dynamicincomeoppfund

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund

March 31, 2023

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 179.8% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 42.0%
AP Core Holdings LLC 10.340% (LIBOR01M + 5.500%) due 09/01/2027 ~	$	8,641	$	8,426
Carnival Corp. 6.655% (EUR001M + 3.750%) due 06/30/2025 ~	EUR	15,916		17,046
Comexposium 4.969% (EUR012M + 4.000%) due 03/28/2026 ~		21,515		19,833
Cromwell EREIT Lux Finco SARL 3.949% (EUR003M + 1.500%) due 11/21/2024 «~		6,800		6,893
Diamond Sports Group LLC 12.775% (LIBOR03M + 8.150%) due 05/25/2026 ~	$	19,161		18,083
DirecTV Financing LLC 9.840% (LIBOR01M + 5.000%) due 08/02/2027 ~		4,671		4,506
Envision Healthcare Corp.
12.701% due 04/29/2027		24,285		24,042
16.326% due 04/28/2028		55,860		41,569
Gateway Casinos & Entertainment Ltd.
12.803% due 10/15/2027		46,079		45,676
13.073% due 10/18/2027	CAD	10,053		7,373
Gibson Brands, Inc. 9.919% (LIBOR03M + 5.000%) due 08/11/2028 ~	$	6,221		4,985
Instant Brands Holdings, Inc. 9.953% (LIBOR03M + 5.000%) due 04/12/2028 ~		18,605		7,402
Intelsat Jackson Holdings SA 9.082% due 02/01/2029		12,276		12,174
LifeMiles Ltd. 10.203% (LIBOR03M + 5.250%) due 08/30/2026 ~		6,400		6,040
Market Bidco Ltd. 9.427% due 11/04/2027	GBP	18,102		19,809
NAC Aviation 29 DAC 6.945% due 06/30/2026	$	20,191		17,465
Oi SA 1.750% (LIBOR03M + 1.750%) due 02/26/2035 ~		29,964		2,351
Poseidon Bidco SASU 8.265% (EUR003M + 5.250%) due 07/14/2028 «~	EUR	19,500		20,513
Profrac Services LLC TBD% - 12.420% due 03/04/2025	$	11,523		11,465
Project Quasar Pledgco SLU TBD% - 5.896% (EUR003M + 3.250%) due 03/15/2026 «~	EUR	10,636		11,087
Promotora de Informaciones SA 7.555% (EUR003M + 5.250%) due 12/31/2026 ~		29,650		29,878
Promotora de Informaciones SA (5.305% Cash and 5.000% PIK) 10.305% (EUR003M + 2.970%) due 06/30/2027 ~(b)		5,264		5,214
PUG LLC 8.340% (LIBOR01M + 3.500%) due 02/12/2027 ~	$	10,755		7,851
Quantum Bidco Ltd. 10.129% due 01/29/2028	GBP	20,000		22,174
Republic of Cote d'lvoire 7.985% (EUR003M + 5.000%) due 03/19/2027 «~	EUR	800		820
SCUR-Alpha 1503 GmbH
TBD% due 03/30/2030	$	8,000		7,040
TBD% due 03/30/2030	EUR	5,200		4,963
Sigma Bidco BV 7.468% due 07/02/2025	GBP	20,000		23,120
Softbank Vision Fund 5.000% due 12/21/2025 «	$	26,134		24,607
Steenbok Lux Finco 2 SARL TBD% (LIBOR03M + 10.000%) due 06/30/2023 ~	EUR	9,933		4,760
Steenbok Lux Finco 2 SARL (10.750% PIK) 10.750% (EUR003M) due 06/30/2023 ~(b)		56,118		40,167
Sunseeker TBD% - 5.550% (LIBOR03M + 5.500%) due 10/31/2028 ~	$	22,100		20,841
Syniverse Holdings, Inc. 11.898% due 05/13/2027		47,866		42,616
Team Health Holdings, Inc. 7.590% (LIBOR01M + 2.750%) due 02/06/2024 ~		10,338		8,891
Telemar Norte Leste SA
1.750% (LIBOR03M + 1.750%) due 02/26/2035 ~		3,866		303
1.750% due 02/26/2035		2,363		185
U.S. Renal Care, Inc.
9.875% (LIBOR01M + 5.000%) due 06/26/2026 ~		30,255		20,687
10.375% (LIBOR01M + 5.500%) due 06/26/2026 ~		5,590		3,822
Veritas U.S., Inc. 9.840% (LIBOR01M + 5.000%) due 09/01/2025 ~		8,225		6,290

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


Viad Corp. 9.922% due 07/30/2028		6,107	5,847
Windstream Services LLC 8.807% due 02/23/2027 «		16,810	15,633

Total Loan Participations and Assignments (Cost $713,812)			602,447

CORPORATE BONDS & NOTES 35.1%
BANKING & FINANCE 12.9%
ADLER Group SA
1.875% due 01/14/2026	EUR	4,300	1,865
2.250% due 04/27/2027		1,800	747
Agps Bondco PLC 3.250% due 08/05/2025		2,500	1,098
Banca Monte dei Paschi di Siena SpA
1.875% due 01/09/2026		20,927	19,526
2.625% due 04/28/2025		7,000	6,939
3.625% due 09/24/2024		5,301	5,475
7.677% due 01/18/2028 •		6,500	5,937
8.000% due 01/22/2030 •		1,603	1,556
10.500% due 07/23/2029		16,766	17,660
Claveau Re Ltd. 21.934% (T-BILL 3MO + 17.250%) due 07/08/2028 ~(j)	$	3,400	2,562
Corestate Capital Holding SA 1.375% due 11/28/2049 ^	EUR	7,300	1,267
Corsair International Ltd.
7.772% due 01/28/2027 •		1,700	1,816
8.122% due 01/28/2029 •		1,100	1,169
Credit Suisse AG AT1 Claim ^	$	800	46
Credit Suisse Group AG
0.650% due 01/14/2028 •		200	180
1.250% due 07/17/2025 •		100	102
2.125% due 09/12/2025 •	GBP	100	114
2.125% due 10/13/2026 •	EUR	400	397
2.250% due 06/09/2028 •	GBP	100	104
2.875% due 04/02/2032 •	EUR	500	453
3.091% due 05/14/2032 •	$	500	403
3.250% due 04/02/2026 •	EUR	300	308
3.288% (EUR003M + 1.000%) due 01/16/2026 ~		1,800	1,820
4.194% due 04/01/2031 •(j)	$	500	445
6.537% due 08/12/2033 •(j)		250	258
7.000% due 09/30/2027 •	GBP	200	248
7.750% due 03/01/2029 •	EUR	800	950
Fairfax India Holdings Corp. 5.000% due 02/26/2028 (j)	$	18,350	16,076
FloodSmart Re Ltd.
18.270% (T-BILL 3MO + 13.000%) due 03/01/2024 ~(j)		3,920	3,714
22.020% (T-BILL 3MO + 16.750%) due 03/01/2024 ~(j)		1,120	988
Hestia Re Ltd. 14.184% (T-BILL 1MO + 9.500%) due 04/22/2025 ~		2,347	1,936
Jefferson Capital Holdings LLC 6.000% due 08/15/2026 (j)		4,680	3,976
Sanders Re Ltd. 16.434% (T-BILL 3MO + 11.750%) due 04/09/2029 ~		4,164	3,805
SVB Financial Group
1.800% due 02/02/2031 ^(c)		3,175	1,813
2.100% due 05/15/2028 ^(c)		400	241
3.125% due 06/05/2030 ^(c)		500	291
3.500% due 01/29/2025 ^(c)		200	126
4.000% due 05/15/2026 ^(c)(g)		500	33
4.345% due 04/29/2028 ^(c)		1,300	791
4.570% due 04/29/2033 ^(c)		4,000	2,324
Uniti Group LP
6.000% due 01/15/2030 (j)		21,202	12,430
6.500% due 02/15/2029 (j)		26,904	16,445
10.500% due 02/15/2028 (j)		6,343	6,158
Veraison Re Ltd. 16.684% (T-BILL 1MO + 12.000%) due 03/10/2031 ~		1,600	1,633
Voyager Aviation Holdings LLC 8.500% due 05/09/2026 (j)		49,287	38,937

