NPORT-EX 2 dynamicincomefund.htm PIMCO DYNAMIC INCOME FUND

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund September 30, 2019 (Unaudited)

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

		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 168.5% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 15.2%
Advanced Drainage Systems, Inc. TBD% due 09/19/2026	$	62	$	62
Advanz Pharma Corp. 7.528% (LIBOR03M + 5.500%) due 09/06/2024 ~		12,584		11,908
Alphabet Holding Co., Inc. 5.544% (LIBOR03M + 3.500%) due 09/26/2024 ~		294		273
Altice France S.A. 6.028% (LIBOR03M + 4.000%) due 08/14/2026 ~		695		694
Ancestry.com Operations, Inc. 6.300% (LIBOR03M + 4.250%) due 08/27/2026 ~		100		99
API Group, Inc. TBD% due 10/01/2026 «		200		201
Avantor, Inc. 5.044% (LIBOR03M + 3.000%) due 11/21/2024 ~		61		61
CenturyLink, Inc. 4.794% (LIBOR03M + 2.750%) due 01/31/2025 ~		345		344
Diamond Resorts Corp. 5.796% (LIBOR03M + 3.750%) due 09/02/2023 ~		7,584		7,401
DTEK Holdings Ltd. TBD% due 08/01/2026 «	EUR	3,263		3,143
Dubai World (2.500% Cash and 1.750% PIK) 4.250% (LIBOR03M + 2.000%) due 09/30/2022 ~(d)	$	29,048		27,233
Emerald TopCo, Inc. 5.544% (LIBOR03M + 3.500%) due 07/24/2026 ~		98		98
Envision Healthcare Corp. 5.794% (LIBOR03M + 3.750%) due 10/10/2025 ~		25,791		21,106
Financial & Risk U.S. Holdings, Inc. 5.794% (LIBOR03M + 3.750%) due 10/01/2025 ~		2,859		2,878
Fleet U.S. Bidco, Inc. TBD% due 09/23/2026 «		69		69
Frontier Communications Corp. 5.800% (LIBOR03M + 3.750%) due 06/15/2024 ~		2,744		2,745
Genworth Holdings, Inc. 6.670% (LIBOR03M + 4.500%) due 03/07/2023 ~		49		49
iHeartCommunications, Inc. 6.100% (LIBOR03M + 4.000%) due 05/01/2026 ~		12,179		12,274
Intelsat Jackson Holdings S.A. 5.804% (LIBOR03M + 3.750%) due 11/27/2023 ~		200		201
McDermott Technology Americas, Inc. 7.104% (LIBOR03M + 5.000%) due 05/09/2025 ~		5,592		3,575
Messer Industrie GmbH 4.604% (LIBOR03M + 2.500%) due 03/01/2026 ~		282		282
MH Sub LLC 5.794% (LIBOR03M + 3.750%) due 09/13/2024 ~		265		263
Ministry of Finance of Tanzania 7.741% (LIBOR03M + 4.600%) due 12/10/2019 «~		200		202
Nascar Holdings, Inc. TBD% due 07/27/2026		224		226
NCI Building Systems, Inc. 5.789% (LIBOR03M + 3.750%) due 04/12/2025 ~		119		116
Neiman Marcus Group Ltd. LLC
8.057% (LIBOR03M + 6.000%) due 10/25/2023 ~		28,727		22,156
8.557% (LIBOR03M + 6.500%) due 10/25/2023 ~		18,556		14,183
Nestle Skin Health
TBD% due 07/16/2026		675		679
TBD% due 07/16/2026	EUR	1,000		1,100
Ortho-Clinical Diagnostics S.A. 5.563% (LIBOR03M + 3.250%) due 06/30/2025 ~	$	1,391		1,349
Pacific Gas & Electric Co. TBD% due 02/22/2049 ^«(e)		1,882		1,849
Parexel International Corp. 4.794% (LIBOR03M + 2.750%) due 09/27/2024 ~		88		84
PetSmart, Inc. 6.040% (LIBOR03M + 4.000%) due 03/11/2022 ~		307		300
Preylock Reitman Santa Cruz Mezz LLC TBD% (LIBOR03M + 5.500%) due 11/09/2022 «~(k)		5,540		5,572
Project Anfora Senior 1.000% due 10/01/2026	EUR	20,000		21,745
Sequa Mezzanine Holdings LLC
7.187% (LIBOR03M + 5.000%) due 11/28/2021 ~	$	13,535		13,428
11.268% (LIBOR03M + 9.000%) due 04/28/2022 ~		32,252		31,769
Sinclair Television Group, Inc. 4.540% (LIBOR03M + 2.500%) due 09/30/2026 ~		200		201

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

Starfruit Finco BV 5.292% (LIBOR03M + 3.250%) due 10/01/2025 ~		660		647
Syniverse Holdings, Inc. 7.028% (LIBOR03M + 5.000%) due 03/09/2023 ~		16,708		15,753
U.S. Renal Care, Inc. 7.063% (LIBOR03M + 5.000%) due 06/26/2026 ~		288		274
Univision Communications, Inc. 4.794% (LIBOR03M + 2.750%) due 03/15/2024 ~		8,980		8,743
VFH Parent LLC 6.044% (LIBOR03M + 3.500%) due 03/01/2026 ~		100		100
West Corp. 6.044% (LIBOR03M + 4.000%) due 10/10/2024 ~		70		63
Westmoreland Mining Holdings LLC 10.389% (LIBOR03M + 8.250%) due 03/15/2022 «~		8		8
Westmoreland Mining Holdings LLC (15.000% PIK) 15.000% due 03/15/2029 (d)		22		17
Whatabrands LLC 5.516% (LIBOR03M + 3.250%) due 08/02/2026 ~		63		63
Total Loan Participations and Assignments (Cost $244,850)				235,586
CORPORATE BONDS & NOTES 38.0%
BANKING & FINANCE 16.0%
AGFC Capital Trust 4.053% (US0003M + 1.750%) due 01/15/2067 ~(m)		12,900		7,030
Ally Financial, Inc. 8.000% due 11/01/2031		10		14
Ambac Assurance Corp. 5.100% due 06/07/2020		184		268
Ambac LSNI LLC 7.104% due 02/12/2023 •(m)		2,022		2,048
Ardonagh Midco PLC
8.375% due 07/15/2023 (m)	GBP	32,410		38,345
8.625% due 07/15/2023 (m)	$	400		384
Athene Holding Ltd. 4.125% due 01/12/2028		58		60
AXA Equitable Holdings, Inc.
4.350% due 04/20/2028 (m)		91		97
5.000% due 04/20/2048 (m)		153		165
Banco Bilbao Vizcaya Argentaria S.A. 6.750% due 02/18/2020 •(i)(j)	EUR	200		222
Banco de Credito del Peru 4.650% due 09/17/2024	PEN	2,000		595
Bank of Ireland 7.375% due 06/18/2020 •(i)(j)(m)	EUR	1,200		1,362
Barclays Bank PLC 7.625% due 11/21/2022 (j)(m)	$	10,100		11,142
Barclays PLC
3.250% due 01/17/2033 (m)	GBP	400		499
5.875% due 09/15/2024 •(i)(j)		400		479
7.125% due 06/15/2025 •(i)(j)(m)		4,600		6,004
7.250% due 03/15/2023 •(i)(j)(m)		3,200		4,148
7.875% due 09/15/2022 •(i)(j)(m)		1,400		1,834
8.000% due 12/15/2020 •(i)(j)(m)	EUR	2,800		3,269
8.000% due 06/15/2024 •(i)(j)(m)	$	1,400		1,490
Brookfield Finance, Inc.
3.900% due 01/25/2028 (m)		182		191
4.700% due 09/20/2047 (m)		168		185
CBL & Associates LP
4.600% due 10/15/2024		6		4
5.250% due 12/01/2023		313		219
5.950% due 12/15/2026 (m)		1,551		1,097
Credit Suisse Group AG
7.250% due 09/12/2025 •(i)(j)(m)		400		428
7.500% due 07/17/2023 •(i)(j)(m)		800		856
Emerald Bay S.A. 0.000% due 10/08/2020 (h)	EUR	63		68
ESH Hospitality, Inc. 4.625% due 10/01/2027	$	312		314
Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025 (m)		1,128		1,162
6.750% due 03/15/2022 (m)		1,334		1,397
GE Capital International Funding Co. Unlimited Co. 4.418% due 11/15/2035 (m)		340		357
Growthpoint Properties International Pty. Ltd. 5.872% due 05/02/2023		300		321
HSBC Bank PLC 6.330% due 05/23/2023		24,300		25,529
HSBC Holdings PLC
5.875% due 09/28/2026 •(i)(j)(m)	GBP	1,000		1,302
6.000% due 09/29/2023 •(i)(j)	EUR	200		248
6.500% due 03/23/2028 •(i)(j)(m)	$	1,220		1,277
Hunt Cos., Inc. 6.250% due 02/15/2026		60		59

