0000916183 false N-CSRS Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. The performance information shown for the Fund includes historical performance information for the periods prior to February 8, 2002, during which the Fund had a different investment manager. As of February 8, 2002, PIMCO became the Fund’s investment manager. The Fund’s performance prior to that time may have been different if the Fund were advised by PIMCO. Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies. 0000916183 2024-07-01 2024-12-31 0000916183 2024-12-31 0000916183 cik0000916183:CommonSharesMember 2024-07-01 2024-12-31 xbrli:shares xbrli:pure iso4217:USD xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number:
811-08216
PIMCO Strategic Income Fund, Inc.
(Exact name of registrant as specified in charter)
1633 Broadway, New York, NY 10019
(Address of principal executive offices)
Bijal Y. Parikh
Treasurer (Principal Financial & Accounting Officer)
650 Newport Center Drive
Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
David C. Sullivan
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199
Registrant’s telephone number, including area code: (844) 337-4626
Date of fiscal year end: June 30
Date of reporting period: December 31, 2024
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. | Reports to Stockholders .

PIMCO CLOSED-END FUNDS
Semiannual Report
December 31, 2024
PCM Fund, Inc. | PCM | NYSE
PIMCO Global StocksPLUS
®
& Income Fund | PGP | NYSE
PIMCO Strategic Income Fund, Inc. | RCS | NYSE
PIMCO Access Income Fund | PAXS | NYSE
PIMCO Dynamic Income Fund | PDI | NYSE
PIMCO Dynamic Income Opportunities Fund | PDO | NYSE
PIMCO Dynamic Income Strategy Fund | PDX | NYSE

Table of Contents

|  |  |  |  | Page |
Important Information About the Funds |  |  |  |  |  |  | 2 |
Index Descriptions |  |  |  |  |  |  | 13 |
Financial Highlights |  |  |  |  |  |  | 14 |
Statements of Assets and Liabilities |  |  |  |  |  |  | 16 |
Consolidated Statements of Assets and Liabilities |  |  |  |  |  |  | 17 |
Statements of Operations |  |  |  |  |  |  | 18 |
Consolidated Statements of Operations |  |  |  |  |  |  | 19 |
Statements of Changes in Net Assets |  |  |  |  |  |  | 20 |
Consolidated Statements of Changes in Net Assets |  |  |  |  |  |  | 22 |
Statements of Cash Flows |  |  |  |  |  |  | 24 |
Consolidated Statements of Cash Flows |  |  |  |  |  |  | 25 |
Notes to Financial Statements |  |  |  |  |  |  | 115 |
Glossary |  |  |  |  |  |  | 153 |
Distribution Information |  |  |  |  |  |  | 154 |
Changes to Board of Trustees |  |  |  |  |  |  | 156 |
Fund |  | Fund Summary |  |  | Schedule of Investments |
PCM Fund, Inc. |  |  | 6 |  |  |  | 26 |
PIMCO Global StocksPLUS® & Income Fund |  |  | 7 |  |  |  | 35 |
PIMCO Strategic Income Fund, Inc. |  |  | 8 |  |  |  | 47 |
PIMCO Access Income Fund(1) |  |  | 9 |  |  |  | 59 |
PIMCO Dynamic Income Fund(1) |  |  | 10 |  |  |  | 69 |
PIMCO Dynamic Income Opportunities Fund(1) |  |  | 11 |  |  |  | 92 |
PIMCO Dynamic Income Strategy Fund(1) |  |  | 12 |  |  |  | 105 |

| (1) | Consolidated Schedule of Investments

Important Information About the Funds |  |  |  |

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. A Fund may lose money as a result of movements in interest rates.
As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets”.
Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund’s performance or cause a Fund to incur losses.
A Fund may enter into opposite sides of multiple interest rate swaps or other derivatives with respect to the same underlying reference instrument (e.g., a
10-year
U.S. treasury) that have different effective dates with respect to interest accrual time periods also for the principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) that are not part of a Fund’s duration or yield curve management strategies. In such a “paired swap transaction,” a Fund would generally enter into one or more interest rate swap agreements whereby a Fund agrees to make regular payments starting at the time the Fund enters into the agreements equal to a floating
interest rate in return for payments equal to a fixed interest rate (the “initial leg”). A Fund would also enter into one or more interest rate swap agreements on the same underlying instrument, but take the opposite position (i.e., in this example, a Fund would make regular payments equal to a fixed interest rate in return for receiving payments equal to a floating interest rate) with respect to a contract whereby the payment obligations do not commence until a date following the commencement of the initial leg (the “forward leg”).
A Fund may engage in investment strategies, including those that employ the use of paired swaps transactions, the use of interest rate swaps to seek to capitalize on differences between short-term and long-term interest rates and other derivatives transactions, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in declines in the Fund’s net asset value (“NAV”). A Fund’s income and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when a Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or a Fund’s debt investments, or arising from its use of derivatives. For instance, a portion of a Fund’s monthly distributions may be sourced from paired swap transactions utilized to produce current distributable ordinary income for tax purposes on the initial leg, with a substantial possibility that a Fund will later realize a corresponding capital loss and potential decline in its NAV with respect to the forward leg (to the extent there are not corresponding offsetting capital gains being generated from other sources). Because some or all of these transactions may generate capital losses without corresponding offsetting capital gains, portions of a Fund’s distributions recognized as ordinary income for tax purposes (such as from paired swap transactions) may be economically similar to a taxable return of capital when considered together with such capital losses.
Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments or Consolidated Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ then-current prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to investment parameters and regulatory requirements.
The geographical classification of foreign
(non-U.S.)
securities in this report, if any, are classified by the country of incorporation of a

2 |  | PIMCO CLOSED-END FUNDS |  |  |  |

holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.
In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.
The Funds may invest in certain instruments that may reference the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced plans to ultimately phase out the use of LIBOR. As a result of benchmark reforms, publication of all LIBOR settings ceased as of September 30, 2024 when the FCA ceased publication of synthetic LIBOR for the one-month, three-month and six-month U.S. Dollar LIBOR. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of a Fund that holds such instrument. Any such effects
of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.
The common shares of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Fund’s common shares will fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less than your original investment. Shares of closed-end management investment companies, such as the Funds, frequently trade at a discount from their NAV and may trade at a price that is less than the initial offering price and/or the NAV of such shares. Further, if a Fund’s shares trade at a price that is more than the initial offering price and/or the NAV of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to NAV thereafter.
U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.
Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to funds and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 3