			185,162

INDUSTRIALS 20.4%
Altice Financing SA 5.750% due 08/15/2029 (j)		5,253	4,181
American Airlines Pass-Through Trust 3.700% due 04/01/2028 (j)		2,015	1,848
Carvana Co. 10.250% due 05/01/2030		7,400	4,220
CGG SA
7.750% due 04/01/2027	EUR	8,900	8,228
8.750% due 04/01/2027 (j)	$	25,253	21,085

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


DISH DBS Corp. 5.250% due 12/01/2026 (j)		5,630	4,503
DISH Network Corp. 11.750% due 11/15/2027 (j)		7,400	7,186
DTEK Energy BV (3.500% Cash and 4.000% PIK) 7.500% due 12/31/2027 (b)		4,607	1,362
Endurance International Group Holdings, Inc. 6.000% due 02/15/2029 (j)		10,800	7,308
Intelsat Jackson Holdings SA 6.500% due 03/15/2030 (j)		48,922	44,971
Iris Holdings, Inc. (8.750% Cash or 9.500% PIK) 8.750% due 02/15/2026 (b)(j)		18,158	16,785
Market Bidco Finco PLC 4.750% due 11/04/2027	EUR	2,300	1,941
Prime Healthcare Services, Inc. 7.250% due 11/01/2025 (j)	$	605	536
Times Square Hotel Trust 8.528% due 08/01/2026		429	427
Turkish Airlines Pass-Through Trust 4.200% due 09/15/2028		250	223
U.S. Renal Care, Inc. 10.625% due 07/15/2027		20,402	5,390
Vale SA 3.202% due 12/29/2049 ~(g)	BRL	340,000	23,769
Veritas U.S., Inc. 7.500% due 09/01/2025 (j)	$	22,099	16,657
Viking Ocean Cruises Ship Ltd. 5.625% due 02/15/2029 (j)		6,100	5,242
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK) 10.500% due 11/15/2026 (b)(j)		83,934	74,701
Windstream Escrow LLC 7.750% due 08/15/2028 (j)		51,680	42,378

			292,941

UTILITIES 1.8%
Eskom Holdings SOC Ltd. 6.750% due 08/06/2023		4,200	4,176
FEL Energy SARL 5.750% due 12/01/2040		5,621	4,643
Gazprom PJSC via Gaz Finance PLC 3.000% due 06/29/2027		200	135
NGD Holdings BV 6.750% due 12/31/2026		1,113	723
Oi SA 10.000% due 07/27/2025 ^(c)		63,541	4,985
Pacific Gas & Electric Co. 4.450% due 04/15/2042 (j)		448	352
Peru LNG SRL 5.375% due 03/22/2030		12,625	10,099

			25,113

Total Corporate Bonds & Notes (Cost $665,295)			503,216

CONVERTIBLE BONDS & NOTES 1.6%
BANKING & FINANCE 1.5%
PennyMac Corp. 5.500% due 03/15/2026 (j)		24,225	21,141

INDUSTRIALS 0.1%
DISH Network Corp. 3.375% due 08/15/2026 (j)		3,700	1,924

Total Convertible Bonds & Notes (Cost $27,838)			23,065

MUNICIPAL BONDS & NOTES 1.5%
PUERTO RICO 1.3%
Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043		17,178	7,494
0.000% due 11/01/2051		29,682	11,631

			19,125

WEST VIRGINIA 0.2%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 0.000% due 06/01/2047 (f)		25,000	2,219

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


Total Municipal Bonds & Notes (Cost $26,845)		21,344

U.S. GOVERNMENT AGENCIES 4.4%
Fannie Mae
2.500% due 04/25/2049 - 02/25/2050 (a)(j)	23,101	3,145
3.000% due 12/25/2032 - 01/25/2051 (a)(j)	13,419	2,066
3.500% due 05/25/2030 (a)(j)	4,887	325
4.000% due 09/25/2051 (a)(j)	25,530	5,614
4.500% due 07/25/2045 (a)(j)	2,542	512
5.000% due 08/25/2043 (a)(j)	2,827	552
Freddie Mac
1.316% due 07/15/2042 •(a)(j)	1,943	203
1.516% due 03/15/2043 - 11/15/2047 •(a)(j)	9,419	781
2.000% due 11/25/2050 - 01/25/2051 (a)(j)	19,681	1,825
3.000% due 11/25/2050 - 09/25/2051 (a)(j)	47,375	7,035
3.500% due 04/25/2041 (a)(j)	9,293	1,226
4.000% due 11/25/2048 - 06/25/2051 (a)(j)	15,198	2,910
4.500% due 12/25/2050 (a)(j)	4,531	799
8.310% due 02/25/2042 •(j)	8,400	8,108
9.310% due 02/25/2042 •(j)	2,600	2,481
10.060% due 01/25/2034 •	4,000	3,336
12.060% due 10/25/2041 •(j)	22,000	20,497
13.060% due 02/25/2042 •(j)	1,200	1,097

Total U.S. Government Agencies (Cost $62,950)		62,511

NON-AGENCY MORTGAGE-BACKED SECURITIES 50.9%
280 Park Avenue Mortgage Trust 7.546% due 09/15/2034 •(j)	4,750	4,150
Ashford Hospitality Trust
6.784% due 04/15/2035 •(j)	2,500	2,324
7.784% due 04/15/2035 •(j)	8,700	8,036
Atrium Hotel Portfolio Trust
7.984% due 12/15/2036 •(j)	1,111	964
8.084% due 06/15/2035 •(j)	11,037	10,203
Austin Fairmont Hotel Trust 6.934% due 09/15/2032 •(j)	4,900	4,650
Banc of America Funding Trust
3.300% due 09/26/2036 ~(j)	4,491	3,467
5.085% due 06/26/2036 •(j)	3,430	2,802
5.750% due 05/26/2036	342	239
Barclays Commercial Mortgage Securities Trust
3.688% due 02/15/2053 ~(j)	15,650	10,575
8.234% due 07/15/2037 ~(j)	4,278	3,983
Barclays Commercial Real Estate Trust 4.563% due 08/10/2033 ~(j)	16,650	12,608
Bear Stearns Commercial Mortgage Securities Trust 5.566% due 01/12/2045 ~	44	43
Beast Mortgage Trust
8.134% due 03/15/2036 •(j)	5,750	4,253
9.134% due 03/15/2036 •(j)	7,125	5,029
Beneria Cowen & Pritzer Collateral Funding Corp.
7.176% due 06/15/2038 •(j)	10,000	7,833
8.322% due 06/15/2038 •(j)	5,000	3,713
Braemar Hotels & Resorts Trust 7.084% due 06/15/2035 •(j)	7,900	7,319
Citigroup Commercial Mortgage Trust
3.518% due 05/10/2035 ~(j)	1,300	1,102
3.790% due 12/15/2072 ~(j)	4,600	2,600
7.609% due 12/15/2036 •(j)	8,811	8,417
Colony Mortgage Capital Ltd. 7.662% due 11/15/2038 ~(j)	15,000	13,576
Commercial Mortgage Trust
5.984% due 06/15/2034 •	2,300	2,001
6.234% due 06/15/2034 ~(j)	4,950	4,214
7.078% due 06/15/2034 •(j)	7,400	5,810
Connecticut Avenue Securities Trust 7.310% due 12/25/2041 ~(j)	4,300	3,958
Countrywide Alternative Loan Trust 6.250% due 12/25/2036	4,820	2,236
Credit Suisse Mortgage Capital Trust 7.984% due 07/15/2032 •(j)	19,982	18,211
CRSNT Commercial Mortgage Trust 8.190% due 04/15/2036 •(j)	7,000	6,295
DBWF Mortgage Trust 7.879% due 12/19/2030 •(j)	29,075	28,271
Deutsche Mortgage & Asset Receiving Corp. 3.997% due 11/27/2036 •(j)	6,337	5,303
DOLP Trust
0.665% due 05/10/2041 ~(a)(j)	309,500	12,301
3.704% due 05/10/2041 ~(j)	29,000	16,460
DROP Mortgage Trust 7.430% due 10/15/2043 •(j)	5,500	4,752
Extended Stay America Trust 8.385% due 07/15/2038 ~(j)	18,352	17,282