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

ING Groep NV 5.750% due 11/16/2026 •(i)(j)		1,000		1,008
Kennedy-Wilson, Inc. 5.875% due 04/01/2024 (m)		162		167
Lloyds Banking Group PLC
7.500% due 09/27/2025 •(i)(j)(m)		1,500		1,601
7.625% due 06/27/2023 •(i)(j)(m)	GBP	1,700		2,280
7.875% due 06/27/2029 •(i)(j)(m)		14,473		20,914
LoanCore Capital Markets LLC 6.875% due 06/01/2020 (m)	$	3,800		3,755
Nationstar Mortgage LLC 6.500% due 07/01/2021 (m)		1,932		1,942
Navient Corp. 6.500% due 06/15/2022 (m)		1,784		1,904
Newmark Group, Inc. 6.125% due 11/15/2023 (m)		254		276
Oppenheimer Holdings, Inc. 6.750% due 07/01/2022 (m)		1,348		1,392
Park Aerospace Holdings Ltd. 4.500% due 03/15/2023		342		355
Pinnacol Assurance 8.625% due 06/25/2034 «(k)		10,200		10,967
Preferred Term Securities Ltd. 2.499% (US0003M + 0.380%) due 09/23/2035 ~		312		302
Royal Bank of Scotland Group PLC
7.500% due 08/10/2020 •(i)(j)(m)		5,989		6,131
8.000% due 08/10/2025 •(i)(j)(m)		5,775		6,384
8.625% due 08/15/2021 •(i)(j)(m)		4,520		4,852
Sabra Health Care LP 4.800% due 06/01/2024 (m)		442		468
Santander UK Group Holdings PLC
6.750% due 06/24/2024 •(i)(j)(m)	GBP	9,200		11,832
7.375% due 06/24/2022 •(i)(j)(m)		8,635		11,248
Societe Generale S.A.
6.750% due 04/06/2028 •(i)(j)(m)	$	400		408
7.375% due 10/04/2023 •(i)(j)(m)		1,600		1,685
Springleaf Finance Corp.
5.625% due 03/15/2023 (m)		2,900		3,103
6.125% due 03/15/2024 (m)		314		339
6.625% due 01/15/2028 (m)		974		1,050
6.875% due 03/15/2025 (m)		269		297
Stichting AK Rabobank Certificaten 6.500% due 12/29/2049 (i)	EUR	440		605
Tesco Property Finance PLC 6.052% due 10/13/2039 (m)	GBP	3,170		5,115
Toll Road Investors Partnership LP 0.000% due 02/15/2045 (h)	$	6,426		1,778
TP ICAP PLC 5.250% due 01/26/2024 (m)	GBP	6,198		8,172
UniCredit SpA 7.830% due 12/04/2023 (m)	$	9,200		10,794
Unique Pub Finance Co. PLC 5.659% due 06/30/2027	GBP	1,607		2,251
Voyager Aviation Holdings LLC 8.500% due 08/15/2021 (m)	$	9,900		10,182
				248,026
INDUSTRIALS 15.1%
Advanced Drainage Systems, Inc. 5.000% due 09/30/2027		62		63
Altice Financing S.A. 7.500% due 05/15/2026 (m)		6,360		6,773
Altice France S.A.
5.875% due 02/01/2027 (m)	EUR	900		1,088
7.375% due 05/01/2026 (m)	$	300		323
8.125% due 02/01/2027 (m)		3,400		3,761
Ardagh Packaging Finance PLC 4.125% due 08/15/2026		200		202
Associated Materials LLC 9.000% due 01/01/2024 (m)		16,400		14,473
Avon International Capital PLC 6.500% due 08/15/2022		90		93
B.C. Unlimited Liability Co. 3.875% due 01/15/2028		220		222
Baffinland Iron Mines Corp. 8.750% due 07/15/2026 (m)		3,600		3,705
BCPE Cycle Merger Sub, Inc. 10.625% due 07/15/2027		196		190
Beazer Homes USA, Inc. 7.250% due 10/15/2029		32		33
Bioceanico Sovereign Certificate Ltd. 0.000% due 06/05/2034 (h)		250		175
Bombardier, Inc.
6.125% due 01/15/2023 (m)		1,820		1,858
7.500% due 12/01/2024 (m)		3,926		3,950

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

7.500% due 03/15/2025 (m)		1,899		1,904
7.875% due 04/15/2027 (m)		3,692		3,686
Buffalo Thunder Development Authority
0.000% due 11/15/2029 « (k)		2,483		2
11.000% due 12/09/2022 ^(e)		5,598		2,855
Cheniere Energy Partners LP 4.500% due 10/01/2029		126		129
Clear Channel Worldwide Holdings, Inc. 9.250% due 02/15/2024 (m)		8,517		9,379
Community Health Systems, Inc.
6.250% due 03/31/2023 (m)		23,716		23,647
8.000% due 03/15/2026 (m)		1,328		1,328
8.625% due 01/15/2024 (m)		2,604		2,695
Connect Finco SARL 6.750% due 10/01/2026 (c)		144		147
Core & Main Holdings LP (8.625% Cash or 9.375% PIK) 8.625% due 09/15/2024 (d)		103		104
CSC Holdings LLC 6.500% due 02/01/2029		300		334
Diamond Resorts International, Inc.
7.750% due 09/01/2023 (m)		466		482
10.750% due 09/01/2024 (m)		5,500		5,692
DISH DBS Corp. 5.875% due 07/15/2022		14		15
Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK) 7.750% due 05/15/2022 (d)		50		51
Eldorado Resorts, Inc. 6.000% due 09/15/2026 (m)		5,500		6,050
Envision Healthcare Corp. 8.750% due 10/15/2026 (m)		5,765		3,545
Exela Intermediate LLC 10.000% due 07/15/2023 (m)		267		150
Fairstone Financial, Inc. 7.875% due 07/15/2024 (m)		726		760
First Quantum Minerals Ltd.
6.500% due 03/01/2024 (m)		3,902		3,741
6.875% due 03/01/2026 (m)		4,282		4,100
7.000% due 02/15/2021 (m)		448		452
Flex Ltd. 4.875% due 06/15/2029 (m)		316		332
FMG Resources Pty. Ltd. 4.500% due 09/15/2027		132		130
Fresh Market, Inc. 9.750% due 05/01/2023 (m)		8,520		4,984
Frontier Finance PLC 8.000% due 03/23/2022 (m)	GBP	10,500		13,347
Full House Resorts, Inc.
8.575% due 01/31/2024	$	786		774
9.738% due 02/02/2024		67		66
General Electric Co.
5.000% due 01/21/2021 •(i)		737		700
5.875% due 01/14/2038		46		55
6.150% due 08/07/2037 (m)		235		290
Global Payments, Inc.
3.200% due 08/15/2029		126		128
4.150% due 08/15/2049		63		66
Go Daddy Operating Co. LLC 5.250% due 12/01/2027		64		68
Hilton Domestic Operating Co., Inc. 4.875% due 01/15/2030		76		80
Horizon Pharma USA, Inc. 5.500% due 08/01/2027		200		209
iHeartCommunications, Inc.
6.375% due 05/01/2026 (m)		3,278		3,556
8.375% due 05/01/2027 (m)		5,827		6,322
IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK) 3.625% due 05/15/2025 (d)	EUR	690		781
IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK) 3.875% due 05/15/2027 (d)		300		335
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK) 6.000% due 05/15/2027 (d)(m)	$	1,071		1,087
IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) 6.375% due 05/15/2029 (d)(m)		944		956
Installed Building Products, Inc. 5.750% due 02/01/2028		126		130
Intelsat Connect Finance S.A. 9.500% due 02/15/2023 (m)		434		403
Intelsat Jackson Holdings S.A.
5.500% due 08/01/2023 (m)		1,500		1,407
8.000% due 02/15/2024 (m)		295		307
8.500% due 10/15/2024 (m)		3,377		3,410
9.750% due 07/15/2025 (m)		639		671
Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^(m)		20,614		19,686
8.125% due 06/01/2023 (m)		8,785		7,355

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

Mallinckrodt International Finance S.A. 5.500% due 04/15/2025 (m)		318		95
Marriott Ownership Resorts, Inc. 4.750% due 01/15/2028 (c)		62		63
Melco Resorts Finance Ltd. 5.625% due 07/17/2027		400		416
Micron Technology, Inc. 5.327% due 02/06/2029 (m)		420		462
NCR Corp.
5.750% due 09/01/2027		71		74
6.125% due 09/01/2029		40		42
Netflix, Inc.
3.875% due 11/15/2029 (m)	EUR	1,717		1,990
4.625% due 05/15/2029 (m)		700		850
5.375% due 11/15/2029	$	184		192
Noble Holding International Ltd. 7.875% due 02/01/2026		325		236
Ortho-Clinical Diagnostics, Inc. 6.625% due 05/15/2022 (m)		1,147		1,126
Pacific Drilling SA 8.375% due 10/01/2023 (m)		612		516
Par Pharmaceutical, Inc. 7.500% due 04/01/2027 (m)		316		288
Performance Food Group, Inc. 5.500% due 10/15/2027		58		61
Petroleos Mexicanos
5.350% due 02/12/2028		1,716		1,644
6.490% due 01/23/2027		200		209
6.500% due 03/13/2027 (m)		3,176		3,314
6.750% due 09/21/2047 (m)		120		115
6.840% due 01/23/2030 (m)		600		622
7.690% due 01/23/2050		330		345
PetSmart, Inc. 5.875% due 06/01/2025 (m)		203		203
Platin GmbH
6.875% due 06/15/2023 (m)	EUR	1,200		1,282
6.875% due 06/15/2023		940		1,004
Prime Security Services Borrower LLC 5.750% due 04/15/2026	$	120		125
Qorvo, Inc. 4.375% due 10/15/2029		56		56
QVC, Inc. 5.950% due 03/15/2043 (m)		1,983		1,992
Radiate Holdco LLC 6.875% due 02/15/2023 (m)		140		145
Refinitiv U.S. Holdings, Inc. 4.500% due 05/15/2026 (m)	EUR	400		471
Sands China Ltd.
5.125% due 08/08/2025 (m)	$	600		660
5.400% due 08/08/2028 (m)		3,500		3,951
Sensata Technologies, Inc. 4.375% due 02/15/2030		66		66
Staples, Inc. 7.500% due 04/15/2026		190		196
Syngenta Finance NV
4.892% due 04/24/2025 (m)		200		212
5.182% due 04/24/2028 (m)		300		319
Telesat Canada 6.500% due 10/15/2027 (c)		167		170
Tenet Healthcare Corp.
4.625% due 09/01/2024		198		204
4.875% due 01/01/2026		74		76
Teva Pharmaceutical Finance BV 3.650% due 11/10/2021		170		157
Teva Pharmaceutical Finance Co. BV 3.650% due 11/10/2021		19		18
Teva Pharmaceutical Finance Netherlands BV
0.375% due 07/25/2020	EUR	700		744
2.200% due 07/21/2021 (m)	$	4,092		3,754
3.250% due 04/15/2022 (m)	EUR	800		813
Topaz Solar Farms LLC
4.875% due 09/30/2039 (m)	$	4,713		4,920
5.750% due 09/30/2039 (m)		11,781		13,236
Transocean Pontus Ltd. 6.125% due 08/01/2025 (m)		358		365
Transocean, Inc. 7.250% due 11/01/2025		212		188
Trident TPI Holdings, Inc. 9.250% due 08/01/2024		147		144
Triumph Group, Inc.
4.875% due 04/01/2021 (m)		227		227
5.250% due 06/01/2022		84		84
6.250% due 09/15/2024		134		140
Trivium Packaging Finance BV
3.750% due 08/15/2026	EUR	200		231
5.500% due 08/15/2026 (m)	$	1,400		1,475

