000 |
0 |
(3,779 |
) |
(3,779 |
) |
17 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.172 |
Maturity |
01/02/2031 |
146,500 |
8 |
(599 |
) |
(591 |
) |
83 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.180 |
Maturity |
01/02/2031 |
1,325,400 |
(430 |
) |
(4,844 |
) |
(5,274 |
) |
748 |
0 |
|||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.200 |
Maturity |
01/02/2031 |
7,600 |
0 |
(30 |
) |
(30 |
) |
4 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.235 |
Maturity |
01/02/2031 |
11,000 |
0 |
(41 |
) |
(41 |
) |
6 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.250 |
Maturity |
01/02/2031 |
10,900 |
(1 |
) |
(39 |
) |
(40 |
) |
6 |
0 |
|||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.255 |
Maturity |
01/02/2031 |
4,300 |
0 |
(16 |
) |
(16 |
) |
2 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.260 |
Maturity |
01/02/2031 |
3,300 |
0 |
(12 |
) |
(12 |
) |
2 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.300 |
Maturity |
01/02/2031 |
4,600 |
0 |
(16 |
) |
(16 |
) |
3 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.315 |
Maturity |
01/02/2031 |
11,400 |
0 |
(38 |
) |
(38 |
) |
6 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.330 |
Maturity |
01/02/2031 |
7,800 |
0 |
(26 |
) |
(26 |
) |
4 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.724 |
Maturity |
01/02/2031 |
579,400 |
0 |
(724 |
) |
(724 |
) |
324 |
0 |
||||||||||||||||||||||||||||
Pay |
1-Year BRL-CDI |
13.882 |
Maturity |
01/02/2031 |
892,500 |
0 |
(458 |
) |
(458 |
) |
497 |
0 |
||||||||||||||||||||||||||||
Pay |
3-Month COP-IBR Compounded-OIS |
12.000 |
Annual |
06/17/2027 |
COP |
40,156,500 |
(8 |
) |
(1 |
) |
(9 |
) |
0 |
(5 |
) | |||||||||||||||||||||||||
Pay |
3-Month COP-IBR Compounded-OIS |
12.340 |
Maturity |
06/17/2027 |
5,542,000 |
0 |
4 |
4 |
0 |
(1 |
) | |||||||||||||||||||||||||||||
Pay |
3-Month COP-IBR Compounded-OIS |
11.250 |
Quarterly |
06/17/2028 |
10,779,900 |
(5 |
) |
14 |
9 |
0 |
(2 |
) | ||||||||||||||||||||||||||||
Pay |
3-Month COP-IBR Compounded-OIS |
11.634 |
Quarterly |
06/17/2028 |
9,484,900 |
0 |
27 |
27 |
0 |
(2 |
) | |||||||||||||||||||||||||||||
Receive |
6-Month EUR-EURIBOR |
0.150 |
Annual |
03/18/2030 |
EUR |
20,400 |
373 |
2,127 |
2,500 |
20 |
0 |
|||||||||||||||||||||||||||||
Receive |
6-Month EUR-EURIBOR |
0.150 |
Annual |
06/17/2030 |
1,200 |
(1 |
) |
134 |
133 |
1 |
0 |
|||||||||||||||||||||||||||||
Receive |
6-Month EUR-EURIBOR |
0.250 |
Annual |
03/18/2050 |
2,500 |
139 |
1,270 |
1,409 |
4 |
0 |
||||||||||||||||||||||||||||||
Receive |
6-Month EUR-EURIBOR |
0.500 |
Annual |
06/17/2050 |
500 |
(16 |
) |
273 |
257 |
1 |
0 |
|||||||||||||||||||||||||||||
Receive |
6-Month EUR-EURIBOR |
0.500 |
Annual |
09/21/2052 |
34,600 |
2,992 |
15,788 |
18,780 |
43 |
0 |
||||||||||||||||||||||||||||||
Receive (5) |
6-Month EUR-EURIBOR |
0.830 |
Annual |
12/09/2052 |
143,700 |
1,990 |
17,499 |
19,489 |
0 |
(23 |
) | |||||||||||||||||||||||||||||
Receive (5) |
6-Month EUR-EURIBOR |
3.000 |
Annual |
09/16/2056 |
13,800 |
259 |
(9 |
) |
250 |
18 |
0 |
|||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ |
42,803 |
$ |
16,709 |
$ |
59,512 |
$ |
7,134 |
$ |
(15,450 |
) | ||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Total Swap Agreements |
$ |
24,644 |
$ |
24,002 |
$ |
48,646 |
$ |
7,486 |
$ |
(15,450 |
) | |||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
102 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||
Market Value |
Variation Margin Asset |
Total |
Market Value |
Variation Margin Liability |
Total |
|||||||||||||||||||||||||||||||
Purchased Options |
Futures |
Swap Agreements |
Written Options |
Futures |
Swap Agreements |
|||||||||||||||||||||||||||||||
| Total Exchange-Traded or Centrally Cleared |
$ |
0 |
$ |
0 |
$ |
7,486 |
$ |
7,486 |
$ |
0 |
$ |
0 |
$ |
(15,450) |
$ |
(15,450) |
||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(o) |
Securities with an aggregate market value of $19,583 and cash of $238,656 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2026. |
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) |
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(3) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) |
The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(5) |
This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information. |
(p) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty |
Settlement Month |
Currency to be Delivered |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
| AZD |
07/2026 |
AUD |
64 |
$ |
46 |
$ |
1 |
$ |
0 |
|||||||||||||||
07/2026 |
$ |
27 |
CAD |
38 |
0 |
0 |
||||||||||||||||||
08/2026 |
CAD |
38 |
$ |
27 |
0 |
0 |
||||||||||||||||||
| BOA |
07/2026 |
DOP |
204,438 |
3,475 |
24 |
0 |
||||||||||||||||||
07/2026 |
GBP |
35,821 |
47,716 |
201 |
0 |
|||||||||||||||||||
07/2026 |
$ |
25,386 |
EUR |
21,810 |
0 |
(465 |
) | |||||||||||||||||
07/2026 |
1,125 |
GBP |
836 |
0 |
(16 |
) | ||||||||||||||||||
08/2026 |
DOP |
194,563 |
$ |
3,272 |
39 |
0 |
||||||||||||||||||
08/2026 |
HKD |
20,615 |
2,635 |
2 |
0 |
|||||||||||||||||||
09/2026 |
COP |
100,131,697 |
25,708 |
0 |
(3,068 |
) | ||||||||||||||||||
09/2026 |
KZT |
33,587 |
67 |
0 |
(2 |
) | ||||||||||||||||||
12/2026 |
COP |
10,745,440 |
2,701 |
0 |
(322 |
) | ||||||||||||||||||
| BPS |
07/2026 |
BRL |
52,918 |
10,222 |
0 |
(28 |
) | |||||||||||||||||
07/2026 |
CNH |
12,205 |
1,804 |
6 |
0 |
|||||||||||||||||||
07/2026 |
CZK |
5,737 |
276 |
6 |
0 |
|||||||||||||||||||
07/2026 |
EUR |
403,088 |
469,406 |
8,837 |
0 |
|||||||||||||||||||
07/2026 |
JPY |
319 |
2 |
0 |
0 |
|||||||||||||||||||
07/2026 |
$ |
10,419 |
BRL |
52,918 |
0 |
(168 |
) | |||||||||||||||||
07/2026 |
11,985 |
GBP |
9,060 |
59 |
(26 |
) | ||||||||||||||||||
07/2026 |
307 |
KWD |
94 |
0 |
(4 |
) | ||||||||||||||||||
07/2026 |
9,116 |
ZAR |
149,556 |
0 |
0 |
|||||||||||||||||||
08/2026 |
GBP |
5,780 |
$ |
7,640 |
0 |
(27 |
) | |||||||||||||||||
08/2026 |
$ |
8,196 |
BRL |
41,744 |
0 |
(172 |
) | |||||||||||||||||
09/2026 |
IDR |
566,936 |
$ |
31 |
0 |
0 |
||||||||||||||||||
09/2026 |
$ |
137,365 |
BRL |
706,234 |
0 |
(2,572 |
) | |||||||||||||||||
09/2026 |
127 |
IDR |
2,247,663 |
0 |
(2 |
) | ||||||||||||||||||
12/2026 |
31 |
570,792 |
0 |
0 |
||||||||||||||||||||
06/2027 |
239 |
KWD |
72 |
0 |
(3 |
) | ||||||||||||||||||
07/2029 |
KWD |
128 |
$ |
440 |
23 |
0 |
||||||||||||||||||
05/2030 |
755 |
2,600 |
133 |
0 |
||||||||||||||||||||
06/2031 |
340 |
1,142 |
31 |
0 |
||||||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 103 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
Counterparty |
Settlement Month |
Currency to be Delivered |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
| BRC |
07/2026 |
TRY |
3,118,796 |
$ |
65,572 |
$ |
0 |
$ |
(289 |
) | ||||||||||||||
07/2026 |
$ |
63,620 |
TRY |
3,043,658 |
745 |
0 |
||||||||||||||||||
07/2026 |
45,474 |
ZAR |
738,619 |
0 |
(452 |
) | ||||||||||||||||||
| BSH |
07/2026 |
JPY |
1,692 |
$ |
11 |
0 |
0 |
|||||||||||||||||
07/2026 |
$ |
24,771 |
EUR |
21,299 |
0 |
(435 |
) | |||||||||||||||||
| CBK |
07/2026 |
EUR |
6,838 |
$ |
7,975 |
162 |
0 |
|||||||||||||||||
07/2026 |
$ |
3,960 |
EGP |
211,848 |
330 |
0 |
||||||||||||||||||
07/2026 |
5,558 |
EUR |
4,769 |
0 |
(109 |
) | ||||||||||||||||||
07/2026 |
46,954 |
GBP |
34,856 |
0 |
(720 |
) | ||||||||||||||||||
07/2026 |
123 |
PLN |
450 |
0 |
(4 |
) | ||||||||||||||||||
08/2026 |
EUR |
26,538 |
$ |
30,279 |
0 |
(84 |
) | |||||||||||||||||
09/2026 |
COP |
459,524,258 |
117,091 |
0 |
(14,967 |
) | ||||||||||||||||||
09/2026 |
IDR |
2,428,663 |
134 |
0 |
0 |
|||||||||||||||||||
09/2026 |
KZT |
70,133 |
139 |
0 |
(4 |
) | ||||||||||||||||||
09/2026 |
MXN |
67 |
4 |
0 |
0 |
|||||||||||||||||||
09/2026 |
$ |
30 |
IDR |
538,676 |
0 |
0 |
||||||||||||||||||
12/2026 |
135 |
2,444,925 |
0 |
0 |
||||||||||||||||||||
| DUB |
07/2026 |
CZK |
6,199 |
$ |
298 |
6 |
0 |
|||||||||||||||||
07/2026 |
KZT |
18,201 |
38 |
0 |
0 |
|||||||||||||||||||
07/2026 |
$ |
5,679 |
EGP |
306,499 |
528 |
0 |
||||||||||||||||||
07/2026 |
123 |
PLN |
456 |
0 |
(2 |
) | ||||||||||||||||||
07/2026 |
21,217 |
ZAR |
343,462 |
0 |
(282 |
) | ||||||||||||||||||
08/2026 |
KZT |
119,052 |
$ |
246 |
1 |
0 |
||||||||||||||||||
09/2026 |
IDR |
1,197,666 |
67 |
0 |
0 |
|||||||||||||||||||
09/2026 |
$ |
19 |
IDR |
336,683 |
0 |
0 |
||||||||||||||||||
11/2026 |
KZT |
73,183 |
$ |
148 |
1 |
0 |
||||||||||||||||||
12/2026 |
$ |
67 |
IDR |
1,205,717 |
0 |
0 |
||||||||||||||||||
| FAR |
07/2026 |
CNH |
12,142 |
$ |
1,795 |
7 |
0 |
|||||||||||||||||
07/2026 |
GBP |
215,487 |
289,366 |
3,595 |
(61 |
) | ||||||||||||||||||
07/2026 |
$ |
6,494 |
CNH |
44,175 |
11 |
0 |
||||||||||||||||||
07/2026 |
46 |
JPY |
7,395 |
0 |
0 |
|||||||||||||||||||
07/2026 |
641 |
PLN |
2,353 |
0 |
(16 |
) | ||||||||||||||||||
07/2026 |
29,649 |
ZAR |
489,297 |
175 |
0 |
|||||||||||||||||||
08/2026 |
CNH |
44,078 |
$ |
6,494 |
0 |
(10 |
) | |||||||||||||||||
08/2026 |
JPY |
7,376 |
46 |
0 |
0 |
|||||||||||||||||||
| GLM |
07/2026 |
BRL |
100,752 |
19,569 |
52 |
0 |
||||||||||||||||||
07/2026 |
DOP |
39,686 |
665 |
1 |
0 |
|||||||||||||||||||
07/2026 |
$ |
19,728 |
BRL |
100,752 |
28 |
(240 |
) | |||||||||||||||||
07/2026 |
2,556 |
CAD |
3,637 |
9 |
0 |
|||||||||||||||||||
07/2026 |
3,671 |
COP |
12,643,256 |
11 |
0 |
|||||||||||||||||||
08/2026 |
CAD |
3,632 |
$ |
2,556 |
0 |
(9 |
) | |||||||||||||||||
08/2026 |
DOP |
385,074 |
6,350 |
35 |
(79 |
) | ||||||||||||||||||
08/2026 |
NGN |
48,825 |
31 |
0 |
(4 |
) | ||||||||||||||||||
08/2026 |
$ |
13,328 |
BRL |
68,108 |
0 |
(235 |
) | |||||||||||||||||
09/2026 |
COP |
12,643,256 |
$ |
3,622 |
0 |
(11 |
) | |||||||||||||||||
09/2026 |
DOP |
1,386,966 |
22,760 |
47 |
(249 |
) | ||||||||||||||||||
09/2026 |
MXN |
75 |
4 |
0 |
0 |
|||||||||||||||||||
09/2026 |
$ |
17,746 |
BRL |
91,346 |
0 |
(312 |
) | |||||||||||||||||
09/2026 |
86 |
IDR |
1,552,626 |
0 |
(1 |
) | ||||||||||||||||||
10/2026 |
DOP |
48,125 |
$ |
808 |
15 |
0 |
||||||||||||||||||
10/2026 |
$ |
19,569 |
BRL |
102,970 |
0 |
(53 |
) | |||||||||||||||||
11/2026 |
DOP |
473,807 |
$ |
7,792 |
0 |
(9 |
) | |||||||||||||||||
12/2026 |
54,779 |
917 |
19 |
0 |
||||||||||||||||||||
| JPM |
07/2026 |
AUD |
278 |
199 |
6 |
0 |
||||||||||||||||||
07/2026 |
EUR |
19,533 |
22,645 |
327 |
0 |
|||||||||||||||||||
07/2026 |
GBP |
6,126 |
8,221 |
95 |
0 |
|||||||||||||||||||
07/2026 |
KZT |
9,577 |
20 |
0 |
0 |
|||||||||||||||||||
07/2026 |
$ |
747 |
PLN |
2,721 |
0 |
(24 |
) | |||||||||||||||||
08/2026 |
HKD |
76,582 |
$ |
9,789 |
8 |
0 |
||||||||||||||||||
08/2026 |
KZT |
44,519 |
92 |
0 |
0 |
|||||||||||||||||||
09/2026 |
$ |
2,119 |
MXN |
36,816 |
0 |
(27 |
) | |||||||||||||||||
| MBC |
07/2026 |
AUD |
1 |
$ |
1 |
0 |
0 |
|||||||||||||||||
07/2026 |
EUR |
51,597 |
60,001 |
1,047 |
0 |
|||||||||||||||||||
07/2026 |
GBP |
863 |
1,158 |
13 |
0 |
|||||||||||||||||||
07/2026 |
JPY |
1,278 |
8 |
0 |
0 |
|||||||||||||||||||
07/2026 |
$ |
131 |
AUD |
190 |
0 |
0 |
||||||||||||||||||
07/2026 |
971,119 |
EUR |
853,588 |
5,377 |
(1,186 |
) | ||||||||||||||||||
07/2026 |
5,613 |
GBP |
4,181 |
0 |
(67 |
) | ||||||||||||||||||
104 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Counterparty |
Settlement Month |
Currency to be Delivered |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
08/2026 |
AUD |
190 |
$ |
131 |
$ |
0 |
$ |
(1 |
) | |||||||||||||||
08/2026 |
EUR |
790,716 |
899,307 |
0 |
(5,376 |
) | ||||||||||||||||||
08/2026 |
$ |
5,797 |
EGP |
313,640 |
462 |
0 |
||||||||||||||||||
08/2026 |
15,944 |
EUR |
13,962 |
31 |
0 |
|||||||||||||||||||
| NGF |
09/2026 |
18 |
IDR |
328,878 |
0 |
0 |
||||||||||||||||||
| SCX |
07/2026 |
COP |
12,643,256 |
$ |
3,282 |
0 |
(399 |
) | ||||||||||||||||
08/2026 |
HKD |
72,270 |
9,240 |
9 |
0 |
|||||||||||||||||||
09/2026 |
KZT |
10,995 |
22 |
0 |
(1 |
) | ||||||||||||||||||
09/2026 |
$ |
47 |
IDR |
845,883 |
0 |
0 |
||||||||||||||||||
11/2026 |
NGN |
32,350 |
$ |
20 |
0 |
(2 |
) | |||||||||||||||||
| SOG |
07/2026 |
CNH |
19,827 |
2,931 |
11 |
0 |
||||||||||||||||||
07/2026 |
EUR |
420,410 |
490,425 |
10,065 |
0 |
|||||||||||||||||||
07/2026 |
JPY |
4,106 |
26 |
1 |
0 |
|||||||||||||||||||
07/2026 |
$ |
106 |
AUD |
154 |
0 |
0 |
||||||||||||||||||
08/2026 |
AUD |
154 |
$ |
106 |
0 |
0 |
||||||||||||||||||
08/2026 |
CAD |
30 |
21 |
0 |
0 |
|||||||||||||||||||
08/2026 |
KZT |
11,354 |
23 |
0 |
0 |
|||||||||||||||||||
| SSB |
07/2026 |
CAD |
3,738 |
2,711 |
75 |
0 |
||||||||||||||||||
07/2026 |
$ |
23 |
CAD |
33 |
0 |
0 |
||||||||||||||||||
07/2026 |
276,749 |
GBP |
209,364 |
961 |
0 |
|||||||||||||||||||
08/2026 |
CAD |
33 |
$ |
23 |
0 |
0 |
||||||||||||||||||
08/2026 |
GBP |
209,364 |
276,743 |
0 |
(961 |
) | ||||||||||||||||||
| UAG |
07/2026 |
$ |
125 |
PLN |
457 |
0 |
(4 |
) | ||||||||||||||||
09/2026 |
COP |
82,937,641 |
$ |
21,270 |
0 |
(2,565 |
) | |||||||||||||||||
09/2026 |
$ |
15,745 |
COP |
60,755,501 |
1,715 |
0 |
||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
| Total Forward Foreign Currency Contracts |
|
$ |
35,343 |
$ |
(36,125 |
) | ||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION
(1)
Counterparty |
Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value (4) |
|||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||
BOA |
Argentine Republic Government International Bonds |
5.000 |
% |
Quarterly |
12/20/2026 |
0.814 |
% |
$ |
100 |
$ |
2 |
$ |
0 |
$ |
2 |
$ |
0 |
|||||||||||||||||||||
| Ecuador Government International Bonds |
5.000 |
Quarterly |
06/20/2031 |
3.632 |
5,000 |
260 |
31 |
291 |
0 |
|||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
06/20/2031 |
2.146 |
30,700 |
(1,572 |
) |
63 |
0 |
(1,509 |
) | |||||||||||||||||||||||||||
BPS |
Argentine Republic Government International Bonds |
5.000 |
Quarterly |
12/20/2026 |
0.814 |
100 |
2 |
0 |
2 |
0 |
||||||||||||||||||||||||||||
| Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
8,800 |
(1,226 |
) |
319 |
0 |
(907 |
) | |||||||||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2028 |
6.501 |
EUR |
3,700 |
(238 |
) |
130 |
0 |
(108 |
) | ||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2028 |
1.573 |
$ |
3,000 |
(581 |
) |
542 |
0 |
(39 |
) | ||||||||||||||||||||||||||
BRC |
Argentine Republic Government International Bonds |
5.000 |
Quarterly |
12/20/2026 |
0.814 |
1,250 |
29 |
(3 |
) |
26 |
0 |
|||||||||||||||||||||||||||
| Argentine Republic Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.431 |
3,100 |
37 |
73 |
110 |
0 |
|||||||||||||||||||||||||||||
| Egypt Government International Bonds |
1.000 |
Quarterly |
12/20/2028 |
2.194 |
22,600 |
(3,907 |
) |
3,292 |
0 |
(615 |
) | |||||||||||||||||||||||||||
| Egypt Government International Bonds |
1.000 |
Quarterly |
06/20/2029 |
2.238 |
6,900 |
(1,476 |
) |
1,246 |
0 |
(230 |
) | |||||||||||||||||||||||||||
| Nissan Motor Co. Ltd. |
1.000 |
Quarterly |
12/20/2030 |
2.400 |
JPY |
744,000 |
(402 |
) |
141 |
0 |
(261 |
) | ||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2030 |
2.019 |
$ |
3,200 |
(252 |
) |
124 |
0 |
(128 |
) | ||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
06/20/2031 |
2.146 |
6,700 |
(380 |
) |
51 |
0 |
(329 |
) | |||||||||||||||||||||||||||
CBK |
Angola Government International Bonds |
1.000 |
Quarterly |
06/20/2031 |
4.044 |
20,000 |
(2,506 |
) |
18 |
0 |
(2,488 |
) | ||||||||||||||||||||||||||
| Argentine Republic Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.431 |
1,000 |
(118 |
) |
153 |
35 |
0 |
||||||||||||||||||||||||||||
| Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
37,700 |
(5,247 |
) |
1,363 |
0 |
(3,884 |
) | |||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2030 |
2.019 |
11,800 |
(955 |
) |
483 |
0 |
(472 |
) | |||||||||||||||||||||||||||
DBL |
ION platform Finance SA |
5.000 |
Quarterly |
06/20/2031 |
10.863 |
EUR |
10,500 |
(2,540 |
) |
180 |
0 |
(2,360 |
) | |||||||||||||||||||||||||
DUB |
Eskom « |
4.650 |
Quarterly |
06/30/2029 |
$ |
20,258 |
0 |
1,038 |
1,038 |
0 |
||||||||||||||||||||||||||||
| Petroleos Mexicanos « |
4.750 |
Monthly |
07/06/2026 |
218 |
0 |
1 |
1 |
0 |
||||||||||||||||||||||||||||||
| Petroleos Mexicanos « |
4.850 |
Monthly |
07/06/2026 |
118 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 105 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
Counterparty |
Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value (4) |
|||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||
GST |
Argentine Republic Government International Bonds |
5.000 |
% |
Quarterly |
06/20/2027 |
1.431 |
% |
$ |
1,150 |
$ |
(118 |
) |
$ |
159 |
$ |
41 |
$ |
0 |
||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2028 |
6.501 |
EUR |
4,600 |
(305 |
) |
171 |
0 |
(134 |
) | ||||||||||||||||||||||||||
| Nissan Motor Co. Ltd. |
1.000 |
Quarterly |
12/20/2030 |
2.400 |
JPY |
25,800 |
(13 |
) |
4 |
0 |
(9 |
) | ||||||||||||||||||||||||||
JPM |
Argentine Republic Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.431 |
$ |
500 |
7 |
11 |
18 |
0 |
|||||||||||||||||||||||||||
| Ecuador Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.177 |
900 |
30 |
4 |
34 |
0 |
|||||||||||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2030 |
9.785 |
EUR |
1,600 |
(270 |
) |
10 |
0 |
(260 |
) | ||||||||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2031 |
10.863 |
11,900 |
(2,915 |
) |
240 |
0 |
(2,675 |
) | |||||||||||||||||||||||||||
| Nissan Motor Co. Ltd. |
1.000 |
Quarterly |
12/20/2030 |
2.400 |
JPY |
831,100 |
(462 |
) |
170 |
0 |
(292 |
) | ||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2030 |
2.019 |
$ |
18,200 |
(1,423 |
) |
695 |
0 |
(728 |
) | ||||||||||||||||||||||||||
MYC |
Argentine Republic Government International Bonds |
5.000 |
Quarterly |
12/20/2026 |
0.814 |
6,100 |
80 |
48 |
128 |
0 |
||||||||||||||||||||||||||||
| Argentine Republic Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.431 |
1,750 |
2 |
60 |
62 |
0 |
|||||||||||||||||||||||||||||
| Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
38,840 |
(5,352 |
) |
1,350 |
0 |
(4,002 |
) | |||||||||||||||||||||||||||
| Nissan Motor Co. Ltd. |
1.000 |
Quarterly |
12/20/2030 |
2.400 |
JPY |
1,040,000 |
(568 |
) |
202 |
0 |
(366 |
) | ||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
06/20/2027 |
1.034 |
$ |
200 |
(3 |
) |
3 |
0 |
0 |
|||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2028 |
1.573 |
3,700 |
(722 |
) |
674 |
0 |
(48 |
) | |||||||||||||||||||||||||||
MYI |
ION platform Finance SA |
5.000 |
Quarterly |
06/20/2028 |
6.501 |
EUR |
1,200 |
(63 |
) |
28 |
0 |
(35 |
) | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ |
(33,165 |
) |
$ |
13,074 |
$ |
1,788 |
$ |
(21,879 |
) | |||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION
(1)
| Counterparty |
Index/Tranches |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value (4) |
||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||
GST |
ABX.HE.AA.6-1 Index |
0.320 |
% |
Monthly |
07/25/2045 |
$ |
3,606 |
$ |
(718 |
) |
$ |
416 |
$ |
0 |
$ |
(302 |
) | |||||||||||||||||||||
| ABX.HE.PENAAA.7-1 Index |
0.090 |
Monthly |
08/25/2037 |
1,217 |
(1,292 |
) |
1,273 |
0 |
(19 |
) | ||||||||||||||||||||||||||||
UAG |
ABX.HE.AA.6-2 Index « |
0.170 |
Monthly |
05/25/2046 |
20,021 |
(1 |
) |
(2,989 |
) |
0 |
(2,990 |
) | ||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ |
(2,011 |
) |
$ |
(1,300 |
) |
$ |
0 |
$ |
(3,311 |
) | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
TOTAL RETURN SWAPS ON SECURITIES
| Counterparty |
Pay/Receive (5) |
Underlying Reference |
# of Shares |
Financing Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums/ Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value |
||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||
MYC |
Receive (5) |
Agile Group Holdings Ltd. « |
0 |
0.000% (SOFR less a specified spread) |
Maturity |
01/28/2036 |
CNY |
59,900 |
$ |
25 |
$ |
(1,702 |
) |
$ |
0 |
$ |
(1,677 |
) | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total Swap Agreements |
$ |
(35,151 |
) |
$ |
10,072 |
$ |
1,788 |
$ |
(26,867 |
) | ||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
106 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||||||||||||||
Counterparty |
Forward Foreign Currency Contracts |
Purchased Options |
Swap Agreements |
Total Over the Counter |
Forward Foreign Currency Contracts |
Written Options |
Swap Agreements |
Total Over the Counter |
Net Market Value of OTC Derivatives |
Collateral Pledged/ (Received) |
Net Exposure (6) |
|||||||||||||||||||||||||||||||||||||
| AZD |
$ |
1 |
$ |
0 |
$ |
0 |
$ |
1 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
1 |
$ |
0 |
$ |
1 |
||||||||||||||||||||||||||
| BOA |
266 |
0 |
293 |
559 |
(3,873 |
) |
0 |
(1,509 |
) |
(5,382 |
) |
(4,823 |
) |
4,604 |
(219 |
) | ||||||||||||||||||||||||||||||||
| BPS |
9,095 |
0 |
2 |
9,097 |
(3,002 |
) |
0 |
(1,054 |
) |
(4,056 |
) |
5,041 |
(4,970 |
) |
71 |
|||||||||||||||||||||||||||||||||
| BRC |
745 |
0 |
136 |
881 |
(741 |
) |
0 |
(1,563 |
) |
(2,304 |
) |
(1,423 |
) |
1,549 |
126 |
|||||||||||||||||||||||||||||||||
| BSH |
0 |
0 |
0 |
0 |
(435 |
) |
0 |
0 |
(435 |
) |
(435 |
) |
0 |
(435 |
) | |||||||||||||||||||||||||||||||||
| BSS |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
594 |
594 |
|||||||||||||||||||||||||||||||||||||
| CBK |
492 |
0 |
35 |
527 |
(15,888 |
) |
0 |
(6,844 |
) |
(22,732 |
) |
(22,205 |
) |
19,060 |
(3,145 |
) | ||||||||||||||||||||||||||||||||
| DBL |
0 |
0 |
0 |
0 |
0 |
0 |
(2,360 |
) |
(2,360 |
) |
(2,360 |
) |
0 |
(2,360 |
) | |||||||||||||||||||||||||||||||||
| DUB |
536 |
0 |
1,039 |
1,575 |
(284 |
) |
0 |
0 |
(284 |
) |
1,291 |
0 |
1,291 |
|||||||||||||||||||||||||||||||||||
| FAR |
3,788 |
0 |
0 |
3,788 |
(87 |
) |
0 |
0 |
(87 |
) |
3,701 |
(3,810 |
) |
(109 |
) | |||||||||||||||||||||||||||||||||
| GLM |
217 |
0 |
0 |
217 |
(1,202 |
) |
0 |
0 |
(1,202 |
) |
(985 |
) |
1,127 |
142 |
||||||||||||||||||||||||||||||||||
| GST |
0 |
0 |
41 |
41 |
0 |
0 |
(464 |
) |
(464 |
) |
(423 |
) |
500 |
77 |
||||||||||||||||||||||||||||||||||
| JPM |
436 |
0 |
52 |
488 |
(51 |
) |
0 |
(3,955 |
) |
(4,006 |
) |
(3,518 |
) |
2,214 |
(1,304 |
) | ||||||||||||||||||||||||||||||||
| MBC |
6,930 |
0 |
0 |
6,930 |
(6,630 |
) |
0 |
0 |
(6,630 |
) |
300 |
(130 |
) |
170 |
||||||||||||||||||||||||||||||||||
| MYC |
0 |
0 |
190 |
190 |
0 |
0 |
(6,093 |
) |
(6,093 |
) |
(5,903 |
) |
6,215 |
312 |
||||||||||||||||||||||||||||||||||
| MYI |
0 |
0 |
0 |
0 |
0 |
0 |
(35 |
) |
(35 |
) |
(35 |
) |
0 |
(35 |
) | |||||||||||||||||||||||||||||||||
| SCX |
9 |
0 |
0 |
9 |
(402 |
) |
0 |
0 |
(402 |
) |
(393 |
) |
321 |
(72 |
) | |||||||||||||||||||||||||||||||||
| SOG |
10,077 |
0 |
0 |
10,077 |
0 |
0 |
0 |
0 |
10,077 |
(10,090 |
) |
(13 |
) | |||||||||||||||||||||||||||||||||||
| SSB |
1,036 |
0 |
0 |
1,036 |
(961 |
) |
0 |
0 |
(961 |
) |
75 |
0 |
75 |
|||||||||||||||||||||||||||||||||||
| UAG |
1,715 |
0 |
0 |
1,715 |
(2,569 |
) |
0 |
(2,990 |
) |
(5,559 |
) |
(3,844 |
) |
3,780 |
(64 |
) | ||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total Over the Counter |
$ |
35,343 |
$ |
0 |
$ |
1,788 |
$ 37,131 |
$ |
(36,125 |
) |
$ |
0 |
$ |
(26,867 |
) |
$ |
(62,992 |
) |
||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
(q) |
Securities with an aggregate market value of $39,964 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2026. |
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) |
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(3) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) |