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


GCT Commercial Mortgage Trust 8.034% due 02/15/2038 •(j)		49,700	31,423
Greenwood Park CLO Ltd.
0.000% due 10/20/2030 «		13,000	132
0.000% due 04/15/2031 «		27,000	287
GS Mortgage Securities Corp. Trust 7.234% due 11/15/2032 •(j)		10,782	10,242
GS Mortgage-Backed Securities Corp. Trust
0.000% due 12/25/2060 ~		187	178
0.000% due 12/25/2060 ~(a)		181,127	6,370
0.165% due 12/25/2060 ~(a)		158,501	1,088
3.756% due 12/25/2060 ~(j)		34,468	18,173
Hawaii Hotel Trust
7.434% due 05/15/2038 •(j)		34,720	33,080
7.434% (US0001M + 2.750%) due 05/15/2038 ~		5,000	4,764
Hilton Orlando Trust 7.584% due 12/15/2034 •(j)		6,953	6,635
HPLY Trust 7.834% due 11/15/2036 •(j)		1,676	1,533
JP Morgan Alternative Loan Trust 5.125% due 03/25/2037 •(j)		15,168	14,717
JP Morgan Chase Commercial Mortgage Securities Trust
6.984% due 02/15/2035 •(j)		1,310	1,231
7.201% due 07/05/2033 ~(j)		5,012	4,250
7.551% due 07/05/2033 ~(j)		10,000	8,290
7.784% due 03/15/2036 •(j)		25,550	22,803
8.534% due 03/15/2036 ~(j)		9,500	8,476
JP Morgan Resecuritization Trust 3.955% due 12/27/2046 •(j)		12,965	10,146
Lehman XS Trust 5.445% due 08/25/2037 •(j)		22,901	18,595
Mill City Mortgage Loan Trust
0.000% due 04/25/2057 ~		302,488	3,869
0.000% due 11/25/2058 ~		254,857	862
3.697% due 11/25/2058 ~(j)		16,205	8,762
3.834% due 04/25/2057 ~(j)		19,586	11,906
Morgan Stanley Capital Trust
6.928% due 12/15/2036 •(j)		4,294	3,091
7.009% due 11/15/2034 ~(j)		5,370	5,112
7.959% due 11/15/2034 •(j)		3,357	3,198
Morgan Stanley Re-REMIC Trust 3.007% due 03/26/2037 þ(j)		3,359	3,080
MRCD Mortgage Trust 2.718% due 12/15/2036 (j)		28,715	20,230
Natixis Commercial Mortgage Securities Trust
3.790% due 11/15/2032 ~(j)		15,192	12,347
7.084% due 11/15/2034 •(j)		6,000	5,604
New Orleans Hotel Trust 7.373% due 04/15/2032 •(j)		7,491	6,887
New Residential Mortgage Loan Trust
3.528% due 07/25/2055 ~(j)		1,242	909
3.998% due 07/25/2059 ~(j)		5,000	2,541
4.328% due 07/25/2055 ~		1,000	722
New York Mortgage Trust 5.250% due 07/25/2062 þ(j)		28,048	26,531
PMT Credit Risk Transfer Trust 7.752% due 02/27/2024 •(j)		17,093	16,595
Residential Accredit Loans, Inc. Trust 5.265% due 06/25/2037 •		878	766
Seasoned Credit Risk Transfer Trust
3.312% due 05/25/2057 ~		17,820	6,372
4.250% due 09/25/2060 (j)		7,547	6,575
4.250% due 03/25/2061 ~		3,263	2,626
4.750% due 10/25/2058 ~(j)		2,360	2,112
10.795% due 11/25/2060 ~		5,548	4,147
14.119% due 09/25/2060 ~		4,234	2,997
SFO Commercial Mortgage Trust
7.584% due 05/15/2038 •(j)		18,000	14,536
8.334% due 05/15/2038 •(j)		8,000	6,003
Tharaldson Hotel Portfolio Trust 8.190% due 11/11/2034 •(j)		5,025	4,737
Trinity Square PLC
0.000% due 07/15/2059 (f)	GBP	10,853	30,330
7.363% due 07/15/2059 ~		10,843	13,029
8.363% due 07/15/2059 •		5,421	6,528
8.863% due 07/15/2059 •		10,224	12,502
VASA Trust
7.834% due 07/15/2039 •(j)	$	10,000	9,054
8.584% due 07/15/2039 •(j)		7,000	6,299
Verus Securitization Trust 3.195% due 10/25/2063 ~		1,800	1,390
Waikiki Beach Hotel Trust
6.714% due 12/15/2033 •(j)		3,000	2,847
7.364% due 12/15/2033 •(j)		5,000	4,616
WaMu Mortgage Pass-Through Certificates Trust
3.948% due 07/25/2047 •(j)		2,224	1,750

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


5.895% due 12/25/2045 ~(j)	12,926	10,496
Wells Fargo Mortgage-Backed Securities Trust 4.479% due 10/25/2036 ~	263	238