Important Information About the Funds |  | (Cont.) |  |

On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the specified period. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the sale of Fund shares. Total return for a period of more than one year represents the average annual total return. Performance at market price will differ from results at NAV. Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about a Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s dividends. Performance shown is net of fees and expenses. Historical NAV performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.
The dividend rate that a Fund pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a Fund’s undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Fund. As portfolio and market conditions change, the rate of distributions on the common shares and a Fund’s dividend policy could change. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate or that the rate will be sustainable in the future.
The following table discloses the inception date and diversification status of each Fund:

Fund Name |  |  |  |  | Fund Inception Date |  |  | Diversification Status |
PCM Fund, Inc. |  |  |  |  |  |  | 09/02/93 |  |  |  | Diversified |
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  |  |  | 05/31/05 |  |  |  | Diversified |
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  |  | 02/24/94 |  |  |  | Diversified |
PIMCO Access Income Fund |  |  |  |  |  |  | 01/31/22 |  |  |  | Non-Diversified |
PIMCO Dynamic Income Fund |  |  |  |  |  |  | 05/30/12 |  |  |  | Diversified |
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  |  | 01/29/21 |  |  |  | Diversified |
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  |  | 02/01/19 |  |  |  | Non-Diversified |

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.
The Trustees/Directors
1
are responsible generally for overseeing the management of the Funds. The Trustees authorize the Funds to enter into service agreements with Pacific Investment Management Company LLC (“PIMCO”) and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus original or any subsequent or Statement of Additional Information (“SAI”), any press release or shareholder report, any contracts filed as exhibits to a Fund’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of a Fund creates a contract between or among any shareholders of a Fund, on the one hand, and the Fund, a service provider to the Fund, and/or the Trustees or officers of the Fund, on the other hand.
The Trustees (or the Funds and their officers, service providers or other delegates acting under authority of the Trustees) may amend its most recent prospectus or use a new prospectus or SAI with respect to a Fund, adopt and disclose new or amended policies and other changes in press releases and shareholder reports and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in a Fund’s then-current prospectus, SAI or shareholder report and is otherwise still in effect.
PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule
206(4)-6
under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Funds at (844)
33-PIMCO,
on the Funds’ website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to

1 | Hereinafter, the terms “Trustee” or “Trustees” used herein shall refer to a Director or Directors of applicable Funds.

4 |  | PIMCO CLOSED-END FUNDS |  |  |  |

their reports on Form N-PORT. The Funds’ Form N-PORT reports are available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and upon request by calling PIMCO at (844) 33-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file
Form N-PORT
reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. The amendments will become effective November 17, 2025, and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2025.
SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling (844) 33-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor’s account if invested through a financial intermediary. Paper copies of the Funds’ shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.
In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments addressing fee and expense information in advertisements that might be materially misleading, which impact the Funds, were effective January 24, 2023.
In September 2023, the SEC adopted amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. Changes to a fund’s calculation methodology for derivatives instruments for purposes of
Rule 35d-1
consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund’s policy adopted pursuant to
Rule 35d-1
and will not require notice or shareholder approval. The amendments were effective as of December 11, 2023, but the SEC is providing a
24-month
compliance period following the effective date for fund groups with net assets of $1 billion or more.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 5

PCM Fund, Inc.

|  | Symbol on NYSE - PCM

Cumulative Returns Through December 31, 2024
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of December 31, 2024
†
§

Asset-Backed Securities |  |  | 30.2% |  |  |  |  |
Non-Agency Mortgage-Backed Securities |  |  | 24.2% |  |  |  |  |
Loan Participations and Assignments |  |  | 13.6% |  |  |  |  |
Corporate Bonds & Notes |  |  | 13.4% |  |  |  |  |
Short-Term Instruments ‡ |  |  | 7.9% |  |  |  |  |
Common Stocks |  |  | 4.8% |  |  |  |  |
U.S. Government Agencies |  |  | 4.3% |  |  |  |  |
Other |  |  | 1.6% |  |  |  |  |

| † | % of Investments, at value.

| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

| ‡ | Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return (1) for the period ended December 31, 2024 |
|  |  |  | 6 Month* |  |  | 1 Year |  |  | 5 Year |  |  | 10 Year |  |  | Commencement of Operations (09/02/93) |
|  | Market Price |  |  | 10.59% |  |  |  | 9.66% |  |  |  | 2.78% |  |  |  | 7.54% |  |  |  | 8.21% |
|  | NAV |  |  | 5.83% |  |  |  | 9.47% |  |  |  | 2.67% |  |  |  | 6.10% |  |  |  | 8.20% |
|  | ICE BofA US High Yield Index |  |  | 5.44% |  |  |  | 8.20% |  |  |  | 4.04% |  |  |  | 5.08% |  |  |  | 6.76% ¨ |

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
¨
Average Annual Return since 08/31/1993.
* Cumulative return
It is not possible to invest directly in an unmanaged index.

(1) | Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

| Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies.

(2) | Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information (as of December 31, 2024)
(¹)

Market Price |  |  | $7.70 |
NAV |  |  | $6.14 |
Premium/(Discount) to NAV |  |  | 25.41% |
Market Price Distribution Rate (2) |  |  | 12.47% |
NAV Distribution Rate (2) |  |  | 15.64% |
Total Effective Leverage (3) |  |  | 37.13% |

Investment Objective and Strategy Overview
The Fund’s primary investment objective is to achieve high current income. Capital gain from the disposition of investments is a secondary objective of the Fund.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:

» |  | Exposure to corporate credit, notably high yield and bank loans, contributed to performance, as the asset classes posted positive returns.

» |  | Exposure to emerging market debt contributed to performance, as the asset class posted positive returns.

» |  | Exposure to residential mortgage securities contributed to performance, as the asset class posted positive returns.

» |  | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.

» |  | Exposure to asset backed securities detracted from performance, as select securities posted negative returns.