The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(5) |
Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. |
(6) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Principal and Other Risks, in the Notes to Financial Statements for more information regarding master netting agreements. |
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 107 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of June 30, 2026:
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Swap Agreements |
$ |
0 |
$ |
352 |
$ |
0 |
$ |
0 |
$ |
7,134 |
$ |
7,486 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
35,343 |
$ |
0 |
$ |
35,343 |
||||||||||||
| Swap Agreements |
0 |
1,788 |
0 |
0 |
0 |
1,788 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
1,788 |
$ |
0 |
$ |
35,343 |
$ |
0 |
$ |
37,131 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
2,140 |
$ |
0 |
$ |
35,343 |
$ |
7,134 |
$ |
44,617 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Financial Derivative Instruments - Liabilities |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Swap Agreements |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
15,450 |
$ |
15,450 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
36,125 |
$ |
0 |
$ |
36,125 |
||||||||||||
| Swap Agreements |
0 |
25,190 |
0 |
0 |
1,677 |
26,867 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
25,190 |
$ |
0 |
$ |
36,125 |
$ |
1,677 |
$ |
62,992 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
25,190 |
$ |
0 |
$ |
36,125 |
$ |
17,127 |
$ |
78,442 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended June 30, 2026:
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Net Realized Gain (Loss) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
1,543 |
$ |
1,543 |
||||||||||||
| Swap Agreements |
0 |
5,549 |
0 |
0 |
(20,430 |
) |
(14,881 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
5,549 |
$ |
0 |
$ |
0 |
$ |
(18,887 |
) |
$ |
(13,338 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(8,088 |
) |
$ |
0 |
$ |
(8,088 |
) | ||||||||||
| Written Options |
0 |
0 |
0 |
386 |
0 |
386 |
||||||||||||||||||
| Swap Agreements |
0 |
4,160 |
0 |
0 |
73 |
4,233 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
4,160 |
$ |
0 |
$ |
(7,702 |
) |
$ |
73 |
$ |
(3,469 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
9,709 |
$ |
0 |
$ |
(7,702 |
) |
$ |
(18,814 |
) |
$ |
(16,807 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(1,940 |
) |
$ |
(1,940 |
) | ||||||||||
| Swap Agreements |
0 |
7,293 |
0 |
0 |
(85,849 |
) |
(78,556 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
7,293 |
$ |
0 |
$ |
0 |
$ |
(87,789 |
) |
$ |
(80,496 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
41,520 |
$ |
0 |
$ |
41,520 |
||||||||||||
| Swap Agreements |
0 |
9,433 |
0 |
0 |
(896 |
) |
8,537 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
9,433 |
$ |
0 |
$ |
41,520 |
$ |
(896 |
) |
$ |
50,057 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
16,726 |
$ |
0 |
$ |
41,520 |
$ |
(88,685 |
) |
$ |
(30,439 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
108 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
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 Fund’s assets and liabilities:
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||
| Loan Participations and Assignments |
$ |
0 |
$ |
1,852,147 |
$ |
807,528 |
$ |
2,659,675 |
||||||||
| Corporate Bonds & Notes |
| |||||||||||||||
| Banking & Finance |
0 |
346,006 |
2,502 |
348,508 |
||||||||||||
| Industrials |
0 |
1,283,858 |
162,567 |
1,446,425 |
||||||||||||
| Utilities |
0 |
121,624 |
3,055 |
124,679 |
||||||||||||
| Convertible Bonds & Notes |
| |||||||||||||||
| Banking & Finance |
0 |
1,617 |
0 |
1,617 |
||||||||||||
| Industrials |
0 |
24,473 |
0 |
24,473 |
||||||||||||
| Municipal Bonds & Notes |
| |||||||||||||||
| Michigan |
0 |
3,355 |
0 |
3,355 |
||||||||||||
| West Virginia |
0 |
35,622 |
0 |
35,622 |
||||||||||||
| U.S. Government Agencies |
0 |
98,660 |
0 |
98,660 |
||||||||||||
| U.S. Treasury Obligations |
0 |
4,350 |
0 |
4,350 |
||||||||||||
| Non-Agency Mortgage-Backed Securities |
0 |
2,774,974 |
117,120 |
2,892,094 |
||||||||||||
| Asset-Backed Securities |
| |||||||||||||||
| Automobile ABS Other |
0 |
6,418 |
368 |
6,786 |
||||||||||||
| Automobile Sequential |
0 |
0 |
16,606 |
16,606 |
||||||||||||
| Home Equity Other |
0 |
621,470 |
0 |
621,470 |
||||||||||||
| Home Equity Sequential |
0 |
1,425 |
0 |
1,425 |
||||||||||||
| Manufacturing House ABS Other |
0 |
16,461 |
0 |
16,461 |
||||||||||||
| Manufacturing House Sequential |
0 |
4,353 |
0 |
4,353 |
||||||||||||
| Whole Loan Collateral |
0 |
117,192 |
0 |
117,192 |
||||||||||||
| Other ABS |
0 |
232,890 |
119,646 |
352,536 |
||||||||||||
| Sovereign Issues |
0 |
674,505 |
0 |
674,505 |
||||||||||||
| Common Stocks |
| |||||||||||||||
| Communication Services |
31,815 |
0 |
26,550 |
58,365 |
||||||||||||
| Consumer Discretionary |
0 |
0 |
272 |
272 |
||||||||||||
| Financials |
76,304 |
612 |
0 |
76,916 |
||||||||||||
| Industrials |
103 |
0 |
6,829 |
6,932 |
||||||||||||
| Real Estate |
2,174 |
0 |
0 |
2,174 |
||||||||||||
| Warrants |
| |||||||||||||||
| Communication Services |
0 |
0 |
8,446 |
8,446 |
||||||||||||
| Preferred Securities |
| |||||||||||||||
| Banking & Finance |
0 |
40,148 |
43,672 |
83,820 |
||||||||||||
| Industrials |
0 |
26,657 |
292,030 |
318,687 |
||||||||||||
| Real Estate Investment Trusts |
| |||||||||||||||
| Real Estate |
18,885 |
0 |
0 |
18,885 |
||||||||||||
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Loan Participations and Assignments |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
||||||||
| Corporate Bonds & Notes |
0 |
0 |
0 |
0 |
||||||||||||
| Short-Term Instruments |
||||||||||||||||
| Egypt Treasury Bills |
0 |
40,592 |
0 |
40,592 |
||||||||||||
| Nigeria Treasury Bills |
0 |
158,464 |
0 |
158,464 |
||||||||||||
| U.S. Treasury Bills |
0 |
61,798 |
0 |
61,798 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
129,281 |
$ |
8,549,671 |
$ |
1,607,191 |
$ |
10,286,143 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Investments in Affiliates, at Value |
| |||||||||||||||
| Common Stocks |
||||||||||||||||
| Affiliated Investments |
0 |
43,396 |
137,365 |
180,761 |
||||||||||||
| Short-Term Instruments |
| |||||||||||||||
| Central Funds Used for Cash Management Purposes |
849,982 |
0 |
0 |
849,982 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
849,982 |
$ |
43,396 |
$ |
137,365 |
$ |
1,030,743 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ |
979,263 |
$ |
8,593,067 |
$ |
1,744,556 |
$ |
11,316,886 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||
| Exchange-traded or centrally cleared |
0 |
7,486 |
0 |
7,486 |
||||||||||||
| Over the counter |
0 |
36,092 |
1,039 |
37,131 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
0 |
$ |
43,578 |
$ |
1,039 |
$ |
44,617 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial Derivative Instruments - Liabilities |
| |||||||||||||||
| Exchange-traded or centrally cleared |
0 |
(15,450 |
) |
0 |
(15,450 |
|||||||||||
| Over the counter |
0 |
(58,004 |
) |
(4,988 |
) |
(62,992 |
||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
0 |
$ |
(73,454 |
) |
$ |
(4,988 |
) |
$ |
(78,442 |
) | ||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Financial Derivative Instruments |
$ |
0 |
$ |
(29,876 |
) |
$ |
(3,949 |
) |
$ |
(33,825 |
) | |||||
| |
|
|
|
|
|
|
|
|||||||||
| Totals |
$ |
979,263 |
$ |
8,563,191 |
$ |
1,740,607 |
$ |
11,283,061 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2026:
Category and Subcategory |
Beginning Balance at 06/30/2025 |
Net Purchases (1) |
Net Sales/ Settlements (1) |
Accrued Discounts/ (Premiums) |
Realized Gain/(Loss) |
Net Change in Unrealized Appreciation/ (Depreciation) (2) |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance at 06/30/2026 |
Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2026 (2) |
||||||||||||||||||||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||||||||||||||||||||||||||
| Loan Participations and Assignments |
$ |
694,936 |
$ |
191,311 |
$ |
(371,783 |
) |
$ |
3,803 |
$ |
3,982 |
$ |
(14,787 |
) |
$ |
300,066 |
$ |
0 |
$ |
807,528 |
$ |
(2,363 |
) | |||||||||||||||||
| Corporate Bonds & Notes |
| |||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
2,009 |
2,523 |
(1,517 |
) |
(4 |
) |
33 |
555 |
0 |
(1,097 |
) |
2,502 |
(19 |
) | ||||||||||||||||||||||||||
| Industrials |
169,595 |
13,044 |
(44,568 |
) |
647 |
0 |
23,849 |
0 |
0 |
162,567 |
11,744 |
|||||||||||||||||||||||||||||
| Utilities |
0 |
13,555 |
0 |
(73 |
) |
0 |
(10,427 |
) |
0 |
0 |
3,055 |
(10,426 |
) | |||||||||||||||||||||||||||
| Non-Agency Mortgage-Backed Securities |
195,225 |
115,793 |
(455 |
) |
404 |
(1,370 |
) |
(1,291 |
) |
0 |
(191,186 |
) |
117,120 |
1,632 |
||||||||||||||||||||||||||
| Asset-Backed Securities |
| |||||||||||||||||||||||||||||||||||||||
| Automobile ABS Other |
15,176 |
0 |
(8,997 |
) |
0 |
(51,903 |
) |
47,103 |
0 |
(1,011 |
) |
368 |
(16 |
) | ||||||||||||||||||||||||||
| Automobile Sequential |
17,379 |
0 |
(576 |
) |
0 |
0 |
(197 |
) |
0 |
0 |
16,606 |
(188 |
) | |||||||||||||||||||||||||||
| Other ABS |
169,669 |
0 |
(6,335 |
) |
49 |
(17,689 |
) |
5,789 |
94 |
(31,931 |
) |
119,646 |
(5,410 |
) | ||||||||||||||||||||||||||
| Common Stocks |
||||||||||||||||||||||||||||||||||||||||
| Communication Services |
61,862 |
0 |
(55,754 |
) |
0 |
30,645 |
(10,203 |
) |
0 |
0 |
26,550 |
26,550 |
||||||||||||||||||||||||||||
| Consumer Discretionary |
272 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
272 |
0 |
||||||||||||||||||||||||||||||
| Financials |
60,554 |
0 |
(62,046 |
) |
0 |
(52,010 |
) |
53,502 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||
| Industrials |
6,117 |
0 |
0 |
0 |
0 |
712 |
0 |
0 |
6,829 |
712 |
||||||||||||||||||||||||||||||
| Real Estate (4) |
103 |
0 |
0 |
0 |
0 |
2,051 |
0 |
(2,154 |
) |
0 |
0 |
|||||||||||||||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 109 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Fund |
(Cont.) |
Category and Subcategory |
Beginning Balance at 06/30/2025 |
Net Purchases (1) |
Net Sales/ Settlements (1) |
Accrued Discounts/ (Premiums) |
Realized Gain/(Loss) |
Net Change in Unrealized Appreciation/ (Depreciation) (2) |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance at 06/30/2026 |
Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2026 (2) |
||||||||||||||||||||||||||||||
| Warrants |
| |||||||||||||||||||||||||||||||||||||||
| Communication Services |
$ |
12,301 |
$ |
4,490 |
$ |
(11,087 |
) |
$ |
0 |
$ |
2,929 |
$ |
(187 |
) |
$ |
0 |
$ |
0 |
$ |
8,446 |
$ |
3,957 |
||||||||||||||||||
| Financials |
28 |
0 |
(159 |
) |
0 |
(43,339 |
) |
43,470 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||
| Preferred Securities |
| |||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
0 |
40,904 |
0 |
0 |
0 |
2,768 |
0 |
0 |
43,672 |
2,768 |
||||||||||||||||||||||||||||||
| Industrials |
77,463 |
217,410 |
0 |
0 |
0 |
(2,843 |
) |
0 |
0 |
292,030 |
(2,844 |
) | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ |
1,482,689 |
$ |
599,030 |
$ |
(563,277 |
) |
$ |
4,826 |
$ |
(128,722 |
) |
$ |
139,864 |
$ |
300,160 |
$ |
(227,379 |
) |
$ |
1,607,191 |
$ |
26,097 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Investments in Affiliates |
| |||||||||||||||||||||||||||||||||||||||
| Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
| Affiliated Investments |
314,038 |
0 |
(178,332 |
) |
0 |
(4,968 |
) |
6,627 |
0 |
0 |
137,365 |
17,883 |
||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Financial Derivative Instruments |
| |||||||||||||||||||||||||||||||||||||||
| Over the counter |
$ |
1,334 |
$ |
0 |
$ |
(14 |
) |
$ |
0 |
$ |
0 |
$ |
(281 |
) |
$ |
0 |
$ |
0 |
$ |
1,039 |
$ |
(272 |
) | |||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Financial Derivative Instruments |
| |||||||||||||||||||||||||||||||||||||||
| Over the counter |
$ |
(5,442 |
) |
$ |
714 |
$ |
(841 |
) |
$ |
0 |
$ |
(3 |
) |
$ |
584 |
$ |
0 |
$ |
0 |
$ |
(4,988 |
) |
$ |
73 |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Totals |
$ |
1,792,619 |
$ |
599,744 |
$ |
(742,464 |
) |
$ |
4,826 |
$ |
(133,693 |
) |
$ |
146,794 |
$ |
300,160 |
$ |
(227,379 |
) |
$ |
1,740,607 |
$ |
43,781 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category and Subcategory |
Ending Balance at 06/30/2026 |
Valuation Technique |
Unobservable Inputs |
(% Unless Noted Otherwise) |
||||||||||||||||
Input Value(s) |
Weighted Average |
|||||||||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||||||
| Loan Participations and Assignments |
$ |
436,899 |
Discounted Cash Flow |
Discount Rate |
5.770-22.500 |
9.378 |
||||||||||||||
32,096 |
Indicative Market Quotation |
Broker Quote |
101.250 |
— |
||||||||||||||||
30,972 |
Recent Transaction |
Purchase Price |
100.000 |
— |
||||||||||||||||
307,561 |
Third Party Vendor |
Broker Quote |
57.500-126.00 |
108.992 |
||||||||||||||||
| Corporate Bonds & Notes |
||||||||||||||||||||
| Banking & Finance |
2,102 |
Other Valuation Techniques (3) |
— |
— |
— |
|||||||||||||||
400 |
Recent Transaction |
Purchase Price |
EUR |
100.000 |
— |
|||||||||||||||
| Industrials |
162,567 |
Comparable Companies/ Discounted Cash Flow |
EBITDA Multiple/ Discount Rate |
X/% |
13.000/10.250 |
— |
||||||||||||||
| Utilities |
3,055 |
Indicative Market Quotation |
Broker Quote |
EUR |
13.500-425.000 |
— |
||||||||||||||
| Non-Agency Mortgage-Backed Securities |
104,604 |
Discounted Cash Flow |
Discount Rate |
3.970-14.162 |
6.344 |
|||||||||||||||
3,336 |
Proxy pricing |
Base Price |
5.813-94.696 |
31.134 |
||||||||||||||||
9,180 |
Recent Transaction |
Purchase Price |
100.000 |
— |
||||||||||||||||
| Asset-Backed Securities |
| |||||||||||||||||||
| Automobile ABS Other |
368 |
Discounted Cash Flow |
Discount Rate |
$ |
16.000 |
— |
||||||||||||||
| Automobile Sequential |
16,606 |
Discounted Cash Flow |
Discount Rate |
10.941 |
— |
|||||||||||||||
| Other ABS |
119,551 |
Discounted Cash Flow |
Discount Rate |
5.876-21.000 |
12.266 |
|||||||||||||||
95 |
Expected Recovery |
Price |
5.880 |
— |
||||||||||||||||
| Common Stocks |
| |||||||||||||||||||
| Industrials |
633 |
Indicative Market Quotation/ Recent Transaction - Broker Quote/ |
Purchase Price |
$/$ |
3.250/2.000 |
— |
||||||||||||||
6,196 |
Indicative Market Quotation |
Broker Quote |
0.656-22.917 |
22.354 |
||||||||||||||||
| Communication Services |
26,550 |
Indicative Market Quotation |
Broker Quote |
15.125 |
— |
|||||||||||||||
| Consumer Discretionary |
272 |
Expected Recovery |
Price |
— |
— |
|||||||||||||||
| Warrants |
||||||||||||||||||||
| Communication Services |
8,446 |
Other Valuation Techniques (3) |
— |
$ |
— |
— |
||||||||||||||
| Preferred Securities |
||||||||||||||||||||
| Banking & Finance |
26,905 |
Discounted Cash Flow |
Discount Rate |
11.630 |
— |
|||||||||||||||
16,767 |
Recent Transaction |
Purchase Price |
$ |
1.000 |
— |
|||||||||||||||
| Industrials |
3,025 |
Comparable Companies |
Revenue/EBITDA Multiple |
X |
4.625/18.000 |
— |
||||||||||||||
174,992 |
Discounted Cash Flow |
Discount Rate |
3.769-26.880 |
15.245 |
||||||||||||||||
114,013 |
Recent Transaction |
Commitment |
$ |
1,000.000 |
— |
|||||||||||||||
110 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
| Category and Subcategory |
Ending Balance at 06/30/2026 |
Valuation Technique |
Unobservable Inputs |
(% Unless Noted Otherwise) |
||||||||||||||||||
Input Value(s) |
Weighted Average |
|||||||||||||||||||||
| Investments in Affiliates |
||||||||||||||||||||||
| Common Stocks |
||||||||||||||||||||||
| Affiliated Investments |
91,304 |
Comparable Companies/ Discounted Cash Flow |
EBITDA Multiple/ Discount Rate |
X/% |
13.000/10.250 |
— |
||||||||||||||||
3 |
Expected Recovery |
Price |
$ |
— |
— |
|||||||||||||||||
46,058 |
Sum of the Parts |
Discount Rate/ Mortality Assumption |
15.323/2015 ANB VBT Mortality Table |
— |
||||||||||||||||||
| Financial Derivative Instruments |
| |||||||||||||||||||||
| Over the counter |
1,039 |
Indicative Market Quotation |
Broker Quote |
0.053-5.109 |
5.103 |
|||||||||||||||||
| Financial Derivative Instruments |
|
|||||||||||||||||||||
| Over the counter |
(4,988 |
) |
Indicative Market Quotation |
Broker Quote |
(18.998)-98.500 |
50.490 |
||||||||||||||||
| |
|
|||||||||||||||||||||
| Total |
$ |
1,740,607 |
||||||||||||||||||||
| |
|
|||||||||||||||||||||
(1) |
Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
(2) |
Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. |
(3) |
Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. |
(4) |
Sector type updated from Financials to Real Estate since prior fiscal year end |
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 111 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Opportunities Fund |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 142.5% |
| |||||||||||
LOAN PARTICIPATIONS AND ASSIGNMENTS 34.7% |
| |||||||||||
| Aligned Data Centers International LP |
| |||||||||||
| 7.164% due 05/16/2028 «~ |
$ |
8,077 |
$ |
8,077 |
||||||||
| Altice France SA |
| |||||||||||
| 6.579% (EUR003M + 2.240%) due 10/30/2028 ~ |
EUR |
2,266 |
2,596 |
|||||||||
| 7.798% (TSFR3M + 3.673%) due 04/30/2028 ~ |
$ |
1,111 |
1,117 |
|||||||||
| 8.735% - 8.736% (TSFR3M + 3.673%) due 10/30/2028 ~ |
5,248 |
5,252 |
||||||||||
| 9.048% (TSFR3M + 3.653%) due 05/14/2029 ~ |
4,863 |
4,885 |
||||||||||
| 9.079% (EUR003M + 2.240%) due 05/30/2031 ~ |
EUR |
75 |
88 |
|||||||||
| 10.548% (TSFR3M + 3.673%) due 05/31/2031 ~ |
$ |
14,578 |
14,913 |
|||||||||
| Aston XLN Topco Ltd. |
| |||||||||||
| 9.850% due 07/30/2032 ~ |
GBP |
3,230 |
4,172 |
|||||||||
| Bausch Health Cos., Inc. |
| |||||||||||
| 9.894% (TSFR1M + 3.644%) due 10/08/2030 ~ |
$ |
8,735 |
8,490 |
|||||||||
| Central Parent, Inc. |
| |||||||||||
| 6.982% (TSFR3M + 3.732%) due 07/06/2029 ~ |
19,491 |
12,864 |
||||||||||
| Cerba Healthcare SAS |
| |||||||||||
| 5.839% (EUR006M + 2.139%) due 06/30/2028 ~ |
EUR |
10,900 |
8,953 |
|||||||||
| 6.089% (EUR006M + 2.128%) due 02/16/2029 ~ |
8,300 |
6,828 |
||||||||||
| Charlotte Buyer, Inc. |
| |||||||||||
| TBD% due 06/30/2031 |
$ |
800 |
800 |
|||||||||
| Clover Holdings 2 LLC |
| |||||||||||
| TBD% - 4.000% due 12/10/2029 «µ |
1,808 |
1,668 |
||||||||||
| Comexposium SAS |
| |||||||||||
| TBD% (EUR012M + 0.969%) due 03/28/2031 «~ |
EUR |
21,515 |
30,974 |
|||||||||
| TBD% (EUR012M + 2.258%) due 07/10/2031 «~ |
17,436 |
25,102 |
||||||||||
| Coreweave Compute Acquisition Co. IV LLC |
| |||||||||||
| 9.661% - 9.732% (TSFR3M + 3.666%) due 05/16/2029 «~ |
$ |
9,167 |
9,452 |
|||||||||
| Databricks, Inc. |
| |||||||||||
| TBD% - 1.000% due 01/05/2032 µ |
852 |
852 |
||||||||||
| 8.114% (TSFR1M + 3.612%) due 01/05/2032 ~ |
3,848 |
3,843 |
||||||||||
| Dialysis Holdco LLC |
| |||||||||||
| 9.644% (TSFR1M + 3.644%) due 11/26/2030 «~ |
17,019 |
17,296 |
||||||||||
| Discovery Global Holdings, Inc. |
| |||||||||||
| 6.144% (TSFR1M + 3.644%) due 06/03/2033 ~ |
14,025 |
14,046 |
||||||||||
| Dun & Bradstreet Corp. |
| |||||||||||
| TBD% - 9.121% (TSFR1M + 3.621%) due 08/26/2032 «~µ |
382 |
378 |
||||||||||
| 9.153% (TSFR1M + 3.644%) due 08/26/2032 «~ |
3,799 |
3,583 |
||||||||||
| Envalior Finance GmbH |
| |||||||||||
| 7.650% (EUR003M + 2.150%) due 03/29/2030 ~ |
EUR |
5,200 |
5,530 |
|||||||||
| Espai Barca Fondo De Titulizacion |
| |||||||||||
| 5.000% - 11.500% due 06/30/2028 « |
6,120 |
7,722 |
||||||||||
| Finastra USA, Inc. |
| |||||||||||
| 7.746% (TSFR6M + 3.751%) due 09/15/2032 ~ |
$ |
13,167 |
12,173 |
|||||||||
| 10.751% (TSFR6M + 3.751%) due 09/15/2033 «~ |
900 |
792 |
||||||||||
| Forward Air Corp. |
| |||||||||||
| 8.163% (TSFR3M + 3.663%) due 12/19/2030 ~ |
7,877 |
7,449 |
||||||||||
| Gaia Purchaser, Inc. |
| |||||||||||
| TBD% due 06/25/2033 « |
1,000 |
1,001 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Galaxy U.S. Opco, Inc. (5.663% Cash and 3.250% PIK) |
| |||||||||||
| 8.913% (TSFR3M + 3.663%) due 07/31/2030 ~(c) |
$ |
14,844 |
$ |
13,647 |
||||||||
| Gateway Casinos & Entertainment Ltd. |
| |||||||||||
| 9.918% (TSFR3M + 3.668%) due 12/18/2030 ~ |
33,911 |
33,848 |
||||||||||
| Guardian |
| |||||||||||
| TBD% - 1.000% due 08/29/2032 «µ |
700 |
700 |
||||||||||
| 9.121% (TSFR6M + 3.618%) due 08/29/2032 «~ |
5,100 |
5,100 |
||||||||||
| Harp Finco Ltd. |
| |||||||||||
| 8.730% due 03/27/2032 «~ |
GBP |
5,325 |
7,134 |
|||||||||
| Houghton Mifflin Harcourt Publishing Co. |
| |||||||||||
| 9.013% (TSFR3M + 3.663%) due 04/09/2029 ~ |
$ |
199 |
158 |
|||||||||
| Ineos U.S. Finance LLC |
| |||||||||||
| 6.894% (TSFR1M + 3.644%) due 02/18/2030 ~ |
6,341 |
5,856 |
||||||||||
| Ivanti Software, Inc. |
| |||||||||||
| TBD% - 9.414% (TSFR3M + 3.658%) due 06/01/2029 ~µ |
1,499 |
1,456 |
||||||||||
| 8.414% (TSFR3M + 3.658%) due 06/01/2029 ~ |
11,216 |
4,963 |
||||||||||
| J&J Ventures Gaming LLC |
| |||||||||||
| 8.758% (TSFR1M + 3.644%) due 04/26/2028 «~ |
2,545 |
2,545 |
||||||||||
| JetBlue Airways Corp. |
| |||||||||||
| 8.427% (TSFR3M + 0.000%) due 08/27/2029 ~ |
1,200 |
1,072 |
||||||||||
| McAfee LLC |
| |||||||||||
| 6.644% (TSFR1M + 3.644%) due 03/01/2029 ~ |
1,092 |
973 |
||||||||||
| MPH Acquisition Holdings LLC |
| |||||||||||
| 7.413% (TSFR3M + 3.663%) due 12/31/2030 ~ |
283 |
284 |
||||||||||
| 8.263% (TSFR3M + 3.663%) due 12/31/2030 ~ |
5,712 |
5,044 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 7.214% (TSFR1M + 3.612%) due 04/30/2029 ~ |
15,813 |
11,356 |
||||||||||
| 9.364% (TSFR1M + 3.612%) due 04/30/2029 ~ |
1,704 |
1,384 |
||||||||||
| Nscale AS |
| |||||||||||
| TBD% - 8.664% (TSFR3M + 3.670%) due 08/23/2032 «~µ |
4,769 |
4,770 |
||||||||||
| Paradigm Parent LLC |
| |||||||||||
| 8.232% (TSFR3M + 3.732%) due 04/16/2032 ~ |
3,573 |
3,077 |
||||||||||
| Peraton Corp. |
| |||||||||||
| 7.513% (TSFR3M + 3.663%) due 02/01/2028 ~ |
46,512 |
42,093 |
||||||||||
| 11.516% (TSFR3M + 3.666%) due 02/01/2029 ~ |
10,929 |
7,432 |
||||||||||
| Polaris Newco LLC |
| |||||||||||
| 6.150% (EUR003M + 2.150%) due 06/02/2028 ~ |
EUR |
1,938 |
1,924 |
|||||||||
| 7.925% (TSFR3M + 3.663%) due 06/02/2028 ~ |
$ |
31,624 |
27,564 |
|||||||||
| Poseidon Bidco SASU |
| |||||||||||
| 7.504% due 03/13/2030 |
EUR |
12,700 |
4,208 |
|||||||||
| Promotora de Informaciones SA |
| |||||||||||
| 7.674% (EUR003M + 2.168%) due 12/31/2029 «~ |
39,500 |
44,117 |
||||||||||
| Puris LLC |
| |||||||||||
| 9.422% - 9.482% (TSFR3M + 3.672%) due 06/30/2031 «~ |
$ |
4,148 |
4,024 |
|||||||||
| Republic of Kenya Government International Bonds |
| |||||||||||
| 9.086% (JY0003M + 6.750%) due 04/05/2028 «~ |
3,333 |
3,347 |
||||||||||
| SCUR-Alpha 1503 GmbH |
| |||||||||||
| 9.163% (TSFR3M + 3.663%) due 04/01/2030 ~ |
16,680 |
14,568 |
||||||||||
| Softbank Vision Fund II |
| |||||||||||
| 7.382% (TSFR3M + 3.732%) due 04/25/2029 «~ |
6,223 |
6,331 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Spruce Bidco II, Inc. |
| |||||||||||
| TBD% - 8.461% (TSFR6M + 3.621%) due 01/30/2032 «~µ |
$ |
596 |
$ |
596 |
||||||||
| 5.977% (JY0003M + 0.000%) due 01/30/2032 «~ |
JPY |
50,661 |
314 |
|||||||||
| 7.047% (CDOR06 + 0.000%) due 01/30/2032 «~ |
CAD |
474 |
336 |
|||||||||
| 8.413% (TSFR3M + 3.663%) due 01/30/2032 «~ |
$ |
2,617 |
2,634 |
|||||||||
| Steenbok Lux Finco 2 SARL |
| |||||||||||
| 10.000% due 12/31/2028 |
EUR |
64,099 |
26,568 |
|||||||||
| Stepstone Group Midco 2 GmbH |
| |||||||||||
| 6.885% (EUR006M + 2.459%) due 04/26/2032 ~ |
18,600 |
17,447 |