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

8.500% due 08/15/2027		300		325
Unigel Luxembourg S.A.
8.750% due 10/01/2026 (c)		1,000		1,000
10.500% due 01/22/2024 (m)		1,470		1,619
United Group BV
4.375% due 07/01/2022 (m)	EUR	200		223
4.875% due 07/01/2024 (m)		200		228
Univision Communications, Inc.
5.125% due 05/15/2023 (m)	$	1,482		1,486
5.125% due 02/15/2025 (m)		1,747		1,708
Valaris PLC 5.750% due 10/01/2044		132		57
Vale Overseas Ltd.
6.250% due 08/10/2026 (m)		536		620
6.875% due 11/21/2036		333		424
6.875% due 11/10/2039		110		141
ViaSat, Inc.
5.625% due 09/15/2025 (m)		218		221
5.625% due 04/15/2027		113		119
Virgin Media Secured Finance PLC 5.500% due 05/15/2029		200		209
VOC Escrow Ltd. 5.000% due 02/15/2028 (m)		67		70
Wyndham Destinations, Inc.
3.900% due 03/01/2023 (m)		204		207
4.250% due 03/01/2022		6		6
5.400% due 04/01/2024		50		53
				234,796
UTILITIES 6.9%
Edison International
2.400% due 09/15/2022 (m)		188		186
2.950% due 03/15/2023		13		13
5.750% due 06/15/2027 (m)		127		143
Frontier Communications Corp. 8.000% due 04/01/2027 (m)		316		334
Gazprom Neft OAO Via GPN Capital S.A.
4.375% due 09/19/2022 (m)		2,000		2,079
6.000% due 11/27/2023 (m)		25,400		28,212
Odebrecht Drilling Norbe Ltd. 6.350% due 12/01/2021 ^(m)		1,411		1,404
Odebrecht Offshore Drilling Finance Ltd. 6.720% due 12/01/2022 ^(m)		9,480		9,314
Pacific Gas & Electric Co.
2.450% due 08/15/2022 ^(e)(m)		858		852
2.950% due 03/01/2026 ^(e)(m)		996		986
3.250% due 09/15/2021 ^(e)(m)		171		171
3.250% due 06/15/2023 ^(e)(m)		1,093		1,090
3.300% due 03/15/2027 ^(e)(m)		1,689		1,681
3.300% due 12/01/2027 ^(e)(m)		5,190		5,164
3.400% due 08/15/2024 ^(e)(m)		727		732
3.500% due 10/01/2020 ^(e)(m)		1,783		1,796
3.500% due 06/15/2025 ^(e)(m)		1,278		1,278
3.750% due 02/15/2024 ^(e)(m)		615		624
3.750% due 08/15/2042 ^(e)		58		56
3.850% due 11/15/2023 ^(e)(m)		89		90
4.000% due 12/01/2046 ^(e)		4		4
4.250% due 05/15/2021 ^(e)(m)		3,340		3,369
4.250% due 08/01/2023 ^(e)(m)		3,310		3,426
4.300% due 03/15/2045 ^(e)		233		236
4.500% due 12/15/2041 ^(e)(m)		534		542
4.600% due 06/15/2043 ^(e)		107		112
4.650% due 08/01/2028 ^(e)(m)		2,633		2,804
4.750% due 02/15/2044 ^(e)(m)		2,890		3,078
5.125% due 11/15/2043 ^(e)(m)		3,335		3,635
5.400% due 01/15/2040 ^(e)		46		52
5.800% due 03/01/2037 ^(e)(m)		8,885		10,051
6.050% due 03/01/2034 ^(e)(m)		4,823		5,498
6.250% due 03/01/2039 ^(e)(m)		1,776		2,060
6.350% due 02/15/2038 ^(e)(m)		734		859
Petrobras Global Finance BV
5.093% due 01/15/2030		1,630		1,702
6.250% due 12/14/2026 (m)	GBP	1,196		1,744
6.625% due 01/16/2034 (m)		700		1,022
6.850% due 06/05/2115	$	199		228
Rio Oil Finance Trust
8.200% due 04/06/2028 (m)		330		379
9.250% due 07/06/2024 (m)		4,680		5,241
9.750% due 01/06/2027 (m)		2,282		2,676
Southern California Edison Co.
3.650% due 03/01/2028		21		23
5.750% due 04/01/2035		32		39
6.000% due 01/15/2034		6		8
6.650% due 04/01/2029 (m)		189		233

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

Sprint Communications, Inc. 6.000% due 11/15/2022		185		197
Sprint Corp. 7.250% due 09/15/2021 (m)		543		581
Talen Energy Supply LLC 6.625% due 01/15/2028		62		61
Transocean Poseidon Ltd. 6.875% due 02/01/2027 (m)		320		331
Transocean Sentry Ltd. 5.375% due 05/15/2023		300		301
				106,697
Total Corporate Bonds & Notes (Cost $568,634)				589,519
CONVERTIBLE BONDS & NOTES 0.5%
INDUSTRIALS 0.5%
Caesars Entertainment Corp. 5.000% due 10/01/2024		4,394		7,474
UTILITIES 0.0%
Ensco Jersey Finance Ltd. 3.000% due 01/31/2024		66		45
Total Convertible Bonds & Notes (Cost $8,244)				7,519
MUNICIPAL BONDS & NOTES 0.5%
ILLINOIS 0.1%
Chicago, Illinois General Obligation Bonds, Series 2015
7.375% due 01/01/2033		87		104
7.750% due 01/01/2042		129		148
Illinois State General Obligation Bonds, (BABs), Series 2010
6.725% due 04/01/2035		70		82
7.350% due 07/01/2035		50		61
Illinois State General Obligation Bonds, Series 2003 5.100% due 06/01/2033		580		629
				1,024
TEXAS 0.0%
Texas Public Finance Authority Revenue Notes, Series 2014 8.250% due 07/01/2024		100		101
WEST VIRGINIA 0.4%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 0.000% due 06/01/2047 (h)		95,900		6,259
Total Municipal Bonds & Notes (Cost $7,240)				7,384
U.S. GOVERNMENT AGENCIES 4.0%
Fannie Mae
3.902% due 07/25/2041 •(a)		3,898		590
4.052% due 10/25/2040 •(a)(m)		5,713		736
4.332% due 12/25/2037 •(a)		203		30
4.502% due 09/25/2037 •(a)(m)		711		129
4.510% due 02/25/2038 (m)		1,008		215
4.632% due 11/25/2036 •(a)		109		14
4.702% due 06/25/2037 •(a)		409		57
4.962% due 03/25/2038 •(a)		1,579		311
5.082% due 06/25/2023 •(a)(m)		931		69
5.568% due 07/25/2029 •		1,830		1,925
7.768% due 07/25/2029 •		2,460		2,903
7.834% due 01/25/2041 •(m)		5,985		7,972
Freddie Mac
0.000% due 02/25/2046 - 11/25/2050 (b)(h)(m)		40,392		27,526
0.100% due 02/25/2046 - 11/25/2050 (a)		249,486		538
0.100% due 11/25/2050 (a)(m)		268,020		1,422
2.079% due 11/25/2045 ~(a)(m)		23,213		3,243
4.256% due 04/25/2025 ~(m)		2,680		2,579
4.383% due 05/15/2037 •(a)		150		19
4.443% due 07/15/2036 •(a)		2,034		368
4.553% due 09/15/2036 •(a)(m)		702		138
4.673% due 04/15/2036 •(a)		850		110
5.753% due 09/15/2036 •(a)(m)		1,228		279
7.168% due 10/25/2029 •		2,350		2,716
8.249% due 09/15/2041 •		602		884
11.018% due 03/25/2029 •		2,096		2,626
11.806% due 09/15/2034 •		66		72
12.518% due 10/25/2028 •		496		691

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

12.768% due 03/25/2025 •		3,179		4,191
Total U.S. Government Agencies (Cost $56,469)				62,353
NON-AGENCY MORTGAGE-BACKED SECURITIES 59.7%
Alba PLC 1.041% due 12/15/2038 •(m)	GBP	7,843		8,705
Alkali Europe SARL 3.000% due 05/15/2021 «•(k)	EUR	15,000		16,333
American Home Mortgage Assets Trust
2.308% due 08/25/2037 ^•(m)	$	10,992		10,264
2.558% due 11/25/2035 •		1,350		1,330
American Home Mortgage Investment Trust
2.618% due 09/25/2045 •(m)		5,141		5,030
2.918% due 02/25/2044 •(m)		9,739		8,813
Banc of America Alternative Loan Trust
6.000% due 06/25/2037		221		220
6.000% due 06/25/2046		93		92
Banc of America Funding Trust
0.000% due 06/26/2035 ~		5,745		5,780
2.254% due 04/20/2047 ^•(m)		9,884		9,104
2.476% due 08/25/2047 ^~		4,428		4,147
2.494% due 02/20/2035 •(m)		4,612		4,631
4.178% due 03/20/2036 ^~		1,133		1,095
4.201% due 01/20/2047 ^~		175		170
4.481% due 01/25/2035 ~		293		294
6.119% due 07/26/2036 ~		11,725		5,963
Banc of America Mortgage Trust
4.646% due 01/25/2036 ~		537		523
4.747% due 10/20/2046 ^~		176		119
Bancaja Fondo de Titulizacion de Activos 0.000% due 10/25/2037 •(m)	EUR	1,602		1,742
Bayview Commercial Asset Trust 2.448% due 08/25/2034 •	$	96		95
BCAP LLC Trust
3.714% due 04/26/2037 ~		10,595		9,216
4.030% due 02/26/2036 ~		5,371		4,190
4.161% due 11/26/2035 ~(m)		5,183		5,020
4.313% due 07/26/2045 ~(m)		7,018		6,666
4.412% due 07/26/2035 ~		1,186		1,190
4.606% due 10/26/2035 ~		3,899		3,804
4.773% due 06/26/2036 ~		4,279		3,923
5.155% due 03/26/2035 ~(m)		4,144		4,076
5.500% due 12/26/2035 ~(m)		5,382		4,495
6.000% due 08/26/2037 ~		2,859		2,535
Bear Stearns Adjustable Rate Mortgage Trust 4.020% due 06/25/2047 ^~(m)		2,936		2,832
Bear Stearns ALT-A Trust
2.218% due 02/25/2034 •(m)		4,842		4,512
3.925% due 11/25/2035 ^~(m)		14,974		11,974
4.113% due 09/25/2035 ^~(m)		7,998		5,502
BRAD Resecuritization Trust
2.190% due 03/12/2021 «		19,141		479
6.550% due 03/12/2021 «		3,578		3,573
CD Commercial Mortgage Trust 5.398% due 12/11/2049 ~		25		16
CD Mortgage Trust 5.688% due 10/15/2048		8,102		4,191
Chase Mortgage Finance Trust
3.999% due 01/25/2036 ^~		7,927		7,376
4.027% due 03/25/2037 ^~		2,107		2,098
Citigroup Commercial Mortgage Trust 5.776% due 12/10/2049 ~		405		265
Citigroup Mortgage Loan Trust
4.197% due 02/25/2036 ~		8,784		8,325
4.218% due 09/25/2037 ^~		5,261		5,147
4.269% due 10/25/2035 ^~		2,420		2,462
4.980% due 03/25/2036 ^•		282		286
Commercial Mortgage Loan Trust 6.236% due 12/10/2049 ~(m)		8,186		5,376
Countrywide Alternative Loan Trust
0.799% due 12/25/2035 ~(a)		11,815		373
1.666% due 12/25/2035 ~(a)		6,863		327
2.208% due 09/25/2046 ^•(m)		10,659		10,038
2.268% due 06/25/2037 •		12,540		10,052
2.748% due 11/25/2035 •(m)		13,720		14,076
3.935% due 06/25/2037 ^~		160		138
5.132% due 07/25/2036 •(a)		10,030		3,380
5.500% due 02/25/2020		32		33
5.500% due 07/25/2035 ^		1,401		1,186
5.500% due 11/25/2035 ^		610		546
5.500% due 01/25/2036 ^		117		118
5.500% due 04/25/2037 ^(m)		2,353		1,869
5.750% due 01/25/2036		208		168
5.750% due 01/25/2037 ^		7,209		6,302
5.750% due 04/25/2037 ^		1,952		1,948