6 |  | PIMCO CLOSED-END FUNDS |  |  |  |

PIMCO Global StocksPLUS
®
& Income Fund

|  | Symbol on NYSE - PGP

Cumulative Returns Through December 31, 2024
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of December 31, 2024
†
§

U.S. Government Agencies |  |  | 29.7% |
Corporate Bonds & Notes |  |  | 19.7% |
Loan Participations and Assignments |  |  | 13.8% |
Short-Term Instruments ‡ |  |  | 13.3% |
Non-Agency Mortgage-Backed Securities |  |  | 8.2% |
Common Stocks |  |  | 5.4% |
Sovereign Issues |  |  | 3.5% |
Asset-Backed Securities |  |  | 3.5% |
Preferred Securities |  |  | 1.2% |
Other |  |  | 1.7% |

| † | % of Investments, at value.

| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

| ‡ | Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return (1) for the period ended December 31, 2024 |
|  |  |  | 6 Month* |  |  | 1 Year |  |  | 5 Year |  |  | 10 Year |  |  | Commencement of Operations (05/31/05) |
|  | Market Price |  |  | 8.65% |  |  |  | 15.55% |  |  |  | 1.80% |  |  |  | 1.67% |  |  |  | 6.82% |
|  | NAV |  |  | 8.46% |  |  |  | 14.46% |  |  |  | 5.53% |  |  |  | 8.54% |  |  |  | 10.44% |
|  | MSCI World Index |  |  | 6.20% |  |  |  | 18.67% |  |  |  | 11.17% |  |  |  | 9.95% |  |  |  | 8.22% |

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
* Cumulative return
It is not possible to invest directly in an unmanaged index.

(1) | Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

| Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies.

(2) | Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information (as of December 31, 2024)
(1)

Market Price |  |  | $7.78 |
NAV |  |  | $7.65 |
Premium/(Discount) to NAV |  |  | 1.70% |
Market Price Distribution Rate (2) |  |  | 10.64% |
NAV Distribution Rate (2) |  |  | 10.82% |
Total Effective Leverage (3) |  |  | 16.84% |

Investment Objective and Strategy Overview
PIMCO Global StocksPLUS
®
& Income Fund’s investment objective is to seek total return comprised of current income, current gains and long-term capital appreciation.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:

» |  | Exposure to the S&P 500 Index contributed to performance, as the S&P 500 Index posted positive returns.

» |  | Exposure to corporate credit, notably high yield and bank loans, contributed to performance, as the asset classes posted positive returns.

» |  | Exposure to emerging market debt contributed to performance, as the asset class posted positive returns.

» |  | Exposure to the MSCI EAFE Index detracted from performance, as the MSCI EAFE Index posted negative returns.

» |  | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.

» |  | Exposure to asset backed securities detracted from performance, as select securities posted negative returns.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 7

PIMCO Strategic Income Fund, Inc.

|  | Symbol on NYSE - RCS

Cumulative Returns Through December 31, 2024
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of December 31, 2024
†
§

U.S. Government Agencies |  |  | 57.3% |
Corporate Bonds & Notes |  |  | 17.1% |
Non-Agency Mortgage-Backed Securities |  |  | 7.6% |
Loan Participations and Assignments |  |  | 6.1% |
Short-Term Instruments ‡ |  |  | 3.1% |
Common Stocks |  |  | 2.9% |
Sovereign Issues |  |  | 2.2% |
Asset-Backed Securities |  |  | 1.9% |
Municipal Bonds & Notes |  |  | 1.0% |
Other |  |  | 0.8% |

| † | % of Investments, at value.

| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

| ‡ | Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return (1) for the period ended December 31, 2024
|  |  |  | 6 Month* |  |  | 1 Year |  |  | 5 Year |  |  | 10 Year |  |  | Commencement of Operations (02/24/94)
|  | Market Price |  |  | 28.18% |  |  |  | 37.98% |  |  |  | 7.14% |  |  |  | 8.31% |  |  | 8.84%
|  | NAV |  |  | 7.82% |  |  |  | 15.85% |  |  |  | 3.04% |  |  |  | 5.22% |  |  | 7.66%
|  | ICE BofA US High Yield Index |  |  | 5.44% |  |  |  | 8.20% |  |  |  | 4.04% |  |  |  | 5.08% |  |  | 6.69% ¨

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
¨
Average Annual Return since 2/28/1994.
* Cumulative return
It is not possible to invest directly in an unmanaged index.

(1) | Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

| The performance information shown for the Fund includes historical performance information for the periods prior to February 8, 2002, during which the Fund had a different investment manager. As of February 8, 2002, PIMCO became the Fund’s investment manager. The Fund’s performance prior to that time may have been different if the Fund were advised by PIMCO.

| Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies.

(2) | Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information (as of December 31, 2024)
(1)

Market Price |  |  | $7.62 |
NAV |  |  | $4.42 |
Premium/(Discount) to NAV |  |  | 72.40% |
Market Price Distribution Rate (2) |  |  | 8.03% |
NAV Distribution Rate (2) |  |  | 13.85% |
Total Effective Leverage (3) |  |  | 33.86% |

Investment Objective and Strategy Overview
The Fund’s primary investment objective is to generate a level of income that is higher than that generated by high quality, intermediate-term U.S. debt securities. The Fund also seeks capital appreciation to the extent consistent with this objective.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:

» |  | Exposure to corporate credit, notably high yield and bank loans, contributed to performance, as the asset classes posted positive returns.

» |  | Exposure to emerging market debt contributed to performance, as the asset class posted positive returns.

» |  | Exposure to residential mortgage securities contributed to performance, as the asset class posted positive returns.

» |  | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.

» |  | Exposure to asset backed securities detracted from performance, as select securities posted negative returns.