||||||||||
| 8.176% - 8.179% (TSFR6M + 3.679%) due 12/19/2031 ~ |
$ |
12,039 |
9,759 |
|||||||||
| Stormlight |
| |||||||||||
| 8.370% due 05/13/2030 «~ |
7,692 |
7,692 |
||||||||||
| Strategic Gaming Commitment |
| |||||||||||
| 10.673% (TSFR3M + 3.673%) due 10/15/2030 «~ |
5,500 |
5,909 |
||||||||||
| Subcalidora 2 |
| |||||||||||
| 8.041% (EUR003M + 2.291%) due 08/14/2029 «~ |
EUR |
14,400 |
16,365 |
|||||||||
| Transnet SOC Ltd. |
| |||||||||||
| 10.658% due 03/02/2028 «~ |
ZAR |
59,751 |
3,645 |
|||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 8.758% (TSFR1M + 3.644%) due 06/28/2028 ~ |
$ |
40,762 |
40,187 |
|||||||||
| Unicorn Bay |
| |||||||||||
| 13.000% due 12/31/2026 « |
HKD |
74,553 |
9,625 |
|||||||||
| Upfield BV |
| |||||||||||
| 8.980% due 10/31/2030 ~ |
GBP |
16,900 |
21,476 |
|||||||||
| Virgin Media Bristol LLC |
| |||||||||||
| 6.967% (TSFR6M + 3.692%) due 03/31/2031 ~ |
$ |
1,000 |
890 |
|||||||||
| 6.990% (TSFR1M + 3.633%) due 01/31/2029 ~ |
2,900 |
2,786 |
||||||||||
| |
|
|||||||||||
| Total Loan Participations and Assignments (Cost $686,340) |
646,100 |
|||||||||||
| |
|
|||||||||||
CORPORATE BONDS & NOTES 30.1% |
| |||||||||||
BANKING & FINANCE 5.9% |
| |||||||||||
| 123 Lights Re Ltd. |
| |||||||||||
| 14.520% (FHMMUSTF + 11.000%) due 09/14/2031 ~ |
350 |
368 |
||||||||||
| Alamo Re Ltd. |
| |||||||||||
| 14.289% (T-BILL 1MO + 10.500%) due 06/07/2028 ~ |
2,100 |
2,097 |
||||||||||
| Armor Holdco, Inc. |
| |||||||||||
| 8.500% due 11/15/2029 (m) |
3,100 |
3,120 |
||||||||||
| Armor RE II Ltd. |
| |||||||||||
| 12.050% (BRMMUSDF + 8.500%) due 01/07/2032 ~ |
250 |
264 |
||||||||||
| 13.750% (BRMMUSDF + 10.200%) due 05/07/2031 ~ |
250 |
260 |
||||||||||
| 18.560% (T-BILL 3MO + 14.750%) due 06/07/2033 ~ |
300 |
299 |
||||||||||
| Bayou Re Ltd. |
| |||||||||||
| 10.020% (BNMMDTSC + 6.500%) due 05/09/2033 ~ |
300 |
299 |
||||||||||
| Blue Ridge Re Ltd. |
| |||||||||||
| 7.020% (FHMMUSTF + 3.500%) due 01/08/2029 ~ |
250 |
250 |
||||||||||
| Bonanza RE Ltd. |
| |||||||||||
| 3.510% (MSMMUSTF + 0.000%) due 01/08/2027 ~ |
400 |
364 |
||||||||||
| Buttonwood RE Ltd. |
| |||||||||||
| 11.550% (BRMMUSDF + 8.000%) due 05/29/2029 ~ |
250 |
250 |
||||||||||
| Cape Lookout Re Ltd. |
| |||||||||||
| 8.770% (FHMMUSTF + 5.250%) due 03/21/2033 ~ |
350 |
347 |
||||||||||
112 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 9.520% (FHMMUSTF + 6.000%) due 03/21/2033 ~ |
$ |
350 |
$ |
350 |
||||||||
| 12.226% (GSMMUSTF + 8.702%) due 04/05/2027 ~(m) |
1,800 |
1,797 |
||||||||||
| Citrus Re Ltd. |
| |||||||||||
| 9.060% (T-BILL 3MO + 5.250%) due 06/07/2033 ~ |
250 |
254 |
||||||||||
| 10.039% (T-BILL 3MO + 6.250%) due 06/07/2033 ~ |
250 |
254 |
||||||||||
| Corestate Capital Holding SA (10.000% Cash or 11.000% PIK) |
| |||||||||||
| 10.000% due 12/31/2026 (c) |
EUR |
223 |
235 |
|||||||||
| Credit Suisse AG AT1 Claim |
$ |
800 |
283 |
|||||||||
| East Lane Re VII Ltd. |
| |||||||||||
| 12.050% (BRMMUSDF + 8.500%) due 03/31/2032 ~ |
450 |
452 |
||||||||||
| Everglades Re II Ltd. |
| |||||||||||
| 9.289% (T-BILL 1MO + 5.500%) due 05/22/2033 ~ |
250 |
250 |
||||||||||
| 10.289% (T-BILL 1MO + 6.500%) due 05/22/2033 ~ |
250 |
250 |
||||||||||
| 12.039% (T-BILL 1MO + 8.250%) due 05/22/2033 ~ |
250 |
250 |
||||||||||
| Fairfax India Holdings Corp. |
| |||||||||||
| 5.000% due 02/26/2028 (m) |
18,350 |
17,679 |
||||||||||
| Gateway Re Ltd. |
| |||||||||||
| 5.550% (BRMMUSDF + 2.000%) due 07/06/2029 ~ |
2,050 |
2,050 |
||||||||||
| Golden Bear Re Ltd. |
| |||||||||||
| 13.289% (T-BILL 1MO + 9.500%) due 03/08/2032 ~ |
500 |
504 |
||||||||||
| 13.300% (JMMMUSTF + 9.750%) due 01/08/2029 ~ |
1,080 |
1,108 |
||||||||||
| Greengrove RE Ltd. |
| |||||||||||
| 11.270% (BNMMDTSC + 7.750%) due 04/08/2032 ~ |
300 |
306 |
||||||||||
| Herbie Re Ltd. |
| |||||||||||
| 7.760% (MSMMUSTF + 4.250%) due 01/07/2030 ~ |
250 |
250 |
||||||||||
| Hestia Re Ltd. |
| |||||||||||
| 3.520% (BNMMDTSC + 0.000%) due 04/16/2027 ~ |
250 |
186 |
||||||||||
| 3.620% (BNMMDTSC + 0.100%) due 04/22/2029 ~ |
67 |
38 |
||||||||||
| 10.270% (BNMMDTSC + 6.750%) due 03/13/2032 ~ |
250 |
256 |
||||||||||
| 11.770% (BNMMDTSC + 8.250%) due 03/13/2032 ~ |
250 |
255 |
||||||||||
| IIFL Finance Ltd. |
| |||||||||||
| 7.600% due 09/10/2029 (m) |
800 |
804 |
||||||||||
| Integrity RE III Ltd. |
| |||||||||||
| 15.770% (FHMMUSTF + 12.250%) due 06/06/2028 ~ |
400 |
414 |
||||||||||
| 29.020% (FHMMUSTF + 25.500%) due 06/06/2027 ~ |
300 |
314 |
||||||||||
| ION Platform Finance SARL |
| |||||||||||
| 6.500% due 09/30/2030 (m) |
EUR |
6,500 |
5,991 |
|||||||||
| 6.875% due 09/30/2032 (m) |
4,700 |
4,008 |
||||||||||
| 7.875% due 05/01/2029 (m) |
13,990 |
14,469 |
||||||||||
| ION Platform Finance U.S., Inc. |
| |||||||||||
| 7.875% due 09/30/2032 (m) |
$ |
4,300 |
3,121 |
|||||||||
| ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| |||||||||||
| 8.750% due 05/01/2029 (m) |
3,500 |
3,126 |
||||||||||
| 9.000% due 08/01/2029 (m) |
5,100 |
4,542 |
||||||||||
| 9.500% due 05/30/2029 (m) |
2,700 |
2,466 |
||||||||||
| Locke Tavern Re Ltd. |
| |||||||||||
| 6.800% (JMMMUSTF + 3.250%) due 04/11/2033 ~ |
300 |
299 |
||||||||||
| 7.800% (JMMMUSTF + 4.250%) due 04/11/2033 ~ |
300 |
301 |
||||||||||
| Long Point Re IV Ltd. |
| |||||||||||
| 7.289% (T-BILL 1MO + 3.500%) due 06/01/2034 ~ |
500 |
500 |
||||||||||
| Longleaf Pine Re Ltd. |
| |||||||||||
| 21.453% (GSMMUSTI + 17.932%) due 05/27/2031 ~ |
280 |
286 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Luca RE Ltd. |
| |||||||||||
| 10.800% (JMMMUSTF + 7.250%) due 07/22/2031 ~(m) |
$ |
700 |
$ |
728 |
||||||||
| Luminis SA |
| |||||||||||
| 9.649% (TSFR3M + 5.985%) due 09/15/2038 «~ |
800 |
934 |
||||||||||
| Mountain Re Ltd. |
| |||||||||||
| 10.770% (BNMMDTSC + 7.250%) due 06/07/2033 ~ |
250 |
250 |
||||||||||
| Nature Coast Re Ltd. |
| |||||||||||
| 11.789% (T-BILL 3MO + 8.000%) due 02/26/2030 ~ |
400 |
403 |
||||||||||
| 13.271% (GSMMUSTI + 9.750%) due 04/10/2033 ~ |
250 |
260 |
||||||||||
| Palm RE Ltd. |
| |||||||||||
| 8.550% (BRMMUSDF + 5.000%) due 06/07/2033 ~ |
400 |
406 |
||||||||||
| 11.270% (BNMMDTSC + 7.750%) due 06/07/2032 ~ |
300 |
306 |
||||||||||
| Polestar Re Ltd. |
| |||||||||||
| 14.140% (BRMMUSDF + 10.590%) due 01/07/2028 ~ |
600 |
625 |
||||||||||
| 16.800% (BRMMUSDF + 13.250%) due 01/07/2027 ~ |
1,800 |
1,848 |
||||||||||
| Purple Re Ltd. |
| |||||||||||
| 10.050% (JMMMUSTF + 6.500%) due 06/07/2033 ~ |
350 |
350 |
||||||||||
| 12.676% (JMMMUSTF + 9.126%) due 06/06/2031 ~ |
300 |
308 |
||||||||||
| Quercus II Re DAC |
| |||||||||||
| 13.324% (EUR003M + 11.000%) due 01/07/2031 ~ |
EUR |
350 |
406 |
|||||||||
| Quercus Re DAC |
| |||||||||||
| 10.149% (EUR003M + 8.000%) due 01/06/2031 ~ |
250 |
290 |
||||||||||
| Recoletos RE DAC |
| |||||||||||
| 5.289% (T-BILL 3MO + 1.500%) due 07/06/2032 ~ |
$ |
250 |
250 |
|||||||||
| Sanders Re III Ltd. |
| |||||||||||
| 15.870% (BRMMUSDF + 12.320%) due 04/09/2029 ~ |
2,168 |
711 |
||||||||||
| Stingray Compute LLC |
| |||||||||||
| 6.000% due 06/15/2031 |
300 |
301 |
||||||||||
| Sutter Re Ltd. |
| |||||||||||
| 7.289% (T-BILL 3MO + 3.500%) due 06/07/2034 ~ |
400 |
400 |
||||||||||
| 9.289% (T-BILL 3MO + 5.500%) due 06/07/2034 ~ |
300 |
300 |
||||||||||
| Titanium 2l Bondco SARL |
| |||||||||||
| 6.250% due 01/14/2031 |
EUR |
20,125 |
3,367 |
|||||||||
| Torrey Pines Re Ltd. |
| |||||||||||
| 6.789% (T-BILL 1MO + 3.000%) due 06/07/2034 ~ |
$ |
300 |
302 |
|||||||||
| 9.586% (JMMMUSTF + 6.036%) due 06/07/2032 ~(m) |
400 |
411 |
||||||||||
| 10.656% (JMMMUSTF + 7.106%) due 06/07/2032 ~ |
300 |
309 |
||||||||||
| Tremont Re Ltd. |
| |||||||||||
| 7.786% (T-BILL 1MO + 4.000%) due 03/22/2033 ~ |
250 |
249 |
||||||||||
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| |||||||||||
| 6.000% due 01/15/2030 (m) |
15,602 |
15,254 |
||||||||||
| Ursa Re II Ltd. |
| |||||||||||
| 11.260% (MSMMUSTF + 7.750%) due 06/07/2028 ~ |
500 |
514 |
||||||||||
| Ursa Re Ltd. |
| |||||||||||
| 11.021% (GSMMUSTI + 7.500%) due 02/22/2028 ~(m) |
900 |
930 |
||||||||||
| 12.800% (JMMMUSTF + 9.250%) due 12/07/2028 ~(m) |
2,000 |
2,038 |
||||||||||
| Veraison Re Ltd. |
| |||||||||||
| 7.671% (GSMMUSTI + 4.150%) due 03/08/2034 ~ |
250 |
250 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Windrose Re Ltd. |
| |||||||||||
| 8.782% (HSMMUSTF + 5.250%) due 02/11/2033 ~ |
$ |
250 |
$ |
250 |
||||||||
| Winston RE Ltd. |
| |||||||||||
| 13.730% (BNMMDTSC + 10.210%) due 02/26/2031 ~ |
250 |
257 |
||||||||||
| 15.210% (BNMMDTSC + 11.690%) due 02/26/2031 ~ |
1,400 |
1,428 |
||||||||||
| Yardstick RE DAC |
| |||||||||||
| 4.274% (EUR003M + 1.950%) due 07/08/2034 «~ |
EUR |
300 |
343 |
|||||||||
| |
|
|||||||||||
110,544 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 21.8% |
| |||||||||||
| Altice France Lux 3/Altice Holdings 1 |
| |||||||||||
| 10.000% due 01/15/2033 (m) |
$ |
3,245 |
3,195 |
|||||||||
| Altice France SA |
| |||||||||||
| 9.500% due 11/01/2029 (m) |
1,112 |
1,129 |
||||||||||
| 12.875% due 11/01/2029 |
EUR |
3,279 |
3,846 |
|||||||||
| ams-OSRAM AG |
| |||||||||||
| 7.250% due 05/31/2032 (m) |
7,190 |
8,479 |
||||||||||
| 10.500% due 03/30/2029 (m) |
7,285 |
8,879 |
||||||||||
| Aston Martin Capital Holdings Ltd. |
| |||||||||||
| 10.000% due 03/31/2029 (m) |
$ |
4,600 |
3,583 |
|||||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
| |||||||||||
| 8.000% due 02/15/2031 (m) |
900 |
910 |
||||||||||
| B&G Foods, Inc. |
| |||||||||||
| 11.000% due 06/15/2031 |
3,720 |
3,437 |
||||||||||
| Borr IHC Ltd./Borr Finance LLC |
| |||||||||||
| 8.750% due 01/15/2032 (m) |
1,200 |
1,173 |
||||||||||
| 9.000% due 01/15/2034 |
1,900 |
1,839 |
||||||||||
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
| |||||||||||
| 8.000% due 06/15/2029 |
7,470 |
4,856 |
||||||||||
| Central Parent, Inc./CDK Global, Inc. |
| |||||||||||
| 7.250% due 06/15/2029 |
7,900 |
5,135 |
||||||||||
| Charlotte Buyer, Inc. |
| |||||||||||
| 8.000% due 06/30/2031 |
300 |
304 |
||||||||||
| Cogent Communications Group LLC/Cogent Finance, Inc. |
| |||||||||||
| 7.000% due 06/15/2027 (m) |
1,940 |
1,927 |
||||||||||
| CoreWeave, Inc. |
| |||||||||||
| 8.500% due 07/15/2032 |
EUR |
2,300 |
2,592 |
|||||||||
| 9.625% due 07/15/2032 |
$ |
1,200 |
1,184 |
|||||||||
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
| |||||||||||
| 9.250% due 06/01/2032 (m) |
900 |
915 |
||||||||||
| DISH DBS Corp. |
| |||||||||||
| 5.250% due 12/01/2026 (m) |
30,500 |
30,193 |
||||||||||
| 5.750% due 12/01/2028 (m) |
13,100 |
12,701 |
||||||||||
| 7.750% due 07/01/2026 |
14,600 |
14,600 |
||||||||||
| Ecopetrol SA |
| |||||||||||
| 7.750% due 02/01/2032 (m) |
16,600 |
17,392 |
||||||||||
| Flora Food Management BV |
| |||||||||||
| 7.500% due 10/31/2030 |
EUR |
1,400 |
1,596 |
|||||||||
| FMC Corp. |
| |||||||||||
| 8.000% due 06/01/2031 (m) |
$ |
400 |
417 |
|||||||||
| Gaia Purchaser, Inc. |
| |||||||||||
| 7.625% due 07/15/2033 (b) |
400 |
405 |
||||||||||
| GSG Bidco Ltd. |
| |||||||||||
| 6.375% due 06/15/2051 |
EUR |
2,600 |
3,004 |
|||||||||
| Incora Intermediate II LLC (0.500% PIK) |
| |||||||||||
| 0.500% due 01/31/2030 «(c) |
$ |
31,962 |
31,962 |
|||||||||
| Incora Top Holdco LLC |
| |||||||||||
| 6.000% due 01/30/2033 «(l) |
21,892 |
34,504 |
||||||||||
| JetBlue Airways Corp./JetBlue Loyalty LP |
| |||||||||||
| 9.875% due 09/20/2031 (m) |
5,024 |
4,557 |
||||||||||
| Motion Finco SARL |
| |||||||||||
| 7.375% due 06/15/2030 (m) |
EUR |
3,600 |
3,589 |
|||||||||
| MPH Acquisition Holdings LLC |
| |||||||||||
| 5.750% due 12/31/2030 (m) |
$ |
13,500 |
11,272 |
|||||||||
| MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
| |||||||||||
| 11.500% due 12/31/2030 (c)(m) |
11,683 |
11,576 |
||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 113 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Opportunities Fund |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| National Mentor Holdings, Inc. |
| |||||||||||
| 10.500% due 12/15/2030 (m) |
$ |
700 |
$ |
738 |
||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 11.750% due 04/30/2029 |
10,577 |
5,981 |
||||||||||
| Ocado Group PLC |
| |||||||||||
| 10.500% due 08/08/2029 (m) |
GBP |
11,900 |
16,386 |
|||||||||
| 11.000% due 06/15/2030 (m) |
7,300 |
10,227 |
||||||||||
| Petroleos de Venezuela SA |
| |||||||||||
| 5.375% due 04/12/2027 ^(d) |
$ |
200 |
74 |
|||||||||
| 6.000% due 11/15/2026 ^(d) |
8,900 |
3,360 |
||||||||||
| 9.750% due 05/17/2035 ^(d) |
4,200 |
1,879 |
||||||||||
| ProFrac Holdings II LLC |
| |||||||||||
| 10.984% (TSFR3M + 7.250%) due 01/23/2029 ~(m) |
5,173 |
4,960 |
||||||||||
| Road Michigan Property Owner I LLC |
| |||||||||||
| 7.500% due 03/30/2045 (m) |
44,008 |
43,887 |
||||||||||
| Sonangol Finance Ltd. |
| |||||||||||
| 10.000% due 01/29/2031 |
5,700 |
5,746 |
||||||||||
| Thames Water Super Senior Issuer PLC |
| |||||||||||
| 9.750% due 10/10/2027 |
GBP |
105 |
148 |
|||||||||
| 9.750% due 10/10/2027 |
452 |
636 |
||||||||||
| Times Square Hotel Trust |
| |||||||||||
| 8.528% due 08/01/2026 |
$ |
24 |
24 |
|||||||||
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
| |||||||||||
| 8.250% due 05/15/2030 (m) |
EUR |
12,200 |
12,763 |
|||||||||
| 9.500% due 05/15/2030 (m) |
$ |
6,767 |
6,385 |
|||||||||
| Turkish Airlines Pass-Through Trust |
| |||||||||||
| 4.200% due 09/15/2028 (m) |
71 |
71 |
||||||||||
| U.S. Acute Care Solutions LLC |
| |||||||||||
| 9.750% due 05/15/2029 (m) |
200 |
189 |
||||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 10.625% due 06/28/2028 |
7,141 |
6,641 |
||||||||||
| Ubisoft Entertainment SA |
| |||||||||||
| 0.878% due 11/24/2027 (m) |
EUR |
7,700 |
7,785 |
|||||||||
| Vale SA |
| |||||||||||
| 0.000% due 12/29/2049 ~(j) |
BRL |
340,000 |
26,434 |
|||||||||
| Viridien |
| |||||||||||
| 8.500% due 10/15/2030 (m) |
EUR |
1,899 |
2,299 |
|||||||||
| 10.000% due 10/15/2030 (m) |
$ |
1,501 |
1,595 |
|||||||||
| Vmed O2 U.K. Financing I PLC |
| |||||||||||
| 6.750% due 01/15/2033 (m) |
13,800 |
11,697 |
||||||||||
| Volcan Cia Minera SAA |
| |||||||||||
| 8.500% due 10/28/2032 (m) |
1,800 |
1,866 |
||||||||||
| VZ Secured Financing BV |
| |||||||||||
| 7.500% due 01/15/2033 (m) |
2,100 |
2,012 |
||||||||||
| |
|
|||||||||||
404,934 |
||||||||||||
| |
|
|||||||||||
UTILITIES 2.4% |
| |||||||||||
| Altice Holdings 1 SARL |
| |||||||||||
| 0.000% due 12/31/2099 « |
EUR |
38 |
581 |
|||||||||
| COX Asset Mexico SA de CV |
| |||||||||||
| 7.125% due 01/08/2032 |
$ |
300 |
305 |
|||||||||
| 7.750% due 05/08/2036 (m) |
200 |
205 |
||||||||||
| Gazprom PJSC via Gaz Finance PLC |
| |||||||||||
| 3.000% due 06/29/2027 |
200 |
181 |
||||||||||
| NGD Holdings BV |
| |||||||||||
| 9.875% due 12/31/2029 |
648 |
635 |
||||||||||
| OI SA |
| |||||||||||
| 8.500% due 12/31/2028 ^(d) |
69,007 |
733 |
||||||||||
| 10.000% due 06/30/2027 ^(d) |
33,262 |
16,215 |
||||||||||
| Peru LNG SRL |
| |||||||||||
| 5.375% due 03/22/2030 (m) |
8,885 |
8,647 |
||||||||||
| Petersen Claim Units |
| |||||||||||
| 0.000% due 12/31/2099 «(l) |
121 |
513 |
||||||||||
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
| |||||||||||
| 6.500% due 02/15/2029 (m) |
16,604 |
16,486 |
||||||||||
| |
|
|||||||||||
44,501 |
||||||||||||
| |
|
|||||||||||
| Total Corporate Bonds & Notes (Cost $638,433) |
559,979 |
|||||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
CONVERTIBLE BONDS & NOTES 0.4% |
| |||||||||||
BANKING & FINANCE 0.1% |
| |||||||||||
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| |||||||||||
| 8.000% due 12/31/2028 (c) |
EUR |
1,859 |
$ |
1,104 |
||||||||
| |
|
|||||||||||
INDUSTRIALS 0.3% |
| |||||||||||
| DISH Network Corp. |
| |||||||||||
| 3.375% due 08/15/2026 |
$ |
3,700 |
3,591 |
|||||||||
| Ubisoft Entertainment SA |
| |||||||||||
| 2.375% due 11/15/2028 (m) |
EUR |
3,000 |
3,368 |
|||||||||
| |
|
|||||||||||
6,959 |
||||||||||||
| |
|
|||||||||||
| Total Convertible Bonds & Notes (Cost $9,255) |
8,063 |
|||||||||||
| |
|
|||||||||||
MUNICIPAL BONDS & NOTES 0.1% |
| |||||||||||
WEST VIRGINIA 0.1% |
| |||||||||||
| Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
| |||||||||||
| 0.000% due 06/01/2047 (g) |
$ |
25,000 |
2,505 |
|||||||||
| |
|
|||||||||||
| Total Municipal Bonds & Notes (Cost $4,298) |
2,505 |
|||||||||||
| |
|
|||||||||||
U.S. GOVERNMENT AGENCIES 5.7% |
| |||||||||||
| Federal Home Loan Mortgage Corp. REMICS |
| |||||||||||
| 2.000% due 11/25/2050 - 01/25/2051 (a)(m) |
16,001 |
1,533 |
||||||||||
| 2.293% due 07/15/2042 •(a)(m) |
1,268 |
110 |
||||||||||
| 2.493% due 03/15/2043 •(a)(m) |
5,934 |
511 |
||||||||||
| 2.493% due 11/15/2047 •(a) |
164 |
23 |
||||||||||
| 3.000% due 11/25/2050 - 09/25/2051 (a)(m) |
35,485 |
5,196 |
||||||||||
| 3.500% due 04/25/2041 (a)(m) |
5,900 |
603 |
||||||||||
| 4.000% due 11/25/2048 - 06/25/2051 (a)(m) |
10,825 |
2,207 |
||||||||||
| 4.500% due 12/25/2050 (a)(m) |
3,401 |
757 |
||||||||||
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust |
| |||||||||||
| 2.691% due 06/25/2057 ~(a) |
4,917 |
995 |
||||||||||
| 3.396% due 05/25/2057 ~(m) |
18,094 |
7,904 |
||||||||||
| 4.250% due 09/25/2060 (m) |
5,210 |
5,095 |
||||||||||
| 4.250% due 03/25/2061 ~(m) |
3,263 |
3,044 |
||||||||||
| 10.447% due 11/25/2060 ~(m) |
5,392 |
4,067 |
||||||||||
| 10.931% due 09/25/2060 ~(m) |
4,177 |
3,160 |
||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||
| 8.378% due 01/25/2051 •(m) |
1,700 |
1,896 |
||||||||||
| 10.728% due 01/25/2042 •(m) |
4,800 |
4,949 |
||||||||||
| 11.128% due 10/25/2041 •(m) |
23,500 |
23,941 |
||||||||||
| 11.428% due 11/25/2041 •(m) |
14,300 |
14,657 |
||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust |
| |||||||||||
| 9.128% due 12/25/2041 •(m) |
8,900 |
9,070 |
||||||||||
| 9.628% due 10/25/2041 •(m) |
7,100 |
7,202 |
||||||||||
| Federal National Mortgage Association Interest STRIPS |
| |||||||||||
| 3.500% due 05/25/2030 (a) |
1,466 |
49 |
||||||||||
| 5.000% due 08/25/2043 (a)(m) |
1,882 |
368 |
||||||||||
| Federal National Mortgage Association REMICS |
| |||||||||||
| 2.500% due 04/25/2049 - 02/25/2050 (a)(m) |
17,677 |
2,405 |
||||||||||
| 3.000% due 12/25/2032 - 01/25/2051 (a)(m) |
9,773 |
1,530 |
||||||||||
| 4.000% due 09/25/2051 (a)(m) |
19,558 |
4,675 |
||||||||||
| |
|
|||||||||||
| Total U.S. Government Agencies (Cost $109,422) |
105,947 |
|||||||||||
| |
|
|||||||||||
U.S. TREASURY OBLIGATIONS 0.1% |
| |||||||||||
| U.S. Treasury Bonds |
| |||||||||||
| 4.875% due 08/15/2045 (o)(q) |
935 |
928 |
||||||||||
| U.S. Treasury Notes |
| |||||||||||
| 4.125% due 02/15/2036 |
860 |
839 |
||||||||||
| |
|
|||||||||||
| Total U.S. Treasury Obligations (Cost $1,817) |
1,767 |
|||||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES 30.3% |
| |||||||||||
| 20 Times Square Trust |
| |||||||||||
| 3.203% due 05/15/2035 ~ |
$ |
1,000 |
$ |
857 |
||||||||
| 3.203% due 05/15/2035 ~(m) |
1,000 |
797 |
||||||||||
| 280 Park Avenue Mortgage Trust |
| |||||||||||
| 6.739% due 09/15/2034 •(m) |
4,750 |
4,665 |
||||||||||
| Adjustable Rate Mortgage Trust |
| |||||||||||
| 4.303% due 02/25/2036 ~ |
962 |
605 |
||||||||||
| 4.303% due 02/25/2036 ~(m) |
5,755 |
3,614 |
||||||||||
| Ashford Hospitality Trust |
| |||||||||||
| 5.048% due 04/15/2035 • |
900 |
900 |
||||||||||
| 5.198% due 04/15/2035 •(m) |
4,000 |
3,994 |
||||||||||
| 5.898% due 04/15/2035 •(m) |
2,500 |
2,485 |
||||||||||
| 6.898% due 04/15/2035 •(m) |
8,700 |
8,573 |
||||||||||
| Atrium Hotel Portfolio Trust |
| |||||||||||
| 4.853% due 12/15/2036 •(m) |
654 |
651 |
||||||||||
| Banc of America Funding Trust |
| |||||||||||
| 1.457% due 09/26/2036 ~(m) |
3,638 |
2,670 |
||||||||||
| 4.003% due 06/26/2036 •(m) |
2,569 |
2,195 |
||||||||||
| 5.750% due 05/26/2036 |
251 |
135 |
||||||||||
| BBCCRE Trust |
| |||||||||||
| 3.966% due 08/10/2033 (m) |
3,441 |
3,217 |
||||||||||
| 4.715% due 08/10/2033 ~(m) |
16,650 |
13,568 |
||||||||||
| BBCMS Mortgage Trust |
| |||||||||||
| 3.811% due 02/15/2053 ~(m) |
15,650 |
11,789 |
||||||||||
| 4.923% due 07/15/2037 •(m) |
7,000 |
6,817 |
||||||||||
| 7.473% due 07/15/2037 •(m) |
2,100 |
1,576 |
||||||||||
| BCP Trust |
| |||||||||||
| 6.232% due 06/15/2038 •(m) |
10,000 |
1,568 |
||||||||||
| 7.378% due 06/15/2038 •(m) |
5,000 |
469 |
||||||||||
| Bear Stearns Commercial Mortgage Securities Trust |
| |||||||||||
| 5.566% due 01/12/2045 ~ |
12 |
12 |
||||||||||
| Beast Mortgage Trust |
| |||||||||||
| 4.790% due 03/15/2036 •(m) |
4,000 |
3,471 |
||||||||||
| 7.190% due 03/15/2036 •(m) |
5,750 |
858 |
||||||||||
| 8.190% due 03/15/2036 •(m) |
7,125 |
614 |
||||||||||
| Benchmark Mortgage Trust |
| |||||||||||
| 2.437% due 09/15/2048 (m) |
6,103 |
5,244 |
||||||||||
| BSREP Commercial Mortgage Trust |
| |||||||||||
| 4.690% due 08/15/2038 •(m) |
2,274 |
2,191 |
||||||||||
| BSST Mortgage Trust |
| |||||||||||
| 4.926% due 02/15/2037 •(m) |
3,000 |
2,678 |
||||||||||
| BXP Trust |
| |||||||||||
| 3.670% due 08/13/2037 ~(m) |
2,963 |
2,400 |
||||||||||
| CHL Mortgage Pass-Through Trust |
| |||||||||||
| 5.163% due 08/25/2035 •(m) |
2,128 |
1,637 |
||||||||||
| Citigroup Commercial Mortgage Trust |
| |||||||||||
| 3.917% due 12/15/2072 ~(m) |
6,250 |
2,469 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 4.583% due 08/25/2036 ~(m) |
912 |
840 |
||||||||||
| CLNY Trust |
| |||||||||||
| 6.004% due 11/15/2038 • |
482 |
462 |
||||||||||
| 6.700% due 11/15/2038 •(m) |
9,000 |
8,474 |
||||||||||
| COLT Mortgage Loan Trust |
| |||||||||||
| 7.892% due 04/25/2068 ~(m) |
3,288 |
3,279 |
||||||||||
| COMM Mortgage Trust |
| |||||||||||
| 3.140% due 10/10/2036 |
400 |
395 |
||||||||||
| 4.873% due 06/15/2034 •(m) |
3,065 |
2,953 |
||||||||||
| 5.073% due 06/15/2034 •(m) |
5,000 |
4,623 |
||||||||||
| 5.323% due 06/15/2034 • |
500 |
441 |
||||||||||
| 6.167% due 06/15/2034 •(m) |
7,400 |
5,158 |
||||||||||
| 8.740% due 12/15/2038 •(m) |
5,000 |
4,786 |
||||||||||
| Countrywide Alternative Loan Trust |
| |||||||||||
| 6.250% due 12/25/2036 (m) |
4,523 |
1,729 |
||||||||||
| CSMC Trust |
| |||||||||||
| 0.000% due 02/25/2067 ~(a) |
321,640 |
37 |
||||||||||
| 0.005% due 02/25/2067 ~(a) |
321,640 |
125 |
||||||||||
| 3.513% due 01/25/2058 ~(m) |
8,963 |
7,248 |
||||||||||
| 3.960% due 01/25/2060 ~(m) |
8,144 |
6,251 |
||||||||||
| 4.000% due 02/25/2067 ~(m) |
23,825 |
17,851 |
||||||||||
| 4.037% due 02/25/2067 ~ |
9,126 |
1,613 |
||||||||||
| 6.240% due 10/15/2037 •(m) |
2,000 |
1,947 |
||||||||||
| 6.994% due 07/15/2032 •(m) |
19,982 |
19,873 |
||||||||||
| Deutsche Mortgage & Asset Receiving Corp. |
| |||||||||||
| 4.289% due 11/27/2036 •(m) |
5,679 |
5,930 |
||||||||||
114 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| DOLP Trust |
| |||||||||||
| 0.665% due 05/10/2041 ~(a)(m) |
$ |
309,500 |
$ |
8,039 |
||||||||
| 3.704% due 05/10/2041 ~(m) |
32,400 |
26,680 |
||||||||||
| First Citizens Loan Trust |
| |||||||||||
| 1.922% due 05/27/2053 « |
10,200 |
592 |
||||||||||
| Great Hall Mortgages No. 1 PLC |
| |||||||||||
| 7.716% due 06/18/2039 •(m) |
GBP |
1,940 |
2,531 |
|||||||||
| Greenwood Park CLO Ltd. |
| |||||||||||
| 0.000% due 04/15/2031 « |
$ |
27,000 |
0 |
|||||||||
| GS Mortgage Securities Corp. Trust |
| |||||||||||
| 2.856% due 05/10/2034 |
2,784 |
2,494 |
||||||||||
| 3.104% due 05/10/2034 (m) |
1,116 |
881 |
||||||||||
| 6.472% due 11/15/2032 •(m) |
10,782 |
10,676 |
||||||||||
| GS Mortgage-Backed Securities Corp. Trust |
| |||||||||||
| 0.000% due 12/25/2060 ~ |
129 |
123 |
||||||||||