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

6.000% due 08/25/2036 ^(m)		350		296
6.000% due 11/25/2036 ^		333		285
6.000% due 12/25/2036		184		126
6.000% due 01/25/2037 ^		1,452		1,341
6.000% due 02/25/2037 ^		1,039		652
6.000% due 03/25/2037 ^		12,938		8,068
6.000% due 04/25/2037 ^		5,929		4,043
6.000% due 07/25/2037 ^		332		330
6.000% due 09/25/2037		9,312		5,801
26.890% due 05/25/2037 ^•		932		1,864
Countrywide Home Loan Mortgage Pass-Through Trust
2.358% due 03/25/2036 •		1,362		548
2.618% due 03/25/2035 •		222		200
3.784% due 11/20/2035 ~		11,343		10,440
3.888% due 03/25/2046 ^•		7,304		5,018
4.295% due 06/25/2047 ^~(m)		4,107		3,979
5.000% due 11/25/2035 ^		42		35
5.500% due 12/25/2034		114		114
5.500% due 11/25/2035 ^		50		46
6.000% due 07/25/2037 ^		230		191
6.000% due 08/25/2037 (m)		5,043		3,973
6.000% due 08/25/2037 ^		2		2
Credit Suisse Mortgage Capital Certificates
2.819% due 02/27/2047 ~(m)		45,694		28,421
3.990% due 07/26/2037 ~(m)		11,147		10,563
4.111% due 04/26/2035 ~		13,226		13,088
4.335% due 06/25/2036 ~(m)		8,181		8,079
7.000% due 08/26/2036		14,454		5,665
7.000% due 08/27/2036		3,625		2,105
Credit Suisse Mortgage Capital Mortgage-Backed Trust 5.896% due 04/25/2036 þ		6,873		5,211
Credit Suisse Mortgage Capital Trust 6.500% due 07/26/2036 ^(m)		11,627		5,549
Debussy DTC PLC
5.930% due 07/12/2025	GBP	19,866		24,411
8.250% due 07/12/2025		5,000		6,082
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust 6.000% due 10/25/2021 ^	$	236		204
Dssv SARL 3.000% due 10/15/2024 «•(k)	EUR	15,000		16,333
Eurosail PLC
0.000% due 06/13/2045 ~	GBP	2		2,148
1.780% (BP0003M + 1.000%) due 06/13/2045 ~(m)		6,317		7,311
2.030% (BP0003M + 1.250%) due 06/13/2045 ~		6,559		7,344
2.530% (BP0003M + 1.750%) due 06/13/2045 ~		4,045		4,460
4.280% (BP0003M + 3.500%) due 06/13/2045 ~		1,447		1,676
First Horizon Alternative Mortgage Securities Trust
4.182% due 08/25/2035 ^~	$	950		179
5.082% due 11/25/2036 •(a)		1,080		346
First Horizon Mortgage Pass-Through Trust 5.500% due 08/25/2037 ^		408		318
Fondo de Titulizacion de Activos UCI 0.000% due 06/16/2049 •(m)	EUR	1,255		1,310
GC Pastor Hipotecario FTA 0.000% due 06/21/2046 •		5,114		4,891
GreenPoint Mortgage Funding Trust 2.218% due 12/25/2046 ^•(m)	$	4,555		4,366
Grifonas Finance PLC 0.000% due 08/28/2039 •	EUR	9,044		9,064
GS Mortgage Securities Corp. Trust 4.744% due 10/10/2032 ~(m)	$	11,700		11,556
GSR Mortgage Loan Trust
4.267% due 11/25/2035 ~		183		146
6.500% due 08/25/2036 ^•		834		511
HarborView Mortgage Loan Trust
2.297% due 03/19/2036 ^•(m)		12,115		11,661
2.557% due 01/19/2036 •		6,910		5,533
2.694% due 06/20/2035 •		8,346		8,356
2.944% due 06/20/2035 •		1,926		1,842
Hipocat FTA
0.000% due 10/24/2039 •(m)	EUR	4,573		4,941
0.000% due 01/15/2050 •		5,432		5,579
IM Pastor Fondo de Titluzacion Hipotecaria 0.000% due 03/22/2043 •		1,740		1,722
Impac CMB Trust 2.738% due 10/25/2034 •	$	220		221
Impac Secured Assets Trust 2.128% due 05/25/2037 ^•		7		6
IndyMac Mortgage Loan Trust
2.218% due 11/25/2046 •(m)		6,071		5,769
2.268% due 02/25/2037 •		3,726		2,827
2.318% due 07/25/2036 •(m)		529		439
3.481% due 03/25/2037 ~		33		32
3.742% due 06/25/2037 ^~(m)		4,064		3,468
3.865% due 02/25/2035 ~		315		305

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

JPMorgan Alternative Loan Trust
2.218% due 06/25/2037 •		30,572		16,609
3.835% due 11/25/2036 ^~(m)		696		667
5.960% due 12/25/2036 ^þ		7,980		7,916
JPMorgan Chase Commercial Mortgage Securities Trust
1.650% due 06/15/2045 ~(a)(m)		40,830		1,052
5.927% due 01/12/2043 ~		468		468
JPMorgan Mortgage Trust
4.009% due 10/25/2036 ~		780		695
4.237% due 06/25/2037 ^~(m)		3,785		3,547
Lavender Trust 6.000% due 11/26/2036 (m)		12,085		12,416
LB-UBS Commercial Mortgage Trust
0.355% due 02/15/2040 ~(a)		5,161		0
5.981% due 02/15/2040 ~(m)		2,441		2,445
Lehman Mortgage Trust
6.000% due 08/25/2036 ^		977		946
6.000% due 09/25/2036 ^		596		521
6.500% due 09/25/2037 ^		3,708		2,151
7.250% due 09/25/2037 ^(m)		31,609		13,060
Lehman XS Trust
2.298% due 07/25/2037 •(m)		23,951		18,402
2.518% due 07/25/2047 •(m)		3,530		3,121
MASTR Adjustable Rate Mortgages Trust
2.218% due 05/25/2047 •(m)		16,157		17,875
2.698% due 05/25/2047 ^•		4,247		4,639
MASTR Alternative Loan Trust
2.368% due 03/25/2036 •		20,195		3,627
2.418% due 03/25/2036 ^•		26,693		4,872
Merrill Lynch Mortgage Investors Trust 4.542% due 05/25/2036 ~		4,831		4,726
Morgan Stanley Re-REMIC Trust
4.577% due 07/26/2035 ~		21,445		21,516
4.635% due 09/26/2035 ~		2,950		3,049
5.084% due 01/26/2035 ~(m)		5,453		5,454
5.084% due 02/26/2037 ~		3,119		3,228
6.000% due 04/26/2036 (m)		7,969		9,022
Mortgage Equity Conversion Asset Trust 4.000% due 07/25/2060		2,028		1,970
Motel 6 Trust 8.954% due 08/15/2024 •		16,129		16,423
Natixis Commercial Mortgage Securities Trust
5.028% due 11/15/2034 •		1,280		1,272
6.028% due 11/15/2034 •		555		546
Newgate Funding PLC
0.856% due 12/15/2050 •(m)	EUR	1,695		1,765
0.981% due 12/15/2050 •(m)	GBP	1,480		1,657
1.106% due 12/15/2050 •(m)	EUR	3,236		3,376
2.031% due 12/15/2050 •	GBP	2,558		3,026
Nomura Resecuritization Trust 6.969% due 09/26/2035 ~	$	3,968		3,905
NovaStar Mortgage Funding Trust 1.632% due 09/25/2046 •		440		417
RBSSP Resecuritization Trust
4.392% due 07/26/2045 ~		20,150		20,301
4.569% due 05/26/2037 ~(m)		5,367		4,790
6.000% due 03/26/2036 ^		6,033		4,853
Residential Accredit Loans, Inc. Trust
2.198% due 07/25/2036 ^•		9,856		6,207
2.208% due 05/25/2037 •(m)		13,824		13,592
3.446% due 01/25/2046 ^•		5,051		4,824
5.738% due 01/25/2036 ~		525		471
6.000% due 08/25/2035 ^		751		758
6.000% due 06/25/2036		294		276
6.000% due 09/25/2036 ^		4,627		3,169
7.000% due 10/25/2037 (m)		8,730		7,817
Residential Asset Securitization Trust
5.500% due 07/25/2035		784		675
6.250% due 08/25/2037 ^		4,137		1,703
Residential Funding Mortgage Securities, Inc. Trust
5.427% due 08/25/2036 ^~		1,326		1,166
5.850% due 11/25/2035 ^		134		130
6.000% due 04/25/2037 ^		1,151		1,124
Rite Aid Pass-Through Certificates 6.782% due 01/02/2021 ~		7,898		8,075
RiverView HECM Trust 2.980% due 05/25/2047 •(m)		7,002		6,454
Sequoia Mortgage Trust
2.414% due 07/20/2036 •		1,696		971
3.244% due 10/20/2027 •		901		883
Structured Adjustable Rate Mortgage Loan Trust
4.062% due 02/25/2037 ^~		10,858		9,603
4.080% due 08/25/2036 ~		3,249		1,434
4.424% due 04/25/2047 ~		1,757		1,300
Structured Asset Mortgage Investments Trust
2.208% due 07/25/2046 ^•(m)		14,391		12,496