8 |  | PIMCO CLOSED-END FUNDS |  |  |  |

PIMCO Access Income Fund

|  | Symbol on NYSE - PAXS

Cumulative Returns Through December 31, 2024
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of December 31, 2024
†
§

Non-Agency Mortgage-Backed Securities |  |  | 22.5% |
Asset-Backed Securities |  |  | 20.5% |
Loan Participations and Assignments |  |  | 18.0% |
Corporate Bonds & Notes |  |  | 16.4% |
Short-Term Instruments ‡ |  |  | 9.8% |
Common Stocks |  |  | 6.6% |
U.S. Government Agencies |  |  | 3.9% |
Sovereign Issues |  |  | 2.0% |
Preferred Securities |  |  | 0.3% |

| † | % of Investments, at value.

| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

| ‡ | Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return ( ¹ ) for the period ended December 31, 2024 |
|  |  |  | 6 Month* |  |  | 1 Year |  |  | Commencement of Operations (01/31/22) |
|  | Market Price |  |  | 2.15% |  |  |  | 19.82% |  |  |  | 2.69% |
|  | NAV |  |  | 8.13% |  |  |  | 16.49% |  |  |  | 2.69% |
|  | ICE BofA US High Yield Index |  |  | 5.44% |  |  |  | 8.20% |  |  |  | 3.98% |

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
It is not possible to invest directly in an unmanaged index.
* Cumulative return

(1) | Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

| Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies.

(2) | Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information (as of December 31, 2024)
(
¹
)

Market Price |  |  | $15.25 |
NAV |  |  | $15.33 |
Premium/(Discount) to NAV |  |  | (0.52)% |
Market Price Distribution Rate (2) |  |  | 11.76% |
NAV Distribution Rate (2) |  |  | 11.69% |
Total Effective Leverage (3) |  |  | 38.95% |

Investment Objective and Strategy Overview
PIMCO Access Income Fund’s investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:

» |  | Exposure to corporate credit, notably high yield and bank loans, contributed to performance, as the asset classes posted positive returns.

» |  | Exposure to emerging market debt contributed to performance, as the asset class posted positive returns.

» |  | Exposure to residential mortgage credit contributed to performance, as the sector posted positive returns.

» |  | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.

» |  | Holdings related to emerging markets special situation investments, which include emerging market companies undergoing stress, distress, challenges or significant transition detracted from performance, as select securities posted negative returns.

» |  | Exposure to asset backed securities detracted from performance, as select securities posted negative returns .

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 9

PIMCO Dynamic Income Fund

|  | Symbol on NYSE - PDI

Cumulative Returns Through December 31, 2024
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of December 31, 2024
†
§

Loan Participations and Assignments |  |  | 23.2% |
Non-Agency Mortgage-Backed Securities |  |  | 21.7% |
Corporate Bonds & Notes |  |  | 17.6% |
Asset-Backed Securities |  |  | 13.5% |
Short-Term Instruments ‡ |  |  | 11.3% |
Common Stocks |  |  | 5.9% |
Sovereign Issues |  |  | 2.7% |
U.S. Government Agencies |  |  | 1.8% |
Other |  |  | 2.3% |

| † | % of Investments, at value.

| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

| ‡ | Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return (1) for the period ended December 31, 2024 |
|  |  |  | 6 Month* |  |  | 1 Year |  |  | 5 Year |  |  | 10 Year |  |  | Commencement of Operations (05/30/12) |
|  | Market Price |  |  | 4.75% |  |  |  | 17.98% |  |  |  | 1.93% |  |  |  | 8.07% |  |  |  | 10.74% |
|  | NAV |  |  | 9.95% |  |  |  | 16.31% |  |  |  | 4.69% |  |  |  | 7.70% |  |  |  | 10.96% |
|  | ICE BofA US High Yield Index |  |  | 5.44% |  |  |  | 8.20% |  |  |  | 4.04% |  |  |  | 5.08% |  |  |  | 5.61% |

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
It is not possible to invest directly in an unmanaged index.
* Cumulative return

(1) | Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

| Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies.

(2) | Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information (as of December 31, 2024)
(1)

Market Price |  |  | $18.34 |
NAV |  |  | $17.12 |
Premium/(Discount) to NAV |  |  | 7.13% |
Market Price Distribution Rate (2) |  |  | 14.43% |
NAV Distribution Rate (2) |  |  | 15.46% |
Total Effective Leverage (3) |  |  | 32.61% |

Investment Objective and Strategy Overview
PIMCO Dynamic Income Fund’s primary investment objective is to seek current income, and capital appreciation is a secondary objective.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:

» |  | Exposure to corporate credit, notably high yield and bank loans, contributed to performance, as the asset classes posted positive returns.

» |  | Exposure to emerging market debt contributed to performance, as the asset class posted positive returns.

» |  | Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges or significant transition, contributed to absolute performance, as select securities posted positive returns.

» |  | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.

» |  | There were no other material detractors for this Fund.

10 |  | PIMCO CLOSED-END FUNDS |  |  |  |

PIMCO Dynamic Income Opportunities Fund

|  | Symbol on NYSE - PDO

Cumulative Returns Through December 31, 2024
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of December 31, 2024
†
§

Non-Agency Mortgage-Backed Securities |  |  | 21.6% |
Loan Participations and Assignments |  |  | 19.7% |
Corporate Bonds & Notes |  |  | 18.4% |
Asset-Backed Securities |  |  | 14.1% |
Short-Term Instruments ‡ |  |  | 11.6% |
Common Stocks |  |  | 6.6% |
U.S. Government Agencies |  |  | 4.0% |
Sovereign Issues |  |  | 1.8% |
Convertible Bonds & Notes |  |  | 1.1% |
Other |  |  | 1.1% |

| † | % of Investments, at value.

| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

| ‡ | Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return (1) for the period ended December 31, 2024 |
|  |  |  | 6 Month* |  |  | 1 Year |  |  | Commencement of Operations (01/29/21) |
|  | Market Price |  |  | 8.38% |  |  |  | 25.01% |  |  |  | 2.26% |
|  | NAV |  |  | 9.17% |  |  |  | 18.28% |  |  |  | 1.44% |
|  | ICE BofA US High Yield Index |  |  | 5.44% |  |  |  | 8.20% |  |  |  | 3.49% |

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
It is not possible to invest directly in an unmanaged index.
* Cumulative return

(1) | Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

| Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies.

(2) | Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information (as of December 31, 2024)
(1)

Market Price |  |  | $13.59 |
NAV |  |  | $13.03 |
Premium/(Discount) to NAV |  |  | 4.30% |
Market Price Distribution Rate (2) |  |  | 11.29% |
NAV Distribution Rate (2) |  |  | 11.78% |
Total Effective Leverage (3) |  |  | 36.87% |

Investment Objective and Strategy Overview
PIMCO Dynamic Income Opportunities Fund’s investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:

» |  | Exposure to corporate credit, notably high yield and bank loans, contributed to performance, as the asset classes posted positive returns.