| 0.000% due 12/25/2060 ~(a)(m) |
146,432 |
4,754 |
||||||||||
| 0.165% due 12/25/2060 ~(a) |
125,553 |
1,004 |
||||||||||
| 3.911% due 12/25/2060 ~(m) |
34,468 |
23,316 |
||||||||||
| GS Mortgage-Backed Securities Trust |
| |||||||||||
| 1.771% due 05/25/2066 ~(a)(m) |
325,243 |
10,839 |
||||||||||
| 7.180% due 05/25/2066 ~(m) |
4,034 |
3,737 |
||||||||||
| GSR Mortgage Loan Trust |
| |||||||||||
| 6.250% due 08/25/2036 (m) |
3,899 |
935 |
||||||||||
| JP Morgan Alternative Loan Trust |
| |||||||||||
| 4.043% due 03/25/2037 •(m) |
10,179 |
9,026 |
||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust |
| |||||||||||
| 1.974% due 01/05/2040 (m) |
700 |
651 |
||||||||||
| 2.287% due 03/05/2042 (m) |
7,000 |
6,619 |
||||||||||
| 4.248% due 07/05/2033 (m) |
7,745 |
7,330 |
||||||||||
| 5.489% due 12/15/2036 • |
1,700 |
53 |
||||||||||
| 5.973% due 02/15/2035 •(m) |
1,234 |
1,192 |
||||||||||
| 6.102% due 07/05/2033 •(m) |
5,012 |
2,581 |
||||||||||
| 6.452% due 07/05/2033 •(m) |
10,000 |
3,860 |
||||||||||
| 6.840% due 03/15/2036 •(m) |
25,550 |
13,987 |
||||||||||
| JP Morgan Resecuritization Trust |
| |||||||||||
| 4.062% due 12/27/2046 •(m) |
9,674 |
8,124 |
||||||||||
| Mill City Mortgage Loan Trust |
| |||||||||||
| 0.000% due 04/25/2057 ~(a) |
122,005 |
365 |
||||||||||
| 0.000% due 04/25/2057 ~ |
122,005 |
3,553 |
||||||||||
| 0.000% due 11/25/2058 ~ |
95,689 |
366 |
||||||||||
| 0.000% due 11/25/2058 ~(a) |
95,689 |
222 |
||||||||||
| 3.810% due 11/25/2058 ~(m) |
16,205 |
11,293 |
||||||||||
| 3.877% due 04/25/2057 ~(m) |
20,617 |
15,668 |
||||||||||
| Morgan Stanley Capital I Trust |
| |||||||||||
| 5.984% due 12/15/2036 •(m) |
4,294 |
45 |
||||||||||
| 7.073% due 11/15/2034 •(m) |
2,055 |
2,058 |
||||||||||
| Morgan Stanley Re-REMICS Trust |
| |||||||||||
| 3.063% due 03/26/2037 þ(m) |
2,232 |
2,357 |
||||||||||
| MRCD Mortgage Trust |
| |||||||||||
| 2.718% due 12/15/2036 (m) |
28,715 |
16,602 |
||||||||||
| MSSG Trust |
| |||||||||||
| 3.397% due 09/13/2039 (m) |
3,000 |
2,882 |
||||||||||
| 3.690% due 09/13/2039 |
8,400 |
7,987 |
||||||||||
| 3.865% due 09/13/2039 ~(m) |
3,000 |
2,794 |
||||||||||
| Myers Park CLO Ltd. |
| |||||||||||
| 0.000% due 10/20/2030 « |
13,000 |
0 |
||||||||||
| Natixis Commercial Mortgage Securities Trust |
| |||||||||||
| 3.047% due 08/15/2036 (m) |
790 |
730 |
||||||||||
| 3.858% due 04/10/2037 (m) |
4,250 |
4,075 |
||||||||||
| 4.840% due 08/15/2038 • |
269 |
267 |
||||||||||
| New Orleans Hotel Trust |
| |||||||||||
| 6.362% due 04/15/2032 •(m) |
11,978 |
11,800 |
||||||||||
| New Residential Mortgage Loan Trust |
| |||||||||||
| 3.964% due 07/25/2059 ~(m) |
5,000 |
3,999 |
||||||||||
| Project Cashmere |
| |||||||||||
| 0.000% due 12/30/2057 «(b) |
AUD |
15,400 |
10,629 |
|||||||||
| 7.563% due 12/30/2057 «(b) |
6,100 |
4,214 |
||||||||||
| 8.643% due 12/30/2057 «(b) |
6,800 |
4,683 |
||||||||||
| RALI Trust |
| |||||||||||
| 4.183% due 06/25/2037 •(m) |
$ |
611 |
564 |
|||||||||
| Residential Asset Securitization Trust |
| |||||||||||
| 6.500% due 08/25/2036 (m) |
5,344 |
1,361 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| SFO Commercial Mortgage Trust |
| |||||||||||
| 6.889% due 05/15/2038 •(m) |
$ |
18,000 |
$ |
17,972 |
||||||||
| 7.639% due 05/15/2038 •(m) |
8,000 |
7,940 |
||||||||||
| Soho Trust |
| |||||||||||
| 2.786% due 08/10/2038 ~(m) |
5,000 |
4,168 |
||||||||||
| Structured Adjustable Rate Mortgage Loan Trust |
| |||||||||||
| 5.025% due 03/25/2036 ~(m) |
2,855 |
2,785 |
||||||||||
| Trinity Square PLC |
| |||||||||||
| 0.000% due 07/15/2059 (g)(m) |
GBP |
7,804 |
9,516 |
|||||||||
| 0.000% due 07/15/2059 (g) |
10 |
1,983 |
||||||||||
| 6.747% (SONIO/N + 3.000%) due 07/15/2059 ~(m) |
4,682 |
6,226 |
||||||||||
| 7.497% (SONIO/N + 3.750%) due 07/15/2059 ~(m) |
4,682 |
6,226 |
||||||||||
| 8.747% (SONIO/N + 5.000%) due 07/15/2059 ~(m) |
6,244 |
9,889 |
||||||||||
| 9.247% (SONIO/N + 5.500%) due 07/15/2059 ~(m) |
4,682 |
6,214 |
||||||||||
| 9.747% (SONIO/N + 6.000%) due 07/15/2059 ~(m) |
84 |
112 |
||||||||||
| VASA Trust |
| |||||||||||
| 6.890% due 07/15/2039 •(m) |
$ |
10,000 |
9,081 |
|||||||||
| 7.640% due 07/15/2039 •(m) |
7,000 |
6,165 |
||||||||||
| Verus Securitization Trust |
| |||||||||||
| 8.067% due 12/25/2068 ~(m) |
4,538 |
4,578 |
||||||||||
| WaMu Mortgage Pass-Through Certificates Trust |
| |||||||||||
| 4.554% due 07/25/2047 •(m) |
1,669 |
1,421 |
||||||||||
| 4.813% due 12/25/2045 •(m) |
11,680 |
10,490 |
||||||||||
| Wells Fargo Commercial Mortgage Trust |
| |||||||||||
| 4.418% due 12/15/2039 (m) |
1,000 |
922 |
||||||||||
| 5.424% due 06/15/2049 ~(m) |
7,853 |
7,709 |
||||||||||
| 5.761% due 09/15/2040 ~(m) |
1,000 |
987 |
||||||||||
| Wells Fargo Mortgage-Backed Securities Trust |
| |||||||||||
| 6.787% due 10/25/2036 ~ |
136 |
131 |
||||||||||
| Worldwide Plaza Trust |
| |||||||||||
| 3.526% due 11/10/2036 (m) |
5,100 |
4,206 |
||||||||||
| WSTN Trust |
| |||||||||||
| 7.263% due 07/05/2037 ~(m) |
692 |
699 |
||||||||||
| |
|
|||||||||||
| Total Non-Agency Mortgage-Backed Securities(Cost $684,374) |
564,692 |
|||||||||||
| |
|
|||||||||||
ASSET-BACKED SECURITIES 18.8% |
| |||||||||||
AUTOMOBILE ABS OTHER 0.4% |
| |||||||||||
| Carvana Auto Receivables Trust |
| |||||||||||
| 0.000% due 01/10/2028 «(g) |
10 |
872 |
||||||||||
| Exeter Automobile Receivables Trust |
| |||||||||||
| 0.000% due 12/15/2033 (g) |
12 |
511 |
||||||||||
| Flagship Credit Auto Trust |
| |||||||||||
| 0.000% due 04/17/2028 «(g) |
10 |
352 |
||||||||||
| Huntington Bank Auto Credit-Linked Notes |
| |||||||||||
| 7.609% due 10/20/2032 • |
456 |
455 |
||||||||||
| 11.109% due 10/20/2032 • |
523 |
516 |
||||||||||
| Santander Bank Auto Credit-Linked Notes |
| |||||||||||
| 7.762% due 06/15/2032 (m) |
768 |
780 |
||||||||||
| 10.171% due 06/15/2032 (m) |
1,780 |
1,838 |
||||||||||
| 13.030% due 06/15/2032 |
1,570 |
1,620 |
||||||||||
| |
|
|||||||||||
6,944 |
||||||||||||
| |
|
|||||||||||
AUTOMOBILE SEQUENTIAL 0.4% |
| |||||||||||
| CPS Auto Securitization Trust |
| |||||||||||
| 11.000% due 06/16/2032 «(m) |
7,730 |
7,769 |
||||||||||
| |
|
|||||||||||
HOME EQUITY OTHER 12.3% |
| |||||||||||
| Aames Mortgage Investment Trust |
| |||||||||||
| 5.563% due 10/25/2035 • |
4,000 |
0 |
||||||||||
| 6.463% due 01/25/2035 •(m) |
4,973 |
4,052 |
||||||||||
| ABFC Trust |
| |||||||||||
| 5.638% due 04/25/2034 • |
748 |
768 |
||||||||||
| Accredited Mortgage Loan Trust |
| |||||||||||
| 5.530% due 04/25/2035 • |
420 |
435 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| ACE Securities Corp. Home Equity Loan Trust |
| |||||||||||
| 4.138% due 08/25/2036 •(m) |
$ |
25,414 |
$ |
21,390 |
||||||||
| Aegis Asset-Backed Securities Trust |
| |||||||||||
| 5.788% due 06/25/2035 • |
1,000 |
0 |
||||||||||
| 6.388% due 06/25/2035 • |
3,000 |
0 |
||||||||||
| Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
| |||||||||||
| 5.563% due 07/25/2035 •(m) |
7,500 |
6,512 |
||||||||||
| 5.593% due 07/25/2035 •(m) |
1,729 |
2,151 |
||||||||||
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
| |||||||||||
| 4.453% due 01/25/2036 •(m) |
21,502 |
23,490 |
||||||||||
| Asset-Backed Securities Corp. Home Equity Loan Trust |
| |||||||||||
| 3.993% due 05/25/2037 •(m) |
7,269 |
5,239 |
||||||||||
| 5.788% due 05/25/2035 • |
645 |
548 |
||||||||||
| 6.388% due 05/25/2035 • |
1,380 |
1,488 |
||||||||||
| Bear Stearns Asset-Backed Securities I Trust |
| |||||||||||
| 4.423% due 01/25/2037 •(m) |
6,307 |
5,901 |
||||||||||
| 4.950% due 05/25/2035 • |
685 |
696 |
||||||||||
| 5.311% due 03/25/2035 • |
83 |
83 |
||||||||||
| 5.563% due 10/25/2035 •(m) |
996 |
1,106 |
||||||||||
| 5.668% due 06/25/2035 •(m) |
3,112 |
3,196 |
||||||||||
| BNC Mortgage Loan Trust |
| |||||||||||
| 5.263% due 11/25/2037 •(m) |
32,783 |
23,439 |
||||||||||
| Carrington Mortgage Loan Trust |
| |||||||||||
| 5.713% due 06/25/2035 • |
243 |
653 |
||||||||||
| 5.788% due 05/25/2035 • |
789 |
617 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 5.638% due 05/25/2035 • |
462 |
436 |
||||||||||
| Countrywide Asset-Backed Certificates |
| |||||||||||
| 5.788% due 05/25/2035 • |
544 |
784 |
||||||||||
| Countrywide Asset-Backed Certificates Trust |
| |||||||||||
| 4.138% due 06/25/2037 •(m) |
5,739 |
5,552 |
||||||||||
| 5.713% due 08/25/2035 •(m) |
2,340 |
2,198 |
||||||||||
| Encore Credit Receivables Trust |
| |||||||||||
| 5.518% due 10/25/2035 •(m) |
6,339 |
6,032 |
||||||||||
| FBR Securitization Trust |
| |||||||||||
| 5.563% due 10/25/2035 • |
4,000 |
0 |
||||||||||
| 5.638% due 09/25/2035 • |
4,000 |
0 |
||||||||||
| 7.138% due 11/25/2035 • |
1,000 |
0 |
||||||||||
| Fieldstone Mortgage Investment Trust |
| |||||||||||
| 6.688% due 08/25/2034 •(m) |
2,284 |
1,848 |
||||||||||
| First NLC Trust |
| |||||||||||
| 4.783% due 12/25/2035 •(m) |
7,781 |
7,069 |
||||||||||
| Fremont Home Loan Trust |
| |||||||||||
| 4.813% due 01/25/2035 •(m) |
7,209 |
6,218 |
||||||||||
| GSAMP Trust |
| |||||||||||
| 4.213% due 08/25/2036 •(m) |
17,064 |
14,275 |
||||||||||
| 5.563% due 06/25/2035 •(m) |
1,133 |
1,096 |
||||||||||
| MASTR Asset-Backed Securities Trust |
| |||||||||||
| 4.348% due 01/25/2036 •(m) |
6,454 |
5,343 |
||||||||||
| Morgan Stanley ABS Capital I, Inc. Trust |
| |||||||||||
| 4.873% due 07/25/2035 •(m) |
9,606 |
7,811 |
||||||||||
| 5.563% due 06/25/2035 • |
349 |
329 |
||||||||||
| Morgan Stanley Home Equity Loan Trust |
| |||||||||||
| 4.828% due 05/25/2035 •(m) |
5,341 |
5,321 |
||||||||||
| New Century Home Equity Loan Trust |
| |||||||||||
| 4.783% due 06/25/2035 •(m) |
17,592 |
18,441 |
||||||||||
| Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
| |||||||||||
| 5.638% due 03/25/2035 •(m) |
2,046 |
1,568 |
||||||||||
| People’s Choice Home Loan Securities Trust |
| |||||||||||
| 5.788% due 05/25/2035 • |
1,000 |
0 |
||||||||||
| 6.388% due 05/25/2035 • |
3,000 |
0 |
||||||||||
| RAMP Trust |
| |||||||||||
| 5.563% due 05/25/2035 • |
1,229 |
974 |
||||||||||
| Saxon Asset Securities Trust |
| |||||||||||
| 1.388% due 11/25/2035 • |
2,000 |
128 |
||||||||||
| 4.243% due 09/25/2036 •(m) |
11,257 |
9,559 |
||||||||||
| Soundview Home Loan Trust |
| |||||||||||
| 4.588% due 12/25/2035 •(m) |
6,312 |
6,081 |
||||||||||
| 5.638% due 05/25/2035 • |
120 |
66 |
||||||||||
| 5.713% due 07/25/2035 •(m) |
1,819 |
1,762 |
||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 115 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Opportunities Fund |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Structured Asset Investment Loan Trust |
| |||||||||||
| 4.738% due 07/25/2035 •(m) |
$ |
10,561 |
$ |
8,577 |
||||||||
| Structured Asset Securities Corp. Mortgage Loan Trust |
| |||||||||||
| 4.063% due 04/25/2036 •(m) |
17,987 |
15,320 |
||||||||||
| |
|
|||||||||||
228,552 |
||||||||||||
| |
|
|||||||||||
WHOLE LOAN COLLATERAL 1.3% |
| |||||||||||
| First Franklin Mortgage Loan Trust |
| |||||||||||
| 4.073% due 10/25/2036 •(m) |
5,811 |
4,883 |
||||||||||
| 4.693% due 11/25/2035 •(m) |
8,078 |
7,578 |
||||||||||
| Residential Asset Mortgage Products Trust |
| |||||||||||
| 4.613% due 02/25/2035 •(m) |
5,327 |
4,648 |
||||||||||
| Securitized Asset-Backed Receivables LLC Trust |
| |||||||||||
| 4.263% due 03/25/2036 •(m) |
1,301 |
826 |
||||||||||
| 5.563% due 03/25/2035 • |
358 |
236 |
||||||||||
| Specialty Underwriting & Residential Finance Trust |
| |||||||||||
| 4.063% due 09/25/2037 •(m) |
20,770 |
6,841 |
||||||||||
| |
|
|||||||||||
25,012 |
||||||||||||
| |
|
|||||||||||
OTHER ABS 4.4% |
| |||||||||||
| Ayresome CDO I Ltd. |
| |||||||||||
| 7.120% due 12/08/2045 •(m) |
25,992 |
6,975 |
||||||||||
| Barings Infrastructure CLO Ltd. |
| |||||||||||
| 9.402% due 07/20/2039 |
600 |
600 |
||||||||||
| College Avenue Student Loans Trust |
| |||||||||||
| 0.000% due 06/25/2054 «(g)(m) |
11 |
6,109 |
||||||||||
| 8.660% due 06/25/2054 (m) |
1,971 |
2,060 |
||||||||||
| Duke Funding High Grade III Ltd. |
| |||||||||||
| 0.090% due 08/02/2049 (a) |
840,370 |
110 |
||||||||||
| 5.100% due 08/02/2049 • |
29,910 |
206 |
||||||||||
| Greenwood Park CLO Ltd. |
| |||||||||||
| 0.000% due 04/15/2031 ~ |
27,000 |
1,040 |
||||||||||
| GSC ABS CDO Ltd. |
| |||||||||||
| 8.004% due 06/08/2045 «• |
1,500 |
0 |
||||||||||
| KKR CLO 31 Ltd. |
| |||||||||||
| 0.000% due 04/20/2034 ~(m) |
10,000 |
1,635 |
||||||||||
| Madison Park Funding XXIII Ltd. |
| |||||||||||
| 0.000% due 07/27/2047 ~ |
5,600 |
341 |
||||||||||
| Marlette Funding Trust |
| |||||||||||
| 0.000% due 09/16/2030 «(g) |
38 |
3 |
||||||||||
| Montauk Point CDO II Ltd. |
| |||||||||||
| 7.060% due 04/06/2046 •(m) |
327,058 |
10,157 |
||||||||||
| 7.170% due 04/06/2046 • |
4,400 |
0 |
||||||||||
| Montauk Point CDO Ltd. |
| |||||||||||
| 7.065% due 10/06/2042 •(m) |
213,556 |
20,919 |
||||||||||
| Myers Park CLO Ltd. |
| |||||||||||
| 0.000% due 10/20/2030 «~ |
13,000 |
1,777 |
||||||||||
| Reach ABS Trust |
| |||||||||||
| 7.750% due 08/16/2032 (m) |
500 |
517 |
||||||||||
| Sierra Madre Funding Ltd. |
| |||||||||||
| 4.108% due 09/07/2039 • |
853 |
441 |
||||||||||
| SMB Private Education Loan Trust |
| |||||||||||
| 0.000% due 02/16/2055 «(g) |
5 |
4,268 |
||||||||||
| Stream Innovations Issuer Trust |
| |||||||||||
| 6.270% due 07/15/2044 |
289 |
297 |
||||||||||
| Structured Finance Advisors ABS CDO III Ltd. |
| |||||||||||
| 6.750% due 07/02/2037 •(m) |
41,770 |
4,760 |
||||||||||
| Summer Street Ltd. |
| |||||||||||
| 4.164% due 12/06/2045 • |
56,060 |
11,014 |
||||||||||
| Upstart Securitization Trust |
| |||||||||||
| 7.410% due 09/20/2035 (m) |
8,800 |
8,952 |
||||||||||
| |
|
|||||||||||
82,181 |
||||||||||||
| |
|
|||||||||||
| Total Asset-Backed Securities (Cost $452,442) |
350,458 |
|||||||||||
| |
|
|||||||||||
SOVEREIGN ISSUES 8.8% |
| |||||||||||
| Angola Government International Bonds |
| |||||||||||
| 8.000% due 11/26/2029 (m) |
981 |
999 |
||||||||||
| Argentina Republic Government International Bonds |
| |||||||||||
| 3.500% due 07/09/2041 þ(m) |
10,733 |
8,050 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Avenir Issuer IV Ireland DAC |
| |||||||||||
| 6.000% due 10/25/2027 |
$ |
2,826 |
$ |
2,795 |
||||||||
| Colombia TES |
| |||||||||||
| 6.500% due 01/22/2031 (i) |
COP |
705,048 |
204 |
|||||||||
| 7.000% due 06/30/2032 |
359,300 |
83 |
||||||||||
| 9.250% due 05/28/2042 |
394,600 |
94 |
||||||||||
| 11.000% due 08/22/2029 |
39,572,900 |
11,237 |
||||||||||
| 11.750% due 01/24/2035 |
86,760,400 |
24,932 |
||||||||||
| 12.500% due 02/27/2030 |
89,401,200 |
26,323 |
||||||||||
| 12.750% due 11/28/2040 |
38,101,900 |
11,630 |
||||||||||
| 13.250% due 02/09/2033 |
36,879,400 |
11,385 |
||||||||||
| DRC International Bonds |
| |||||||||||
| 8.750% due 04/16/2032 |
$ |
2,500 |
2,591 |
|||||||||
| 9.500% due 04/16/2037 |
300 |
315 |
||||||||||
| Ecuador Government International Bonds |
| |||||||||||
| 0.000% due 07/31/2030 (g)(m) |
5,580 |
4,827 |
||||||||||
| 6.900% due 07/31/2035 þ |
820 |
755 |
||||||||||
| 8.750% due 01/29/2034 (m) |
3,000 |
3,039 |
||||||||||
| Egypt Government Bonds |
| |||||||||||
| 19.698% due 10/14/2030 |
EGP |
418,000 |
8,110 |
|||||||||
| 21.954% due 03/04/2028 |
877,000 |
17,326 |
||||||||||
| Pakistan Government International Bonds |
| |||||||||||
| 6.975% due 04/24/2029 |
$ |
200 |
201 |
|||||||||
| Qatar Government International Bonds |
| |||||||||||
| 4.800% due 04/08/2033 (m) |
3,400 |
3,418 |
||||||||||
| Republic of Angola Via Avenir Issuer IV Ireland DAC |
| |||||||||||
| 10.750% due 02/05/2029 |
181 |
186 |
||||||||||
| Republic of Kenya Government International Bonds |
| |||||||||||
| 7.875% due 02/26/2034 (m) |
2,000 |
1,992 |
||||||||||
| Russia Foreign Bonds - Eurobond |
| |||||||||||
| 5.100% due 03/28/2035 |
200 |
0 |
||||||||||
| 5.625% due 04/04/2042 |
4,200 |
2,940 |
||||||||||
| Turkiye Government Bonds |
| |||||||||||
| 40.305% (BISTREFI + 0.000%) due 09/06/2028 ~(m) |
TRY |
396,200 |
8,538 |
|||||||||
| 40.760% (BISTREFI + 0.000%) due 08/19/2026 ~ |
400 |
9 |
||||||||||
| 40.760% (BISTREFI + 0.000%) due 05/17/2028 ~(m) |
79,200 |
1,714 |
||||||||||
| Ukraine Government International Bonds |
| |||||||||||
| 0.000% due 02/01/2030 þ(h) |
$ |
271 |
195 |
|||||||||
| 0.000% due 02/01/2034 þ(h) |
1,014 |
575 |
||||||||||
| 0.000% due 02/01/2035 þ(h) |
856 |
517 |
||||||||||
| 0.000% due 02/01/2036 þ(h)(m) |
714 |
430 |
||||||||||
| 4.500% due 02/01/2034 þ |
1,614 |
1,138 |
||||||||||
| 4.500% due 02/01/2035 þ |
1,738 |
1,208 |
||||||||||
| 4.500% due 02/01/2036 þ |
1,614 |
1,107 |
||||||||||
| Venezuela Government International Bonds |
| |||||||||||
| 7.000% due 03/31/2038 ^(d) |
100 |
44 |
||||||||||
| 9.250% due 09/15/2027 ^(d) |
5,300 |
2,617 |
||||||||||
| 9.250% due 05/07/2028 ^(d) |
1,600 |
772 |
||||||||||
| 11.750% due 10/21/2026 ^(d) |
100 |
55 |
||||||||||
| 11.950% due 08/05/2031 ^(d) |
800 |
436 |
||||||||||
| |
|
|||||||||||
| Total Sovereign Issues (Cost $146,553) |
162,787 |
|||||||||||
| |
|
|||||||||||
SHARES |
||||||||||||
COMMON STOCKS 4.2% |
| |||||||||||
COMMUNICATION SERVICES 0.6% |
| |||||||||||
| Promotora de Informaciones SA Class A (e) |
1,623,357 |
568 |
||||||||||
| SES SA «(e) |
652,149 |
9,864 |
||||||||||
| |
|
|||||||||||
10,432 |
||||||||||||
| |
|
|||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
| Steinhoff International Holdings NV «(e)(l) |
115,240,755 |
0 |
||||||||||
| |
|
|||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
FINANCIALS 1.6% |
| |||||||||||
| Banca Monte dei Paschi di Siena SpA |
2,274,000 |
28,260 |
||||||||||
| Corestate Capital Holding SA «(e)(l) |
632,951 |
0 |
||||||||||
| UBS Group AG |
5,143 |
255 |
||||||||||
| |
|
|||||||||||
28,515 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 2.0% |
| |||||||||||
| Incora Intermediate II LLC «(e)(l) |
947,048 |
37,330 |
||||||||||
| |
|
|||||||||||
37,330 |
||||||||||||
| |
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
| MNSN Holdings, Inc. (e)(l) |
8,417 |
707 |
||||||||||
| |
|
|||||||||||
| Total Common Stocks (Cost $51,630) |
76,984 |
|||||||||||
| |
|
|||||||||||
PREFERRED SECURITIES 4.6% |
| |||||||||||
BANKING & FINANCE 0.2% |
| |||||||||||
| ADLER Group SA « |
3,588,226 |
0 |
||||||||||
| WAFC Voussoir « |
3,846,808 |
3,847 |
||||||||||
| |
|
|||||||||||
3,847 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 4.4% |
| |||||||||||
| Atlas Re Ltd. « |
140 |
13,939 |
||||||||||
| Clover Holdings, Inc. |
| |||||||||||
| 0.000% «(l) |
27,610 |
529 |
||||||||||
| Mustang Express Ltd. |
| |||||||||||
| 0.000% « |
53,559 |
55,369 |
||||||||||
| SVB Financial Trust |
| |||||||||||
| 0.000% due 11/07/2032 (g) |
51,680 |
5 |
||||||||||
| 11.000% due 11/07/2032 |
9,596 |
4,414 |
||||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 12.500% «(l) |
9,670,513 |
7,045 |
||||||||||
| Venture Global LNG, Inc. |
| |||||||||||
| 9.000% due 09/30/2029 (j)(m) |
1,260,000 |
1,229 |
||||||||||
| |
|
|||||||||||
82,530 |
||||||||||||
| |
|
|||||||||||
| Total Preferred Securities (Cost $88,605) |
86,377 |
|||||||||||
| |
|
|||||||||||
REAL ESTATE INVESTMENT TRUSTS 0.3% |
| |||||||||||
REAL ESTATE 0.3% |
| |||||||||||
| PennyMac Mortgage Investment Trust |
556,200 |
6,274 |
||||||||||
| |
|
|||||||||||
| Total Real Estate Investment Trusts (Cost $9,519) |
6,274 |
|||||||||||
| |
|
|||||||||||
SHORT-TERM INSTRUMENTS 4.4% |
| |||||||||||
MUTUAL FUNDS 0.3% |
| |||||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.730% (k) |
5,248,992 |
5,249 |
||||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
||||||||||||
EGYPT TREASURY BILLS 0.5% |
| |||||||||||
| 24.271% due 08/04/2026 - 11/17/2026 (f)(g) |
EGP |
431,775 |
8,540 |
|||||||||
| |
|
|||||||||||
NIGERIA TREASURY BILLS 2.2% |
| |||||||||||
| 20.606% due 01/14/2027 - 01/28/2027 (f)(g) |
NGN |
63,333,400 |
41,084 |
|||||||||
| |
|
|||||||||||
116 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
U.S. TREASURY BILLS 1.4% |
| |||||||||||
| 3.702% due 07/21/2026 - 09/24/2026 (f)(g)(o)(q) |
$ |
25,482 |
$ |
25,412 |
||||||||
| |
|
|||||||||||
| Total Short-Term Instruments (Cost $80,424) |
80,285 |
|||||||||||
| |
|
|||||||||||
| Total Investments in Securities (Cost $2,963,112) |
2,652,218 |
|||||||||||
| |
|
|||||||||||
SHARES |
||||||||||||
INVESTMENTS IN AFFILIATES 11.0% |
| |||||||||||
COMMON STOCKS 0.7% |
| |||||||||||
AFFILIATED INVESTMENTS 0.7% |
| |||||||||||
| Market Garden «(l) |
11,964,745 |
13,160 |
||||||||||
| |
|
|||||||||||
Total Common Stocks (Cost $11,965) |
13,160 |
|||||||||||
| |
|
|||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
SHORT-TERM INSTRUMENTS 10.3% |
| |||||||||||
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.3% |
| |||||||||||
| PIMCO Short-Term Floating NAV Portfolio III |
19,651,203 |
$ |
191,422 |
|||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $191,286) |
191,422 |
|||||||||||
| |
|
|||||||||||
Total Investments in Affiliates (Cost $203,251) |
204,582 |
|||||||||||
Total Investments 153.5% (Cost $3,166,363) |
|
$ |
2,856,800 |
|||||||||
| Financial Derivative Instruments (n)(p) (0.5)% (Cost or Premiums, net $16,849) |
|
(9,178 |
) | |||||||||
Other Assets and Liabilities, net (53.0)% |
|
(985,400 |
) | |||||||||
| |
|
|||||||||||
Net Assets 100.0% |
$ |
1,862,222 |
||||||||||
| |
|
|||||||||||
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
« |
Security valued using significant unobservable inputs (Level 3). |
µ |
All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
~ |
Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
• |
Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
þ |
Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
(a) |
Security is an Interest Only (“IO”) or IO Strip. |
(b) |
When-issued security. |
(c) |
Payment in-kind security. |
(d) |
Security is not accruing income as of the date of this report. |
(e) |
Security did not produce income within the last twelve months. |
(f) |
Coupon represents a weighted average yield to maturity. |
(g) |
Zero coupon security. |
(h) |
Security becomes interest bearing at a future date. |
(i) |
Principal amount of security is adjusted for inflation. |
(j) |
Perpetual maturity; date shown, if applicable, represents next contractual call date. |
(k) |
Coupon represents a 7-Day Yield. |
(l) RESTRICTED SECURITIES:
Issuer Description |
Acquisition Date |
Cost |
Market Value |
Market Value as Percentage of Net Assets |
||||||||||||||||||||
| Clover Holdings, Inc. |
12/09/2024 |
$ |
414 |
$ |
529 |
0.03 |
% | |||||||||||||||||
| Corestate Capital Holding SA |
08/22/2023 |
0 |
0 |
0.00 |
||||||||||||||||||||
| Incora Intermediate II LLC |
01/31/2025 |
46,003 |
37,330 |
2.01 |
||||||||||||||||||||
| Incora Top Holdco LLC 6.000% due 01/30/2033 |
01/31/2025 - 05/01/2026 |
21,892 |
34,504 |
1.85 |
||||||||||||||||||||
| Luxco Co. Ltd. |
10/01/2025 |
1,544 |
1,778 |
0.10 |
||||||||||||||||||||
| MNSN Holdings, Inc. |
03/16/2023 - 03/29/2023 |
93 |
707 |
0.04 |
||||||||||||||||||||
| Market Garden |
03/13/2024 |
11,965 |
13,160 |
0.70 |
||||||||||||||||||||
| Petersen Claim Units 0.000% due 12/31/2099 |
12/08/2025 - 03/17/2026 |
3,476 |
513 |
0.03 |
||||||||||||||||||||
| Steinhoff International Holdings NV |
06/30/2023 - 10/30/2023 |
0 |
0 |
0.00 |
||||||||||||||||||||
| Syniverse Holdings, Inc. 12.500% |
05/12/2022 - 05/31/2026 |
9,552 |
7,045 |
0.38 |
||||||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
$ |
94,939 |
$ |
95,566 |
5.14 |
% | |||||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