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

2.358% due 03/25/2037 ^•		718		432
4.237% due 02/25/2036 ~		4,580		4,371
SunTrust Alternative Loan Trust 5.132% due 04/25/2036 ^•(a)		4,632		1,556
TBW Mortgage-Backed Trust 6.500% due 07/25/2036 (m)		19,702		9,676
Theatre Hospitals PLC
3.767% due 10/15/2031 •	GBP	5,476		6,298
3.767% due 10/15/2031 •(m)		11,102		12,723
4.190% due 12/15/2024 «(k)		364		0
4.517% due 10/15/2031 •		779		882
WaMu Mortgage Pass-Through Certificates Trust
2.405% due 07/25/2047 ^•(m)	$	686		582
2.438% due 06/25/2044 •		204		203
3.196% due 06/25/2047 ^•		3,530		1,260
3.256% due 07/25/2047 •(m)		18,693		17,195
3.326% due 10/25/2046 ^•		389		371
3.892% due 03/25/2037 ^~		3,290		3,207
3.941% due 02/25/2037 ^~		394		379
Washington Mutual Mortgage Pass-Through Certificates Trust
2.258% due 01/25/2047 ^•		10,504		9,730
2.618% due 07/25/2036 ^•		6,013		4,065
6.000% due 04/25/2037 ^		3,130		3,035
Wells Fargo Alternative Loan Trust
4.908% due 07/25/2037 ^~		2,996		2,869
5.750% due 07/25/2037 ^		329		321
Wells Fargo Mortgage Loan Trust 5.220% due 04/27/2036 ~		11,358		10,810
Wells Fargo Mortgage-Backed Securities Trust
6.000% due 06/25/2037 ^		180		182
Total Non-Agency Mortgage-Backed Securities (Cost $785,067)				925,523
ASSET-BACKED SECURITIES 38.9%
ACE Securities Corp. Home Equity Loan Trust 2.978% due 08/25/2035 •		5,413		3,003
Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates 4.118% due 09/25/2034 •		740		738
Asset-Backed Funding Certificates Trust 3.068% due 03/25/2034 ^•		989		930
Bear Stearns Asset-Backed Securities Trust
2.568% due 06/25/2036 •(m)		8,846		8,833
3.477% due 10/25/2036 ~		3,739		2,563
Citigroup Mortgage Loan Trust
2.178% due 12/25/2036 •(m)		16,674		11,587
2.238% due 12/25/2036 •(m)		9,648		4,971
2.718% due 11/25/2046 •		2,100		1,694
4.879% due 03/25/2036 ^þ		1,965		1,314
5.852% due 05/25/2036 ^þ		478		268
Citigroup Mortgage Loan Trust, Inc. 2.278% due 03/25/2037 •(m)		20,759		19,202
Conseco Finance Corp.
7.060% due 02/01/2031 ~		3,992		3,972
7.500% due 03/01/2030 ~(m)		7,686		5,251
Conseco Finance Securitizations Corp. 9.163% due 03/01/2033 ~		8,171		7,569
Cork Street CLO Designated Activity Co. 0.000% due 11/27/2028 ~	EUR	2,667		2,702
Coronado CDO Ltd.
3.633% due 09/04/2038 •	$	11,396		7,299
6.000% due 09/04/2038		1,753		1,374
Countrywide Asset-Backed Certificates
2.148% due 12/25/2036 ^•		12,827		12,096
2.188% due 06/25/2047 •(m)		1,905		1,901
2.218% due 06/25/2037 ^•(m)		8,615		7,879
2.218% due 06/25/2047 ^•(m)		21,704		19,344
2.278% due 01/25/2046 ^•(m)		34,748		26,801
2.438% due 06/25/2036 ^•(m)		8,000		7,642
4.425% due 02/25/2036 ~		44		45
Countrywide Asset-Backed Certificates Trust
2.258% due 03/25/2047 ^•		7,655		6,987
2.748% due 04/25/2036 ^•(m)		21,300		21,355
3.368% due 11/25/2035 •		3,292		475
5.859% due 10/25/2046 ^~(m)		2,302		2,196
Countrywide Home Equity Loan Trust 5.657% due 03/25/2034 ~		57		58
Crecera Americas LLC 5.563% due 08/31/2020 •		22,300		22,333
Credit-Based Asset Servicing & Securitization CBO Corp. 2.362% due 09/06/2041 •		27,723		2,661
Credit-Based Asset Servicing & Securitization LLC 6.250% due 10/25/2036 þ(m)		8,738		8,971
CSAB Mortgage-Backed Trust 5.500% due 05/25/2037 ^(m)		3,526		3,154
ECAF Ltd. 4.947% due 06/15/2040 (m)		2,369		2,372

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

EMC Mortgage Loan Trust
2.958% due 04/25/2042 •(m)		2,015		2,004
5.393% due 04/25/2042 •		2,813		2,506
First Franklin Mortgage Loan Trust
2.488% due 11/25/2036 •(m)		5,000		4,553
2.518% due 12/25/2035 •(m)		23,487		22,392
Glacier Funding CDO Ltd. 2.557% due 08/04/2035 •		10,274		2,494
GMAC Mortgage Corp. Home Equity Loan Trust 6.749% due 12/25/2037 þ		2,573		2,640
GSAMP Trust 3.893% due 06/25/2034 •		1,253		1,227
Hout Bay Corp. 2.317% due 07/05/2041 •		34,496		8,883
Hyundai Auto Receivables Trust 1.000% due 12/15/2022 «		7,500		5,902
IndyMac Home Equity Mortgage Loan Asset-Backed Trust 6.196% due 12/25/2031 ^þ		573		224
JPMorgan Mortgage Acquisition Corp. 2.638% due 12/25/2035 •(m)		16,459		16,196
KGS-Alpha SBA COOF Trust 1.106% due 04/25/2038 «~(a)		1,778		41
Lehman XS Trust 6.170% due 06/24/2046 þ		1,856		1,857
Long Beach Mortgage Loan Trust
2.208% due 02/25/2036 •		10,172		8,675
2.538% due 08/25/2045 •(m)		27,633		27,147
2.723% due 11/25/2035 •(m)		16,159		13,757
3.068% due 02/25/2034 •		121		121
3.068% due 06/25/2035 •(m)		32,300		32,439
Marlette Funding Trust 0.000% due 09/17/2029 «(h)		12		5,174
MASTR Asset-Backed Securities Trust
2.168% due 03/25/2036 •(m)		7,870		5,815
2.588% due 01/25/2036 •(m)		400		396
Mid-State Capital Corp. Trust 6.742% due 10/15/2040		5,089		5,854
Morgan Stanley ABS Capital, Inc. Trust
2.118% due 11/25/2036 •		1,670		1,162
2.348% due 02/25/2037 •(m)		5,854		3,589
3.053% due 01/25/2035 •		1,951		1,238
Morgan Stanley Home Equity Loan Trust 2.248% due 04/25/2037 •(m)		29,712		20,117
National Collegiate Commutation Trust
0.000% due 03/25/2038		11,600		4,640
0.000% due 03/25/2038 •		26,200		10,539
Oakwood Mortgage Investors, Inc.
7.840% due 11/15/2029 ~(m)		2,733		2,951
8.490% due 10/15/2030 ^(m)		1,211		473
Ocean Trails CLO 7.276% due 08/13/2025 •(m)		1,500		1,497
Option One Mortgage Loan Trust 2.378% due 01/25/2036 •(m)		20,000		18,545
Palisades CDO Ltd. 3.228% due 07/22/2039 •		4,900		2,570
Popular ABS Mortgage Pass-Through Trust 3.268% due 08/25/2035 •(m)		3,663		3,762
Residential Asset Mortgage Products Trust 2.993% due 04/25/2034 •		3,948		3,893
Residential Asset Securities Corp. Trust 2.258% due 08/25/2036 •(m)		11,000		8,553
Saxon Asset Securities Trust 2.468% due 11/25/2037 •(m)		13,000		12,729
SLM Student Loan EDC Repackaging Trust 0.000% due 10/28/2029 «(h)		11		11,545
SLM Student Loan Trust 0.000% due 01/25/2042 «(h)		9		5,821
SMB Private Education Loan Trust 0.000% due 10/15/2048 «(h)		3		2,068
SoFi Professional Loan Program LLC
0.000% due 03/25/2036 «(h)		80		717
0.000% due 01/25/2039 (h)		9,180		2,914
0.000% due 05/25/2040 (h)		9,300		3,637
0.000% due 07/25/2040 «(h)		47		2,122
0.000% due 09/25/2040 (h)		4,003		2,175
Soloso CDO Ltd. 2.623% due 10/07/2037 •		4,800		3,966
Soundview Home Loan Trust
2.298% due 06/25/2037 •(m)		8,132		6,296
2.518% due 03/25/2036 •(m)		16,905		16,493
South Coast Funding Ltd. 2.563% due 01/06/2041 •		146,705		35,287
Structured Asset Securities Corp. 8.018% due 05/25/2032 ^•		7,112		6,157
Symphony CLO Ltd. 6.903% due 07/14/2026 •(m)		4,400		4,201

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

Tropic CDO Ltd. 2.623% due 07/15/2036 •		4,415		3,946
Total Asset-Backed Securities (Cost $567,817)				603,440
SOVEREIGN ISSUES 4.3%
Argentina Government International Bond
3.375% due 01/15/2023	EUR	400		168
3.380% due 12/31/2038 þ(m)		13,491		5,707
3.875% due 01/15/2022 (m)		3,000		1,300
5.250% due 01/15/2028		300		127
6.250% due 11/09/2047		100		44
7.820% due 12/31/2033 (m)		17,345		9,161
7.820% due 12/31/2033		405		209
51.603% (BADLARPP) due 10/04/2022 ~(a)	ARS	138		2
55.469% (BADLARPP + 2.000%) due 04/03/2022 ~(a)		147,204		1,092
62.614% (BADLARPP + 3.250%) due 03/01/2020 ~(a)		2,300		19
79.499% (ARLLMONP) due 06/21/2020 ~(a)		235,766		1,778
Autonomous City of Buenos Aires Argentina 62.660% due 03/29/2024 •(a)		866,312		8,088
Autonomous Community of Catalonia
4.900% due 09/15/2021	EUR	50		59
4.950% due 02/11/2020		50		55
Export-Credit Bank of Turkey 8.250% due 01/24/2024 (m)	$	600		636
Peru Government International Bond
5.400% due 08/12/2034	PEN	32		10
5.700% due 08/12/2024		180		60
5.940% due 02/12/2029 (m)		10,459		3,513
5.940% due 02/12/2029		98		33
6.150% due 08/12/2032 (m)		1,180		400
6.350% due 08/12/2028 (m)		17,137		5,924
6.900% due 08/12/2037		206		75
6.950% due 08/12/2031		3,746		1,356
8.200% due 08/12/2026		5,148		1,939
Provincia de Buenos Aires
57.850% (BADLARPP + 3.750%) due 04/12/2025 ~(a)	ARS	717,986		4,367
63.194% due 05/31/2022 •(a)		16,910		99
Republic of South Africa Government International Bond
4.850% due 09/30/2029	$	3,400		3,393
5.750% due 09/30/2049		3,400		3,387
Turkey Government International Bond
3.250% due 06/14/2025	EUR	300		315
4.625% due 03/31/2025 (m)		4,900		5,492
5.200% due 02/16/2026 (m)		1,500		1,709
7.625% due 04/26/2029 (m)	$	6,400		6,817
Venezuela Government International Bond
6.000% due 12/09/2020 ^(e)		590		66
8.250% due 10/13/2024 ^(e)		136		15
9.250% due 09/15/2027 ^(e)		734		83
Total Sovereign Issues (Cost $118,265)				67,498
		SHARES
COMMON STOCKS 1.8%
COMMUNICATION SERVICES 0.3%
Clear Channel Outdoor Holdings, Inc. (f)		1,495,047		3,767
iHeartMedia, Inc.		1,108		17
iHeartMedia, Inc. 'A' (f)		82,474		1,237
				5,021
CONSUMER DISCRETIONARY 1.0%
Caesars Entertainment Corp. (f)		1,283,486		14,966
Desarrolladora Homex S.A.B. de C.V. (f)		719,113		3
Urbi Desarrollos Urbanos S.A.B. de C.V. (f)		95,515		7
				14,976
ENERGY 0.1%
Dommo Energia S.A. «(f)(k)		1,240,061		1,307
Dommo Energia S.A. SP - ADR «(f)		2,627		35
				1,342
INDUSTRIALS 0.0%
Westmoreland Mining Holdings LLC «(k)		358		4
UTILITIES 0.4%
Eneva S.A. (f)(k)		10,054		74
Eneva S.A. (k)		27,648		204