» |  | Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges or significant transition, contributed to absolute performance, as select securities posted positive returns.

» |  | Exposure to emerging market debt contributed to performance, as the asset class posted positive returns.

» |  | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.

» |  | There were no other material detractors for this Fund.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 11

PIMCO Dynamic Income Strategy Fund

|  | Symbol on NYSE - PDX

Cumulative Returns Through December 31, 2024
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of December 31, 2024
†
§

Common Stocks |  |  | 24.9% |
Asset-Backed Securities |  |  | 18.7% |
Master Limited Partnerships |  |  | 14.3% |
Loan Participations and Assignments |  |  | 14.0% |
Corporate Bonds & Notes |  |  | 13.6% |
Non-Agency Mortgage-Backed Securities |  |  | 8.0% |
Short-Term Instruments ‡ |  |  | 3.8% |
U.S. Government Agencies |  |  | 2.0% |
Other |  |  | 0.7% |

| † | % of Investments, at value.

| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

| ‡ | Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return (1) for the period ended December 31, 2024 |
|  |  |  | 6 Month* |  |  | 1 Year |  |  | 5 Year |  |  | Commencement of Operations (02/01/19) |
|  | Market Price |  |  | 22.02% |  |  |  | 36.45% |  |  |  | 18.64% |  |  |  | 13.42% |
|  | NAV |  |  | 9.37% |  |  |  | 24.10% |  |  |  | 16.08% |  |  |  | 12.29% |
|  | ICE BofA US High Yield Index ± |  |  | 5.44% |  |  |  | 8.20% |  |  |  | 4.04% |  |  |  | 4.96% |
|  | Alerian MLP Index |  |  | 5.70% |  |  |  | 24.41% |  |  |  | 15.56% |  |  |  | 11.76% |

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
* Cumulative return
±
Effective November 21, 2023, the Fund’s broad based securities market index was changed from the Alerian MLP Index to the ICE BofA US High Yield Index because the Fund’s investment manager has determined that the ICE BofA US High Yield Index more closely aligns with the investment strategies of the Fund.
It is not possible to invest directly in an unmanaged index.

(1) | Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

| Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Fund for a description of the Fund’s principal investment strategies.

(2) | Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information (as of December 31, 2024)
(1)

Market Price |  |  | $26.13 |
NAV |  |  | $26.20 |
Premium/(Discount) to NAV |  |  | (0.27)% |
Market Price Distribution Rate (2) |  |  | 5.20% |
NAV Distribution Rate (2) |  |  | 5.19% |
Total Effective Leverage (3) |  |  | 23.11% |

Investment Objective and Strategy Overview
PIMCO Dynamic Income Strategy Fund investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:

» |  | Exposure to common equity contributed to performance, as shares of a privately held liquified natural gas-exporter posted positive returns.

» |  | Exposure to corporate credit, notably high yield and bank loans, contributed to performance, as the asset classes posted positive returns.

» |  | Exposure to emerging market debt contributed to performance, as the asset class posted positive returns.

» |  | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.

» |  | Exposure to commodities detracted from performance, as the sector posted negative returns.

12 |  | PIMCO CLOSED-END FUNDS |  |  |  |

Index Descriptions |  |  |  |

Index* |  | Index Description
Alerian MLP Index |  | The Alerian MLP Index is the leading gauge of large- and mid-cap energy master limited partnerships (MLPs). It is a float-adjusted, capitalization-weighted index, which includes 50 prominent companies.
ICE BofA US High Yield Index |  | ICE BofA U.S. High Yield Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Qualifying bonds must have at least one year remaining term to maturity, a fixed coupon schedule and a minimum amount outstanding of USD 100 million. Bonds must be rated below investment grade based on a composite of Moody’s and S&P.
MSCI World Index |  | The MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across all 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.

* It is not possible to invest directly in an unmanaged index.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 13