117 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Opportunities Fund |
(Cont.) |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||
| BNY |
4.720% |
04/17/2026 |
10/19/2026 |
$ |
(4,353 |
) |
$ |
(4,397 |
) | |||||||||||||
4.720 |
05/29/2026 |
11/30/2026 |
(13,429 |
) |
(13,487 |
) | ||||||||||||||||
4.720 |
06/25/2026 |
12/23/2026 |
(9,412 |
) |
(9,419 |
) | ||||||||||||||||
| BOS |
3.750 |
06/24/2026 |
07/06/2026 |
(6,043 |
) |
(6,048 |
) | |||||||||||||||
3.990 |
05/05/2026 |
07/02/2026 |
(12,901 |
) |
(12,983 |
) | ||||||||||||||||
4.050 |
06/30/2026 |
TBD |
(2) |
(1,493 |
) |
(1,494 |
) | |||||||||||||||
4.470 |
06/11/2026 |
10/09/2026 |
(2,061 |
) |
(2,066 |
) | ||||||||||||||||
4.670 |
06/11/2026 |
10/09/2026 |
(529 |
) |
(530 |
) | ||||||||||||||||
4.870 |
06/11/2026 |
10/09/2026 |
(1,130 |
) |
(1,133 |
) | ||||||||||||||||
| BPS |
(0.250 |
) |
06/17/2026 |
TBD |
(2) |
EUR |
(704 |
) |
(804 |
) | ||||||||||||
1.850 |
06/17/2026 |
TBD |
(2) |
EUR |
(869 |
) |
(994 |
) | ||||||||||||||
1.950 |
06/17/2026 |
TBD |
(2) |
(5,539 |
) |
(6,334 |
) | |||||||||||||||
2.050 |
06/17/2026 |
TBD |
(2) |
(1,564 |
) |
(1,788 |
) | |||||||||||||||
2.472 |
06/12/2026 |
09/14/2026 |
(1,987 |
) |
(2,274 |
) | ||||||||||||||||
3.860 |
06/11/2026 |
06/10/2028 |
$ |
(581 |
) |
(583 |
) | |||||||||||||||
4.000 |
07/02/2026 |
09/04/2026 |
(6,980 |
) |
(6,980 |
) | ||||||||||||||||
4.040 |
05/04/2026 |
07/02/2026 |
(7,445 |
) |
(7,494 |
) | ||||||||||||||||
4.050 |
02/03/2026 |
TBD |
(2) |
GBP |
(11,527 |
) |
(15,545 |
) | ||||||||||||||
4.070 |
06/11/2026 |
TBD |
(2) |
$ |
(1,954 |
) |
(1,959 |
) | ||||||||||||||
4.270 |
05/14/2026 |
09/14/2026 |
(639 |
) |
(643 |
) | ||||||||||||||||
4.700 |
06/18/2026 |
12/17/2026 |
(4,960 |
) |
(4,968 |
) | ||||||||||||||||
4.800 |
06/18/2026 |
12/17/2026 |
(6,105 |
) |
(6,116 |
) | ||||||||||||||||
4.820 |
01/27/2026 |
07/23/2026 |
(86,928 |
) |
(88,743 |
) | ||||||||||||||||
4.830 |
06/18/2026 |
12/17/2026 |
(15,644 |
) |
(15,671 |
) | ||||||||||||||||
5.210 |
04/22/2026 |
07/22/2026 |
(14,711 |
) |
(14,860 |
) | ||||||||||||||||
| BRC |
1.750 |
06/17/2026 |
TBD |
(2) |
EUR |
(1,495 |
) |
(1,709 |
) | |||||||||||||
1.850 |
06/17/2026 |
TBD |
(2) |
(852 |
) |
(974 |
) | |||||||||||||||
1.900 |
06/17/2026 |
TBD |
(2) |
(2,227 |
) |
(2,547 |
) | |||||||||||||||
3.580 |
12/12/2025 |
TBD |
(2) |
$ |
(1,907 |
) |
(1,946 |
) | ||||||||||||||
4.000 |
02/06/2026 |
TBD |
(2) |
(1,648 |
) |
(1,674 |
) | |||||||||||||||
4.000 |
04/16/2026 |
TBD |
(2) |
(2,540 |
) |
(2,559 |
) | |||||||||||||||
4.000 |
04/16/2026 |
TBD |
(2) |
(1,114 |
) |
(1,124 |
) | |||||||||||||||
4.020 |
06/15/2026 |
07/15/2026 |
(15,849 |
) |
(15,877 |
) | ||||||||||||||||
4.500 |
06/17/2026 |
10/15/2026 |
(5,788 |
) |
(5,798 |
) | ||||||||||||||||
4.610 |
05/27/2026 |
08/25/2026 |
(4,200 |
) |
(4,219 |
) | ||||||||||||||||
4.670 |
04/06/2026 |
07/07/2026 |
(3,754 |
) |
(3,796 |
) | ||||||||||||||||
4.690 |
06/09/2026 |
10/07/2026 |
(5,662 |
) |
(5,678 |
) | ||||||||||||||||
4.700 |
06/17/2026 |
10/15/2026 |
(3,967 |
) |
(3,975 |
) | ||||||||||||||||
4.760 |
06/02/2026 |
10/02/2026 |
(9,990 |
) |
(10,028 |
) | ||||||||||||||||
4.770 |
06/10/2026 |
10/09/2026 |
(18,376 |
) |
(18,427 |
) | ||||||||||||||||
4.770 |
06/22/2026 |
10/16/2026 |
(7,912 |
) |
(7,921 |
) | ||||||||||||||||
4.800 |
06/09/2026 |
09/09/2026 |
(8,880 |
) |
(8,906 |
) | ||||||||||||||||
4.810 |
04/22/2026 |
07/22/2026 |
(1,370 |
) |
(1,383 |
) | ||||||||||||||||
4.810 |
05/14/2026 |
09/10/2026 |
(620 |
) |
(624 |
) | ||||||||||||||||
4.810 |
06/02/2026 |
10/02/2026 |
(10,157 |
) |
(10,196 |
) | ||||||||||||||||
4.820 |
06/10/2026 |
10/09/2026 |
(15,829 |
) |
(15,873 |
) | ||||||||||||||||
4.820 |
06/22/2026 |
10/16/2026 |
(3,035 |
) |
(3,038 |
) | ||||||||||||||||
4.830 |
02/04/2026 |
08/04/2026 |
(7,193 |
) |
(7,334 |
) | ||||||||||||||||
4.830 |
04/08/2026 |
07/08/2026 |
(3,574 |
) |
(3,614 |
) | ||||||||||||||||
4.840 |
06/09/2026 |
10/07/2026 |
(1,793 |
) |
(1,799 |
) | ||||||||||||||||
4.870 |
06/10/2026 |
10/09/2026 |
(12,017 |
) |
(12,052 |
) | ||||||||||||||||
4.870 |
06/26/2026 |
10/22/2026 |
(630 |
) |
(630 |
) | ||||||||||||||||
4.910 |
04/22/2026 |
07/22/2026 |
(64 |
) |
(65 |
) | ||||||||||||||||
| BYR |
3.970 |
06/26/2026 |
08/03/2026 |
(11,784 |
) |
(11,791 |
) | |||||||||||||||
4.010 |
06/23/2026 |
07/01/2026 |
(3,267 |
) |
(3,270 |
) | ||||||||||||||||
4.010 |
07/01/2026 |
07/21/2026 |
(3,156 |
) |
(3,156 |
) | ||||||||||||||||
4.120 |
03/05/2026 |
07/31/2026 |
(1,367 |
) |
(1,386 |
) | ||||||||||||||||
4.120 |
04/21/2026 |
07/21/2026 |
(16,444 |
) |
(16,578 |
) | ||||||||||||||||
4.120 |
04/23/2026 |
07/23/2026 |
(1,089 |
) |
(1,097 |
) | ||||||||||||||||
4.120 |
06/01/2026 |
09/01/2026 |
(1,188 |
) |
(1,192 |
) | ||||||||||||||||
4.120 |
06/08/2026 |
10/08/2026 |
(10,211 |
) |
(10,237 |
) | ||||||||||||||||
4.120 |
06/24/2026 |
10/08/2026 |
(1,410 |
) |
(1,412 |
) | ||||||||||||||||
4.120 |
06/30/2026 |
07/21/2026 |
(4,386 |
) |
(4,387 |
) | ||||||||||||||||
4.120 |
06/30/2026 |
07/31/2026 |
(7,597 |
) |
(7,597 |
) | ||||||||||||||||
4.170 |
05/26/2026 |
08/26/2026 |
(10,711 |
) |
(10,754 |
) | ||||||||||||||||
118 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||
| CDC |
4.120 |
% |
05/13/2026 |
09/09/2026 |
$ |
(3,233 |
) |
$ |
(3,251 |
) | ||||||||||||
4.120 |
06/02/2026 |
07/02/2026 |
(1,665 |
) |
(1,671 |
) | ||||||||||||||||
4.120 |
06/03/2026 |
07/02/2026 |
(2,630 |
) |
(2,638 |
) | ||||||||||||||||
4.120 |
06/03/2026 |
09/09/2026 |
(2,404 |
) |
(2,412 |
) | ||||||||||||||||
4.120 |
06/12/2026 |
07/02/2026 |
(1,020 |
) |
(1,022 |
) | ||||||||||||||||
4.120 |
06/22/2026 |
10/20/2026 |
(6,794 |
) |
(6,801 |
) | ||||||||||||||||
4.120 |
06/25/2026 |
07/02/2026 |
(627 |
) |
(627 |
) | ||||||||||||||||
4.130 |
06/01/2026 |
09/01/2026 |
(1,212 |
) |
(1,216 |
) | ||||||||||||||||
4.130 |
06/03/2026 |
09/01/2026 |
(376 |
) |
(377 |
) | ||||||||||||||||
4.130 |
06/08/2026 |
09/01/2026 |
(749 |
) |
(751 |
) | ||||||||||||||||
4.150 |
06/08/2026 |
09/18/2026 |
(225 |
) |
(225 |
) | ||||||||||||||||
| CEW |
3.870 |
05/13/2026 |
TBD |
(2) |
(4,320 |
) |
(4,342 |
) | ||||||||||||||
5.020 |
04/20/2026 |
07/21/2026 |
(3,483 |
) |
(3,518 |
) | ||||||||||||||||
| DBL |
2.600 |
06/17/2026 |
TBD |
(2) |
EUR |
(2,525 |
) |
(2,888 |
) | |||||||||||||
3.900 |
12/12/2025 |
TBD |
(2) |
$ |
(2,031 |
) |
(2,076 |
) | ||||||||||||||
3.950 |
12/12/2025 |
TBD |
(2) |
(6,278 |
) |
(6,417 |
) | |||||||||||||||
4.088 |
05/22/2026 |
08/21/2026 |
(13,946 |
) |
(14,009 |
) | ||||||||||||||||
4.195 |
06/26/2026 |
09/25/2026 |
(7,012 |
) |
(7,016 |
) | ||||||||||||||||
4.245 |
06/26/2026 |
09/25/2026 |
(2,342 |
) |
(2,343 |
) | ||||||||||||||||
4.338 |
05/22/2026 |
08/21/2026 |
(3,260 |
) |
(3,276 |
) | ||||||||||||||||
4.350 |
05/08/2026 |
08/07/2026 |
(7,110 |
) |
(7,157 |
) | ||||||||||||||||
4.388 |
05/22/2026 |
08/21/2026 |
(2,270 |
) |
(2,281 |
) | ||||||||||||||||
4.455 |
06/18/2026 |
08/21/2026 |
(7,410 |
) |
(7,422 |
) | ||||||||||||||||
4.488 |
05/22/2026 |
08/21/2026 |
(3,885 |
) |
(3,904 |
) | ||||||||||||||||
4.605 |
06/18/2026 |
08/21/2026 |
(4,618 |
) |
(4,625 |
) | ||||||||||||||||
4.655 |
06/18/2026 |
08/21/2026 |
(4,417 |
) |
(4,424 |
) | ||||||||||||||||
4.660 |
06/01/2026 |
08/28/2026 |
(2,575 |
) |
(2,585 |
) | ||||||||||||||||
4.755 |
06/18/2026 |
08/21/2026 |
(26,166 |
) |
(26,211 |
) | ||||||||||||||||
4.840 |
06/02/2026 |
08/03/2026 |
(247 |
) |
(248 |
) | ||||||||||||||||
4.850 |
05/08/2026 |
08/07/2026 |
(5,525 |
) |
(5,565 |
) | ||||||||||||||||
4.855 |
06/18/2026 |
08/21/2026 |
(2,401 |
) |
(2,405 |
) | ||||||||||||||||
5.090 |
06/02/2026 |
08/03/2026 |
(2,722 |
) |
(2,733 |
) | ||||||||||||||||
5.105 |
06/18/2026 |
08/21/2026 |
(1,476 |
) |
(1,479 |
) | ||||||||||||||||
5.130 |
06/18/2026 |
08/21/2026 |
(8,369 |
) |
(8,385 |
) | ||||||||||||||||
5.155 |
06/18/2026 |
08/21/2026 |
(1,375 |
) |
(1,378 |
) | ||||||||||||||||
5.205 |
06/18/2026 |
08/21/2026 |
(5,237 |
) |
(5,247 |
) | ||||||||||||||||
5.285 |
06/18/2026 |
08/21/2026 |
(2,037 |
) |
(2,041 |
) | ||||||||||||||||
| DEU |
3.970 |
06/25/2026 |
TBD |
(2) |
(1,944 |
) |
(1,945 |
) | ||||||||||||||
4.000 |
02/02/2026 |
TBD |
(2) |
(1,326 |
) |
(1,348 |
) | |||||||||||||||
4.010 |
02/02/2026 |
TBD |
(2) |
(2,326 |
) |
(2,365 |
) | |||||||||||||||
| GLM |
4.870 |
04/29/2026 |
07/29/2026 |
(1,846 |
) |
(1,862 |
) | |||||||||||||||
4.930 |
12/23/2025 |
09/23/2026 |
(467 |
) |
(479 |
) | ||||||||||||||||
| JML |
1.250 |
06/17/2026 |
TBD |
(2) |
EUR |
(196 |
) |
(224 |
) | |||||||||||||
| JPS |
4.070 |
05/14/2026 |
11/16/2026 |
$ |
(1,475 |
) |
(1,483 |
) | ||||||||||||||
4.220 |
05/14/2026 |
11/16/2026 |
(1,431 |
) |
(1,439 |
) | ||||||||||||||||
| MBC |
4.422 |
06/25/2026 |
09/24/2026 |
GBP |
(3,746 |
) |
(4,972 |
) | ||||||||||||||
| MEI |
4.100 |
06/30/2026 |
06/29/2028 |
(364 |
) |
(364 |
) | |||||||||||||||
| MSB |
4.520 |
05/08/2026 |
11/04/2026 |
(2,532 |
) |
(2,550 |
) | |||||||||||||||
4.620 |
05/08/2026 |
11/04/2026 |
(3,846 |
) |
(3,873 |
) | ||||||||||||||||
4.670 |
05/18/2026 |
11/12/2026 |
(9,586 |
) |
(9,640 |
) | ||||||||||||||||
4.720 |
05/08/2026 |
11/04/2026 |
(3,132 |
) |
(3,154 |
) | ||||||||||||||||
4.720 |
06/30/2026 |
12/30/2026 |
(6,186 |
) |
(6,186 |
) | ||||||||||||||||
4.770 |
06/30/2026 |
12/30/2026 |
(20,441 |
) |
(20,443 |
) | ||||||||||||||||
4.820 |
06/30/2026 |
12/30/2026 |
(6,559 |
) |
(6,560 |
) | ||||||||||||||||
| MSC |
3.630 |
06/22/2026 |
07/31/2026 |
(289 |
) |
(289 |
) | |||||||||||||||
4.770 |
05/08/2026 |
11/04/2026 |
(4,121 |
) |
(4,151 |
) | ||||||||||||||||
| MYI |
1.700 |
06/24/2026 |
07/08/2026 |
EUR |
(725 |
) |
(829 |
) | ||||||||||||||
1.750 |
06/17/2026 |
07/08/2026 |
(426 |
) |
(487 |
) | ||||||||||||||||
2.550 |
06/17/2026 |
07/08/2026 |
(5,507 |
) |
(6,299 |
) | ||||||||||||||||
2.750 |
01/15/2026 |
07/08/2026 |
$ |
(275 |
) |
(279 |
) | |||||||||||||||
| MZF |
4.720 |
06/17/2026 |
12/17/2026 |
(10,443 |
) |
(10,463 |
) | |||||||||||||||
4.820 |
06/17/2026 |
12/17/2026 |
(4,617 |
) |
(4,626 |
) | ||||||||||||||||
| NOM |
4.000 |
05/29/2026 |
TBD |
(2) |
(854 |
) |
(856 |
) | ||||||||||||||
| RCY |
4.120 |
06/11/2026 |
07/13/2026 |
(732 |
) |
(733 |
) | |||||||||||||||
| RTA |
4.145 |
05/07/2026 |
10/19/2026 |
(966 |
) |
(972 |
) | |||||||||||||||
4.145 |
05/20/2026 |
11/20/2026 |
(2,395 |
) |
(2,407 |
) | ||||||||||||||||
4.145 |
06/02/2026 |
11/30/2026 |
(15,814 |
) |
(15,867 |
) | ||||||||||||||||
4.145 |
06/09/2026 |
11/30/2026 |
(3,004 |
) |
(3,011 |
) | ||||||||||||||||
4.145 |
06/11/2026 |
12/11/2026 |
(1,801 |
) |
(1,805 |
) | ||||||||||||||||
4.145 |
06/25/2026 |
11/20/2026 |
(903 |
) |
(904 |
) | ||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 119 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Opportunities Fund |
(Cont.) |
Counterparty |
Borrowing Rate (1) |
Settlement Date |
Maturity Date |
Amount Borrowed (1) |
Payable for Reverse Repurchase Agreements |
|||||||||||||||||
4.245 |
% |
06/26/2026 |
07/27/2026 |
$ |
(26,562 |
) |
$ |
(26,578 |
) | |||||||||||||
4.300 |
06/17/2026 |
10/08/2026 |
(2,326 |
) |
(2,330 |
) | ||||||||||||||||
4.470 |
06/01/2026 |
07/01/2026 |
(3,282 |
) |
(3,294 |
) | ||||||||||||||||
4.470 |
06/05/2026 |
09/04/2026 |
(4,247 |
) |
(4,261 |
) | ||||||||||||||||
4.470 |
06/29/2026 |
10/26/2026 |
(4,963 |
) |
(4,965 |
) | ||||||||||||||||
4.470 |
07/01/2026 |
11/02/2026 |
(3,281 |
) |
(3,281 |
) | ||||||||||||||||
4.520 |
06/01/2026 |
07/01/2026 |
(1,316 |
) |
(1,321 |
) | ||||||||||||||||
4.520 |
07/01/2026 |
11/02/2026 |
(1,316 |
) |
(1,316 |
) | ||||||||||||||||
4.700 |
06/08/2026 |
10/08/2026 |
(2,910 |
) |
(2,918 |
) | ||||||||||||||||
4.750 |
06/08/2026 |
10/08/2026 |
(12,553 |
) |
(12,590 |
) | ||||||||||||||||
4.770 |
06/04/2026 |
12/04/2026 |
(12,457 |
) |
(12,502 |
) | ||||||||||||||||
4.770 |
06/08/2026 |
10/08/2026 |
(15,963 |
) |
(16,012 |
) | ||||||||||||||||
4.780 |
06/08/2026 |
10/08/2026 |
(3,992 |
) |
(4,005 |
) | ||||||||||||||||
| SBI |
4.170 |
04/27/2026 |
10/27/2026 |
(3,157 |
) |
(3,181 |
) | |||||||||||||||
4.570 |
04/27/2026 |
10/27/2026 |
(3,073 |
) |
(3,098 |
) | ||||||||||||||||
4.720 |
04/27/2026 |
10/27/2026 |
(2,840 |
) |
(2,864 |
) | ||||||||||||||||
| SCX |
4.050 |
01/30/2026 |
TBD |
(2) |
(6,660 |
) |
(6,774 |
) | ||||||||||||||
4.050 |
02/03/2026 |
TBD |
(2) |
(10,195 |
) |
(10,364 |
) | |||||||||||||||
4.050 |
06/15/2026 |
07/01/2026 |
(5,808 |
) |
(5,819 |
) | ||||||||||||||||
4.050 |
07/01/2026 |
TBD |
(2) |
(2,665 |
) |
(2,665 |
) | |||||||||||||||
4.170 |
06/26/2026 |
08/04/2026 |
(1,804 |
) |
(1,805 |
) | ||||||||||||||||
| SGY |
3.960 |
06/25/2026 |
TBD |
(2) |
(785 |
) |
(786 |
) | ||||||||||||||
| SOG |
3.910 |
05/08/2026 |
TBD |
(2) |
(3,223 |
) |
(3,241 |
) | ||||||||||||||
3.970 |
12/12/2025 |
TBD |
(2) |
(2,538 |
) |
(2,595 |
) | |||||||||||||||
3.990 |
03/10/2026 |
TBD |
(2) |
(1,456 |
) |
(1,474 |
) | |||||||||||||||
4.370 |
06/12/2026 |
10/13/2026 |
(6,987 |
) |
(7,003 |
) | ||||||||||||||||
4.470 |
06/12/2026 |
10/13/2026 |
(8,252 |
) |
(8,271 |
) | ||||||||||||||||
4.570 |
06/12/2026 |
10/13/2026 |
(21,900 |
) |
(21,952 |
) | ||||||||||||||||
4.620 |
06/12/2026 |
12/11/2026 |
(7,505 |
) |
(7,523 |
) | ||||||||||||||||
4.720 |
05/01/2026 |
10/30/2026 |
(4,167 |
) |
(4,200 |
) | ||||||||||||||||
| UBS |
1.700 |
07/02/2026 |
TBD |
(2) |
EUR |
(305 |
) |
(348 |
) | |||||||||||||
2.430 |
06/17/2026 |
TBD |
(2) |
(438 |
) |
(501 |
) | |||||||||||||||
2.460 |
06/17/2026 |
TBD |
(2) |
(2,101 |
) |
(2,403 |
) | |||||||||||||||
2.470 |
06/17/2026 |
TBD |
(2) |
(900 |
) |
(1,029 |
) | |||||||||||||||
2.480 |
06/10/2026 |
09/10/2026 |
(14,944 |
) |
(17,100 |
) | ||||||||||||||||
2.480 |
06/18/2026 |
09/10/2026 |
(1,921 |
) |
(2,197 |
) | ||||||||||||||||
2.480 |
06/29/2026 |
TBD |
(2) |
(5,916 |
) |
(6,760 |
) | |||||||||||||||
2.527 |
06/30/2026 |
09/30/2026 |
(2,707 |
) |
(3,093 |
) | ||||||||||||||||
3.960 |
05/05/2026 |
08/04/2026 |
$ |
(4,331 |
) |
(4,358 |
) | |||||||||||||||
3.970 |
12/12/2025 |
TBD |
(2) |
(800 |
) |
(818 |
) | |||||||||||||||
3.990 |
03/10/2026 |
TBD |
(2) |
(335 |
) |
(339 |
) | |||||||||||||||
4.080 |
04/06/2026 |
07/07/2026 |
(153 |
) |
(155 |
) | ||||||||||||||||
4.220 |
06/23/2026 |
08/04/2026 |
(1,348 |
) |
(1,349 |
) | ||||||||||||||||
4.230 |
04/07/2026 |
07/07/2026 |
(1,240 |
) |
(1,252 |
) | ||||||||||||||||
4.230 |
04/08/2026 |
07/08/2026 |
(258 |
) |
(260 |
) | ||||||||||||||||
4.230 |
06/24/2026 |
07/16/2026 |
(1,590 |
) |
(1,591 |
) | ||||||||||||||||
4.264 |
06/30/2026 |
09/30/2026 |
GBP |
(5,813 |
) |
(7,711 |
) | |||||||||||||||
4.450 |
06/01/2026 |
08/28/2026 |
$ |
(2,402 |
) |
(2,410 |
) | |||||||||||||||
4.478 |
06/12/2026 |
09/14/2026 |
GBP |
(3,506 |
) |
(4,662 |
) | |||||||||||||||
4.508 |
06/12/2026 |
09/14/2026 |
(3,282 |
) |
(4,363 |
) | ||||||||||||||||
4.538 |
06/12/2026 |
09/14/2026 |
(1,428 |
) |
(1,899 |
) | ||||||||||||||||
4.550 |
06/01/2026 |
08/28/2026 |
$ |
(4,560 |
) |
(4,578 |
) | |||||||||||||||
4.608 |
06/12/2026 |
09/14/2026 |
GBP |
(72 |
) |
(95 |
) | |||||||||||||||
4.660 |
06/11/2026 |
09/10/2026 |
$ |
(9,865 |
) |
(9,891 |
) | |||||||||||||||
4.758 |
06/12/2026 |
09/14/2026 |
GBP |
(4,129 |
) |
(5,491 |
) | |||||||||||||||
4.820 |
04/23/2026 |
07/23/2026 |
$ |
(9,219 |
) |
(9,305 |
) | |||||||||||||||
4.958 |
06/12/2026 |
09/14/2026 |
GBP |
(4,755 |
) |
(6,323 |
) | |||||||||||||||
5.130 |
06/18/2026 |
08/21/2026 |
$ |
(4,343 |
) |
(4,351 |
) | |||||||||||||||
5.205 |
06/18/2026 |
08/21/2026 |
(3,947 |
) |
(3,955 |
) | ||||||||||||||||
| WFS |
4.230 |
04/16/2026 |
07/15/2026 |
(584 |
) |
(589 |
) | |||||||||||||||
4.316 |
06/22/2026 |
08/24/2026 |
(6,825 |
) |
(6,832 |
) | ||||||||||||||||
4.345 |
06/26/2026 |
09/28/2026 |
(1,710 |
) |
(1,711 |
) | ||||||||||||||||
4.430 |
04/16/2026 |
07/15/2026 |
(387 |
) |
(390 |
) | ||||||||||||||||
4.545 |
06/26/2026 |
09/28/2026 |
(3,549 |
) |
(3,551 |
) | ||||||||||||||||
| |
|
|||||||||||||||||||||
| Total Reverse Repurchase Agreements |
$ |
(1,042,415 |
) | |||||||||||||||||||
| |
|
|||||||||||||||||||||
120 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2026:
Counterparty |
Repurchase Agreement Proceeds to be Received |
Payable for Reverse Repurchase Agreements |
Payable for Sale-Buyback Transactions |
Total Borrowings and Other Financing Transactions |
Collateral Pledged/(Received) |
Net Exposure (3) |
||||||||||||||||||
| Global/Master Repurchase Agreement |
| |||||||||||||||||||||||
| BNY |
$ |
0 |
$ |
(27,303 |
) |
$ |
0 |
$ |
(27,303 |
) |
$ |
38,441 |
$ |
11,138 |
||||||||||
| BOS |
0 |
(24,254 |
) |
0 |
(24,254 |
) |
29,238 |
4,984 |
||||||||||||||||
| BPS |
0 |
(175,756 |
) |
0 |
(175,756 |
) |
219,667 |
43,911 |
||||||||||||||||
| BRC |
0 |
(153,766 |
) |
0 |
(153,766 |
) |
200,137 |
46,371 |
||||||||||||||||
| BYR |
0 |
(72,857 |
) |
0 |
(72,857 |
) |
79,121 |
6,264 |
||||||||||||||||
| CDC |
0 |
(20,991 |
) |
0 |
(20,991 |
) |
24,197 |
3,206 |
||||||||||||||||
| CEW |
0 |
(7,860 |
) |
0 |
(7,860 |
) |
9,477 |
1,617 |
||||||||||||||||
| DBL |
0 |
(126,115 |
) |
0 |
(126,115 |
) |
186,538 |
60,423 |
||||||||||||||||
| DEU |
0 |
(5,658 |
) |
0 |
(5,658 |
) |
6,107 |
449 |
||||||||||||||||
| GLM |
0 |
(2,341 |
) |
0 |
(2,341 |
) |
3,179 |
838 |
||||||||||||||||
| JML |
0 |
(224 |
) |
0 |
(224 |
) |
225 |
1 |
||||||||||||||||
| JPS |
0 |
(2,922 |
) |
0 |
(2,922 |
) |
3,264 |
342 |
||||||||||||||||
| MBC |
0 |
(4,972 |
) |
0 |
(4,972 |
) |
6,226 |
1,254 |
||||||||||||||||
| MEI |
0 |
(364 |
) |
0 |
(364 |
) |
410 |
46 |
||||||||||||||||
| MSB |
0 |
(52,406 |
) |
0 |
(52,406 |
) |
69,433 |
17,027 |
||||||||||||||||
| MSC |
0 |
(4,440 |
) |
0 |
(4,440 |
) |
5,915 |
1,475 |
||||||||||||||||
| MYI |
0 |
(7,894 |
) |
0 |
(7,894 |
) |
43,303 |
35,409 |
||||||||||||||||
| MZF |
0 |
(15,089 |
) |
0 |
(15,089 |
) |
21,405 |
6,316 |
||||||||||||||||
| NOM |
0 |
(856 |
) |
0 |
(856 |
) |
999 |
143 |
||||||||||||||||
| RCY |
0 |
(733 |
) |
0 |
(733 |
) |
789 |
56 |
||||||||||||||||
| RTA |
0 |
(120,339 |
) |
0 |
(120,339 |
) |
150,824 |
30,485 |
||||||||||||||||
| SBI |
0 |
(9,143 |
) |
0 |
(9,143 |
) |
11,456 |
2,313 |
||||||||||||||||
| SCX |
0 |
(27,427 |
) |
0 |
(27,427 |
) |
27,461 |
34 |
||||||||||||||||
| SGY |
0 |
(786 |
) |
0 |
(786 |
) |
915 |
129 |
||||||||||||||||
| SOG |
0 |
(56,259 |
) |
0 |
(56,259 |
) |
90,412 |
34,153 |
||||||||||||||||
| UBS |
0 |
(108,587 |
) |
0 |
(108,587 |
) |
78,957 |
(29,630 |
) | |||||||||||||||
| WFS |
0 |
(13,073 |
) |
0 |
(13,073 |
) |
15,264 |
2,191 |
||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
| Total Borrowings and Other Financing Transactions |
$ |
0 |
$ |
(1,042,415 |
) |
$ |
0 |
|||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
Overnight and Continuous |
Up to 30 days |
31-90 days |
Greater Than 90 days |
Total |
||||||||||||||||
| Reverse Repurchase Agreements |
| |||||||||||||||||||
| Corporate Bonds & Notes |
$ |
(3,270 |
) |
$ |
(83,404 |
) |
$ |
(94,333 |
) |
$ |
(130,077 |
) |
$ |
(311,084 |
) | |||||
| Convertible Bonds & Notes |
0 |
0 |
0 |
(3,112 |
) |
(3,112 |
) | |||||||||||||
| U.S. Government Agencies |
0 |
(48,200 |
) |
(21,270 |
) |
(5,335 |
) |
(74,805 |
) | |||||||||||
| Non-Agency Mortgage-Backed Securities |
0 |
(53,138 |
) |
(108,731 |
) |
(212,763 |
) |
(374,632 |
) | |||||||||||
| Asset-Backed Securities |
(4,615 |
) |
(50,891 |
) |
(50,468 |
) |
(120,758 |
) |
(226,732 |
) | ||||||||||
| Sovereign Issues |
(5,819 |
) |
(279 |
) |
(1,805 |
) |
(25,304 |
) |
(33,207 |
) | ||||||||||
| Preferred Securities |
0 |
(1,097 |
) |
0 |
0 |
(1,097 |
) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Borrowings |
$ |
(13,704 |
) |
$ |
(237,009 |
) |
$ |
(276,607 |
) |
$ |
(497,349 |
) |
$ |
(1,024,669 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Payable for reverse repurchase agreements (4) |
|
$ |
(1,024,669 |
) | ||||||||||||||||
| |
|
|||||||||||||||||||
(m) |
Securities with an aggregate market value of $1,318,246 and cash of $11,077 have been pledged as collateral under the terms of the above master agreements as of June 30, 2026. |
(1) |
The average amount of borrowings outstanding during the period ended June 30, 2026 was $(974,701) at a weighted average interest rate of 4.637%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
(2) |
Open maturity reverse repurchase agreement. |
(3) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(4) |
Unsettled reverse repurchase agreements liability of $(17,746) is outstanding at period end. |
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 121 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Opportunities Fund |
(Cont.) |
(n) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION
(1)
| Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/ (Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value (4) |
Variation Margin |
|||||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||||
| Discovery Global Holdings, Inc. |
1.000 |
% |
Quarterly |
12/20/2026 |
0.608 |
% |
$ |
2,200 |
$ |
(8 |
) |
$ |
13 |
$ |
5 |
$ |
1 |
$ |
0 |
|||||||||||||||||||||||
| Venture Global LNG, Inc. |
5.000 |
Quarterly |
12/20/2030 |
2.113 |
10,500 |
113 |
1,090 |
1,203 |
19 |
0 |
||||||||||||||||||||||||||||||||
| Worldline SA/France |
5.000 |
Quarterly |
12/20/2027 |
6.803 |
EUR |
900 |
(87 |
) |
63 |
(24 |
) |
1 |
0 |
|||||||||||||||||||||||||||||
| Worldline SA/France |
5.000 |
Quarterly |
12/20/2028 |
8.139 |
200 |
(29 |
) |
14 |
(15 |
) |
0 |
0 |
||||||||||||||||||||||||||||||
| Worldline SA/France |
5.000 |
Quarterly |
12/20/2030 |
9.729 |
29,100 |
(4,787 |
) |
(153 |
) |
(4,940 |
) |
52 |
0 |
|||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ |
(4,798 |
) |
$ |
1,027 |
$ |
(3,771 |
) |
$ |
73 |
$ |
0 |
|||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
INTEREST RATE SWAPS
| Pay/Receive Floating Rate |
Floating Rate Index |
Fixed Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value |
Variation Margin |
|||||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||||
| Pay |
1-Day GBP-SONIO Compounded-OIS |
3.500 |
% |
Annual |
03/18/2031 |
GBP |
21,510 |
$ |
(95 |
) |
$ |
(606 |
) |
$ |
(701 |
) |
$ |
0 |
$ |
(29 |
) | |||||||||||||||||||||
| Receive |
1-Day GBP-SONIO Compounded-OIS |
0.750 |
Annual |
09/21/2052 |
9,800 |
286 |
7,886 |
8,172 |
32 |
0 |
||||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2026 |
$ |
58,100 |
289 |
(312 |
) |
(23 |
) |
0 |
(5 |
) | ||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2027 |
673,000 |
5,966 |
(8,520 |
) |
(2,554 |
) |
0 |
(383 |
) | |||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2028 |
53,800 |
770 |
(1,041 |
) |
(271 |
) |
0 |
(62 |
) | |||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
06/20/2029 |
49,800 |
(924 |
) |
1,199 |
275 |
72 |
0 |
|||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2029 |
159,500 |
2,399 |
(3,291 |
) |
(892 |
) |
0 |
(282 |
) | |||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.250 |
Annual |
06/18/2030 |
172,300 |
(1,579 |
) |
(2,635 |
) |
(4,214 |
) |
0 |
(342 |
) | ||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
03/18/2031 |
352,060 |
1,476 |
(7,833 |
) |
(6,357 |
) |
0 |
(882 |
) | |||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.250 |
Annual |
06/17/2031 |
198,570 |
(2,855 |
) |
(3,090 |
) |
(5,945 |
) |
0 |
(525 |
) | ||||||||||||||||||||||||||||
| Pay (5) |
1-Day USD-SOFR Compounded-OIS |
4.000 |
Annual |
07/02/2031 |
381,200 |
1,990 |
(439 |
) |
1,551 |
0 |
(1,034 |