Total Non-Agency Mortgage-Backed Securities (Cost $874,136)		729,590

ASSET-BACKED SECURITIES 21.9%
Aames Mortgage Investment Trust 7.545% due 01/25/2035 •(j)	5,000	3,366
ACE Securities Corp. Home Equity Loan Trust
5.220% due 08/25/2036 •(j)	24,155	17,762
5.430% due 02/25/2036 ~(j)	6,448	5,374
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates 6.645% due 07/25/2035 •(j)	7,500	5,658
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 5.535% due 01/25/2036 •(j)	16,362	13,015
Asset-Backed Securities Corp. Home Equity Loan Trust 5.075% due 05/25/2037 •(j)	8,424	5,794
Ayresome CDO Ltd. 5.378% due 12/08/2045 •(j)	26,005	8,670
Bear Stearns Asset-Backed Securities Trust 5.193% due 01/25/2037 •(j)	6,306	5,434
BSPRT Issuer Ltd. 7.084% due 05/15/2029 •(j)	5,000	4,846
Carvana Auto Receivables Trust 0.000% due 01/10/2028 «(f)	10	1,978
College Avenue Student Loans LLC 4.120% due 07/25/2051	1,750	1,572
Duke Funding High Grade Ltd.
0.090% due 08/02/2049 (a)	840,370	210
4.809% due 08/02/2049 •	29,910	293
Encore Credit Receivables Trust 6.600% due 10/25/2035 •(j)	5,703	4,957
Exeter Automobile Receivables Trust
0.000% due 05/15/2031 «(f)	7	1,917
0.000% due 08/15/2031 «(f)	12	4,626
0.000% due 12/15/2033 «(f)	12	4,541
Fieldstone Mortgage Investment Trust 7.770% due 08/25/2034 •	3,000	2,171
First Franklin Mortgage Loan Trust
5.155% due 10/25/2036 •(j)	6,000	4,737
5.775% due 11/25/2035 •(j)	7,501	6,212
First NLC Trust 5.865% due 12/25/2035 •	6,084	4,971
Flagship Credit Auto Trust 0.000% due 04/17/2028 «(f)	10	1,653
FREED ABS Trust 0.000% due 09/20/2027 «(f)	4	460
Greenwood Park CLO Ltd. 0.000% due 04/15/2031 ~	27,000	10,367
GSAMP Trust 5.295% due 08/25/2036 ~(j)	15,910	13,153
Home Equity Mortgage Loan Asset-Backed Trust 5.015% due 04/25/2037 •(j)	7,230	4,985
KKR CLO Ltd. 0.000% due 04/20/2034 ~	10,000	7,558
Long Beach Mortgage Loan Trust 5.550% due 11/25/2035 •(j)	10,014	9,256
Madison Park Funding Ltd. 0.000% due 07/27/2047 ~	5,600	2,570
Marlette Funding Trust 0.000% due 09/16/2030 «(f)	38	1,944
Montauk Point CDO Ltd.
4.056% due 10/06/2042 •(j)	213,556	13,753
5.098% due 04/06/2046 ~(j)	327,058	2,340
Morgan Stanley ABS Capital, Inc. Trust 5.955% due 07/25/2035 ~(j)	11,601	8,241
Morgan Stanley Capital, Inc. Trust 5.205% due 03/25/2036 •(j)	2,406	1,946
Morgan Stanley Home Equity Loan Trust 5.910% due 05/25/2035 •(j)	5,321	4,374
Myers Park CLO Ltd. 0.000% due 10/20/2030 «~	13,000	8,336
New Century Home Equity Loan Trust 5.865% due 06/25/2035 •(j)	17,487	15,663
Option One Mortgage Loan Trust 5.085% due 04/25/2037 •(j)	3,689	2,087
PRET LLC
3.721% due 07/25/2051 þ	2,600	2,158
3.967% due 09/25/2051 þ(j)	17,900	15,819
Ready Capital Mortgage Financing LLC 8.595% due 04/25/2038 •(j)	7,000	6,486
Renaissance Home Equity Loan Trust 5.586% due 11/25/2036 þ(j)	7,935	2,754
Securitized Asset-Backed Receivables LLC Trust 5.345% due 03/25/2036 •(j)	1,500	922

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


Sierra Madre Funding Ltd. 5.089% due 09/07/2039 •	1,116	827
SMB Private Education Loan Trust 0.000% due 02/16/2055 «(f)	5	6,731
Specialty Underwriting & Residential Finance Trust 4.127% due 09/25/2037 •(j)	23,354	8,108
Structured Asset Investment Loan Trust 5.365% due 05/25/2036 •(j)	14,747	6,051
Structured Asset Securities Corp. Mortgage Loan Trust
5.045% due 06/25/2037 •(j)	5,668	3,763
5.085% due 01/25/2037 •(j)	9,693	6,169
5.145% due 04/25/2036 •(j)	20,528	17,682
Structured Finance Advisors ABS CDO Ltd. 4.754% due 07/02/2037 •	41,770	7,587
Summer Street Ltd. 5.236% due 12/06/2045 •(j)	49,629	12,685

Total Asset-Backed Securities (Cost $425,249)		314,532

SOVEREIGN ISSUES 1.2%
Argentina Government International Bond 3.500% due 07/09/2041 þ(j)	5,233	1,470
Ecuador Government International Bond
2.500% due 07/31/2035 þ	3,300	1,112
5.500% due 07/31/2030 þ	19,720	9,258
Russia Government International Bond
5.100% due 03/28/2035 ^«(c)	200	12
5.625% due 04/04/2042 ^ (c)	4,200	2,696
Ukraine Government International Bond 6.876% due 05/21/2031 ^(c)	10,700	1,889

Total Sovereign Issues (Cost $29,344)		16,437

	SHARES
COMMON STOCKS 2.3%
CONSUMER DISCRETIONARY 0.0%
Promotora de Informaciones SA (d)	1,623,357	640

FINANCIALS 1.5%
Banca Monte dei Paschi di Siena SpA (d)	2,274,000	4,946
Credit Suisse Group AG	115,607	104
Intelsat Emergence SA «(d)(h)	650,684	15,942

		20,992

INDUSTRIALS 0.8%
NAC Aviation Restricted «(d)(h)	373,201	5,225
Syniverse Holdings, Inc. «(h)	6,326,259	5,961
Voyager Aviation Holdings LLC «(d)	6,860	0

		11,186

Total Common Stocks (Cost $59,171)		32,818

RIGHTS 0.0%
FINANCIALS 0.0%
Intelsat Jackson Holdings SA «(d)	68,143	426

Total Rights (Cost $0)		426

WARRANTS 0.0%
FINANCIALS 0.0%
Intelsat Jackson Holdings SA-Exp. 12/05/2025 «	68,143	477

Total Warrants (Cost $0)		477

PREFERRED SECURITIES 2.1%
FINANCIALS 1.4%
Stichting AK Rabobank Certificaten 6.500% due 12/29/2049 þ(g)	19,184,350	20,089
SVB Financial Group
4.250% due 11/15/2026 ^(c)(g)	300,000	20

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


4.700% due 11/15/2031 ^(c)(g)		492,000		33

				20,142

INDUSTRIALS 0.7%
Voyager Aviation Holdings LLC «		41,160		9,539

Total Preferred Securities (Cost $43,575)				29,681

REAL ESTATE INVESTMENT TRUSTS 2.2%
FINANCIALS 2.2%
Annaly Capital Mangaement, Inc.		609,500		11,647
KKR Real Estate Finance Trust, Inc.		1,082,100		12,325
PennyMac Mortgage Investment Trust		556,200		6,858

Total Real Estate Investment Trusts (Cost $50,974)				30,830

		PRINCIPAL AMOUNT (000s)
SHORT-TERM INSTRUMENTS 14.6%
REPURCHASE AGREEMENTS (i) 13.8%				197,997

SHORT-TERM NOTES 0.0%
Corestate Capital Holding SA 8.000% due 04/15/2023 (h)	EUR	300		326

U.S. TREASURY BILLS 0.8%
4.344% due 04/06/2023 - 05/09/2023 (e)(f)(m)	$	11,753		11,716

Total Short-Term Instruments (Cost $209,718)				210,039

Total Investments in Securities (Cost $3,188,907)				2,577,413

Total Investments 179.8% (Cost $3,188,907)			$	2,577,413
Financial Derivative Instruments (k)(l) (0.3)%(Cost or Premiums, net $(16,269))				(4,597)
Other Assets and Liabilities, net (79.5)%				(1,139,479)

Net Assets 100.0%			$	1,433,337

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(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)	Security is an Interest Only ("IO") or IO Strip.
(b)	Payment in-kind security.
(c)	Security is not accruing income as of the date of this report.
(d)	Security did not produce income within the last twelve months.
(e)	Coupon represents a weighted average yield to maturity.
(f)	Zero coupon security.
(g)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(h)	RESTRICTED SECURITIES:
Issuer Description										Acquisition Date				Cost											Market Value									Market Value as Percentage of Net Assets

Corestate Capital Holding SA 8.000% due 04/15/2023										12/06/2022		$		314							$				326									0.03
Intelsat Emergence SA										01/29/2021 - 03/09/2021				38,680											15,942									1.11
NAC Aviation Restricted										06/01/2022 - 07/27/2022				8,750											5,225									0.36
Syniverse Holdings, Inc.										05/12/2022 - 11/30/2022				6,208											5,961									0.42

													$		53,952							$				27,454									1.92%

BORROWINGS AND OTHER FINANCING TRANSACTIONS
(i)	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)