Financial Highlights |  |  |  |

|  |  |  |  | Investment Operations |  |  | Less Distributions (c) |
Selected Per Share Data for the Year or Period Ended^: |  | Net Asset Value Beginning of Year or Period (a) |  |  | Net Investment Income (Loss) (b) |  |  | Net Realized/ Unrealized Gain (Loss) |  |  | Total |  |  | From Net Investment Income |  |  | From Net Realized Capital Gains |  |  | Tax Basis Return of Capital |  |  | Total |
PCM Fund, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
07/01/2024 - 12/31/2024+ |  | $ | 6.26 |  |  | $ | 0.39 |  |  | $ | (0.03 | ) |  | $ | 0.36 |  |  | $ | (0.48 | ) |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | (0.48 | )
06/30/2024 |  |  | 6.74 |  |  |  | 0.59 |  |  |  | (0.11 | ) |  |  | 0.48 |  |  |  | (0.57 | ) |  |  | 0.00 |  |  |  | (0.39 | ) |  |  | (0.96 | )
06/30/2023 |  |  | 7.69 |  |  |  | 0.82 |  |  |  | (0.81 | ) |  |  | 0.01 |  |  |  | (0.73 | ) |  |  | 0.00 |  |  |  | (0.23 | ) |  |  | (0.96 | )
06/30/2022 |  |  | 9.52 |  |  |  | 0.79 |  |  |  | (1.66 | ) |  |  | (0.87 | ) |  |  | (0.93 | ) |  |  | 0.00 |  |  |  | (0.03 | ) |  |  | (0.96 | )
06/30/2021 |  |  | 8.47 |  |  |  | 0.97 |  |  |  | 1.04 |  |  |  | 2.01 |  |  |  | (0.96 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (0.96 | )
06/30/2020 |  |  | 10.19 |  |  |  | 0.86 |  |  |  | (1.62 | ) |  |  | (0.76 | ) |  |  | (0.95 | ) |  |  | 0.00 |  |  |  | (0.01 | ) |  |  | (0.96 | )
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
07/01/2024 - 12/31/2024+ |  | $ | 7.43 |  |  | $ | 0.39 |  |  | $ | 0.24 |  |  | $ | 0.63 |  |  | $ | (0.41 | ) |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | (0.41 | )
06/30/2024 |  |  | 7.29 |  |  |  | 0.62 |  |  |  | 0.35 |  |  |  | 0.97 |  |  |  | (0.67 | ) |  |  | 0.00 |  |  |  | (0.16 | ) |  |  | (0.83 | )
06/30/2023 |  |  | 7.27 |  |  |  | 0.77 |  |  |  | 0.08 |  |  |  | 0.85 |  |  |  | (0.83 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (0.83 | )
06/30/2022 |  |  | 10.44 |  |  |  | 0.87 |  |  |  | (3.21 | ) |  |  | (2.34 | ) |  |  | (0.83 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (0.83 | )
06/30/2021 |  |  | 7.47 |  |  |  | 0.95 |  |  |  | 2.85 |  |  |  | 3.80 |  |  |  | (0.83 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (0.83 | )
06/30/2020 |  |  | 9.89 |  |  |  | 1.10 |  |  |  | (2.42 | ) |  |  | (1.32 | ) |  |  | (0.85 | ) |  |  | 0.00 |  |  |  | (0.25 | ) |  |  | (1.10 | )
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
07/01/2024 - 12/31/2024+ |  | $ | 4.39 |  |  | $ | 0.24 |  |  | $ | 0.10 |  |  | $ | 0.34 |  |  | $ | (0.31 | ) |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | (0.31 | )
06/30/2024 |  |  | 4.32 |  |  |  | 0.38 |  |  |  | 0.30 |  |  |  | 0.68 |  |  |  | (0.43 | ) |  |  | 0.00 |  |  |  | (0.18 | ) |  |  | (0.61 | )
06/30/2023 |  |  | 4.68 |  |  |  | 0.39 |  |  |  | (0.14 | ) |  |  | 0.25 |  |  |  | (0.61 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (0.61 | )
06/30/2022 |  |  | 6.55 |  |  |  | 0.61 |  |  |  | (1.87 | ) |  |  | (1.26 | ) |  |  | (0.60 | ) |  |  | 0.00 |  |  |  | (0.01 | ) |  |  | (0.61 | )
06/30/2021 |  |  | 5.94 |  |  |  | 0.58 |  |  |  | 0.64 |  |  |  | 1.22 |  |  |  | (0.41 | ) |  |  | 0.00 |  |  |  | (0.20 | ) |  |  | (0.61 | )
06/30/2020 |  |  | 7.12 |  |  |  | 0.74 |  |  |  | (1.20 | ) |  |  | (0.46 | ) |  |  | (0.49 | ) |  |  | 0.00 |  |  |  | (0.23 | ) |  |  | (0.72 | )
PIMCO Access Income Fund (Consolidated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
07/01/2024 - 12/31/2024+ |  | $ | 15.02 |  |  | $ | 0.74 |  |  | $ | 0.47 |  |  | $ | 1.21 |  |  | $ | (0.90 | ) |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | (0.90 | )
06/30/2024 |  |  | 14.86 |  |  |  | 1.36 |  |  |  | 0.59 |  |  |  | 1.95 |  |  |  | (1.47 | ) |  |  | 0.00 |  |  |  | (0.32 | ) |  |  | (1.79 | )
06/30/2023 |  |  | 17.20 |  |  |  | 1.81 |  |  |  | (1.90 | ) |  |  | (0.09 | ) |  |  | (2.25 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (2.25 | )
01/31/2022 - 06/30/2022 |  |  | 20.00 |  |  |  | 0.45 |  |  |  | (2.78 | ) |  |  | (2.33 | ) |  |  | (0.47 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (0.47 | )
PIMCO Dynamic Income Fund (Consolidated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
07/01/2024 - 12/31/2024+ |  | $ | 16.82 |  |  | $ | 0.99 |  |  | $ | 0.41 |  |  | $ | 1.40 |  |  | $ | (1.32 | ) |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | (1.32 | )
06/30/2024 |  |  | 17.27 |  |  |  | 1.77 |  |  |  | 0.19 |  |  |  | 1.96 |  |  |  | (1.37 | ) |  |  | 0.00 |  |  |  | (1.28 | ) |  |  | (2.65 | )
06/30/2023 |  |  | 19.72 |  |  |  | 2.23 |  |  |  | (1.56 | ) |  |  | 0.67 |  |  |  | (3.30 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (3.30 | )
06/30/2022 |  |  | 25.23 |  |  |  | 2.84 |  |  |  | (5.77 | ) |  |  | (2.93 | ) |  |  | (2.65 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (2.65 | )
06/30/2021 |  |  | 22.59 |  |  |  | 2.51 |  |  |  | 2.57 |  |  |  | 5.08 |  |  |  | (2.52 | ) |  |  | 0.00 |  |  |  | (0.13 | ) |  |  | (2.65 | )
06/30/2020 |  |  | 28.29 |  |  |  | 2.92 |  |  |  | (5.80 | ) |  |  | (2.88 | ) |  |  | (3.07 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (3.07 | )
PIMCO Dynamic Income Opportunities Fund (Consolidated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
07/01/2024 - 12/31/2024+ |  | $ | 12.65 |  |  | $ | 0.30 |  |  | $ | 0.83 |  |  | $ | 1.13 |  |  | $ | (0.77 | ) |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | (0.77 | )
06/30/2024 |  |  | 12.69 |  |  |  | 1.31 |  |  |  | 0.17 |  |  |  | 1.48 |  |  |  | (1.08 | ) |  |  | 0.00 |  |  |  | (0.45 | ) |  |  | (1.53 | )
06/30/2023 |  |  | 15.31 |  |  |  | 1.50 |  |  |  | (1.63 | ) |  |  | (0.13 | ) |  |  | (2.49 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (2.49 | )
06/30/2022 |  |  | 20.50 |  |  |  | 1.73 |  |  |  | (5.01 | ) |  |  | (3.28 | ) |  |  | (1.79 | ) |  |  | (0.12 | ) |  |  | 0.00 |  |  |  | (1.91 | )
01/29/2021 - 06/30/2021 |  |  | 20.00 |  |  |  | 0.49 |  |  |  | 0.47 |  |  |  | 0.96 |  |  |  | (0.47 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (0.47 | )
PIMCO Dynamic Income Strategy Fund (Consolidated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
07/01/2024 - 12/31/2024+ |  | $ | 24.93 |  |  | $ | 0.71 |  |  | $ | 1.61 |  |  | $ | 2.32 |  |  | $ | (0.68 | ) |  | $ | (0.37 | ) |  | $ | 0.00 |  |  | $ | (1.05 | )
06/30/2024 |  |  | 18.49 |  |  |  | 0.72 |  |  |  | 6.76 |  |  |  | 7.48 |  |  |  | (1.04 | ) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | (1.04 | )
06/30/2023 |  |  | 15.24 |  |  |  | 0.39 |  |  |  | 3.74 |  |  |  | 4.13 |  |  |  | (0.66 | ) |  |  | 0.00 |  |  |  | (0.22 | ) |  |  | (0.88 | )
06/30/2022 |  |  | 14.27 |  |  |  | 0.43 |  |  |  | 1.32 |  |  |  | 1.75 |  |  |  | (0.47 | ) |  |  | 0.00 |  |  |  | (0.31 | ) |  |  | (0.78 | )
06/30/2021 |  |  | 8.63 |  |  |  | 0.32 |  |  |  | 6.00 |  |  |  | 6.32 |  |  |  | (0.09 | ) |  |  | 0.00 |  |  |  | (0.59 | ) |  |  | (0.68 | )
06/30/2020 |  |  | 20.00 |  |  |  | 0.55 |  |  |  | (10.04 | ) |  |  | (9.49 | ) |  |  | (0.48 | ) |  |  | (0.28 | ) |  |  | (1.12 | ) |  |  | (1.88 | )