) | ||||||||||||||||||||||||||||||
| Pay |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/18/2034 |
48,600 |
1,058 |
(1,846 |
) |
(788 |
) |
0 |
(216 |
) | |||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/17/2035 |
21,090 |
(346 |
) |
763 |
417 |
103 |
0 |
|||||||||||||||||||||||||||||||
| Receive (5) |
1-Day USD-SOFR Compounded-OIS |
4.000 |
Annual |
02/15/2036 |
47,100 |
(30 |
) |
79 |
49 |
235 |
0 |
|||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.750 |
Annual |
12/17/2045 |
13,270 |
257 |
594 |
851 |
113 |
0 |
||||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
06/15/2052 |
40,100 |
9,900 |
5,856 |
15,756 |
304 |
0 |
||||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
1.750 |
Annual |
12/21/2052 |
27,100 |
6,527 |
4,477 |
11,004 |
209 |
0 |
||||||||||||||||||||||||||||||||
| Receive |
1-Day USD-SOFR Compounded-OIS |
3.500 |
Annual |
12/21/2052 |
81,300 |
(245 |
) |
9,836 |
9,591 |
779 |
0 |
|||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.172 |
Maturity |
01/02/2031 |
BRL |
37,800 |
2 |
(155 |
) |
(153 |
) |
21 |
0 |
|||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.180 |
Maturity |
01/02/2031 |
322,900 |
(131 |
) |
(1,154 |
) |
(1,285 |
) |
182 |
0 |
|||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.330 |
Maturity |
01/02/2031 |
3,500 |
0 |
(11 |
) |
(11 |
) |
2 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.724 |
Maturity |
01/02/2031 |
151,200 |
0 |
(189 |
) |
(189 |
) |
84 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.790 |
Maturity |
01/02/2031 |
40,000 |
0 |
(38 |
) |
(38 |
) |
22 |
0 |
||||||||||||||||||||||||||||||
| Pay |
1-Year BRL-CDI |
13.882 |
Maturity |
01/02/2031 |
196,900 |
0 |
(101 |
) |
(101 |
) |
110 |
0 |
||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
12.000 |
Annual |
06/17/2027 |
COP |
10,781,500 |
(2 |
) |
(1 |
) |
(3 |
) |
0 |
(1 |
) | |||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
12.340 |
Maturity |
06/17/2027 |
12,420,400 |
0 |
8 |
8 |
0 |
(2 |
) | |||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
11.250 |
Quarterly |
06/17/2028 |
2,294,500 |
(1 |
) |
3 |
2 |
0 |
0 |
|||||||||||||||||||||||||||||||
| Pay |
3-Month COP-IBR Compounded-OIS |
11.634 |
Quarterly |
06/17/2028 |
21,257,200 |
0 |
60 |
60 |
0 |
(4 |
) | |||||||||||||||||||||||||||||||
| Pay (5) |
6-Month EUR-EURIBOR |
2.500 |
Annual |
09/16/2031 |
EUR |
47,400 |
13 |
(639 |
) |
(626 |
) |
0 |
(40 |
) | ||||||||||||||||||||||||||||
| Receive |
6-Month EUR-EURIBOR |
0.250 |
Annual |
09/21/2032 |
50,200 |
4,740 |
3,740 |
8,480 |
54 |
0 |
||||||||||||||||||||||||||||||||
| Receive |
6-Month EUR-EURIBOR |
1.750 |
Annual |
03/15/2033 |
5,700 |
448 |
(29 |
) |
419 |
6 |
0 |
|||||||||||||||||||||||||||||||
| Receive (5) |
6-Month EUR-EURIBOR |
0.830 |
Annual |
12/09/2052 |
29,900 |
182 |
3,873 |
4,055 |
0 |
(5 |
) | |||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ |
30,095 |
$ |
6,444 |
$ |
36,539 |
$ |
2,328 |
$ |
(3,812 |
) | ||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total Swap Agreements |
|
$ |
25,297 |
$ |
7,471 |
$ |
32,768 |
$ |
2,401 |
$ |
(3,812 |
) | ||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||
Market Value |
Variation Margin Asset |
Market Value |
Variation Margin Liability |
|||||||||||||||||||||||||||||||||
Purchased Options |
Futures |
Swap Agreements |
Total |
Written Options |
Futures |
Swap Agreements |
Total |
|||||||||||||||||||||||||||||
| Total Exchange-Traded or Centrally Cleared |
$ |
0 |
$ |
0 |
$ |
2,401 |
$ |
2,401 |
$ |
0 |
$ 0 |
$ (3,812) |
$ (3,812) |
|||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(o) |
Securities with an aggregate market value of $3,610 and cash of $59,226 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2026. |
122 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) |
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(3) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) |
The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(5) |
This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information. |
(p) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
| Counterparty |
Settlement Month |
Currency to be Delivered |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
| BOA |
07/2026 |
COP |
1,961 |
$ |
1 |
$ |
0 |
$ |
0 |
|||||||||||||||
07/2026 |
GBP |
959 |
1,283 |
10 |
0 |
|||||||||||||||||||
07/2026 |
$ |
3,506 |
EUR |
3,012 |
0 |
(64 |
) | |||||||||||||||||
08/2026 |
HKD |
6,877 |
$ |
879 |
1 |
0 |
||||||||||||||||||
10/2026 |
$ |
1 |
COP |
2,007 |
0 |
0 |
||||||||||||||||||
| BPS |
07/2026 |
BRL |
13,124 |
$ |
2,535 |
0 |
(7 |
) | ||||||||||||||||
07/2026 |
EUR |
237,705 |
276,859 |
5,258 |
0 |
|||||||||||||||||||
07/2026 |
JPY |
657 |
4 |
0 |
0 |
|||||||||||||||||||
07/2026 |
$ |
2,584 |
BRL |
13,124 |
0 |
(42 |
) | |||||||||||||||||
07/2026 |
1,280 |
EUR |
1,105 |
0 |
(18 |
) | ||||||||||||||||||
07/2026 |
155 |
KWD |
47 |
0 |
(2 |
) | ||||||||||||||||||
07/2026 |
2,100 |
ZAR |
34,448 |
0 |
0 |
|||||||||||||||||||
08/2026 |
EUR |
7,979 |
$ |
9,104 |
0 |
(25 |
) | |||||||||||||||||
08/2026 |
$ |
2,102 |
BRL |
10,706 |
0 |
(44 |
) | |||||||||||||||||
08/2026 |
6,847 |
EUR |
5,996 |
13 |
0 |
|||||||||||||||||||
09/2026 |
IDR |
122,733 |
$ |
7 |
0 |
0 |
||||||||||||||||||
09/2026 |
$ |
29 |
IDR |
516,292 |
0 |
(1 |
) | |||||||||||||||||
12/2026 |
7 |
123,568 |
0 |
0 |
||||||||||||||||||||
06/2027 |
121 |
KWD |
37 |
0 |
(2 |
) | ||||||||||||||||||
07/2029 |
KWD |
79 |
$ |
270 |
14 |
0 |
||||||||||||||||||
05/2030 |
379 |
1,304 |
67 |
0 |
||||||||||||||||||||
06/2031 |
172 |
577 |
16 |
0 |
||||||||||||||||||||
| BRC |
07/2026 |
EUR |
2,398 |
2,784 |
44 |
0 |
||||||||||||||||||
07/2026 |
TRY |
800,773 |
16,827 |
0 |
(88 |
) | ||||||||||||||||||
07/2026 |
$ |
15,530 |
TRY |
742,552 |
154 |
0 |
||||||||||||||||||
07/2026 |
10,474 |
ZAR |
170,129 |
0 |
(104 |
) | ||||||||||||||||||
08/2026 |
COP |
2,131,322 |
$ |
564 |
0 |
(55 |
) | |||||||||||||||||
| BSH |
07/2026 |
JPY |
3,481 |
22 |
0 |
0 |
||||||||||||||||||
08/2026 |
$ |
35,229 |
BRL |
179,746 |
0 |
(677 |
) | |||||||||||||||||
09/2026 |
COP |
30,700,116 |
$ |
7,868 |
0 |
(955 |
) | |||||||||||||||||
| CBK |
07/2026 |
9,540,613 |
2,501 |
0 |
(283 |
) | ||||||||||||||||||
07/2026 |
GBP |
1,392 |
1,840 |
0 |
(7 |
) | ||||||||||||||||||
07/2026 |
$ |
2,436 |
COP |
8,523,287 |
49 |
0 |
||||||||||||||||||
07/2026 |
1,259 |
EGP |
67,335 |
105 |
0 |
|||||||||||||||||||
09/2026 |
COP |
76,829,317 |
$ |
20,444 |
0 |
(1,636 |
) | |||||||||||||||||
09/2026 |
IDR |
525,764 |
29 |
0 |
0 |
|||||||||||||||||||
09/2026 |
$ |
7 |
IDR |
123,732 |
0 |
0 |
||||||||||||||||||
10/2026 |
COP |
756,292 |
$ |
212 |
0 |
(3 |
) | |||||||||||||||||
11/2026 |
8,019,204 |
2,224 |
0 |
(47 |
) | |||||||||||||||||||
12/2026 |
$ |
29 |
IDR |
529,285 |
0 |
0 |
||||||||||||||||||
| DUB |
07/2026 |
3,655 |
EGP |
197,279 |
340 |
0 |
||||||||||||||||||
07/2026 |
4,887 |
ZAR |
79,111 |
0 |
(65 |
) | ||||||||||||||||||
09/2026 |
IDR |
259,272 |
$ |
14 |
0 |
0 |
||||||||||||||||||
12/2026 |
$ |
14 |
IDR |
261,015 |
0 |
0 |
||||||||||||||||||
| FAR |
07/2026 |
GBP |
43,922 |
$ |
58,989 |
754 |
(26 |
) | ||||||||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 123 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Opportunities Fund |
(Cont.) |
| Counterparty |
Settlement Month |
Currency to be Delivered |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||
07/2026 |
$ |
271,940 |
EUR |
238,440 |
$ |
501 |
$ |
0 |
||||||||||||||||
07/2026 |
26 |
JPY |
4,138 |
0 |
0 |
|||||||||||||||||||
07/2026 |
6,829 |
ZAR |
112,702 |
40 |
0 |
|||||||||||||||||||
08/2026 |
COP |
6,490,842 |
$ |
1,719 |
0 |
(166 |
) | |||||||||||||||||
08/2026 |
EUR |
238,440 |
272,307 |
0 |
(500 |
) | ||||||||||||||||||
08/2026 |
GBP |
1,392 |
1,842 |
0 |
(5 |
) | ||||||||||||||||||
08/2026 |
JPY |
4,127 |
26 |
0 |
0 |
|||||||||||||||||||
03/2027 |
COP |
59,472,988 |
14,636 |
0 |
(1,733 |
) | ||||||||||||||||||
| GLM |
07/2026 |
BRL |
7 |
1 |
0 |
0 |
||||||||||||||||||
07/2026 |
COP |
8,079,385 |
2,133 |
0 |
(220 |
) | ||||||||||||||||||
07/2026 |
$ |
1 |
BRL |
7 |
0 |
0 |
||||||||||||||||||
07/2026 |
333 |
CAD |
473 |
1 |
0 |
|||||||||||||||||||
07/2026 |
2,459 |
COP |
8,566,543 |
38 |
0 |
|||||||||||||||||||
08/2026 |
CAD |
473 |
$ |
333 |
0 |
(1 |
) | |||||||||||||||||
08/2026 |
$ |
3,418 |
BRL |
17,467 |
0 |
(60 |
) | |||||||||||||||||
09/2026 |
4,551 |
23,427 |
0 |
(80 |
) | |||||||||||||||||||
09/2026 |
20 |
IDR |
356,658 |
0 |
0 |
|||||||||||||||||||
11/2026 |
COP |
8,823,502 |
$ |
2,459 |
0 |
(38 |
) | |||||||||||||||||
| JPM |
07/2026 |
BRL |
13,147 |
2,555 |
8 |
0 |
||||||||||||||||||
07/2026 |
EUR |
11,709 |
13,602 |
224 |
0 |
|||||||||||||||||||
07/2026 |
GBP |
97 |
130 |
1 |
0 |
|||||||||||||||||||
07/2026 |
$ |
2,540 |
BRL |
13,147 |
7 |
0 |
||||||||||||||||||
07/2026 |
8,181 |
EUR |
7,019 |
0 |
(162 |
) | ||||||||||||||||||
07/2026 |
1,213 |
GBP |
904 |
0 |
(14 |
) | ||||||||||||||||||
08/2026 |
HKD |
25,547 |
$ |
3,266 |
3 |
0 |
||||||||||||||||||
10/2026 |
$ |
2,555 |
BRL |
13,436 |
0 |
(8 |
) | |||||||||||||||||
| MYI |
07/2026 |
EUR |
1,747 |
$ |
2,037 |
41 |
0 |
|||||||||||||||||
07/2026 |
GBP |
394 |
529 |
6 |
0 |
|||||||||||||||||||
07/2026 |
$ |
9,357 |
EUR |
8,060 |
0 |
(148 |
) | |||||||||||||||||
07/2026 |
4,011 |
GBP |
3,046 |
30 |
0 |
|||||||||||||||||||
| NGF |
09/2026 |
4 |
IDR |
75,538 |
0 |
0 |
||||||||||||||||||
| SCX |
07/2026 |
EUR |
4,077 |
$ |
4,731 |
73 |
0 |
|||||||||||||||||
08/2026 |
CHF |
85 |
106 |
0 |
0 |
|||||||||||||||||||
08/2026 |
HKD |
24,108 |
3,082 |
3 |
0 |
|||||||||||||||||||
09/2026 |
$ |
11 |
IDR |
194,319 |
0 |
0 |
||||||||||||||||||
| SSB |
07/2026 |
CAD |
486 |
$ |
353 |
10 |
0 |
|||||||||||||||||
07/2026 |
CHF |
86 |
109 |
3 |
0 |
|||||||||||||||||||
07/2026 |
$ |
54,755 |
GBP |
41,422 |
190 |
0 |
||||||||||||||||||
08/2026 |
COP |
14,936,335 |
$ |
3,916 |
0 |
(407 |
) | |||||||||||||||||
08/2026 |
GBP |
41,423 |
54,754 |
0 |
(190 |
) | ||||||||||||||||||
| UAG |
08/2026 |
COP |
12,423,985 |
3,290 |
0 |
(318 |
) | |||||||||||||||||
09/2026 |
30,746,042 |
7,969 |
0 |
(867 |
) | |||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
| Total Forward Foreign Currency Contracts |
|
$ |
8,004 |
$ |
(9,068 |
) | ||||||||||||||||||
| |
|
|
|
|||||||||||||||||||||
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION
(1)
Counterparty |
Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value (4) |
|||||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||||
BOA |
Ecuador Government International Bonds |
5.000 |
% |
Quarterly |
06/20/2031 |
3.632 |
% |
$ |
1,200 |
$ |
62 |
$ |
8 |
$ |
70 |
$ |
0 |
|||||||||||||||||||||||||
| Kenya Government International Bonds |
1.000 |
Quarterly |
06/20/2031 |
3.299 |
2,800 |
(273 |
) |
4 |
0 |
(269 |
) | |||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
06/20/2031 |
2.146 |
8,700 |
(444 |
) |
16 |
0 |
(428 |
) | |||||||||||||||||||||||||||||||
BPS |
Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
2,420 |
(337 |
) |
88 |
0 |
(249 |
) | ||||||||||||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2028 |
6.501 |
EUR |
900 |
(58 |
) |
32 |
0 |
(26 |
) | ||||||||||||||||||||||||||||||
BRC |
Egypt Government International Bonds |
1.000 |
Quarterly |
12/20/2028 |
2.194 |
$ |
6,200 |
(1,070 |
) |
901 |
0 |
(169 |
) | |||||||||||||||||||||||||||||
| Egypt Government International Bonds |
1.000 |
Quarterly |
06/20/2029 |
2.238 |
1,900 |
(405 |
) |
342 |
0 |
(63 |
) | |||||||||||||||||||||||||||||||
| Nissan Motor Co. Ltd. |
1.000 |
Quarterly |
12/20/2030 |
2.400 |
JPY |
256,000 |
(140 |
) |
50 |
0 |
(90 |
) | ||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2030 |
2.019 |
$ |
4,800 |
(377 |
) |
185 |
0 |
(192 |
) | ||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
06/20/2031 |
2.146 |
1,600 |
(91 |
) |
13 |
0 |
(78 |
) | |||||||||||||||||||||||||||||||
124 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Counterparty |
Reference Entity |
Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at June 30, 2026 (2) |
Notional Amount (3) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value (4) |
|||||||||||||||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||||||||||||||
CBK |
Argentine Republic Government International Bonds |
5.000 |
% |
Quarterly |
06/20/2027 |
1.431 |
% |
$ |
800 |
$ |
(94 |
) |
$ |
122 |
$ |
28 |
$ |
0 |
||||||||||||||||||||||||
| Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
9,600 |
(1,336 |
) |
347 |
0 |
(989 |
) | |||||||||||||||||||||||||||||||
| Kenya Government International Bonds |
1.000 |
Quarterly |
06/20/2031 |
3.299 |
2,300 |
(213 |
) |
(8 |
) |
0 |
(221 |
) | ||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2030 |
2.019 |
2,600 |
(211 |
) |
107 |
0 |
(104 |
) | |||||||||||||||||||||||||||||||
DBL |
ION platform Finance SA |
5.000 |
Quarterly |
06/20/2031 |
10.863 |
EUR |
1,700 |
(411 |
) |
29 |
0 |
(382 |
) | |||||||||||||||||||||||||||||
GST |
Argentine Republic Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.431 |
$ |
500 |
(56 |
) |
74 |
18 |
0 |
||||||||||||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2028 |
6.501 |
EUR |
1,200 |
(80 |
) |
45 |
0 |
(35 |
) | ||||||||||||||||||||||||||||||
JPM |
Argentine Republic Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.431 |
$ |
500 |
7 |
10 |
17 |
0 |
|||||||||||||||||||||||||||||||
| Ecuador Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.177 |
1,000 |
33 |
5 |
38 |
0 |
|||||||||||||||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2030 |
9.785 |
EUR |
400 |
(67 |
) |
2 |
0 |
(65 |
) | ||||||||||||||||||||||||||||||
| ION platform Finance SA |
5.000 |
Quarterly |
06/20/2031 |
10.863 |
3,800 |
(935 |
) |
81 |
0 |
(854 |
) | |||||||||||||||||||||||||||||||
| Nissan Motor Co. Ltd. |
1.000 |
Quarterly |
12/20/2030 |
2.400 |
JPY |
134,000 |
(75 |
) |
28 |
0 |
(47 |
) | ||||||||||||||||||||||||||||||
MYC |
Argentine Republic Government International Bonds |
5.000 |
Quarterly |
12/20/2026 |
0.814 |
$ |
6,600 |
33 |
106 |
139 |
0 |
|||||||||||||||||||||||||||||||
| Argentine Republic Government International Bonds |
5.000 |
Quarterly |
06/20/2027 |
1.431 |
700 |
(65 |
) |
90 |
25 |
0 |
||||||||||||||||||||||||||||||||
| Colombia Government International Bonds |
1.000 |
Quarterly |
06/20/2036 |
2.387 |
9,560 |
(1,317 |
) |
332 |
0 |
(985 |
) | |||||||||||||||||||||||||||||||
| Nissan Motor Co. Ltd. |
1.000 |
Quarterly |
12/20/2030 |
2.400 |
JPY |
270,000 |
(147 |
) |
52 |
0 |
(95 |
) | ||||||||||||||||||||||||||||||
| Petroleos Mexicanos |
1.000 |
Quarterly |
12/20/2028 |
1.573 |
$ |
1,900 |
(371 |
) |
346 |
0 |
(25 |
) | ||||||||||||||||||||||||||||||
MYI |
ION platform Finance SA |
5.000 |
Quarterly |
06/20/2028 |
6.501 |
EUR |
200 |
(10 |
) |
4 |
0 |
(6 |
) | |||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
$ |
(8,448 |
) |
$ |
3,411 |
$ |
335 |
$ |
(5,372 |
) | |||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS
Counterparty |
Pay/Receive |
Underlying Reference |
Financing Rate |
Payment Frequency |
Maturity Date |
Notional Amount |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Swap Agreements, at Value |
|||||||||||||||||||||
Asset |
Liability |
|||||||||||||||||||||||||||||
| BPS |
Pay |
Syniverse Holdings, Inc. |
1-Month USD-SOFR |
Annual |
09/30/2026 |
$ 3,928 |
$ |
0 |
$ |
(1,666 |
) |
$ |
0 |
$ |
(1,666 |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Total Swap Agreements |
$ |
(8,448 |
) |
$ |
1,745 |
$ |
335 |
$ |
(7,038 |
) | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||||||||||||
FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2026:
Financial Derivative Assets |
Financial Derivative Liabilities |
|||||||||||||||||||||||||||||||||||||||||||||||
Counterparty |
Forward Foreign Currency Contracts |
Purchased Options |
Swap Agreements |
Total Over the Counter |
Forward Foreign Currency Contracts |
Written Options |
Swap Agreements |
Total Over the Counter |
Net Market Value of OTC Derivatives |
Collateral Pledged/ (Received) |
Net Exposure (5) |
|||||||||||||||||||||||||||||||||||||
| BOA |
$ |
11 |
$ |
0 |
$ |
70 |
$ |
81 |
$ |
(64 |
) |
$ |
0 |
$ |
(697 |
) |
$ |
(761 |
) |
$ |
(680 |
) |
$ |
272 |
$ |
(408 |
) | |||||||||||||||||||||
| BPS |
5,368 |
0 |
0 |
5,368 |
(141 |
) |
0 |
(1,941 |
) |
(2,082 |
) |
3,286 |
(4,530 |
) |
(1,244 |
) | ||||||||||||||||||||||||||||||||
| BRC |
198 |
0 |
0 |
198 |
(247 |
) |
0 |
(592 |
) |
(839 |
) |
(641 |
) |
694 |
53 |
|||||||||||||||||||||||||||||||||
| BSH |
0 |
0 |
0 |
0 |
(1,632 |
) |
0 |
0 |
(1,632 |
) |
(1,632 |
) |
1,265 |
(367 |
) | |||||||||||||||||||||||||||||||||
| CBK |
154 |
0 |
28 |
182 |
(1,976 |
) |
0 |
(1,314 |
) |
(3,290 |
) |
(3,108 |
) |
2,765 |
(343 |
) | ||||||||||||||||||||||||||||||||
| DBL |
0 |
0 |
0 |
0 |
0 |
0 |
(382 |
) |
(382 |
) |
(382 |
) |
0 |
(382 |
) | |||||||||||||||||||||||||||||||||
| DUB |
340 |
0 |
0 |
340 |
(65 |
) |
0 |
0 |
(65 |
) |
275 |
0 |
275 |
|||||||||||||||||||||||||||||||||||
| FAR |
1,295 |
0 |
0 |
1,295 |
(2,430 |
) |
0 |
0 |
(2,430 |
) |
(1,135 |
) |
739 |
(396 |
) | |||||||||||||||||||||||||||||||||
| GLM |
39 |
0 |
0 |
39 |
(399 |
) |
0 |
0 |
(399 |
) |
(360 |
) |
271 |
(89 |
) | |||||||||||||||||||||||||||||||||
| GST |
0 |
0 |
18 |
18 |
0 |
0 |
(35 |
) |
(35 |
) |
(17 |
) |
0 |
(17 |
) | |||||||||||||||||||||||||||||||||
| JPM |
243 |
0 |
55 |
298 |
(184 |
) |
0 |
(966 |
) |
(1,150 |
) |
(852 |
) |
309 |
(543 |
) | ||||||||||||||||||||||||||||||||
| MYC |
0 |
0 |
164 |
164 |
0 |
0 |
(1,105 |
) |
(1,105 |
) |
(941 |
) |
1,067 |
126 |
||||||||||||||||||||||||||||||||||
| MYI |
77 |
0 |
0 |
77 |
(148 |
) |
0 |
(6 |
) |
(154 |
) |
(77 |
) |
0 |
(77 |
) | ||||||||||||||||||||||||||||||||
| SCX |
76 |
0 |
0 |
76 |
0 |
0 |
0 |
0 |
76 |
0 |
76 |
|||||||||||||||||||||||||||||||||||||
| SSB |
203 |
0 |
0 |
203 |
(597 |
) |
0 |
0 |
(597 |
) |
(394 |
) |
302 |
(92 |
) | |||||||||||||||||||||||||||||||||
| UAG |
0 |
0 |
0 |
0 |
(1,185 |
) |
0 |
0 |
(1,185 |
) |
(1,185 |
) |
1,072 |
(113 |
) | |||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total Over the Counter |
$ |
8,004 |
$ |
0 |
$ |
335 |
$ |
8,339 |
$ |
(9,068 |
) |
$ |
0 |
$ |
(7,038 |
) |
$ |
(16,106 |
) |
|||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
(q) |
Securities with an aggregate market value of $8,756 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2026. |
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 125 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Opportunities Fund |
(Cont.) |
(1) |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) |
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(3) |
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) |
The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(5) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of June 30, 2026:
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Swap Agreements |
$ |
0 |
$ |
73 |
$ |
0 |
$ |
0 |
$ |
2,328 |
$ |
2,401 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
8,004 |
$ |
0 |
$ |
8,004 |
||||||||||||
| Swap Agreements |
0 |
335 |
0 |
0 |
0 |
335 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
335 |
$ |
0 |
$ |
8,004 |
$ |
0 |
$ |
8,339 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
408 |
$ |
0 |
$ |
8,004 |
$ |
2,328 |
$ |
10,740 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Financial Derivative Instruments - Liabilities |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Swap Agreements |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
3,812 |
$ |
3,812 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
9,068 |
$ |
0 |
$ |
9,068 |
||||||||||||
| Swap Agreements |
0 |
5,372 |
0 |
0 |
1,666 |
7,038 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
5,372 |
$ |
0 |
$ |
9,068 |
$ |
1,666 |
$ |
16,106 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
5,372 |
$ |
0 |
$ |
9,068 |
$ |
5,478 |
$ |
19,918 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended June 30, 2026:
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Net Realized Gain (Loss) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
597 |
$ |
597 |
||||||||||||
| Swap Agreements |
0 |
1,177 |
0 |
0 |
(4,268 |
) |
(3,091 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
1,177 |
$ |
0 |
$ |
0 |
$ |
(3,671 |
) |
$ |
(2,494 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
5,171 |
$ |
0 |
$ |
5,171 |
||||||||||||
| Swap Agreements |
0 |
3,388 |
0 |
0 |
(2 |
) |
3,386 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
3,388 |
$ |
0 |
$ |
5,171 |
$ |
(2 |
) |
$ |
8,557 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
4,565 |
$ |
0 |
$ |
5,171 |
$ |
(3,673 |
) |
$ |
6,063 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
126 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
Derivatives not accounted for as hedging instruments |
||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total |
|||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
| |||||||||||||||||||||||
| Exchange-traded or centrally cleared |
| |||||||||||||||||||||||
| Futures |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
(690 |
) |
$ |
(690 |
) | ||||||||||
| Swap Agreements |
0 |
1,026 |
0 |
0 |
(20,085 |
) |
(19,059 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
1,026 |
$ |
0 |
$ |
0 |
$ |
(20,775 |
) |
$ |
(19,749 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Over the counter |
| |||||||||||||||||||||||
| Forward Foreign Currency Contracts |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
10,144 |
$ |
0 |
$ |
10,144 |
||||||||||||
| Swap Agreements |
0 |
2,606 |
0 |
0 |
(3,437 |
) |
(831 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
2,606 |
$ |
0 |
$ |
10,144 |
$ |
(3,437 |
) |
$ |
9,313 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ |
0 |
$ |
3,632 |
$ |
0 |
$ |
10,144 |
$ |
(24,212 |
) |
$ |
(10,436 |
) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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 Fund’s assets and liabilities:
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||
| Loan Participations and Assignments |
$ |
0 |
$ |
410,699 |
$ |
235,401 |
$ |
646,100 |
||||||||
| Corporate Bonds & Notes |
| |||||||||||||||
| Banking & Finance |
0 |
109,267 |
1,277 |
110,544 |
||||||||||||
| Industrials |
0 |
338,468 |
66,466 |
404,934 |
||||||||||||
| Utilities |
0 |
43,407 |
1,094 |
44,501 |
||||||||||||
| Convertible Bonds & Notes |
| |||||||||||||||
| Banking & Finance |
0 |
1,104 |
0 |
1,104 |
||||||||||||
| Industrials |
0 |
6,959 |
0 |
6,959 |
||||||||||||
| Municipal Bonds & Notes |
| |||||||||||||||
| West Virginia |
0 |
2,505 |
0 |
2,505 |
||||||||||||
| U.S. Government Agencies |
0 |
105,947 |
0 |
105,947 |
||||||||||||
| U.S. Treasury Obligations |
0 |
1,767 |
0 |
1,767 |
||||||||||||
| Non-Agency Mortgage-Backed Securities |
0 |
544,574 |
20,118 |
564,692 |
||||||||||||
| Asset-Backed Securities |
| |||||||||||||||
| Automobile ABS Other |
0 |
5,720 |
1,224 |
6,944 |
||||||||||||
| Automobile Sequential |
0 |
0 |
7,769 |
7,769 |
||||||||||||
| Home Equity Other |
0 |
228,552 |
0 |
228,552 |
||||||||||||
| Whole Loan Collateral |
0 |
25,012 |
0 |
25,012 |
||||||||||||
| Other ABS |
0 |
70,024 |
12,157 |
82,181 |
||||||||||||
| Sovereign Issues |
0 |
162,787 |
0 |
162,787 |
||||||||||||
| Common Stocks |
| |||||||||||||||
| Communication Services |
568 |
0 |
9,864 |
10,432 |
||||||||||||
| Financials |
28,260 |
255 |
0 |
28,515 |
||||||||||||
| Industrials |
0 |
0 |
37,330 |
37,330 |
||||||||||||
| Real Estate |
707 |
0 |
0 |
707 |