BPS		4.880%	04/03/2023	04/04/2023	$		60,000	U.S. Treasury Notes 2.875% due 04/30/2025									$			(61,252)				$					60,000				$					60,000
		4.890	03/31/2023	04/03/2023			77,200	U.S. Treasury Inflation Protected Securities 0.125% due 01/15/2030												(79,251)									77,200									77,231
MEI		4.480	03/29/2023	04/05/2023	CAD		40,000	Canada Government Bond 1.250% due 03/01/2027												(30,139)									29,597									29,615
NOM		4.920	03/31/2023	04/03/2023	$		31,200	U.S. Treasury Bonds 3.375% due 05/15/2044												(32,217)									31,200									31,213

Total Repurchase Agreements																$			(202,859)				$					197,997				$					198,059

REVERSE REPURCHASE AGREEMENTS:
Counterparty						Borrowing Rate(2)			Settlement Date		Maturity Date									Amount Borrowed(2)											Payable for Reverse Repurchase Agreements

BOM						5.300%			03/23/2023		06/01/2023					$				(12,970)										$	(12,991)
BOS						5.910			01/06/2023		06/05/2023									(7,659)											(7,762)
BPS						(0.500)			12/21/2022		TBD(3)					EUR				(1,488)											(1,608)
						3.110			02/09/2023		05/10/2023									(2,870)											(3,126)
						3.220			02/22/2023		05/22/2023									(1,728)											(1,881)
						5.230			03/14/2023		05/19/2023					$				(5,148)											(5,163)
						5.490			02/16/2023		06/16/2023									(19,500)											(19,630)
						5.490			03/14/2023		07/14/2023									(48,818)											(48,960)
						5.510			03/23/2023		07/21/2023									(3,332)											(3,338)
						5.540			03/01/2023		07/31/2023									(7,377)											(7,412)
						5.560			03/02/2023		07/31/2023									(6,435)											(6,465)
						5.960			03/09/2023		07/07/2023									(36,080)											(36,225)
						5.960			03/16/2023		07/14/2023									(87,522)											(87,771)
						6.010			03/16/2023		07/14/2023									(9,636)											(9,664)
						6.060			03/09/2023		07/07/2023									(4,769)											(4,788)
						6.260			03/09/2023		07/07/2023									(721)											(724)

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


	6.260	03/16/2023	07/14/2023		(12,936)	(12,975)
BRC	3.250	03/31/2023	TBD(3)		(1,288)	(1,397)
	5.634	01/13/2023	04/14/2023	$	(12,874)	(13,035)
	5.634	03/10/2023	04/14/2023		(5,247)	(5,267)
	5.940	02/10/2023	08/10/2023		(6,492)	(6,548)
	5.973	02/27/2023	05/30/2023		(5,762)	(5,795)
	6.005	01/05/2023	07/05/2023		(4,521)	(4,587)
	6.010	02/03/2023	08/03/2023		(22,517)	(22,738)
	6.060	02/03/2023	08/03/2023		(2,351)	(2,375)
	6.090	01/30/2023	08/30/2023		(14,123)	(14,274)
	6.090	02/10/2023	08/10/2023		(22,948)	(23,150)
	6.140	01/30/2023	08/30/2023		(28,082)	(28,384)
BYR	5.470	10/26/2022	04/26/2023		(28,100)	(28,704)
	5.470	03/14/2023	04/26/2023		(3,272)	(3,281)
	5.470	03/31/2023	04/26/2023		(3,914)	(3,916)
	5.520	03/24/2023	09/20/2023		(17,004)	(17,030)
CEW	5.500	03/24/2023	TBD(3)		(9,817)	(9,832)
	5.860	01/12/2023	04/12/2023		(28,380)	(28,754)
CIB	5.390	01/17/2023	07/17/2023		(25)	(26)
DBL	3.050	02/07/2023	05/10/2023	EUR	(17,157)	(18,693)
	6.386	03/14/2023	05/12/2023	$	(18,589)	(18,655)
	6.436	03/14/2023	05/12/2023		(13,969)	(14,019)
IND	5.460	03/07/2023	07/07/2023		(3,120)	(3,133)
	5.480	03/07/2023	07/07/2023		(555)	(557)
JML	3.050	09/14/2022	TBD(3)	EUR	(19,760)	(21,635)
	3.070	03/09/2023	TBD(3)		(4,492)	(4,878)
	3.100	02/09/2023	05/10/2023		(940)	(1,024)
	3.250	02/22/2023	05/22/2023		(710)	(773)
	5.250	03/24/2023	05/05/2023	$	(10,222)	(10,237)
	5.310	01/06/2023	07/06/2023		(1,196)	(1,210)
JPS	5.770	02/06/2023	08/07/2023		(21,769)	(21,964)
	5.840	01/03/2023	04/03/2023		(26,812)	(27,204)
	5.890	01/03/2023	04/03/2023		(19,675)	(19,965)
	5.890	02/09/2023	04/03/2023		(3,256)	(3,284)
	5.940	01/03/2023	04/03/2023		(3,231)	(3,279)
	6.150	04/03/2023	10/02/2023		(1,998)	(1,998)
	6.200	04/03/2023	10/02/2023		(8,892)	(8,892)
	6.230	03/21/2023	07/19/2023		(7,518)	(7,535)
	6.250	04/03/2023	10/02/2023		(4,218)	(4,218)
	6.287	02/14/2023	10/12/2023		(16,821)	(16,962)
MEI	2.000	01/06/2023	01/03/2025	EUR	(676)	(736)
	4.632	02/17/2023	05/18/2023	GBP	(8,882)	(11,018)
MSB	5.054	03/31/2023	07/31/2023		(4,210)	(5,195)
	5.154	03/31/2023	07/31/2023		(8,718)	(10,759)
	5.204	03/31/2023	07/31/2023		(6,527)	(8,056)
	5.960	10/14/2022	04/12/2023	$	(10,656)	(10,920)
	6.060	01/31/2023	07/31/2023		(25,238)	(25,483)
	6.060	03/16/2023	09/15/2023		(1,979)	(1,985)
	6.060	04/03/2023	09/26/2023		(24,646)	(24,646)
	6.080	04/03/2023	09/26/2023		(24,152)	(24,152)
	6.110	01/27/2023	07/26/2023		(28,559)	(28,859)
	6.110	02/03/2023	07/31/2023		(3,399)	(3,430)
	6.110	04/03/2023	09/26/2023		(26,935)	(26,935)
	6.160	04/03/2023	09/26/2023		(17,985)	(17,985)
	6.260	02/22/2023	08/21/2023		(46,733)	(47,047)
MZF	6.300	03/08/2023	09/08/2023		(9,808)	(9,852)
NOM	5.150	03/24/2023	TBD(3)		(502)	(502)
RBC	5.770	03/13/2023	07/13/2023		(14,141)	(14,187)
	6.110	03/17/2023	07/17/2023		(4,556)	(4,567)
RCY	5.400	01/17/2023	07/17/2023		(3,413)	(3,452)
	5.660	02/17/2023	09/18/2023		(5,584)	(5,624)
RDR	4.970	01/31/2023	04/03/2023		(196)	(198)
	4.970	02/03/2023	04/03/2023		(344)	(347)
	5.320	04/03/2023	06/02/2023		(996)	(996)
RTA	5.480	03/14/2023	07/13/2023		(21,265)	(21,328)
	5.550	01/03/2023	04/03/2023		(16,531)	(16,760)
	5.930	03/03/2023	07/03/2023		(6,180)	(6,208)
	5.930	03/07/2023	09/07/2023		(16,463)	(16,534)
	5.960	03/03/2023	07/03/2023		(3,921)	(3,939)
	5.990	04/03/2023	08/03/2023		(6,104)	(6,104)
	6.010	03/29/2023	07/31/2023		(16,907)	(16,921)
	6.010	04/03/2023	08/03/2023		(3,422)	(3,422)
	6.070	04/03/2023	07/03/2023		(17,342)	(17,342)
SCX	4.530	03/07/2023	04/06/2023		(2,174)	(2,182)
SOG	5.480	01/24/2023	07/24/2023		(4,896)	(4,948)
	5.750	02/22/2023	08/22/2023		(4,894)	(4,925)
	5.756	11/16/2022	05/16/2023		(3,000)	(3,066)
	5.756	11/17/2022	05/17/2023		(10,816)	(11,052)
	5.756	11/18/2022	05/18/2023		(7,082)	(7,236)
	5.806	11/16/2022	05/16/2023		(15,717)	(16,067)
	6.092	01/05/2023	07/05/2023		(7,612)	(7,726)
UBS	2.070	09/14/2022	TBD(3)	EUR	(1,063)	(1,162)
	2.180	10/19/2022	TBD(3)		(2,378)	(2,599)
	2.230	10/19/2022	TBD(3)		(4,676)	(5,110)
	2.750	01/12/2023	04/12/2023		(11,662)	(12,725)
	5.350	01/13/2023	04/13/2023	$	(8,627)	(8,730)