^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

+ | Unaudited

* | Annualized, except for organizational expense, if any.

(a) | Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

(b) | Per share amounts based on average number of shares outstanding during the year or period.

(c) | The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.

(d) | Total investment return is calculated assuming a purchase of a share at the market price on the first day and a sale of a share at the market price on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares.

(e) | Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions. See Note 5, Borrowings and Other Financing Transactions, in the Notes to Financial Statements for more information.

(f) | Effective December 13, 2021, the Fund’s Investment advisory fee was decreased by 0.05% to an annual rate of 1.10%.

14 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | Common Share |  |  | Ratios/Supplemental Data |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Ratios to Average Net Assets |  |  |  |
Increase resulting from Common Share Offering |  |  | Offering Cost Charged to Paid in Capital |  |  | Net Asset Value End of Year or Period (a) |  |  | Market Price End of Year or Period |  |  | Total Investment Return (d) |  |  | Net Assets Applicable to Common Shareholders End of Year or Period (000s) |  |  | Expenses (e) |  |  | Expenses Excluding Waivers (e) |  |  | Expenses Excluding Interest Expense |  |  | Expenses Excluding Interest Expense and Waivers |  |  | Net Investment Income (Loss) |  |  | Portfolio Turnover Rate |
$ | N/A |  |  | $ | N/A |  |  | $ | 6.14 |  |  | $ | 7.70 |  |  |  | 10.59 | % |  | $ | 74,631 |  |  |  | 5.17 | %* |  |  | 5.17 | %* |  |  | 1.46 | %* |  |  | 1.46 | %* |  |  | 12.32 | %* |  |  | 7 | %
| N/A |  |  |  | N/A |  |  |  | 6.26 |  |  |  | 7.42 |  |  |  | (12.97 | ) |  |  | 75,490 |  |  |  | 6.69 |  |  |  | 6.69 |  |  |  | 1.58 |  |  |  | 1.58 |  |  |  | 9.21 |  |  |  | 10 |
| N/A |  |  |  | N/A |  |  |  | 6.74 |  |  |  | 9.63 |  |  |  | 16.30 |  |  |  | 80,318 |  |  |  | 5.68 |  |  |  | 5.68 |  |  |  | 1.68 |  |  |  | 1.68 |  |  |  | 11.29 |  |  |  | 20 |
| N/A |  |  |  | N/A |  |  |  | 7.69 |  |  |  | 9.25 |  |  |  | (14.44 | ) |  |  | 90,639 |  |  |  | 2.30 |  |  |  | 2.30 |  |  |  | 1.63 |  |  |  | 1.63 |  |  |  | 8.71 |  |  |  | 65 |
| N/A |  |  |  | N/A |  |  |  | 9.52 |  |  |  | 11.87 |  |  |  | 38.25 |  |  |  | 111,154 |  |  |  | 2.49 |  |  |  | 2.49 |  |  |  | 1.60 |  |  |  | 1.60 |  |  |  | 10.56 |  |  |  | 127 |
| N/A |  |  |  | N/A |  |  |  | 8.47 |  |  |  | 9.42 |  |  |  | (8.33 | ) |  |  | 98,539 |  |  |  | 3.39 |  |  |  | 3.39 |  |  |  | 1.54 |  |  |  | 1.54 |  |  |  | 9.09 |  |  |  | 15 |
$ | N/A |  |  | $ | N/A |  |  | $ | 7.65 |  |  | $ | 7.78 |  |  |  | 8.65 | % |  | $ | 88,187 |  |  |  | 2.65 | %* |  |  | 2.65 | %* |  |  | 1.34 | %* |  |  | 1.34 | %* |  |  | 10.04 | %* |  |  | 319 | %
| N/A |  |  |  | N/A |  |  |  | 7.43 |  |  |  | 7.55 |  |  |  | 17.56 |  |  |  | 85,162 |  |  |  | 3.43 |  |  |  | 3.43 |  |  |  | 1.39 |  |  |  | 1.39 |  |  |  | 8.63 |  |  |  | 586 |
| N/A |  |  |  | N/A |  |  |  | 7.29 |  |  |  | 7.20 |  |  |  | 2.32 |  |  |  | 82,667 |  |  |  | 3.79 |  |  |  | 3.79 |  |  |  | 1.65 |  |  |  | 1.65 |  |  |  | 10.69 |  |  |  | 483 |
| N/A |  |  |  | N/A |  |  |  | 7.27 |  |  |  | 7.89 |  |  |  | (22.51 | ) |  |  | 81,353 |  |  |  | 2.09 |  |  |  | 2.09 |  |  |  | 1.76 |  |  |  | 1.76 |  |  |  | 8.96 |  |  |  | 373 |