||||||||||||
| Preferred Securities |
| |||||||||||||||
| Banking & Finance |
0 |
0 |
3,847 |
3,847 |
||||||||||||
| Industrials |
0 |
5,648 |
76,882 |
82,530 |
||||||||||||
| Real Estate Investment Trusts |
| |||||||||||||||
| Real Estate |
6,274 |
0 |
0 |
6,274 |
||||||||||||
| Short-Term Instruments |
| |||||||||||||||
| Mutual Funds |
5,249 |
0 |
0 |
5,249 |
||||||||||||
| Egypt Treasury Bills |
0 |
8,540 |
0 |
8,540 |
||||||||||||
Category and Subcategory |
Level 1 |
Level 2 |
Level 3 |
Fair Value at 06/30/2026 |
||||||||||||
| Nigeria Treasury Bills |
$ |
0 |
$ |
41,084 |
$ |
0 |
$ |
41,084 |
||||||||
| U.S. Treasury Bills |
0 |
25,412 |
0 |
25,412 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
41,058 |
$ |
2,137,731 |
$ |
473,429 |
$ |
2,652,218 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Investments in Affiliates, at Value |
| |||||||||||||||
| Common Stocks |
| |||||||||||||||
| Affiliated Investments |
0 |
0 |
13,160 |
13,160 |
||||||||||||
| Short-Term Instruments |
| |||||||||||||||
| Central Funds Used for Cash Management Purposes |
191,422 |
0 |
0 |
191,422 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
191,422 |
$ |
0 |
$ |
13,160 |
$ |
204,582 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ |
232,480 |
$ |
2,137,731 |
$ |
486,589 |
$ |
2,856,800 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial Derivative Instruments - Assets |
| |||||||||||||||
| Exchange-traded or centrally cleared |
0 |
2,401 |
0 |
2,401 |
||||||||||||
| Over the counter |
0 |
8,339 |
0 |
8,339 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
0 |
$ |
10,740 |
$ |
0 |
$ |
10,740 |
|||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Financial Derivative Instruments - Liabilities |
| |||||||||||||||
| Exchange-traded or centrally cleared |
0 |
(3,812 |
) |
0 |
(3,812 |
) | ||||||||||
| Over the counter |
0 |
(16,106 |
) |
0 |
(16,106 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
0 |
$ |
(19,918 |
) |
$ |
0 |
$ |
(19,918 |
) | |||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Financial Derivative Instruments |
$ |
0 |
$ |
(9,178 |
) |
$ |
0 |
$ |
(9,178 |
) | ||||||
| |
|
|
|
|
|
|
|
|||||||||
| Totals |
$ |
232,480 |
$ |
2,128,553 |
$ |
486,589 |
$ |
2,847,622 |
||||||||
| |
|
|
|
|
|
|
|
|||||||||
See Accompanying Notes |
ANNUAL REPORT |
| |
JUNE 30, 2026 |
127 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Opportunities Fund |
(Cont.) |
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2026:
Category and Subcategory |
Beginning Balance at 06/30/2025 |
Net Purchases |
Net Sales/ Settlements |
Accrued Discounts/ (Premiums) |
Realized Gain/(Loss) |
Net Change in Unrealized Appreciation/ (Depreciation) (1) |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance at 06/30/2026 |
Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2026 (1) |
||||||||||||||||||||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||||||||||||||||||||||||||
| Loan Participations and Assignments |
$ |
181,551 |
$ |
48,822 |
$ |
(96,067 |
) |
$ |
724 |
$ |
986 |
$ |
(2,612 |
) |
$ |
101,997 |
$ |
0 |
$ |
235,401 |
$ |
(980 |
) | |||||||||||||||||
| Corporate Bonds & Notes |
| |||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
224 |
1,286 |
(451 |
) |
(2 |
) |
13 |
207 |
0 |
0 |
1,277 |
219 |
||||||||||||||||||||||||||||
| Industrials |
64,087 |
5,333 |
(12,619 |
) |
46 |
0 |
9,619 |
0 |
0 |
66,466 |
4,761 |
|||||||||||||||||||||||||||||
| Utilities |
0 |
3,932 |
0 |
(25 |
) |
0 |
(2,813 |
) |
0 |
0 |
1,094 |
(2,814 |
) | |||||||||||||||||||||||||||
| Non-Agency Mortgage-Backed Securities |
608 |
19,096 |
0 |
0 |
(17 |
) |
797 |
0 |
(366 |
) |
20,118 |
1,021 |
||||||||||||||||||||||||||||
| Asset-Backed Securities |
||||||||||||||||||||||||||||||||||||||||
| Automobile ABS Other |
2,224 |
0 |
0 |
0 |
0 |
(489 |
) |
0 |
(511 |
) |
1,224 |
(105 |
) | |||||||||||||||||||||||||||
| Automobile Sequential |
8,131 |
0 |
(270 |
) |
0 |
0 |
(92 |
) |
0 |
0 |
7,769 |
(88 |
) | |||||||||||||||||||||||||||
| Other ABS |
15,138 |
0 |
0 |
348 |
(2,007 |
) |
(1,322 |
) |
0 |
0 |
12,157 |
(3,324 |
) | |||||||||||||||||||||||||||
| Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
| Communication Services |
0 |
0 |
0 |
0 |
0 |
9,864 |
0 |
0 |
9,864 |
9,864 |
||||||||||||||||||||||||||||||
| Financials |
22,497 |
0 |
(23,051 |
) |
0 |
(15,629 |
) |
16,183 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||||||
| Health Care |
70,964 |
0 |
(63,460 |
) |
0 |
(2,220 |
) |
(5,284 |
) |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
| Industrials |
31,997 |
0 |
0 |
0 |
0 |
5,333 |
0 |
0 |
37,330 |
5,333 |
||||||||||||||||||||||||||||||
| Real Estate (2) |
34 |
0 |
0 |
0 |
0 |
673 |
0 |
(707 |
) |
0 |
0 |
|||||||||||||||||||||||||||||
| Preferred Securities |
| |||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
0 |
3,847 |
0 |
0 |
0 |
0 |
0 |
0 |
3,847 |
0 |
||||||||||||||||||||||||||||||
| Industrials |
22,831 |
55,548 |
0 |
0 |
0 |
(1,497 |
) |
0 |
0 |
76,882 |
(1,496 |
) | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Totals |
$ |
420,286 |
$ |
137,864 |
$ |
(195,918 |
) |
$ |
1,091 |
$ |
(18,874 |
) |
$ |
28,567 |
$ |
101,997 |
$ |
(1,584 |
) |
$ |
473,429 |
$ |
12,391 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Investments in Affiliates, at Value |
| |||||||||||||||||||||||||||||||||||||||
| Common Stocks |
| |||||||||||||||||||||||||||||||||||||||
| Affiliated Investments |
21,996 |
0 |
(10,381 |
) |
0 |
0 |
1,545 |
0 |
0 |
13,160 |
1,382 |
|||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Totals |
$ |
442,282 |
$ |
137,864 |
$ |
(206,299 |
) |
$ |
1,091 |
$ |
(18,874 |
) |
$ |
30,112 |
$ |
101,997 |
$ |
(1,584 |
) |
$ |
486,589 |
$ |
13,773 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category and Subcategory |
Ending Balance at 06/30/2026 |
Valuation Technique |
Unobservable Inputs |
(% Unless Noted Otherwise) |
||||||||||||||
Input Value(s) |
Weighted Average |
|||||||||||||||||
| Investments in Securities, at Value |
| |||||||||||||||||
| Loan Participations and Assignments |
$ |
114,428 |
Discounted Cash Flow |
Discount Rate |
% |
6.140-22.500 |
9.532 |
|||||||||||
9,625 |
Indicative Market Quotation |
Broker Quote |
101.250 |
— |
||||||||||||||
7,692 |
Recent Transaction |
Purchase Price |
100.000 |
— |
||||||||||||||
103,656 |
Third Party Vendor |
Broker Quote |
88.000-126.000 |
112.894 |
||||||||||||||
| Corporate Bonds & Notes |
| |||||||||||||||||
| Banking & Finance |
934 |
Other valuation Technique (3) |
— |
0.000 |
— |
|||||||||||||
343 |
Recent Transaction |
Purchase Price |
100.000 |
— |
||||||||||||||
| Industrials |
66,466 |
Comparable Companies / Discounted Cash Flow |
EBITDA Multiple/Discount Rate |
X/% |
13.000/10.250 |
— |
||||||||||||
1,093 |
Indicative Market Quotation |
Broker Quote |
13.500-425.0000 |
— |
||||||||||||||
| Non-Agency Mortgage-Backed Securities |
15,303 |
Discounted Cash Flow |
Discount Rate |
8.767-14.162 |
11.423 |
|||||||||||||
593 |
Proxy Pricing |
Base Price |
5.813 |
— |
||||||||||||||
4,223 |
Recent Transaction |
Purchase Price |
100 |
—— |
||||||||||||||
| Asset-Backed Securities |
| |||||||||||||||||
| Automobile ABS Other |
1,224 |
Discounted Cash Flow |
Discount Rate |
10.500-17.000 |
15.132 |
|||||||||||||
| Automobile Sequential |
7,769 |
Discounted Cash Flow |
Discount Rate |
10.941 |
— |
|||||||||||||
| Other ABS |
12,157 |
Discounted Cash Flow |
Discount Rate |
12.000 – 38.000 |
17.106 |
|||||||||||||
| Common Stocks |
| |||||||||||||||||
| Communication Service |
9,864 |
Indicative Market Quotation |
Broker Quote |
$ |
15.125 |
— |
||||||||||||
| Industrials |
37,330 |
Comparable Companies / Discounted Cash Flow |
EBITDA Multiple/Discount Rate |
x/% |
13.000/10.250 |
— |
||||||||||||
128 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
| Category and Subcategory |
Ending Balance at 06/30/2026 |
Valuation Technique |
Unobservable Inputs |
(% Unless Noted Otherwise) |
||||||||||||||||
Input Value(s) |
Weighted Average |
|||||||||||||||||||
| Preferred Securities |
| |||||||||||||||||||
| Banking & Finance |
$ 3,847 |
Recent Transaction |
Purchase Price |
X |
1.000 |
— |
||||||||||||||
| Industrials |
529 |
Comparable Companies |
Revenue/EBITDA Multiple |
4.625/18.00 |
— |
|||||||||||||||
47,422 |
Discounted Cash Flow |
Discount Rate |
$ |
3.769-26.880 |
15.694 |
|||||||||||||||
28,931 |
Recent Transaction |
Commitment |
1000 |
— |
||||||||||||||||
| Investments in Affiliates |
| |||||||||||||||||||
| Common Stocks |
| |||||||||||||||||||
| Affiliated Investments |
13,160 |
Sum of the Parts |
Discount rate/Mortality assumption |
15.323/2015 ANB VBT Mortality Table |
— |
|||||||||||||||
| |
|
|||||||||||||||||||
| Total |
$ |
486,589 |
||||||||||||||||||
| |
|
|||||||||||||||||||
(1) |
Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |
(2) |
Sector type updated from Financials to Real Estate since prior fiscal year end. |
(3) |
Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. |
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 129 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Strategy Fund |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 131.0% |
| |||||||||||
LOAN PARTICIPATIONS AND ASSIGNMENTS 18.3% |
| |||||||||||
| Acrisure LLC |
| |||||||||||
| 6.644% (TSFR1M + 3.644%) due 11/06/2030 ~ |
$ |
3,192 |
$ |
2,895 |
||||||||
| AIT Worldwide Logistics, Inc. |
| |||||||||||
| 7.913% (TSFR3M + 3.653%) due 04/29/2033 ~ |
3,100 |
3,105 |
||||||||||
| Aligned Data Centers International LP |
| |||||||||||
| 7.164% due 05/16/2028 «~ |
7,955 |
7,955 |
||||||||||
| Apro LLC |
| |||||||||||
| 7.374% (TSFR1M + 3.624%) due 07/09/2031 ~ |
4,910 |
4,924 |
||||||||||
| BDO USA PC |
| |||||||||||
| 8.121% (TSFR1M + 3.621%) due 08/31/2028 «~ |
339 |
335 |
||||||||||
| 8.648% (TSFR3M + 3.643%) due 08/31/2028 «~ |
4,422 |
4,416 |
||||||||||
| Charlotte Buyer, Inc. |
| |||||||||||
| TBD% due 06/30/2031 |
300 |
300 |
||||||||||
| Comexposium SAS |
| |||||||||||
| TBD% (EUR012M + 2.258%) due 07/10/2031 «~ |
EUR |
1,025 |
1,475 |
|||||||||
| TBD% - 1.138% (EUR012M + 2.258%) due 10/16/2031 «~ |
565 |
813 |
||||||||||
| Consolidated Energy Finance SA |
| |||||||||||
| 8.163% (TSFR3M + 3.668%) due 11/15/2030 ~ |
$ |
3,990 |
3,917 |
|||||||||
| Coreweave Compute Acquisition Co. IV LLC |
| |||||||||||
| 9.661% - 9.732% (TSFR3M + 3.666%) due 05/16/2029 «~ |
2,260 |
2,331 |
||||||||||
| Cotiviti Corp. |
| |||||||||||
| 6.370% (TSFR1M + 3.620%) due 05/01/2031 ~ |
5,526 |
5,069 |
||||||||||
| Databricks, Inc. |
| |||||||||||
| TBD% - 1.000% due 01/05/2032 µ |
1,069 |
1,069 |
||||||||||
| 8.114% (TSFR1M + 3.612%) due 01/05/2032 ~ |
4,831 |
4,825 |
||||||||||
| Discovery Global Holdings, Inc. |
| |||||||||||
| 6.144% (TSFR1M + 3.644%) due 06/03/2033 ~ |
5,885 |
5,894 |
||||||||||
| First Advantage Holdings LLC |
| |||||||||||
| 6.482% (TSFR3M + 3.732%) due 10/31/2031 ~ |
4,162 |
4,116 |
||||||||||
| Galaxy U.S. Opco, Inc. (5.663% Cash and 3.250% PIK) |
| |||||||||||
| 8.913% (TSFR3M + 3.663%) due 07/31/2030 ~(d) |
2,051 |
1,886 |
||||||||||
| Gateway Casinos & Entertainment Ltd. |
| |||||||||||
| 9.918% (TSFR3M + 3.668%) due 12/18/2030 ~ |
2,613 |
2,608 |
||||||||||
| GFL Environmental, Inc. |
| |||||||||||
| 6.156% (TSFR3M + 3.656%) due 03/03/2032 ~ |
2,680 |
2,683 |
||||||||||
| Golden State Food LLC |
| |||||||||||
| 7.232% (TSFR3M + 3.732%) due 12/04/2031 ~ |
3,940 |
3,952 |
||||||||||
| Harp Finco Ltd. |
| |||||||||||
| 8.730% due 03/27/2032 «~ |
GBP |
3,865 |
5,178 |
|||||||||
| Heartland Dental LLC |
| |||||||||||
| 7.144% (TSFR1M + 3.644%) due 08/25/2032 ~ |
$ |
7,182 |
7,195 |
|||||||||
| Illuminate Buyer LLC |
| |||||||||||
| 6.144% (TSFR1M + 3.644%) due 12/31/2029 ~ |
3,251 |
3,214 |
||||||||||
| Ineos U.S. Finance LLC |
| |||||||||||
| 6.894% (TSFR1M + 3.644%) due 02/18/2030 ~ |
2,825 |
2,609 |
||||||||||
| Lakeshore Intermediate LLC |
| |||||||||||
| 7.258% (TSFR1M + 3.644%) due 09/29/2028 ~ |
3,571 |
3,315 |
||||||||||
| LC AHAB U.S. Bidco LLC |
| |||||||||||
| 6.144% (TSFR1M + 3.644%) due 05/01/2031 ~ |
5,375 |
5,379 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| LifePoint Health, Inc. |
| |||||||||||
| 7.423% (TSFR3M + 3.673%) due 05/19/2031 ~ |
$ |
6,567 |
$ |
6,477 |
||||||||
| Mavis Tire Express Services Corp. |
| |||||||||||
| 6.920% (TSFR6M + 3.685%) due 05/06/2033 ~ |
4,000 |
4,000 |
||||||||||
| MI Windows & Doors LLC |
| |||||||||||
| 6.394% (TSFR1M + 3.644%) due 03/28/2031 ~ |
2,427 |
2,400 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 7.214% (TSFR1M + 3.612%) due 04/30/2029 ~ |
1,845 |
1,365 |
||||||||||
| 9.364% (TSFR1M + 3.612%) due 04/30/2029 ~ |
283 |
230 |
||||||||||
| Nscale AS |
| |||||||||||
| TBD% - 8.664% (TSFR3M + 3.670%) due 08/23/2032 «~µ |
2,981 |
2,981 |
||||||||||
| Ontario Gaming GTA LP |
| |||||||||||
| 7.982% (TSFR3M + 3.732%) due 08/01/2030 ~ |
3,687 |
3,520 |
||||||||||
| Paradigm Parent LLC |
| |||||||||||
| 8.232% (TSFR3M + 3.732%) due 04/16/2032 ~ |
1,092 |
940 |
||||||||||
| Pelican Pipeline LLC |
| |||||||||||
| 6.482% (TSFR3M + 3.732%) due 03/25/2033 ~ |
2,300 |
2,306 |
||||||||||
| Peraton Corp. |
| |||||||||||
| 7.513% (TSFR3M + 3.663%) due 02/01/2028 ~ |
2,738 |
2,478 |
||||||||||
| Phoenix Guarantor, Inc. |
| |||||||||||
| 5.644% (TSFR1M + 3.644%) due 02/21/2031 ~ |
3,569 |
3,566 |
||||||||||
| Pioneer Opco LLC |
| |||||||||||
| 6.894% (TSFR1M + 3.644%) due 05/16/2033 ~ |
200 |
201 |
||||||||||
| Poseidon Bidco SASU |
| |||||||||||
| 7.504% due 03/13/2030 |
EUR |
4,700 |
1,557 |
|||||||||
| Promotora de Informaciones SA |
| |||||||||||
| 7.674% (EUR003M + 2.168%) due 12/31/2029 «~ |
3,198 |
3,572 |
||||||||||
| QuidelOrtho Corp. |
| |||||||||||
| 7.644% (TSFR1M + 3.644%) due 08/20/2032 ~ |
$ |
3,383 |
3,336 |
|||||||||
| RealTruck Group, Inc. |
| |||||||||||
| 9.386% (TSFR3M + 3.656%) due 01/31/2031 ~ |
453 |
465 |
||||||||||
| 9.898% (TSFR3M + 3.656%) due 01/31/2031 ~ |
3,275 |
2,065 |
||||||||||
| Resilience Parent LLC |
| |||||||||||
| 6.232% (TSFR3M + 3.732%) due 02/28/2033 ~ |
3,000 |
2,997 |
||||||||||
| Salas O’brien, Inc. |
| |||||||||||
| TBD% - 6.394% (TSFR1M + 3.644%) due 01/31/2033 «~µ |
331 |
332 |
||||||||||
| 6.394% (TSFR1M + 3.644%) due 01/31/2033 «~ |
2,569 |
2,575 |
||||||||||
| SCUR-Alpha 1503 GmbH |
| |||||||||||
| 9.163% (TSFR3M + 3.663%) due 04/01/2030 ~ |
1,960 |
1,712 |
||||||||||
| Softbank Vision Fund II |
| |||||||||||
| 7.382% (TSFR3M + 3.732%) due 04/25/2029 «~ |
889 |
905 |
||||||||||
| Spruce Bidco II, Inc. |
| |||||||||||
| TBD% - 8.461% (TSFR6M + 3.621%) due 01/30/2032 «~µ |
458 |
458 |
||||||||||
| 5.977% (JY0003M + 0.000%) due 01/30/2032 «~ |
JPY |
38,970 |
242 |
|||||||||
| 7.047% (CDOR06 + 0.000%) due 01/30/2032 «~ |
CAD |
364 |
259 |
|||||||||
| 8.413% (TSFR3M + 3.663%) due 01/30/2032 «~ |
$ |
2,013 |
2,026 |
|||||||||
| Steenbok Lux Finco 2 SARL |
| |||||||||||
| 10.000% due 12/31/2028 |
EUR |
8,523 |
3,976 |
|||||||||
| Stonepeak Motion Finco LLC |
| |||||||||||
| TBD% due 06/24/2033 |
$ |
600 |
600 |
|||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Stormlight |
| |||||||||||
| 8.370% due 05/13/2030 «~ |
$ |
4,409 |
$ |
4,409 |
||||||||
| Subcalidora 2 |
| |||||||||||
| 8.041% (EUR003M + 2.291%) due 08/14/2029 «~ |
EUR |
3,338 |
3,794 |
|||||||||
| Syniverse Holdings, Inc. |
| |||||||||||
| 10.732% (TSFR3M + 3.732%) due 05/13/2027 ~ |
$ |
5,465 |
4,766 |
|||||||||
| Third Coast Infrastructure LLC |
| |||||||||||
| 6.894% (TSFR1M + 3.644%) due 09/25/2030 ~ |
1,988 |
2,002 |
||||||||||
| Tidal Waste & Recycling Holdings LLC |
| |||||||||||
| 6.482% (TSFR3M + 3.732%) due 10/24/2031 ~ |
2,864 |
2,869 |
||||||||||
| Trilon Group LLC |
| |||||||||||
| TBD% due 06/13/2033 µ |
327 |
327 |
||||||||||
| 7.095% - 7.124% (TSFR1M + 0.000%) due 06/13/2033 «~ |
3,673 |
3,678 |
||||||||||
| U.S. Renal Care, Inc. |
| |||||||||||
| 8.758% (TSFR1M + 3.644%) due 06/28/2028 ~ |
7,370 |
7,266 |
||||||||||
| Unicorn Bay |
| |||||||||||
| 13.000% due 12/31/2026 « |
HKD |
19,742 |
2,549 |
|||||||||
| Virgin Media Bristol LLC |
| |||||||||||
| 6.967% (TSFR6M + 3.692%) due 03/31/2031 ~ |
$ |
100 |
89 |
|||||||||
| 6.990% (TSFR1M + 3.633%) due 01/31/2029 ~ |
1,425 |
1,369 |
||||||||||
| VistaJet Malta Finance PLC |
| |||||||||||
| 7.442% (TSFR3M + 3.692%) due 04/01/2031 ~ |
5,880 |
5,912 |
||||||||||
| Worthington Steel, Inc. |
| |||||||||||
| 7.620% - 7.621% (TSFR1M + 3.624%) due 06/01/2033 ~ |
1,000 |
999 |
||||||||||
| |
|
|||||||||||
| Total Loan Participations and Assignments (Cost $196,090) |
189,028 |
|||||||||||
| |
|
|||||||||||
CORPORATE BONDS & NOTES 38.8% |
| |||||||||||
BANKING & FINANCE 6.6% |
| |||||||||||
| Acrisure LLC/Acrisure Finance, Inc. |
| |||||||||||
| 6.750% due 07/01/2032 |
2,100 |
1,889 |
||||||||||
| Antares Holdings LP |
| |||||||||||
| 6.350% due 10/23/2029 (l) |
3,200 |
3,190 |
||||||||||
| Athene Global Funding |
| |||||||||||
| 5.543% due 08/22/2035 |
5,000 |
4,923 |
||||||||||
| Blue Owl Capital Corp. |
| |||||||||||
| 6.300% due 08/15/2031 |
3,800 |
3,778 |
||||||||||
| Burford Capital Global Finance LLC |
| |||||||||||
| 9.250% due 07/01/2031 (l) |
3,800 |
3,703 |
||||||||||
| Charles River Re Ltd. |
| |||||||||||
| 11.152% (BNMMDTSC + 7.632%) due 05/10/2031 ~ |
1,900 |
1,923 |
||||||||||
| CPI Property Group SA |
| |||||||||||
| 1.750% due 01/14/2030 |
EUR |
4,000 |
4,010 |
|||||||||
| Credit Opportunities Partners LLC |
| |||||||||||
| 6.740% due 03/20/2030 «(j) |
$ |
300 |
299 |
|||||||||
| Diversified Healthcare Trust |
| |||||||||||
| 4.375% due 03/01/2031 |
6,600 |
6,046 |
||||||||||
| FS KKR Capital Corp. |
| |||||||||||
| 3.125% due 10/12/2028 (l) |
3,200 |
3,014 |
||||||||||
| Hudson Pacific Properties LP |
| |||||||||||
| 5.950% due 02/15/2028 |
2,800 |
2,776 |
||||||||||
| HUT 8 DC LLC |
| |||||||||||
| 6.192% due 11/15/2042 |
5,000 |
5,067 |
||||||||||
| Kona Spc Ltd. |
| |||||||||||
| 5.718% due 09/15/2026 «• |
EUR |
1,000 |
1,143 |
|||||||||
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
| |||||||||||
| 7.000% due 07/15/2031 |
$ |
2,800 |
2,905 |
|||||||||
| New Immo Holding SA |
| |||||||||||
| 5.875% due 04/17/2028 |
EUR |
1,700 |
1,989 |
|||||||||
130 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Panama Infrastructure Receivable Purchaser PLC |
| |||||||||||
| 0.000% due 04/05/2032 (g) |
$ |
7,598 |
$ |
6,189 |
||||||||
| Samhallsbyggnadsbolaget I Norden Holding AB |
| |||||||||||
| 1.125% due 09/26/2029 |
EUR |
4,000 |
3,827 |
|||||||||
| Service Properties Trust |
| |||||||||||
| 8.625% due 11/15/2031 |
$ |
2,900 |
3,056 |
|||||||||
| Sixth Street Lending Partners |
| |||||||||||
| 6.125% due 07/15/2030 (l) |
3,300 |
3,320 |
||||||||||
| Starwood Property Trust, Inc. |
| |||||||||||
| 6.125% due 06/01/2031 |
500 |
503 |
||||||||||
| 7.250% due 04/01/2029 (l) |
2,700 |
2,791 |
||||||||||
| Stonepeak Motion Holdco Ltd./Stonepeak Motion Finco LLC |
| |||||||||||
| 6.125% due 07/15/2033 (c) |
100 |
100 |
||||||||||
| Winston RE Ltd. |
| |||||||||||
| 13.730% (BNMMDTSC + 10.210%) due 02/26/2031 ~ |
1,000 |
1,026 |
||||||||||
| 15.210% (BNMMDTSC + 11.690%) due 02/26/2031 ~ |
1,000 |
1,020 |
||||||||||
| WS Escrow LLC |
| |||||||||||
| 7.750% due 06/01/2033 |
200 |
206 |
||||||||||
| |
|
|||||||||||
68,693 |
||||||||||||
| |
|
|||||||||||
INDUSTRIALS 23.9% |
| |||||||||||
| A&K Travel Group Holdings Ltd. |
| |||||||||||
| 7.500% due 05/15/2033 |
4,967 |
5,017 |
||||||||||
| Advance Auto Parts, Inc. |
| |||||||||||
| 7.375% due 08/01/2033 (l) |
2,900 |
3,008 |
||||||||||
| ams-OSRAM AG |
| |||||||||||
| 7.250% due 05/31/2032 |
EUR |
4,000 |
4,717 |
|||||||||
| B&G Foods, Inc. |
| |||||||||||
| 8.000% due 09/15/2028 |
$ |
3,200 |
3,207 |
|||||||||
| BCP V Modular Services Finance II PLC |
| |||||||||||
| 6.500% due 07/10/2031 |
EUR |
1,450 |
1,442 |
|||||||||
| Beacon Point DC LLC |
| |||||||||||
| 6.129% due 11/30/2042 |
$ |
500 |
505 |
|||||||||
| Beignet Investor LLC |
| |||||||||||
| 6.581% due 05/30/2049 (l) |
13,790 |
14,075 |
||||||||||
| BKV Upstream Midstream LLC |
| |||||||||||
| 7.500% due 10/15/2030 (l) |
3,000 |
3,013 |
||||||||||
| Borr IHC Ltd./Borr Finance LLC |
| |||||||||||
| 8.750% due 01/15/2032 |
2,400 |
2,346 |
||||||||||
| Carnival Corp. Ltd. |
| |||||||||||
| 5.750% due 08/01/2032 |
3,000 |
3,033 |
||||||||||
| 5.875% due 06/15/2031 |
3,000 |
3,056 |
||||||||||
| Carvana Co. |
| |||||||||||
| 9.000% due 06/01/2031 |
3,600 |
3,975 |
||||||||||
| Centene Corp. |
| |||||||||||
| 2.500% due 03/01/2031 |
4,000 |
3,496 |
||||||||||
| Champion Iron Canada, Inc. |
| |||||||||||
| 7.875% due 07/15/2032 (l) |
3,000 |
3,109 |
||||||||||
| Charlotte Buyer, Inc. |
| |||||||||||
| 8.000% due 06/30/2031 |
100 |
101 |
||||||||||
| Chemours Co. |
| |||||||||||
| 8.000% due 01/15/2033 |
3,000 |
3,041 |
||||||||||
| Cheplapharm Arzneimittel GmbH |
| |||||||||||
| 7.125% due 06/15/2031 |
EUR |
600 |
704 |
|||||||||
| 7.500% due 05/15/2030 |
3,000 |
3,557 |
||||||||||
| Clydesdale Acquisition Holdings, Inc. |
| |||||||||||
| 8.750% due 04/15/2030 (l) |
$ |
5,100 |
5,035 |
|||||||||
| Columbus McKinnon Corp. |
| |||||||||||
| 7.125% due 02/01/2033 |
3,000 |
3,009 |
||||||||||
| CoreWeave, Inc. |
| |||||||||||
| 9.000% due 02/01/2031 |
1,300 |
1,286 |
||||||||||
| CQP Holdco LP/BIP-V Chinook Holdco LLC |
| |||||||||||
| 7.500% due 12/15/2033 |
2,900 |
3,033 |
||||||||||
| Delek Logistics Partners LP/Delek Logistics Finance Corp. |
| |||||||||||
| 6.875% due 06/01/2034 |
5,250 |
5,228 |
||||||||||
| Diversified Gas & Oil Corp. |
| |||||||||||
| 9.750% due 04/09/2029 |
2,625 |
2,657 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Dorman Products, Inc. |
| |||||||||||
| 6.250% due 06/15/2034 |
$ |
500 |
$ |
506 |
||||||||
| ELK Grove Village Property LLC |
| |||||||||||
| 7.500% due 06/15/2031 |
200 |
202 |
||||||||||
| Enbridge, Inc. |
| |||||||||||
| 8.500% due 01/15/2084 • |
3,200 |
3,659 |
||||||||||
| Excelerate Energy LP |
| |||||||||||
| 8.000% due 05/15/2030 (l) |
4,500 |
4,748 |
||||||||||
| Flora Food Management BV |
| |||||||||||
| 6.875% due 07/02/2029 |
EUR |
4,700 |
5,253 |
|||||||||
| 7.500% due 10/31/2030 |
700 |
798 |
||||||||||
| FMC Corp. |
| |||||||||||
| 8.000% due 06/01/2031 |
$ |
300 |
312 |
|||||||||
| Global Infrastructure Solutions, Inc. |
| |||||||||||
| 6.375% due 07/15/2034 (c) |
2,625 |
2,642 |
||||||||||
| Global Partners LP/GLP Finance Corp. |
| |||||||||||
| 7.125% due 07/01/2033 |
2,000 |
2,025 |
||||||||||
| Gray Media, Inc. |
| |||||||||||
| 9.625% due 07/15/2032 |
600 |
580 |
||||||||||
| Hybar LLC |
| |||||||||||
| 7.375% due 07/01/2034 |
100 |
101 |
||||||||||
| Insulet Corp. |
| |||||||||||
| 6.500% due 04/01/2033 (l) |
4,700 |
4,771 |
||||||||||
| IRB Infrastructure Developers Ltd. |
| |||||||||||
| 7.110% due 03/11/2032 |
5,000 |
5,069 |
||||||||||
| Las Vegas Sands Corp. |
| |||||||||||
| 5.650% due 05/18/2033 |
5,300 |
5,302 |
||||||||||
| Matador Resources Co. |
| |||||||||||
| 6.250% due 04/15/2033 (l) |
4,000 |
3,987 |
||||||||||
| Meridian Arc Holdco LLC |
| |||||||||||
| 6.250% due 04/30/2031 |
3,100 |
3,109 |
||||||||||
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |
| |||||||||||
| 4.875% due 05/01/2029 |
4,000 |
3,896 |
||||||||||
| MPH Acquisition Holdings LLC |
| |||||||||||
| 5.750% due 12/31/2030 |
3,300 |
2,755 |
||||||||||
| Nabors Industries, Inc. |
| |||||||||||
| 9.125% due 01/31/2030 |
3,200 |
3,346 |
||||||||||
| National Fuel Gas Co. |
| |||||||||||
| 5.500% due 05/15/2036 |
100 |
99 |