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


											5.350									02/13/2023													05/12/2023													(15,581)												(15,695)
											5.550									02/03/2023													08/03/2023													(754)												(761)
											5.590									02/03/2023													08/03/2023													(18,478)												(18,648)
											5.630									01/10/2023													06/09/2023													(14,199)												(14,384)
											5.810									01/19/2023													07/14/2023													(6,646)												(6,725)
											5.910									01/19/2023													07/14/2023													(10,821)												(10,952)
											6.050									01/05/2023													06/05/2023													(3,529)												(3,581)
											6.060									02/06/2023													08/04/2023													(9,903)												(9,996)
											6.110									01/19/2023													07/14/2023													(10,662)												(10,796)
											6.641									03/14/2023													09/12/2023													(22,092)												(22,173)

Total Reverse Repurchase Agreements																																																								$		(1,296,419)

(j)	Cash of $14,434 has been pledged as collateral under the terms of master agreements as of March 31, 2023.
(1)	Includes accrued interest.
(2)	The average amount of borrowings outstanding during the period ended March 31, 2023 was $(1,315,013) at a weighted average interest rate of 3.759%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(3)	Open maturity reverse repurchase agreement.
(k)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
SHORT FUTURES CONTRACTS
																		Variation Margin
Description										Expiration Month					# of Contracts											Notional Amount													Unrealized Appreciation/ (Depreciation)										Asset													Liability

3-Month SOFR Active Contract December Futures										03/2024					66						$					(15,791)								$					267									$	0								$					(3)
3-Month SOFR Active Contract December Futures										03/2025					35											(8,477)													77										0													(6)
3-Month SOFR Active Contract December Futures										03/2026					38											(9,221)													74										0													(6)
3-Month SOFR Active Contract June Futures										09/2024					44											(10,608)													127										0													(7)
3-Month SOFR Active Contract June Futures										09/2025					35											(8,488)													72										0													(6)
3-Month SOFR Active Contract March Futures										06/2024					58											(13,934)													197										0													(7)
3-Month SOFR Active Contract March Futures										06/2025					31											(7,515)													66										0													(5)
3-Month SOFR Active Contract March Futures										06/2026					36											(8,736)													68										0													(6)
3-Month SOFR Active Contract September Futures										12/2024					41											(9,913)													100										0													(7)
3-Month SOFR Active Contract September Futures										12/2025					29											(7,035)													58										0													(5)

Total Futures Contracts																			$					1,106											$				0								$				(58)

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 March 31, 2023(2)									Notional Amount(3)										Premiums Paid/ (Received)									Unrealized Appreciation/ (Depreciation)							Market Value(4)										Asset										Liability

Jaguar Land Rover Automotive			5.000%	Quarterly		06/20/2026		6.588				%		EUR			1,000					$					64			$						(108)				$			(44)							$			10						$				0
Jaguar Land Rover Automotive			5.000	Quarterly		12/20/2026		7.084									13,300										739									(1,611)							(872)										139										0

																							$					803			$						(1,719)				$			(916)							$			149						$				0

INTEREST RATE SWAPS
																		Variation Margin
Pay/ Receive Floating Rate		Floating Rate Index			Fixed Rate		Payment Frequency		Maturity Date							Notional Amount													Premiums Paid/ (Received)									Unrealized Appreciation/ (Depreciation)							Market Value										Asset										Liability

Receive		1-Day GBP-SONIO Compounded-OIS			0.750%		Annual		09/21/2052				GBP			9,800									$				286			$						5,476				$			5,762							$			63						$				0
Receive(5)		1-Day USD-SOFR Compounded-OIS			2.450		Annual		12/20/2024				$			71,200													(5)									883							878										0										(56)
Receive(5)		1-Day USD-SOFR Compounded-OIS			2.350		Annual		01/17/2025							24,600													0									303							303										0										(23)
Pay		1-Day USD-SOFR Compounded-OIS			1.250		Annual		09/21/2026							91,700													(6,758)									(1,554)							(8,312)										200										0
Pay		1-Day USD-SOFR Compounded-OIS			2.000		Annual		12/21/2027							230,100													(19,716)									4,194							(15,522)										569										0
Pay		1-Day USD-SOFR Compounded-OIS			4.000		Annual		12/21/2027							309,800													313									7,309							7,622										872										0
Pay		1-Day USD-SOFR Compounded-OIS			2.000		Annual		12/21/2029							144,300													(14,841)									2,944							(11,897)										506										0

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


Receive		1-Day USD-SOFR Compounded-OIS		1.750	Annual		06/15/2052			40,100					9,900					(75)						9,825					0							(399)
Receive		1-Day USD-SOFR Compounded-OIS		1.750	Annual		12/21/2052			27,100					6,527					(9)						6,518					0							(274)
Receive		1-Day USD-SOFR Compounded-OIS		3.500	Annual		12/21/2052			81,300					(245)					(8,215)						(8,460)					0							(1,092)
Pay		1-Year BRL-CDI		11.140	Maturity		01/02/2025		BRL	1,000					0					(5)						(5)					0							0
Pay		1-Year BRL-CDI		11.160	Maturity		01/02/2025			700					0					(4)						(4)					0							0
Pay		1-Year BRL-CDI		11.350	Maturity		01/02/2025			800					0					(4)						(4)					0							0
Pay		1-Year BRL-CDI		12.000	Maturity		01/02/2025			2,200					0					(4)						(4)					0							0
Pay		1-Year BRL-CDI		12.080	Maturity		01/02/2025			3,700					0					(5)						(5)					0							(1)
Pay		1-Year BRL-CDI		12.140	Maturity		01/02/2025			1,900					0					(2)						(2)					0							0
Pay		1-Year BRL-CDI		12.145	Maturity		01/02/2025			1,800					0					(2)						(2)					0							0
Pay		1-Year BRL-CDI		12.160	Maturity		01/02/2025			3,800					0					(4)						(4)					0							(1)
Pay		1-Year BRL-CDI		6.990	Maturity		01/04/2027			318,400					2,522					(10,105)						(7,583)					22							0
Pay		1-Year BRL-CDI		11.220	Maturity		01/04/2027			1,200					0					(7)						(7)					0							0
Pay		1-Year BRL-CDI		11.245	Maturity		01/04/2027			600					0					(3)						(3)					0							0
Pay		1-Year BRL-CDI		11.260	Maturity		01/04/2027			600					0					(3)						(3)					0							0
Pay		1-Year BRL-CDI		11.700	Maturity		01/04/2027			300					0					(1)						(1)					0							0
Pay		1-Year BRL-CDI		11.715	Maturity		01/04/2027			1,400					0					(4)						(4)					0							0
Receive		1-Year BRL-CDI		11.788	Maturity		01/04/2027			471,000					0					970						970					0							(16)
Pay		1-Year BRL-CDI		11.870	Maturity		01/04/2027			3,200					0					(7)						(7)					0							0
Pay		1-Year BRL-CDI		12.015	Maturity		01/04/2027			124,200					0					(153)						(153)					4							0
Pay		3-Month USD-LIBOR		0.500	Semi-Annual		06/16/2028		$	6,300					(352)					(582)						(934)					16							0
Pay		3-Month USD-LIBOR		1.500	Semi-Annual		12/15/2028			43,200					(62)					(4,483)						(4,545)					125							0
Receive		6-Month EUR-EURIBOR		0.250	Annual		09/21/2032		EUR	50,200					4,740					7,315						12,055					0							(12)
Receive		6-Month EUR-EURIBOR		1.750	Annual		03/15/2033			5,700					448					205						653					0							(2)
Receive(5)		6-Month EUR-EURIBOR		0.830	Annual		12/09/2052			29,900					182					1,135						1,317					6							0
Receive		28-Day MXN-TIIE		8.675	Lunar		04/03/2024		MXN	41,000					0					62						62					0							(1)
Receive		28-Day MXN-TIIE		8.660	Lunar		04/04/2024			17,100					0					26						26					0							0
Receive		28-Day MXN-TIIE		8.750	Lunar		04/05/2024			10,200					0					15						15					0							0
Receive		28-Day MXN-TIIE		8.410	Lunar		03/31/2027			4,900					0					4						4					0							(2)
Receive		28-Day MXN-TIIE		8.730	Lunar		04/06/2027			4,300					0					1						1					0							(1)
Receive		28-Day MXN-TIIE		7.495	Lunar		01/14/2032			2,100					9					(2)						7					0							(1)
Receive		28-Day MXN-TIIE		7.498	Lunar		01/15/2032			8,700					36					(9)						27					0							(3)
Receive		28-Day MXN-TIIE		8.732	Lunar		03/30/2032			2,100					0					(3)						(3)					0							(1)
Receive		28-Day MXN-TIIE		8.701	Lunar		03/31/2032			5,000					0					(5)						(5)					0							(2)