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

TexGen Power LLC «		130,864		5,758
				6,036
Total Common Stocks (Cost $38,371)				27,379
WARRANTS 0.5%
COMMUNICATION SERVICES 0.5%
iHeartMedia, Inc.		537,144		8,057
Total Warrants (Cost $9,849)				8,057
PREFERRED SECURITIES 1.6%
BANKING & FINANCE 1.6%
Nationwide Building Society 10.250% ~		124,916		24,114
Total Preferred Securities (Cost $25,708)				24,114
REAL ESTATE INVESTMENT TRUSTS 0.9%
REAL ESTATE 0.9%
VICI Properties, Inc.		594,589		13,467
Total Real Estate Investment Trusts (Cost $7,462)				13,467
SHORT-TERM INSTRUMENTS 2.6%
REPURCHASE AGREEMENTS (l) 1.4%				22,110

		PRINCIPAL AMOUNT (000s)
ARGENTINA TREASURY BILLS 0.1%
8.874% due 02/26/2020 - 08/27/2020 (g)(h)	ARS	125,893		1,536
U.S. TREASURY BILLS 1.1%
1.933% due 10/22/2019 - 12/26/2019 (g)(h)(m)(o)(q)	$	16,751		16,725
Total Short-Term Instruments (Cost $42,473)				40,371
Total Investments in Securities (Cost $2,480,449)				2,612,210
Total Investments 168.5% (Cost $2,480,449)			$	2,612,210
Financial Derivative Instruments (n)(p) (0.5)%(Cost or Premiums, net $(5,465))				(7,754)
Other Assets and Liabilities, net (68.0)%				(1,054,575)
Net Assets 100.0%			$	1,549,881

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
* A zero balance may reflect actual amounts rounding to less than one thousand.
¤	The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.
^	Security is in default.
«	Security valued using significant unobservable inputs (Level 3).
~	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)	Interest only security.
(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)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(j)	Contingent convertible security.
(k)	RESTRICTED SECURITIES:

Issuer Description	Acquisition Date			Cost			Market Value	Market Value as Percentage of Net Assets
Alkali Europe SARL 3.000% due 05/15/2021	09/26/2019		$	16,364		$	16,333	1.05	%
Buffalo Thunder Development Authority 0.000% due 11/15/2029	12/08/2014			1			2	0.00
Dssv SARL 3.000% due 10/15/2024	09/26/2019			16,364			16,333	1.05
Dommo Energia S.A.	12/21/2017 - 12/26/2017			322			1,307	0.09
Eneva S.A.	12/21/2017			43			74	0.00
Eneva S.A.	03/25/2019			132			204	0.02
Pinnacol Assurance 8.625% due 06/25/2034	06/23/2014			10,200			10,967	0.71
Preylock Reitman Santa Cruz Mezz LLC TBD% (LIBOR03M + 5.500%) due 11/09/2022	04/09/2018			5,540			5,572	0.36
Theatre Hospitals PLC 4.190% due 12/15/2024	12/17/2018			11			0	0.00
Westmoreland Mining Holdings LLC	03/26/2019			1			4	0.00
			$	48,978		$	50,796	3.27	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS
(l)	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)
FICC	1.500%	09/30/2019	10/01/2019	$	610	U.S. Treasury Notes 2.375% due 03/15/2021	$	(626)	$	610	$	610
IND	2.500	09/30/2019	10/01/2019		21,500	U.S. Treasury Notes 2.500% due 03/31/2023		(21,955)		21,500		21,502
Total Repurchase Agreements							$	(22,581)	$	22,110	$	22,112

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)	Settlement Date	Maturity Date		Amount Borrowed(2)		Payable for Reverse Repurchase Agreements
BCY	1.800%	09/24/2019	TBD(3)	$	(92)	$	(92)
BNY	2.967	08/28/2019	11/27/2019		(11,911)		(11,944)
	3.008	08/14/2019	11/14/2019		(18,647)		(18,722)
	3.090	08/05/2019	11/05/2019		(32,748)		(32,908)
BOS	2.680	09/03/2019	12/03/2019		(682)		(683)
	2.799	09/09/2019	10/15/2019		(1,843)		(1,846)

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

	2.949	09/09/2019	10/15/2019		(9,598)		(9,615)
	2.975	08/14/2019	11/14/2019		(7,866)		(7,897)
BPS	(0.150)	09/30/2019	11/12/2019	EUR	(5,693)		(6,205)
	(0.150)	09/30/2019	12/04/2019		(1,064)		(1,160)
	1.000	07/08/2019	10/08/2019	GBP	(692)		(853)
	1.050	07/08/2019	10/08/2019		(2,053)		(2,530)
	1.210	09/04/2019	10/04/2019		(12,174)		(14,982)
	2.500	09/20/2019	10/23/2019	$	(9,163)		(9,170)
	2.640	09/20/2019	10/23/2019		(3,758)		(3,761)
	2.680	08/27/2019	11/27/2019		(2,391)		(2,397)
	2.740	08/13/2019	11/13/2019		(3,642)		(3,656)
	2.940	08/09/2019	11/07/2019		(1,380)		(1,386)
	3.100	08/21/2019	11/21/2019		(16,887)		(16,947)
	3.127	03/05/2019	03/05/2020		(64,020)		(64,181)
	3.170	08/13/2019	11/13/2019		(2,161)		(2,170)
	3.369	12/14/2018	TBD(3)		(24,480)		(24,523)
BRC	(0.500)	03/06/2019	TBD(3)	GBP	(2,358)		(2,891)
	2.100	09/23/2019	TBD(3)	$	(3,424)		(3,426)
	2.700	09/23/2019	TBD(3)		(27,704)		(27,721)
	3.032	09/30/2019	10/30/2019		(5,737)		(5,737)
	3.100	06/27/2019	12/27/2019		(32,678)		(32,975)
	3.106	08/12/2019	10/10/2019		(1,191)		(1,196)
	3.117	08/28/2019	11/27/2019		(7,451)		(7,473)
	3.259	07/22/2019	10/22/2019		(4,331)		(4,359)
	3.267	07/25/2019	10/25/2019		(9,754)		(9,814)
CFR	(0.200)	09/17/2019	12/13/2019	EUR	(396)		(432)
DBL	3.006	01/31/2019	01/31/2020	$	(38,472)		(38,671)
FOB	2.420	09/20/2019	10/10/2019		(10,181)		(10,189)
IND	(0.300)	09/06/2019	10/07/2019	EUR	(4,353)		(4,743)
	2.870	08/20/2019	11/20/2019	$	(2,064)		(2,071)
JML	(0.400)	09/16/2019	12/16/2019	EUR	(939)		(1,024)
	(0.300)	08/12/2019	11/12/2019		(667)		(727)
	(0.300)	08/16/2019	11/15/2019		(8,413)		(9,167)
	(0.250)	08/12/2019	11/12/2019		(1,552)		(1,691)
	(0.200)	07/24/2019	10/23/2019		(1,047)		(1,141)
	(0.150)	08/16/2019	11/13/2019		(5,297)		(5,773)
	(0.127)	09/04/2019	10/03/2019		(5,531)		(6,028)
	(0.077)	09/04/2019	10/03/2019		(1,052)		(1,147)
	0.200	09/30/2019	11/01/2019		(300)		(327)
	0.900	07/18/2019	10/18/2019	GBP	(3,527)		(4,345)
	0.900	07/24/2019	10/23/2019		(7,647)		(9,419)
	0.900	08/12/2019	10/23/2019		(345)		(424)
	0.900	08/12/2019	11/12/2019		(3,149)		(3,876)
	0.950	07/23/2019	10/22/2019		(616)		(759)
	0.950	08/12/2019	10/23/2019		(5,772)		(7,106)
	0.950	08/16/2019	11/15/2019		(5,626)		(6,925)
	0.950	09/04/2019	12/04/2019		(35,996)		(44,290)
	0.950	09/18/2019	12/18/2019		(1,100)		(1,353)
	0.950	09/30/2019	10/23/2019		(183)		(225)
	0.950	09/30/2019	10/30/2019		(6,784)		(8,342)
	2.400	09/23/2019	10/03/2019	$	(8,903)		(8,908)
MBC	2.860	09/09/2019	10/09/2019		(4,068)		(4,075)
	2.940	09/09/2019	10/09/2019		(2,803)		(2,808)
MEI	2.570	09/30/2019	10/30/2019		(5,998)		(5,998)
MSB	3.553	05/01/2019	05/01/2020		(22,554)		(22,690)
NOM	2.600	09/05/2019	10/07/2019		(12,469)		(12,492)
	2.600	09/10/2019	10/07/2019		(132)		(132)
	2.600	10/01/2019	10/07/2019		(289)		(289)
	2.630	09/13/2019	10/16/2019		(5,015)		(5,022)
	2.630	10/01/2019	10/16/2019		(1,751)		(1,751)
	2.640	09/03/2019	10/04/2019		(3,750)		(3,758)
	2.640	10/01/2019	10/04/2019		(1,677)		(1,677)
	2.650	09/13/2019	10/16/2019		(4,292)		(4,298)
	2.650	09/16/2019	10/16/2019		(4,468)		(4,473)
RBC	3.180	08/13/2019	11/13/2019		(19,993)		(20,080)
	3.329	08/15/2019	10/11/2019		(3,179)		(3,193)
RCY	2.720	08/19/2019	11/19/2019		(7,013)		(7,036)
RDR	2.440	08/20/2019	10/11/2019		(645)		(647)
	2.510	07/26/2019	10/25/2019		(766)		(770)
	2.510	08/02/2019	10/25/2019		(92)		(92)
RTA	2.471	09/20/2019	10/21/2019		(3,374)		(3,377)
	2.482	09/05/2019	10/08/2019		(4,464)		(4,472)
	2.482	09/23/2019	10/08/2019		(1,826)		(1,827)
	2.581	08/20/2019	10/18/2019		(1,001)		(1,004)
	2.604	08/14/2019	10/11/2019		(10,669)		(10,706)
	2.681	07/26/2019	10/25/2019		(11,694)		(11,752)
	2.692	07/25/2019	10/25/2019		(2,024)		(2,034)
	2.779	08/14/2019	10/11/2019		(328)		(329)
	2.988	08/28/2019	02/24/2020		(35,451)		(35,551)
	3.059	09/23/2019	03/23/2020		(19,304)		(19,317)
	3.063	09/25/2019	03/25/2020		(3,871)		(3,873)
	3.100	08/21/2019	11/21/2019		(11,400)		(11,440)
	3.189	08/07/2019	11/07/2019		(19,031)		(19,124)
	3.253	07/16/2019	10/16/2019		(3,831)		(3,858)
	3.956	07/30/2019	TBD(3)		(1,038)		(1,045)
SBI	0.750	09/23/2019	TBD(3)		(7,000)		(7,001)