||||||||||
| National Mentor Holdings, Inc. |
| |||||||||||
| 10.500% due 12/15/2030 |
2,550 |
2,690 |
||||||||||
| NCR Voyix Corp. |
| |||||||||||
| 5.250% due 10/01/2030 |
3,484 |
3,170 |
||||||||||
| Neo Next+ Energy Consolidated Holdings Ltd. |
| |||||||||||
| 6.625% due 06/11/2031 |
4,000 |
3,941 |
||||||||||
| Newfold Digital Holdings Group, Inc. |
| |||||||||||
| 11.750% due 04/30/2029 |
3,768 |
3,055 |
||||||||||
| Olympus Water U.S. Holding Corp. |
| |||||||||||
| 6.750% due 08/01/2032 |
3,300 |
3,227 |
||||||||||
| Patterson-UTI Energy, Inc. |
| |||||||||||
| 6.050% due 05/15/2036 |
3,600 |
3,589 |
||||||||||
| Performance Food Group, Inc. |
| |||||||||||
| 5.625% due 03/01/2034 |
4,000 |
3,929 |
||||||||||
| Pioneer Opco LLC |
| |||||||||||
| 7.000% due 05/15/2033 |
100 |
102 |
||||||||||
| Quikrete Holdings, Inc. |
| |||||||||||
| 6.375% due 03/01/2032 |
2,000 |
2,043 |
||||||||||
| Road Michigan Property Owner I LLC |
| |||||||||||
| 7.500% due 03/30/2045 (l) |
18,700 |
18,649 |
||||||||||
| Seadrill Finance Ltd. |
| |||||||||||
| 8.375% due 08/01/2030 |
5,875 |
6,163 |
||||||||||
| SM Energy Co. |
| |||||||||||
| 7.000% due 08/01/2032 (l) |
3,000 |
3,030 |
||||||||||
| 9.625% due 06/15/2033 |
2,000 |
2,194 |
||||||||||
| Stagwell Global LLC |
| |||||||||||
| 5.625% due 08/15/2029 |
4,800 |
4,633 |
||||||||||
| SV RNO Property Owner 1 LLC |
| |||||||||||
| 5.875% due 03/01/2031 |
1,600 |
1,578 |
||||||||||
| Synergy Infrastructure Holdings LLC |
| |||||||||||
| 7.875% due 12/01/2030 |
2,900 |
3,038 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Teva Pharmaceutical Finance Netherlands III BV |
| |||||||||||
| 6.000% due 12/01/2032 |
$ |
3,900 |
$ |
4,049 |
||||||||
| Thames Water Super Senior Issuer PLC |
| |||||||||||
| 9.750% due 10/10/2027 |
GBP |
2,286 |
3,221 |
|||||||||
| 9.750% due 10/10/2027 |
530 |
747 |
||||||||||
| Transocean International Ltd. |
| |||||||||||
| 7.875% due 10/15/2032 |
$ |
1,963 |
2,050 |
|||||||||
| 8.250% due 05/15/2029 |
2,500 |
2,583 |
||||||||||
| 8.500% due 05/15/2031 |
1,300 |
1,350 |
||||||||||
| Univision Communications, Inc. |
| |||||||||||
| 8.500% due 07/31/2031 |
5,000 |
5,025 |
||||||||||
| Valaris Ltd. |
| |||||||||||
| 8.375% due 04/30/2030 (l) |
6,650 |
6,909 |
||||||||||
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. |
| |||||||||||
| 8.750% due 01/15/2032 |
1,900 |
1,884 |
||||||||||
| Vmed O2 U.K. Financing I PLC |
| |||||||||||
| 7.750% due 04/15/2032 (l) |
6,575 |
5,946 |
||||||||||
| Voyager Parent LLC |
| |||||||||||
| 9.250% due 07/01/2032 |
2,365 |
2,503 |
||||||||||
| WBI Operating LLC |
| |||||||||||
| 6.250% due 10/15/2030 |
2,000 |
2,012 |
||||||||||
| Weatherford International Ltd. |
| |||||||||||
| 6.750% due 10/15/2033 (l) |
3,600 |
3,675 |
||||||||||
| Wyndham Hotels & Resorts, Inc. |
| |||||||||||
| 5.625% due 03/01/2033 |
5,300 |
5,234 |
||||||||||
| |
|
|||||||||||
247,029 |
||||||||||||
| |
|
|||||||||||
UTILITIES 8.3% |
| |||||||||||
| Altice Holdings 1 SARL |
| |||||||||||
| 0.000% due 12/31/2099 « |
EUR |
4 |
58 |
|||||||||
| Anglian Water Osprey Financing PLC |
| |||||||||||
| 6.750% due 08/27/2031 |
GBP |
4,000 |
5,347 |
|||||||||
| Anglian Water Services Financing PLC |
| |||||||||||
| 6.000% due 06/20/2039 (l) |
2,100 |
2,673 |
||||||||||
| Chile Electricity PEC SpA |
| |||||||||||
| 0.000% due 01/25/2028 (g) |
$ |
1,555 |
1,436 |
|||||||||
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA |
| |||||||||||
| 5.375% due 12/30/2030 |
2,932 |
2,776 |
||||||||||
| EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU |
| |||||||||||
| 8.499% due 06/30/2032 |
2,000 |
2,090 |
||||||||||
| Esentia Energy Development SAB de CV |
| |||||||||||
| 6.125% due 07/30/2033 |
5,200 |
5,191 |
||||||||||
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |
| |||||||||||
| 7.250% due 01/31/2041 |
4,853 |
4,932 |
||||||||||
| Genesis Energy LP/Genesis Energy Finance Corp. |
| |||||||||||
| 6.750% due 03/15/2034 |
5,200 |
5,163 |
||||||||||
| LLPL Capital Pte. Ltd. |
| |||||||||||
| 6.875% due 02/04/2039 |
5,862 |
5,959 |
||||||||||
| Mong Duong Finance Holdings BV |
| |||||||||||
| 5.125% due 05/07/2029 |
1,571 |
1,552 |
||||||||||
| Nova Securitisation SARL |
| |||||||||||
| 5.750% due 02/03/2031 |
6,000 |
5,791 |
||||||||||
| 6.500% due 02/03/2036 |
4,000 |
3,765 |
||||||||||
| PacifiCorp |
| |||||||||||
| 7.375% due 09/15/2055 •(l) |
3,500 |
3,538 |
||||||||||
| Peru LNG SRL |
| |||||||||||
| 5.375% due 03/22/2030 |
5,534 |
5,386 |
||||||||||
| PR RNO Property Owner 1 LLC |
| |||||||||||
| 6.500% due 05/01/2031 |
1,400 |
1,399 |
||||||||||
| Sempra |
| |||||||||||
| 6.375% due 04/01/2056 •(l) |
2,600 |
2,628 |
||||||||||
| 6.400% due 10/01/2054 • |
6,300 |
6,336 |
||||||||||
| Sierra Pacific Power Co. |
| |||||||||||
| 6.200% due 12/15/2055 • |
3,200 |
3,183 |
||||||||||
| SW Finance I PLC |
| |||||||||||
| 2.375% due 05/28/2028 |
GBP |
2,500 |
3,125 |
|||||||||
| 7.375% due 12/12/2041 (l) |
2,200 |
2,866 |
||||||||||
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 131 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Strategy Fund |
(Cont.) |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| WEC Energy Group, Inc. |
| |||||||||||
| 6.690% due 06/15/2055 «(j) |
$ |
8,000 |
$ |
8,041 |
||||||||
| Yinson Production Financial Services Pte. Ltd. |
| |||||||||||
| 9.625% due 05/03/2029 |
2,800 |
2,967 |
||||||||||
| |
|
|||||||||||
86,202 |
||||||||||||
| |
|
|||||||||||
| Total Corporate Bonds & Notes (Cost $400,735) |
401,924 |
|||||||||||
| |
|
|||||||||||
MUNICIPAL BONDS & NOTES 0.0% |
| |||||||||||
MICHIGAN 0.0% |
| |||||||||||
| Detroit, Michigan General Obligation Bonds, Series 2014 |
| |||||||||||
| 4.000% due 04/01/2044 |
495 |
405 |
||||||||||
| |
|
|||||||||||
| Total Municipal Bonds & Notes (Cost $398) |
405 |
|||||||||||
| |
|
|||||||||||
U.S. GOVERNMENT AGENCIES 2.6% |
| |||||||||||
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust |
| |||||||||||
| 0.000% due 08/25/2056 (b)(g) |
3,171 |
527 |
||||||||||
| 0.075% due 08/25/2056 ~(a) |
119,509 |
499 |
||||||||||
| 1.588% due 08/25/2056 ~(a) |
30,882 |
3,832 |
||||||||||
| 3.396% due 05/25/2057 ~ |
4,893 |
2,137 |
||||||||||
| 3.506% due 10/25/2058 ~ |
17,282 |
7,749 |
||||||||||
| 3.618% due 05/25/2064 ~ |
10,333 |
4,988 |
||||||||||
| 4.376% due 08/25/2059 ~ |
12,015 |
5,765 |
||||||||||
| 4.564% due 02/25/2059 ~ |
2,492 |
1,051 |
||||||||||
| 5.477% due 05/25/2060 ~ |
587 |
320 |
||||||||||
| |
|
|||||||||||
| Total U.S. Government Agencies (Cost $26,201) |
26,868 |
|||||||||||
| |
|
|||||||||||
U.S. TREASURY OBLIGATIONS 0.1% |
| |||||||||||
| U.S. Treasury Bonds |
| |||||||||||
| 4.875% due 08/15/2045 |
499 |
495 |
||||||||||
| U.S. Treasury Notes |
| |||||||||||
| 4.250% due 08/15/2035 |
760 |
751 |
||||||||||
| |
|
|||||||||||
| Total U.S. Treasury Obligations (Cost $1,291) |
1,246 |
|||||||||||
| |
|
|||||||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES 8.7% |
| |||||||||||
| Angel Oak Mortgage Trust |
| |||||||||||
| 4.800% due 11/25/2067 þ(l) |
769 |
764 |
||||||||||
| APS Resecuritization Trust |
| |||||||||||
| 1.221% due 08/28/2054 ~ |
6,455 |
1,679 |
||||||||||
| Bear Stearns ALT-A Trust |
| |||||||||||
| 3.985% due 08/25/2036 ~ |
1,088 |
706 |
||||||||||
| Benchmark Mortgage Trust |
| |||||||||||
| 4.077% due 07/15/2051 |
196 |
195 |
||||||||||
| 4.203% due 10/10/2051 |
396 |
395 |
||||||||||
| BX Commercial Mortgage Trust |
| |||||||||||
| 6.665% due 01/17/2039 •(l) |
2,100 |
2,095 |
||||||||||
| ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates |
| |||||||||||
| 4.067% due 08/25/2037 • |
3,150 |
2,680 |
||||||||||
| 4.203% due 08/25/2037 þ |
1,398 |
1,191 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 3.000% due 09/25/2064 ~(l) |
16,643 |
14,966 |
||||||||||
| 3.000% due 09/25/2064 ~ |
1,482 |
1,467 |
||||||||||
| City of Port Huron Water Supply System Revenue |
| |||||||||||
| 7.750% due 11/01/2045 «(j) |
9,929 |
9,882 |
||||||||||
| CLNY Trust |
| |||||||||||
| 5.457% due 11/15/2038 • |
3,115 |
3,081 |
||||||||||
| 6.700% due 11/15/2038 •(l) |
2,500 |
2,354 |
||||||||||
| Countrywide Alternative Loan Trust |
| |||||||||||
| 4.863% due 02/25/2036 • |
1,375 |
1,055 |
||||||||||
| 6.000% due 07/25/2037 |
958 |
544 |
||||||||||
| CSAB Mortgage-Backed Trust |
| |||||||||||
| 6.220% due 09/25/2036 þ |
2,674 |
743 |
||||||||||
| CSMC Trust |
| |||||||||||
| 1.115% due 01/25/2060 ~ |
2,246 |
1,895 |
||||||||||
| 3.904% due 11/10/2032 ~ |
5,200 |
382 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| GCAT Trust |
| |||||||||||
| 4.250% due 05/25/2067 ~(l) |
$ |
793 |
$ |
747 |
||||||||
| GS Mortgage Securities Corp. Trust |
| |||||||||||
| 4.872% due 07/15/2035 • |
998 |
654 |
||||||||||
| GS Mortgage-Backed Securities Trust |
| |||||||||||
| 3.750% due 10/25/2057 (l) |
1,646 |
1,613 |
||||||||||
| HarborView Mortgage Loan Trust |
| |||||||||||
| 4.274% due 03/19/2036 •(l) |
18,566 |
11,862 |
||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust |
| |||||||||||
| 4.472% due 04/15/2037 • |
939 |
932 |
||||||||||
| 5.272% due 11/15/2035 • |
5,000 |
1,259 |
||||||||||
| 5.622% due 11/15/2035 • |
5,000 |
725 |
||||||||||
| 6.923% due 02/15/2035 •(l) |
987 |
935 |
||||||||||
| Lehman XS Trust |
| |||||||||||
| 4.563% due 09/25/2047 • |
1,669 |
1,551 |
||||||||||
| MASTR Adjustable Rate Mortgages Trust |
| |||||||||||
| 4.544% due 12/25/2046 • |
4,400 |
3,307 |
||||||||||
| 4.863% due 09/25/2037 • |
727 |
282 |
||||||||||
| MFA Trust |
| |||||||||||
| 6.105% due 12/25/2068 þ(l) |
504 |
506 |
||||||||||
| Mill City Mortgage Loan Trust |
| |||||||||||
| 3.250% due 08/25/2059 ~(l) |
2,850 |
2,461 |
||||||||||
| 3.750% due 05/25/2058 ~(l) |
2,595 |
2,314 |
||||||||||
| Morgan Stanley Mortgage Loan Trust |
| |||||||||||
| 6.731% due 08/25/2036 þ |
2,526 |
407 |
||||||||||
| Nomura Asset Acceptance Corp. Alternative Loan Trust |
| |||||||||||
| 7.010% due 08/25/2036 þ |
7,737 |
1,976 |
||||||||||
| OBX Trust |
| |||||||||||
| 6.465% due 10/25/2063 þ(l) |
477 |
478 |
||||||||||
| PRKCM Trust |
| |||||||||||
| 7.225% due 11/25/2058 þ(l) |
444 |
446 |
||||||||||
| PRPM LLC |
| |||||||||||
| 4.000% due 11/25/2053 þ(l) |
299 |
295 |
||||||||||
| PRPM Trust |
| |||||||||||
| 6.221% due 11/25/2068 þ(l) |
534 |
535 |
||||||||||
| RALI Trust |
| |||||||||||
| 6.000% due 09/25/2036 |
2,066 |
1,684 |
||||||||||
| 6.500% due 11/25/2036 |
3,791 |
3,157 |
||||||||||
| Residential Asset Securitization Trust |
| |||||||||||
| 5.500% due 09/25/2035 |
5,284 |
2,092 |
||||||||||
| 6.000% due 04/25/2036 |
1,000 |
388 |
||||||||||
| Seasoned Credit Risk Transfer Trust |
| |||||||||||
| 5.000% due 06/25/2065 ~ |
500 |
406 |
||||||||||
| SMRT Commercial Mortgage Trust |
| |||||||||||
| 4.626% due 01/15/2039 •(l) |
500 |
500 |
||||||||||
| Towd Point Mortgage Trust |
| |||||||||||
| 3.000% due 06/25/2058 ~(l) |
1,404 |
1,327 |
||||||||||
| Verus Securitization Trust |
| |||||||||||
| 6.259% due 12/25/2068 þ(l) |
392 |
393 |
||||||||||
| 6.876% due 11/25/2068 ~(l) |
562 |
564 |
||||||||||
| |
|
|||||||||||
| Total Non-Agency Mortgage-Backed Securities(Cost $100,011) |
89,870 |
|||||||||||
| |
|
|||||||||||
ASSET-BACKED SECURITIES 25.1% |
| |||||||||||
CMBS OTHER 0.1% |
| |||||||||||
| BDS LLC |
| |||||||||||
| 4.921% due 10/17/2042 • |
500 |
501 |
||||||||||
| MF1 LLC |
| |||||||||||
| 4.957% due 02/18/2040 • |
500 |
500 |
||||||||||
| PFP Ltd. |
| |||||||||||
| 5.444% due 09/17/2039 •(l) |
218 |
218 |
||||||||||
| |
|
|||||||||||
1,219 |
||||||||||||
| |
|
|||||||||||
HOME EQUITY OTHER 21.9% |
| |||||||||||
| Aames Mortgage Investment Trust |
| |||||||||||
| 6.463% due 01/25/2035 •(l) |
3,481 |
2,836 |
||||||||||
| ACE Securities Corp. Home Equity Loan Trust |
| |||||||||||
| 4.063% due 07/25/2037 • |
1,988 |
593 |
||||||||||
| 4.163% due 12/25/2036 •(l) |
16,986 |
4,339 |
||||||||||
| 4.523% due 03/25/2037 • |
1,479 |
599 |
||||||||||
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| Bear Stearns Asset-Backed Securities I Trust |
| |||||||||||
| 4.168% due 01/25/2037 •(l) |
$ |
22,798 |
$ |
22,337 |
||||||||
| 4.273% due 10/25/2036 •(l) |
3,264 |
3,198 |
||||||||||
| 4.528% due 09/25/2035 •(l) |
16,931 |
16,402 |
||||||||||
| Centex Home Equity Loan Trust |
| |||||||||||
| 4.318% due 06/25/2036 •(l) |
17,000 |
15,318 |
||||||||||
| 4.693% due 09/25/2034 • |
360 |
353 |
||||||||||
| CIT Mortgage Loan Trust |
| |||||||||||
| 5.513% due 10/25/2037 •(l) |
56,686 |
55,957 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. |
| |||||||||||
| 3.963% due 12/25/2036 • |
2,422 |
1,693 |
||||||||||
| Citigroup Mortgage Loan Trust, Inc. Asset-Backed Pass-Through Certificates |
| |||||||||||
| 5.383% due 10/25/2034 • |
1,894 |
1,559 |
||||||||||
| Countrywide Asset-Backed Certificates Trust |
| |||||||||||
| 3.107% due 04/25/2036 •(l) |
7,200 |
6,096 |
||||||||||
| 5.993% due 02/25/2036 þ |
457 |
439 |
||||||||||
| GSAA Home Equity Trust |
| |||||||||||
| 3.843% due 03/25/2037 • |
8,356 |
1,470 |
||||||||||
| 3.956% due 03/25/2036 ~(l) |
4,590 |
2,676 |
||||||||||
| 4.123% due 12/25/2046 •(l) |
12,208 |
3,355 |
||||||||||
| 4.223% due 12/25/2046 • |
2,072 |
776 |
||||||||||
| 4.243% due 10/25/2036 •(l) |
12,125 |
3,611 |
||||||||||
| GSAA Trust |
| |||||||||||
| 4.383% due 12/25/2035 •(l) |
3,686 |
3,638 |
||||||||||
| 4.483% due 12/25/2035 • |
734 |
662 |
||||||||||
| GSAMP Trust |
| |||||||||||
| 4.083% due 04/25/2036 •(l) |
12,233 |
9,216 |
||||||||||
| 4.333% due 02/25/2036 •(l) |
9,045 |
9,594 |
||||||||||
| Home Equity Asset Trust |
| |||||||||||
| 4.243% due 08/25/2036 •(l) |
3,404 |
3,486 |
||||||||||
| HSI Asset Securitization Corp. Trust |
| |||||||||||
| 3.963% due 04/25/2037 • |
100 |
64 |
||||||||||
| JP Morgan Mortgage Acquisition Trust |
| |||||||||||
| 4.023% due 12/25/2036 •(l) |
4,944 |
3,137 |
||||||||||
| 4.123% due 08/25/2036 • |
3,292 |
2,165 |
||||||||||
| 5.158% due 07/25/2036 •(l) |
5,000 |
4,406 |
||||||||||
| 6.037% due 10/25/2036 þ |
1,872 |
1,093 |
||||||||||
| 6.080% due 08/25/2036 þ |
1,113 |
643 |
||||||||||
| Long Beach Mortgage Loan Trust |
| |||||||||||
| 4.263% due 07/25/2036 • |
1,586 |
634 |
||||||||||
| Merrill Lynch First Franklin Mortgage Loan Trust |
| |||||||||||
| 4.023% due 06/25/2037 • |
1,308 |
1,314 |
||||||||||
| Merrill Lynch Mortgage Investors Trust |
| |||||||||||
| 5.638% due 04/25/2035 •(l) |
983 |
1,004 |
||||||||||
| Morgan Stanley ABS Capital I, Inc. Trust |
| |||||||||||
| 3.883% due 09/25/2036 • |
759 |
255 |
||||||||||
| 5.638% due 11/25/2034 • |
1,741 |
1,526 |
||||||||||
| New Century Home Equity Loan Trust |
| |||||||||||
| 4.843% due 01/25/2034 • |
323 |
330 |
||||||||||
| NovaStar Mortgage Funding Trust |
| |||||||||||
| 4.263% due 09/25/2036 • |
4,477 |
1,713 |
||||||||||
| Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
| |||||||||||
| 4.723% due 08/25/2035 •(l) |
5,619 |
4,865 |
||||||||||
| Popular ABS Mortgage Pass-Through Trust |
| |||||||||||
| 4.043% due 01/25/2037 •(l) |
11,385 |
10,221 |
||||||||||
| Renaissance Home Equity Loan Trust |
| |||||||||||
| 4.523% due 05/25/2034 • |
1,137 |
1,064 |
||||||||||
| Residential Asset Securities Corporation Trust |
| |||||||||||
| 4.558% due 02/25/2036 •(l) |
4,100 |
3,396 |
||||||||||
| 4.888% due 07/25/2035 • |
1,440 |
1,442 |
||||||||||
| Saxon Asset Securities Trust |
| |||||||||||
| 3.943% due 05/25/2037 • |
462 |
333 |
||||||||||
| Securitized Asset-Backed Receivables LLC Trust |
| |||||||||||
| 2.799% due 01/25/2036 þ |
18 |
15 |
||||||||||
| 4.203% due 04/25/2037 • |
1,424 |
973 |
||||||||||
| Soundview Home Loan Trust |
| |||||||||||
| 3.943% due 08/25/2037 • |
773 |
766 |
||||||||||
| 4.243% due 11/25/2036 • |
7,036 |
1,838 |
||||||||||
| 4.263% due 11/25/2036 • |
225 |
216 |
||||||||||
| Structured Asset Securities Corp. Mortgage Loan Trust |
| |||||||||||
| 4.438% due 04/25/2035 • |
89 |
92 |
||||||||||
| 4.468% due 02/25/2035 • |
1,015 |
982 |
||||||||||
132 |
PIMCO CLOSED-END FUNDS |
See Accompanying Notes |
| June 30, 2026 |
PRINCIPAL AMOUNT (000S) |
MARKET VALUE (000S) |
|||||||||||
| 5.563% due 05/25/2035 • |
$ |
1,004 |
$ |
866 |
||||||||
| 6.013% due 04/25/2031 •(l) |
2,772 |
2,933 |
||||||||||
| 7.138% due 11/25/2035 •(l) |
7,227 |
6,516 |
||||||||||
| Wells Fargo Home Equity Asset-Backed Securities Trust |
| |||||||||||
| 8.263% due 10/25/2034 • |
1,478 |
1,585 |
||||||||||
| |
|
|||||||||||
226,590 |
||||||||||||
| |
|
|||||||||||
WHOLE LOAN COLLATERAL 1.7% |
| |||||||||||
| First Franklin Mortgage Loan Trust |
| |||||||||||
| 4.003% due 10/25/2036 •(l) |
10,513 |
6,696 |
||||||||||
| 4.243% due 05/25/2036 • |
1,500 |
1,336 |
||||||||||
| 6.088% due 05/25/2034 • |
191 |
177 |
||||||||||
| Residential Asset Mortgage Products Trust |
| |||||||||||
| 4.363% due 03/25/2036 • |
207 |
206 |
||||||||||
| Securitized Asset-Backed Receivables LLC Trust |
| |||||||||||
| 4.143% due 11/25/2036 • |
19,434 |
8,466 |
||||||||||
| |
|
|||||||||||
16,881 |
||||||||||||
| |
|
|||||||||||
OTHER ABS 1.4% |
| |||||||||||
| ABSLT DE LLC |
| |||||||||||
| 12.103% due 05/20/2033 « |
2,900 |
2,898 |
||||||||||
| Apex Credit CLO LLC |
| |||||||||||
| 0.000% due 10/20/2034 ~ |
5,100 |
1,228 |
||||||||||
| College Avenue Student Loans Trust |
| |||||||||||
| 0.000% due 06/25/2054 «(g) |
5 |
2,794 |
||||||||||
| 6.610% due 06/25/2054 |
626 |
642 |
||||||||||
| 8.660% due 06/25/2054 |
902 |
943 |
||||||||||
| Dryden 123 CLO Ltd. |
| |||||||||||
| 0.000% due 04/15/2038 ~ |
3,000 |
2,211 |
||||||||||
| 0.000% due 04/15/2038 « |
3,000 |
64 |
||||||||||
| Residential Asset Mortgage Products Trust |
| |||||||||||
| 5.463% due 01/25/2034 •(l) |
3,603 |
3,870 |
||||||||||
| |
|
|||||||||||
14,650 |
||||||||||||
| |
|
|||||||||||
| Total Asset-Backed Securities (Cost $260,088) |
259,340 |
|||||||||||
| |
|
|||||||||||
SOVEREIGN ISSUES 0.4% |
| |||||||||||
| Avenir Issuer IV Ireland DAC |
| |||||||||||
| 6.000% due 10/25/2027 |
840 |
831 |
||||||||||
| Romania Government International Bonds |
| |||||||||||
| 5.625% due 02/22/2036 (l) |
EUR |
2,500 |
2,880 |
|||||||||
| Turkiye Government Bonds |
| |||||||||||
| 40.760% (BISTREFI + 0.000%) due 05/17/2028 ~ |
TRY |
4,500 |
97 |
|||||||||
| |
|
|||||||||||
| Total Sovereign Issues (Cost $3,626) |
3,808 |
|||||||||||
| |
|
|||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
COMMON STOCKS 11.9% |
| |||||||||||
COMMUNICATION SERVICES 0.0% |
| |||||||||||
| SES SA «(e) |
21,303 |
$ |
322 |
|||||||||
| |
|
|||||||||||
CONSUMER DISCRETIONARY 0.4% |
| |||||||||||
| Stellantis NV |
728,688 |
4,183 |
||||||||||
| |
|
|||||||||||
ENERGY 11.5% |
| |||||||||||
| Enbridge, Inc. |
566,422 |
30,716 |
||||||||||
| TC Energy Corp. |
393,461 |
26,056 |
||||||||||
| Venture Global, Inc. Class A |
5,582,756 |
62,136 |
||||||||||
| |
|
|||||||||||
118,908 |
||||||||||||
| |
|
|||||||||||
| Total Common Stocks (Cost $50,577) |
123,413 |
|||||||||||
| |
|
|||||||||||
MASTER LIMITED PARTNERSHIPS 18.2% |
| |||||||||||
ENERGY 18.2% |
| |||||||||||
| Sunoco LP |
369,073 |
24,913 |
||||||||||
| Western Midstream Partners LP |
443,487 |
19,407 |
||||||||||
| MPLX LP |
829,136 |
46,705 |
||||||||||
| Enterprise Products Partners LP |
1,105,419 |
40,635 |
||||||||||
| Energy Transfer LP |
2,957,838 |
56,554 |
||||||||||
| |
|
|||||||||||
| Total Master Limited Partnerships (Cost $136,205) |
188,214 |
|||||||||||
| |
|
|||||||||||
PREFERRED SECURITIES 3.9% |
| |||||||||||
BANKING & FINANCE 0.6% |
| |||||||||||
| WAFC Voussoir « |
6,277,217 |
6,277 |
||||||||||
| |
|
|||||||||||
INDUSTRIALS 3.0% |
| |||||||||||
| Mustang Express Ltd. |
| |||||||||||
| 0.000% « |
29,700 |
30,704 |
||||||||||
| |
|
|||||||||||
UTILITIES 0.3% |
| |||||||||||
| Energy Transfer LP |
| |||||||||||
| 7.125% due 05/15/2030 (h) |
3,200,000 |
3,310 |
||||||||||
| |
|
|||||||||||
| Total Preferred Securities (Cost $39,776) |
40,291 |
|||||||||||
| |
|
|||||||||||
SHARES |
MARKET VALUE (000S) |
|||||||||||
SHORT-TERM INSTRUMENTS 3.0% |
| |||||||||||
MUTUAL FUNDS 0.2% |
| |||||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class |
| |||||||||||
| 3.690% (i) |
2,604,989 |
$ |
2,605 |
|||||||||
| |
|
|||||||||||
PRINCIPAL AMOUNT (000S) |
||||||||||||
REPURCHASE AGREEMENTS (k) 2.0% |
| |||||||||||
20,363 |
||||||||||||
| |
|
|||||||||||
U.S. TREASURY BILLS 0.8% |
| |||||||||||
| 3.723% due 07/28/2026 - 10/27/2026 (f)(g) |
$ |
7,900 |
7,850 |
|||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $30,817) |
30,818 |
|||||||||||
| |
|
|||||||||||
Total Investments in Securities (Cost $1,245,815) |
1,355,225 |
|||||||||||
| |
|
|||||||||||
SHARES |
||||||||||||
INVESTMENTS IN AFFILIATES 2.8% |
| |||||||||||
SHORT-TERM INSTRUMENTS 2.8% |
| |||||||||||
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.8% |
| |||||||||||
| PIMCO Short-Term Floating NAV Portfolio III |
2,967,398 |
28,905 |
||||||||||
| |
|
|||||||||||
Total Short-Term Instruments (Cost $28,857) |
28,905 |
|||||||||||
| |
|
|||||||||||
Total Investments in Affiliates (Cost $28,857) |
28,905 |
|||||||||||
Total Investments 133.8% (Cost $1,274,672) |
|
$ |
1,384,130 |
|||||||||
| Financial Derivative Instruments (m)(n) 0.6% (Cost or Premiums, net $75) |
6,748 |
|||||||||||
Other Assets and Liabilities, net (34.4)% |
(356,237 |
) | ||||||||||
| |
|
|||||||||||
Net Assets 100.0% |
|
$ |
1,034,641 |
|||||||||
| |
|
|||||||||||
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
« |
Security valued using significant unobservable inputs (Level 3). |
µ |
All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
~ |
Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
• |
Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
þ |
Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
(a) |
Security is an Interest Only (“IO”) or IO Strip. |
(b) |
Principal only security. |
(c) |
When-issued security. |
(d) |
Payment in-kind security. |
(e) |
Security did not produce income within the last twelve months. |
(f) |
Coupon represents a weighted average yield to maturity. |
(g) |
Zero coupon security. |
(h) |
Perpetual maturity; date shown, if applicable, represents next contractual call date. |
(i) |
Coupon represents a 7-Day Yield. |
| See Accompanying Notes | ANNUAL REPORT |
| | JUNE 30, 2026 | 133 |
Consolidated Schedule of Investments |
PIMCO Dynamic Income Strategy Fund |
(Cont.) |
(j) RESTRICTED SECURITIES:
Issuer Description |
Coupon |
Maturity Date |
Acquisition Date |
Cost |
Market Value |
Market Value as Percentage of Net Assets |
||||||||||||||||
| City of Port Huron Water Supply System Revenue |
7.750% |
11/01/2045 |
12/19/2025 - 03/18/2026 |
$ |
9,964 |
$ |
9,882 |
0.95 |
% | |||||||||||||
| Credit Opportunities Partners LLC |
6.740 |
03/20/2030 |
02/20/2025 |
300 |
299 |
0.03 |
||||||||||||||||
| WEC Energy Group, Inc. |
6.690 |
06/15/2055 |
12/13/2024 |
8,000 |
8,041 |
0.78 |
||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||
$ |
18,264 |
$ |
18,222 |
1.76 |
% | |||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(k) 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) |
||||||||||||||||||||||
BOS |
3.600 |
% |
06/29/2026 |
07/06/2026 |
$ |
20,363 |
U.S. Treasury Notes 4.125% due 02/15/2036 |
$ |
(20,262 |
) |
$ |
20,363 |
$ |
20,367 |
||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||||||||
| Total Repurchase Agreements |
|
$ |
(20,262 |
) |
$ |
20,363 |
$ |
20,367 |
||||||||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||||||||
REVERSE REPURCHASE AGREEMENTS:
Counterparty |