												$		(17,016)			$		5,592				$		(11,424)			$		2,383					$		(1,887)

Total Swap Agreements											$	(16,213)				$		3,873			$		(12,340)				$		2,532				$			(1,887)

Cash of $41,661 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2023.
(1)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4)	The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(5)	This instrument has a forward starting effective date.
(l)	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			04/2023			$		26,050					PEN			98,220						$		41								$		0
			04/2023					330					PLN			1,445								4										0
			05/2023			EUR		4,384					$			4,737								0										(28)
			05/2023			GBP		7,729								9,230								0										(313)
			05/2023			PEN		98,221								26,003								0										(49)
			05/2023			$		12,104					EUR			11,242								119										(3)
			05/2023					23,934					PEN			91,792								401										0
BPS			05/2023			EUR		194,870					$			209,168								0										(2,669)
			05/2023			$		4,998					EUR			4,675								84										0
			06/2023			MXN		246,828					$			12,935								0										(556)
			06/2023			$		1,397					IDR			21,371,990								31										0
BRC			04/2023					221					PLN			975								5										0
			05/2023			GBP		78,886					$			95,317								0										(2,081)
			05/2023			$		10,801					GBP			8,720								0										(34)
CBK			04/2023			BRL		19,520					$			3,718								0										(133)

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


				04/2023		PEN			98,221										24,555													0								(1,536)
				04/2023		$			3,787								BRL		19,520													64								0
				04/2023					2,223								PEN		8,779													106								0
				05/2023		CAD			9,397								$		7,042													84								0
				05/2023		GBP			7,110										8,666													0								(113)
				05/2023		$			7,336								EUR		6,834													93								0
				05/2023					1,720								GBP		1,423													37								0
				05/2023					12,449								MXN		251,634													1,420								0
				06/2023					3,718								BRL		19,728													133								0
				06/2023					112								IDR		1,684,989													0								0
MYI				05/2023					2,229								EUR		2,084													38								(2)
				06/2023		IDR			8,274,830								$		545													0								(8)
SCX				04/2023		$			1,623								ZAR		29,858													53								0
				05/2023		CHF			893								$		983													2								0
				05/2023		EUR			2,219										2,384													0								(29)
				05/2023		$			19,758								GBP		16,030													43								(9)
				06/2023		IDR			14,603,081								$		957													0								(19)
				06/2023		$			109								IDR		1,651,835													2								0
				09/2023		ZAR			525								$		30													1								0
TOR				04/2023					29,858										1,718													43								0
				05/2023		GBP			252										307													0								(4)
UAG				04/2023		CAD			40,034										29,312													0								(311)
				05/2023		EUR			1,600										1,704													0								(36)
				06/2023		$			98								MXN		1,865													4								0

Total Forward Foreign Currency Contracts													$			2,808											$				(7,933)

SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)
													Swap Agreements, at Value(4)
Counterparty		Reference Entity			Fixed Receive Rate			Payment Frequency		Maturity Date					Implied Credit Spread at March 31, 2023(2)										Notional Amount(3)				Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)				Asset			Liability

BYL		Banca Monte Dei Paschi Di			5.000%			Quarterly		06/20/2024					4.337%							EUR			2,000	$			(56)				$		77			$	21		$	0

TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS
													Swap Agreements, at Value
Counterparty		Pay/ Receive	Underlying Reference				Financing Rate					Payment Frequency						Maturity Date					Notional Amount						Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)				Asset			Liability

BPS		Pay	Team Health Holdings, Inc.				1-Month USD-LIBOR					Monthly						04/28/2023					$	2,500		$			0				$		(80)			$	0		$	(80)

Total Swap Agreements													$	(56)						$			(3)					$		21				$			(80)

(l)	Securities with an aggregate market value of $7,977 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2023.
(1)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4)	The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the Fund's assets and liabilities:

Category and Subcategory											Level 1										Level 2								Level 3							Fair Value at 03/31/2023

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


Investments in Securities, at Value
Loan Participations and Assignments												$		7,040						$		495,013				$	100,394			$		602,447
Corporate Bonds & Notes
		Banking & Finance												0								185,162					0					185,162
		Industrials												0								292,941					0					292,941
		Utilities												0								25,113					0					25,113
Convertible Bonds & Notes
		Banking & Finance												0								21,141					0					21,141
		Industrials												0								1,924					0					1,924
Municipal Bonds & Notes
		Puerto Rico												0								19,125					0					19,125
		West Virginia												0								2,219					0					2,219
U.S. Government Agencies														0								62,511					0					62,511
Non-Agency Mortgage-Backed Securities														0								729,171					419					729,590
Asset-Backed Securities														0								282,346					32,186					314,532
Sovereign Issues														0								16,425					12					16,437
Common Stocks
		Consumer Discretionary												640								0					0					640
		Financials												5,050								0					15,942					20,992
		Industrials												0								0					11,186					11,186
Rights
		Financials												0								0					426					426
Warrants
		Financials												0								0					477					477
Preferred Securities
		Financials												0								20,142					0					20,142
		Industrials												0								0					9,539					9,539
Real Estate Investment Trusts
		Financials												30,830								0					0					30,830
Short-Term Instruments
		Repurchase Agreements												0								197,997					0					197,997
		Short-Term Notes												0								0					326					326
		U.S. Treasury Bills												0								11,716					0					11,716

Total Investments												$		43,560						$		2,362,946				$	170,907			$		2,577,413

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared														0								2,532					0					2,532
Over the counter														0								2,829					0					2,829

												$		0						$		5,361				$	0			$		5,361
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared														0								(1,945)					0					(1,945)
Over the counter														0								(8,013)					0					(8,013)