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

	3.106	08/20/2019	10/18/2019		(9,568)		(9,603)
	3.125	08/14/2019	11/14/2019		(14,093)		(14,152)
	3.183	07/24/2019	10/24/2019		(1,490)		(1,499)
SOG	2.550	09/09/2019	11/08/2019		(5,371)		(5,379)
	2.650	08/26/2019	11/26/2019		(15,620)		(15,661)
	2.650	09/30/2019	11/26/2019		(2,014)		(2,014)
	2.660	08/20/2019	10/18/2019		(2,038)		(2,044)
	2.660	09/30/2019	10/18/2019		(674)		(674)
	2.710	08/15/2019	11/13/2019		(1,949)		(1,956)
	2.889	09/11/2019	10/16/2019		(20,286)		(20,319)
	3.027	09/13/2019	12/13/2019		(11,343)		(11,360)
	3.102	08/20/2019	11/20/2019		(7,502)		(7,529)
	3.125	08/13/2019	11/13/2019		(8,643)		(8,680)
	3.125	08/14/2019	11/14/2019		(30,879)		(31,008)
	3.237	08/05/2019	11/05/2019		(10,458)		(10,512)
	3.253	07/17/2019	10/17/2019		(1,993)		(2,007)
TDM	2.350	09/30/2019	TBD(3)		(523)		(523)
UBS	(0.280)	08/20/2019	11/20/2019	EUR	(1,071)		(1,167)
	(0.280)	08/22/2019	11/22/2019		(621)		(676)
	(0.250)	08/20/2019	11/20/2019		(352)		(383)
	(0.250)	09/10/2019	10/10/2019		(2,216)		(2,415)
	(0.250)	09/20/2019	11/20/2019		(839)		(914)
	0.950	08/28/2019	11/28/2019	GBP	(1,542)		(1,898)
	1.000	08/28/2019	10/15/2019		(1,201)		(1,478)
	1.050	08/07/2019	11/07/2019		(2,199)		(2,708)
	1.583	07/29/2019	10/29/2019		(8,229)		(10,145)
	2.488	09/11/2019	10/15/2019	$	(1,541)		(1,543)
	2.495	09/25/2019	10/28/2019		(3,559)		(3,560)
	2.500	09/20/2019	10/21/2019		(2,937)		(2,939)
	2.500	09/23/2019	TBD(3)		(35,721)		(35,741)
	2.550	09/20/2019	10/21/2019		(534)		(534)
	2.560	09/06/2019	12/06/2019		(2,244)		(2,248)
	2.570	09/12/2019	11/12/2019		(23,795)		(23,827)
	2.600	08/21/2019	11/21/2019		(21,446)		(21,510)
	2.602	08/28/2019	10/25/2019		(2,162)		(2,167)
	2.606	08/22/2019	10/16/2019		(8,655)		(8,680)
	2.610	08/14/2019	11/14/2019		(12,715)		(12,759)
	2.610	09/09/2019	11/14/2019		(5,933)		(5,942)
	2.610	09/26/2019	11/14/2019		(3,125)		(3,126)
	2.610	10/01/2019	11/14/2019		(5,650)		(5,650)
	2.630	08/13/2019	11/13/2019		(482)		(484)
	2.631	08/09/2019	11/07/2019		(969)		(973)
	2.637	08/07/2019	11/07/2019		(2,710)		(2,721)
	2.640	08/06/2019	11/06/2019		(492)		(494)
	2.640	08/15/2019	10/09/2019		(4,905)		(4,922)
	2.650	09/05/2019	10/07/2019		(2,299)		(2,303)
	2.670	09/12/2019	11/12/2019		(1,452)		(1,454)
	2.670	09/13/2019	12/13/2019		(4,262)		(4,268)
	2.690	08/15/2019	10/09/2019		(461)		(463)
	2.690	09/04/2019	12/04/2019		(5,099)		(5,109)
	2.700	08/21/2019	11/21/2019		(5,898)		(5,916)
	2.706	08/20/2019	10/16/2019		(3,147)		(3,157)
	2.710	09/25/2019	11/14/2019		(2,737)		(2,738)
	2.730	07/25/2019	10/25/2019		(1,772)		(1,781)
	2.737	08/07/2019	11/07/2019		(1,760)		(1,767)
	2.760	08/14/2019	11/14/2019		(1,655)		(1,661)
	2.830	07/25/2019	10/25/2019		(1,447)		(1,455)
	2.840	08/06/2019	11/06/2019		(9,397)		(9,439)
	3.230	07/25/2019	10/25/2019		(1,327)		(1,335)
Total Reverse Repurchase Agreements						$	(1,099,684)

(m)	Securities with an aggregate market value of $1,350,426 and cash of $6,141 have been pledged as collateral under the terms of master agreements as of September 30, 2019.
(1)	Includes accrued interest.
(2)	The average amount of borrowings outstanding during the period ended September 30, 2019 was $(1,079,292) at a weighted average interest rate of 2.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(3)	Open maturity reverse repurchase agreement.
(n)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

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

														Variation Margin
Reference Entity	Fixed Receive Rate	Payment Frequency	Maturity Date	Implied Credit Spread at September 30, 2019(2)			Notional Amount(3)		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value(4)		Asset		Liability
Bombardier, Inc.	5.000%	Quarterly	06/20/2024	4.513	%	$	3,000	$	(6)	$	70	$	64	$	6	$	0

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

Bombardier, Inc.	5.000	Quarterly	12/20/2024	4.859			800		(1)		7		6		3		0
Frontier Communications Corp.	5.000	Quarterly	06/20/2020	175.493			14,700		(505)		(6,801)		(7,306)		0		(190)
Frontier Communications Corp.	5.000	Quarterly	06/20/2022	118.924			1,200		(162)		(471)		(633)		0		(3)
								$	(674)	$	(7,195)	$	(7,869)	$	9	$	(193)

INTEREST RATE SWAPS

													Variation Margin
Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value		Asset		Liability
Pay	3-Month USD-LIBOR	1.750%	Semi-Annual	12/21/2026	$	303,000	$	7,433	$	(1,422)	$	6,011	$	0	$	(79)
Pay	3-Month USD-LIBOR	2.500	Semi-Annual	12/20/2027		91,250		1,072		6,303		7,375		0		(26)
Pay	3-Month USD-LIBOR	3.000	Semi-Annual	06/19/2029		210,500		10,144		18,843		28,987		0		(56)
Receive	3-Month USD-LIBOR	2.500	Semi-Annual	06/15/2036		19,800		(1,952)		(607)		(2,559)		0		(11)
Receive	3-Month USD-LIBOR	2.750	Semi-Annual	03/20/2043		34,100		(114)		(6,910)		(7,024)		0		(48)
Receive	3-Month USD-LIBOR	2.750	Semi-Annual	12/16/2045		3,800		(52)		(830)		(882)		2		(3)
Receive	3-Month USD-LIBOR	2.500	Semi-Annual	06/20/2048		3,100		287		(871)		(584)		0		(4)
Receive(5)	3-Month USD-LIBOR	2.250	Semi-Annual	12/11/2049		54,200		(89)		(6,880)		(6,969)		0		(73)
Receive(5)	3-Month USD-LIBOR	2.250	Semi-Annual	03/12/2050		42,000		(126)		(5,285)		(5,411)		0		(54)
Receive(5)	6-Month EUR-EURIBOR	0.500	Annual	12/18/2029	EUR	1,200		(24)		(62)		(86)		1		0
Receive(5)	6-Month EUR-EURIBOR	0.150	Annual	03/18/2030		20,400		373		(298)		75		25		0
Receive(5)	6-Month EUR-EURIBOR	0.250	Annual	03/18/2050		2,500		139		(156)		(17)		32		0
Receive(5)	6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2030	GBP	89,870		935		(2,144)		(1,209)		0		(369)
Receive(5)	6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2050		14,800		320		(579)		(259)		42		0
							$	18,346	$	(898)	$	17,448	$	102	$	(723)
Total Swap Agreements							$	17,672	$	(8,093)	$	9,579	$	111	$	(916)

(o)	Securities with an aggregate market value of $5,655 and cash of $26,452 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2019.
(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  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 referenced indices' credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(5)	This instrument has a forward starting effective date.
(p)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:
						Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA	10/2019	GBP	5,084	$	6,273	$	22	$	0
	10/2019	$	7,652	EUR	6,982		0		(42)
	10/2019		121,748	GBP	98,807		0		(259)
	11/2019	GBP	98,807	$	121,912		260		0
BPS	10/2019	$	5,906	EUR	5,355		0		(69)
	11/2019		16,073		14,679		0		(34)
	12/2019	PEN	7,855	$	2,326		1		0
BRC	10/2019	$	47,917	EUR	43,824		0		(151)
	10/2019		15,685	MXN	307,220		0		(136)
	11/2019	EUR	43,824	$	48,034		149		0
CBK	10/2019		1,783		1,951		7		0
	10/2019	GBP	120,299		146,886		51		(1,080)
	10/2019	MXN	307,220		15,962		412		0
	10/2019	$	2,236	GBP	1,795		0		(29)
	11/2019		4,080	RUB	269,510		53		0
	01/2020		15,689	MXN	307,220		0		(389)

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

DUB	10/2019	BRL	8,143	$	1,957		0		(3)
	10/2019	$	1,955	BRL	8,143		4		0
GLM	10/2019	GBP	2,277	$	2,814		15		0
	10/2019	$	1,046	EUR	945		0		(16)
	11/2019		2,327	ARS	153,460		0		(94)
HUS	10/2019		716		47,008		23		(1)
	10/2019		17,127	GBP	14,016		109		(2)
JPM	10/2019	ARS	556,366	$	8,658		0		(96)
MYI	10/2019	EUR	30,092		32,881		82		0
	11/2019		31,386		34,419		125		0
SCX	10/2019	BRL	8,143		1,955		0		(4)
	10/2019	EUR	56,617		62,831		1,122		0
	10/2019	$	1,968	BRL	8,142		0		(8)
	10/2019		13,003	RUB	829,268		0		(241)
	11/2019	BRL	8,142	$	1,964		9		0
SOG	12/2019	$	6,453	RUB	436,560		212		0
UAG	10/2019		15,702	GBP	13,042		334		0
Total Forward Foreign Currency Contracts						$	2,990	$	(2,654)

SWAP AGREEMENTS:

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

											Swap Agreements, at Value(3)
Counterparty	Index/Tranches	Fixed Receive Rate	Payment Frequency	Maturity Date		Notional Amount(2)		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Asset		Liability
FBF	ABX.HE.AA.6-2 Index	0.170%	Monthly	05/25/2046	$	26,033	$	(23,137)	$	15,852	$	0	$	(7,285)
Total Swap Agreements							$	(23,137)	$	15,852	$	0	$	(7,285)

(q)	Securities with an aggregate market value of $8,611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2019.
(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 referenced indices' credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of September 30, 2019 in valuing the Fund's assets and liabilities:

Category and Subcategory		Level 1		Level 2		Level 3		Fair Value at 09/30/2019
Investments in Securities, at Value
Loan Participations and Assignments		$	21,745	$	202,797	$	11,044	$	235,586
Corporate Bonds & Notes
	Banking & Finance		0		237,059		10,967		248,026
	Industrials		0		234,794		2		234,796
	Utilities		0		106,697		0		106,697
Convertible Bonds & Notes
	Industrials		0		7,474		0		7,474
	Utilities		0		45		0		45
Municipal Bonds & Notes
	Illinois		0		1,024		0		1,024
	Texas		0		101		0		101
	West Virginia		0		6,259		0		6,259
U.S. Government Agencies			0		62,353		0		62,353
Non-Agency Mortgage-Backed Securities			0		888,805		36,718		925,523
Asset-Backed Securities			0		570,050		33,390		603,440
Sovereign Issues			0		67,498		0		67,498
Common Stocks
	Communication Services		5,004		17		0		5,021
	Consumer Discretionary		14,976		0		0		14,976
	Energy		0		0		1,342		1,342
	Industrials		0		0		4		4
	Utilities		278		0		5,758		6,036
Warrants
	Communication Services		0		8,057		0		8,057
Preferred Securities
	Banking & Finance		0		24,114		0		24,114
Real Estate Investment Trusts
	Real Estate		13,467		0		0		13,467
Non-Agency Mortgage-Backed Securities			0		0		0		0
Short-Term Instruments
	Repurchase Agreements		0		22,110		0		22,110
	Argentina Treasury Bills		0		1,536		0		1,536

Consolidated Schedule of Investments  PIMCO Dynamic Income Fund  (Cont.) September 30, 2019 (Unaudited)

	U.S. Treasury Bills		0		16,725		0		16,725
		$	55,470	$	2,457,515	$	99,225	$	2,612,210
Total Investments		$	55,470	$	2,457,515	$	99,225	$	2,612,210
Short Sales, at Value - Liabilities
Non-Agency Mortgage-Backed Securities		$	0	$	0	$	0	$	0
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared			0		111		0		111
Over the counter			0		2,990		0		2,990
		$	0	$	3,101	$	0	$	3,101
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared			0		(916)		0		(916)
Over the counter			0		(9,939)		0		(9,939)
		$	0	$	(10,855)	$	0	$	(10,855)
Total Financial Derivative Instruments		$	0	$	(7,754)	$	0	$	(7,754)
Totals		$	55,470	$	2,449,761	$	99,225	$	2,604,456

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2019:

Category and Subcategory		Beginning Balance at 06/30/2019		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 09/30/2019		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 09/30/2019(1)
Investments in Securities, at Value
Loan Participations and Assignments		$	24,384	$	3,652	$	(402)	$	94	$	3	$	(2,368)	$	0	$	(14,319)	$	11,044	$	(172)
Corporate Bonds & Notes
	Banking & Finance		10,534		0		0		0		0		433		0		0		10,967		433
	Industrials		2		0		0		0		0		0		0		0		2		0
Non-Agency Mortgage-Backed Securities			4,250		32,727		(130)		10		2		(141)		0		0		36,718		(140)
Asset-Backed Securities			28,489		0		0		(6)		0		(267)		5,174		0		33,390		(267)
Common Stocks
	Energy		904		0		0		0		0		438		0		0		1,342		438
	Industrials		5		0		0		0		0		(1)		0		0		4		(1)
	Utilities		5,136		0		0		0		0		622		0		0		5,758		622
Totals		$	73,704	$	36,379	$	(532)	$	98	$	5	$	(1,284)	$	5,174	$	(14,319)	$	99,225	$	913

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 09/30/2019		Valuation Technique	Unobservable Inputs		Input Value(s) (% Unless Noted Otherwise)
Investments in Securities, at Value
Loan Participations and Assignments		$	5,572	Discounted Cash Flow	Yield		6.940
			3,345	Proxy Pricing	Base Price		88.497 - 100.897
			2,127	Third Party Vendor	Broker Quote		98.250 - 101.000
Corporate Bonds & Notes
	Banking & Finance		10,967	Reference Instrument	Option Adjusted Spread		603.426 bps
	Industrials		2	Proxy Pricing	Base Price		0.083
Non-Agency Mortgage-Backed Securities			36,718	Proxy Pricing	Base Price		2.500 - 99.900
Asset-Backed Securities			33,390	Proxy Pricing	Base Price		2.313 - 100,539.278
Common Stocks
	Energy		36	Other Valuation Techniques(2)	-		-
			1,306	Reference Instrument	Liquidity Discount		27.000
	Industrials		4	Other Valuation Techniques(2)	-		-
	Utilities		5,758	Indicative Market Quotation	Broker Quote	$	44.000
Total		$	99,225

(1)	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2019 may be due to an investment no longer held or categorized as Level 3 at period end.
(2)	Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

Notes to Financial Statements

1. BASIS FOR CONSOLIDATION

PDILS I LLC, (the “Subsidiary”), a Delaware limited liability company was formed as a wholly owned subsidiary acting as an investment vehicle for the PIMCO Dynamic Income Fund (the “Fund”) in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies in effect from time to time. The Subsidiary was formed on March 12, 2013. PIMCO Dynamic Income Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the PIMCO Dynamic Income Fund and the Subsidiary. Accordingly, the consolidated financial statements include the accounts of the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated. This structure was established so that certain loans could be held by a separate legal entity from the Fund. The net assets of the Subsidiary as of period end represented 0.4% of the Fund’s consolidated net assets.

2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The net asset value (“NAV”) of the Fund's shares is determined by dividing the total value of portfolio investments and other assets attributable to the Fund less any liabilities by the total number of shares outstanding of the Fund.

On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. The Fund reserves the right to change the time as of which its NAV is calculated if the Fund closes earlier, or as permitted by the U.S. Securities and Exchange Commission (“SEC”).

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund's approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. The Fund's investments in open-end management investment companies, other than exchange-traded funds ("ETFs"), are valued at the NAVs of such investments.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of non-U.S. securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) relating to the non U.S security being fair valued between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Fund is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree are valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of the Fund's securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When the Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value.

Notes to Financial Statements (Cont.)

Fair valuation may require subjective determinations about the value of a security. While the Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

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

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

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

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Services (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by pricing services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Fund.

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

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

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

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed

September 30, 2019 (Unaudited)

from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

Level 3 trading assets and trading liabilities, at fair value When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy. The valuation techniques and significant inputs used in determining the fair values of portfolio assets and liabilities categorized as Level 3 of the fair value hierarchy are as follows:

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Discounted cash flow valuation uses an internal analysis based on the Adviser’s expectation of future income and expenses, capital structure, exit multiples of a security, and other unobservable inputs which may include contractual and factual loan factors, estimated future payments and credit rating. Significant changes in the unobservable inputs of the models would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Fundamental analysis valuation estimates fair value by using an internal model that utilizes financial statements of the non-public underlying company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

3. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of September 30, 2019, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

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

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

Counterparty Abbreviations:
BCY		Barclays Capital, Inc.		FICC		Fixed Income Clearing Corporation		NOM		Nomura Securities International Inc.
BNY		Bank of New York Mellon		FOB		Credit Suisse Securities (USA) LLC		RBC		Royal Bank of Canada
BOA		Bank of America N.A.		GLM		Goldman Sachs Bank USA		RCY		Royal Bank of Canada
BOS		Merrill Lynch, Pierce, Fenner & Smith, Inc.		HUS		HSBC Bank USA N.A.		RDR		RBC Capital Markets LLC
BPS		BNP Paribas S.A.		IND		Crédit Agricole Corporate and Investment Bank S.A.		RTA		RBC (Barbados) Trading Bank Corp.
BRC		Barclays Bank PLC		JML		JP Morgan Securities Plc		SBI		Citigroup Global Markets Ltd.
CBK		Citibank N.A.		JPM		JP Morgan Chase Bank N.A.		SCX		Standard Chartered Bank
CFR		Credit Suisse Securities (Europe) Ltd.		MBC		HSBC Bank Plc		SOG		Societe Generale Paris
DBL		Deutsche Bank AG London		MEI		Merrill Lynch International		TDM		TD Securities (USA) LLC
DUB		Deutsche Bank AG		MSB		Morgan Stanley Bank, N.A		UAG		UBS AG Stamford
FBF		Credit Suisse International		MYI		Morgan Stanley & Co. International PLC		UBS		UBS Securities LLC
Currency Abbreviations:
ARS		Argentine Peso		GBP		British Pound		RUB		Russian Ruble
BRL		Brazilian Real		MXN		Mexican Peso		USD (or $)		United States Dollar
EUR		Euro		PEN		Peruvian New Sol
Index/Spread Abbreviations:
ABX.HE		Asset-Backed Securities Index - Home Equity		BADLARPP		Argentina Badlar Floating Rate Notes		LIBOR03M		3 Month USD-LIBOR
ARLLMONP		Argentina Blended Policy Rate		BP0003M		3 Month GBP-LIBOR		US0003M		3 Month USD Swap Rate
Other  Abbreviations:
ABS		Asset-Backed Security		CDO		Collateralized Debt Obligation		REMIC		Real Estate Mortgage Investment Conduit
ADR		American Depositary Receipt		CLO		Collateralized Loan Obligation		SP - ADR		Sponsored American Depositary Receipt
ALT		Alternate Loan Trust		EURIBOR		Euro Interbank Offered Rate		TBA		To-Be-Announced
BABs		Build America Bonds		LIBOR		London Interbank Offered Rate		TBD		To-Be-Determined
CBO		Collateralized Bond Obligation		PIK		Payment-in-Kind		TBD%		Interest rate to be determined when loan settles or at the time of funding

Information Classification: Limited Access