												$		0						$		(9,958)				$	0			$		(9,958)

Total Financial Derivative Instruments												$		0						$		(4,597)				$	0			$		(4,597)

Totals												$		43,560						$		2,358,349				$	170,907			$		2,572,816




The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2023:
Category and Subcategory			Beginning Balance at 06/30/2022			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 03/31/2023			Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 03/31/2023 (1)

Investments in Securities, at Value
Loan Participations and Assignments			$	219,124		$	41,531	$	(27,706)	$			19		$		(345)	$			(17,374)		$		0			$	(114,855)		$		100,394	$	1,310
Corporate Bonds & Notes
	Industrials				105,768		1,800		0				285				0				(8,332)				0				(99,521)				0		0
Non-Agency Mortgage-Backed Securities				701			0		0				0				0				(282)				0				0				419		(281)
Asset-Backed Securities				51,484			0		(1,422)				239				(761)				(17,354)				0				0				32,186		(18,017)
Sovereign Issues				0			0		0				0				0				0				12				0				12		0
Common Stocks
	Financials				18,219		0		0				0				0				(2,277)				0				0				15,942		(2,277)
	Industrials				14,859		405		0				0				0				(4,078)				0				0				11,186		(4,077)
Rights
	Financials				324		0		0				0				0				102				0				0				426		102
Warrants
	Financials				341		0		0				0				0				136				0				0				477		136
Preferred Securities
	Industrials				12,445		0		0				0				0				(2,906)				0				0				9,539		(2,906)

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

March 31, 2023

(Unaudited)


Short-Term Instruments
	Short-Term Notes				0			314					0			0		0			12		0		0				326			12

Totals			$	423,265		$		44,050		$			(29,128)	$		543	$	(1,106)	$		(52,353)	$	12	$	(214,376)			$	170,907	$		(25,998)

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:
															(% Unless Noted Otherwise)

Category and Subcategory							Ending Balance at 03/31/2023				Valuation Technique									Unobservable Inputs							Input Value(s)				Weighted Average

Investments in Securities, at Value
Loan Participations and Assignments							$		45,448			Discounted Cash Flow								Discount Rate							7.220 - 8.410				7.864
									17,980			Discounted Cash Flow								Discount Spread							4.834 - 6.000				5.281
									21,333			Indicative Market Quotation								Price							94.500 - 97.000				96.904
									15,633			Third Party Vendor								Broker Quote							93.000				—
Non-Agency Mortgage-Backed Securities									419			Discounted Cash Flow								Discount Rate							9.000				—
Asset-Backed Securities									32,186			Discounted Cash Flow								Discount Rate							10.000 - 25.137				18.024
Sovereign Issues									12			Third Party Vendor								Expected Recovery							6.000				—
Common Stocks
	Financials								15,942			Indicative Market Quotation								Price						$	22.250				—
	Industrials								5,961			Discounted Cash Flow								Discount Rate							13.960				—
									5,225			Indicative Market Quotation								Broker Quote						$	14.000				—
Rights
	Financials								426			Other Valuation Techniques(2)								—							—				—
Warrants
	Financials								477			Other Valuation Techniques(2)								—							—				—
Preferred Securities
	Industrials								9,539			Discounted Cash Flow/Comparable Multiple								Discount Rate/TBV Multiple						%/x	27.030/0.340				—
Short-Term Instruments
	Short-Term Notes								326			Proxy Pricing								Base Price							100.229				—

Total							$		170,907

(1)		Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2023 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

PDOLS I LLC and RLM 4365 LLC (each a “Subsidiary” and, collectively, the “Subsidiaries”), each a Delaware limited liability company, exempted companies, were formed as wholly owned subsidiaries acting as an investment vehicles for the PIMCO Dynamic Income Opportunities 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 Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiaries. Accordingly, the consolidated financial statements include the accounts of the Fund and the Subsidiaries. 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. See the table below for details regarding the structure, incorporation and relationship as of period end of the Subsidiaries.


Subsidiary	Date of Formation	Subsidiary % of Consolidated Fund Net Assets
PDOLS I LLC	01/15/2021	0.8%
RLM 4365 LLC	01/15/2021	0.0%

2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

On each day that the New York Stock Exchange (“NYSE”) is open, the Fund’s 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. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The 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. 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. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “Act”). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee (“Valuation Designee”) for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. 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 Sources. With respect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund’s NAV will be calculated based on 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. 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 Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the 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.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of 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.

Notes to Financial Statements (Cont.)

Fair valuation may require subjective determinations about the value of a security. While the Fund’s and Valuation Designee's policies and procedures are 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 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 (unadjusted) in active markets or exchanges for identical assets and liabilities.

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

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

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 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources 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 Consolidated Schedule of Investments for the Fund.

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

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

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

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

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

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

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

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Notes to Financial Statements (Cont.)

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 Sources (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 Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, 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 Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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

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.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. 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.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject 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.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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 March 31, 2023, 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:

BOA

Bank of America N.A.

CIB

Canadian Imperial Bank of Commerce

RBC

Royal Bank of Canada

BOM

Bank of Montreal

DBL

Deutsche Bank AG London

RCY

Royal Bank of Canada

BOS

BofA Securities, Inc.

IND

Crédit Agricole Corporate and Investment Bank
S.A.

RDR

RBC Capital Markets LLC

BPS

BNP Paribas S.A.

JML

JP Morgan Securities Plc

RTA

RBC (Barbados) Trading Bank Corp.

BRC

Barclays Bank PLC

JPS

J.P. Morgan Securities LLC

SCX

Standard Chartered Bank, London

BYL

Barclays Bank PLC London Branch

MEI

Merrill Lynch International

SOG

Societe Generale Paris

BYR

The Bank of Nova Scotia - Toronto

MSB

Morgan Stanley Bank, N.A

TOR

The Toronto-Dominion Bank

CBK

Citibank N.A.

MYI

Morgan Stanley & Co. International PLC

UAG

UBS AG Stamford

CDI

Natixis Singapore

MZF

Mizuho Securities USA LLC

UBS

UBS Securities LLC

CEW

Canadian Imperial Bank of Commerce
World Markets

NOM

Nomura Securities International, Inc.

Currency Abbreviations:

BRL

Brazilian Real

GBP

British Pound

PLN

Polish Zloty

CAD

Canadian Dollar

IDR

Indonesian Rupiah

USD (or $)

United States Dollar

CHF

Swiss Franc

MXN

Mexican Peso

ZAR

South African Rand

EUR

Euro

PEN

Peruvian New Sol

Index/Spread Abbreviations:

EUR001M

1 Month EUR Swap Rate

LIBOR01M

1 Month USD-LIBOR

SONIO

Sterling Overnight Interbank Average Rate

EUR003M

3 Month EUR Swap Rate

LIBOR03M

3 Month USD-LIBOR

US0001M

ICE 1-Month USD LIBOR

EUR012M

12 Month EUR Swap Rate

SOFR

Secured Overnight Financing Rate

Other Abbreviations:

ABS

Asset-Backed Security

EURIBOR

Euro Interbank Offered Rate

REMIC

Real Estate Mortgage Investment Conduit

BRL-CDI

Brazil Interbank Deposit Rate

LIBOR

London Interbank Offered Rate

TBA

To-Be-Announced

CDO

Collateralized Debt Obligation

Lunar

Monthly payment based on 28-day periods. One
year consists of 13 periods.

TBD

To-Be-Determined

CLO

Collateralized Loan Obligation

OIS

Overnight Index Swap

TBD%

Interest rate to be determined when loan
settles or at the time of funding

DAC

Designated Activity Company

PIK

Payment-in-Kind

TIIE

Tasa de Interés Interbancaria de Equilibrio
"Equilibrium Interbank Interest Rate"