| N/A |  |  |  | N/A |  |  |  | 10.44 |  |  |  | 11.10 |  |  |  | 48.12 |  |  |  | 115,748 |  |  |  | 2.03 |  |  |  | 2.03 |  |  |  | 1.66 |  |  |  | 1.66 |  |  |  | 10.35 |  |  |  | 503 |
| N/A |  |  |  | N/A |  |  |  | 7.47 |  |  |  | 8.19 |  |  |  | (26.51 | ) |  |  | 82,109 |  |  |  | 2.78 |  |  |  | 2.78 |  |  |  | 1.65 |  |  |  | 1.65 |  |  |  | 12.56 |  |  |  | 395 |
$ | N/A |  |  | $ | N/A |  |  | $ | 4.42 |  |  | $ | 7.62 |  |  |  | 28.18 | % |  | $ | 205,228 |  |  |  | 3.79 | %* |  |  | 3.79 | %* |  |  | 0.97 | %* |  |  | 0.97 | %* |  |  | 10.44 | %* |  |  | 512 | %
| N/A |  |  |  | N/A |  |  |  | 4.39 |  |  |  | 6.21 |  |  |  | 33.49 |  |  |  | 202,598 |  |  |  | 5.12 |  |  |  | 5.12 |  |  |  | 0.98 |  |  |  | 0.98 |  |  |  | 8.83 |  |  |  | 819 |
| N/A |  |  |  | N/A |  |  |  | 4.32 |  |  |  | 5.20 |  |  |  | 14.43 |  |  |  | 196,497 |  |  |  | 3.87 |  |  |  | 3.87 |  |  |  | 0.97 |  |  |  | 0.97 |  |  |  | 8.73 |  |  |  | 639 |
| N/A |  |  |  | N/A |  |  |  | 4.68 |  |  |  | 5.13 |  |  |  | (25.44 | ) |  |  | 210,018 |  |  |  | 1.44 |  |  |  | 1.44 |  |  |  | 0.98 |  |  |  | 0.98 |  |  |  | 10.29 |  |  |  | 678 |
| N/A |  |  |  | N/A |  |  |  | 6.55 |  |  |  | 7.61 |  |  |  | 30.90 |  |  |  | 290,989 |  |  |  | 1.36 |  |  |  | 1.36 |  |  |  | 0.96 |  |  |  | 0.96 |  |  |  | 8.97 |  |  |  | 774 |
| N/A |  |  |  | N/A |  |  |  | 5.94 |  |  |  | 6.37 |  |  |  | (27.94 | ) |  |  | 261,163 |  |  |  | 2.61 |  |  |  | 2.61 |  |  |  | 0.98 |  |  |  | 0.98 |  |  |  | 11.28 |  |  |  | 679 |
$ | N/A |  |  | $ | N/A |  |  | $ | 15.33 |  |  | $ | 15.25 |  |  |  | 2.15 | % |  | $ | 679,359 |  |  |  | 6.35 | %* |  |  | 6.35 | %* |  |  | 2.15 | %* |  |  | 2.15 | %* |  |  | 9.52 | %* |  |  | 7 | %
| N/A |  |  |  | N/A |  |  |  | 15.02 |  |  |  | 15.81 |  |  |  | 21.00 |  |  |  | 662,635 |  |  |  | 7.11 |  |  |  | 7.11 |  |  |  | 2.19 |  |  |  | 2.19 |  |  |  | 9.26 |  |  |  | 17 |
| N/A |  |  |  | N/A |  |  |  | 14.86 |  |  |  | 14.75 |  |  |  | 7.53 |  |  |  | 653,891 |  |  |  | 5.92 |  |  |  | 5.92 |  |  |  | 2.24 |  |  |  | 2.24 |  |  |  | 11.10 |  |  |  | 28 |
| N/A |  |  |  | N/A |  |  |  | 17.20 |  |  |  | 15.83 |  |  |  | (18.72 | ) |  |  | 756,653 |  |  |  | 1.79 | * |  |  | 1.79 | * |  |  | 1.51 | * |  |  | 1.51 | * |  |  | 5.81 | * |  |  | 16 |
$ | 0.22 |  |  | $ | 0.00 |  |  | $ | 17.12 |  |  | $ | 18.34 |  |  |  | 4.75 | % |  | $ | 6,044,601 |  |  |  | 4.84 | %* |  |  | 4.84 | %* |  |  | 1.71 | %* |  |  | 1.71 | %* |  |  | 11.40 | %* |  |  | 14 | %
| 0.24 |  |  |  | 0.00 |  |  |  | 16.82 |  |  |  | 18.81 |  |  |  | 16.48 |  |  |  | 5,303,316 |  |  |  | 6.13 |  |  |  | 6.13 |  |  |  | 1.84 |  |  |  | 1.84 |  |  |  | 10.47 |  |  |  | 17 |
| 0.18 |  |  |  | 0.00 |  |  |  | 17.27 |  |  |  | 18.75 |  |  |  | 7.22 |  |  |  | 4,578,482 |  |  |  | 5.12 |  |  |  | 5.12 |  |  |  | 1.92 |  |  |  | 1.92 |  |  |  | 12.10 |  |  |  | 20 |
| 0.07 |  |  |  | 0.00 |  |  |  | 19.72 |  |  |  | 20.87 |  |  |  | (19.10 | ) |  |  | 4,466,886 |  |  |  | 2.64 | (f) |  |  | 2.64 | (f) |  |  | 2.00 | (f) |  |  | 2.00 | (f) |  |  | 12.28 |  |  |  | 27 |
| 0.21 |  |  |  | 0.00 |  |  |  | 25.23 |  |  |  | 28.81 |  |  |  | 29.29 |  |  |  | 1,781,435 |  |  |  | 2.78 |  |  |  | 2.78 |  |  |  | 2.04 |  |  |  | 2.04 |  |  |  | 10.36 |  |  |  | 38 |
| 0.25 |  |  |  | 0.00 |  |  |  | 22.59 |  |  |  | 24.72 |  |  |  | (14.18 | ) |  |  | 1,375,107 |  |  |  | 3.72 |  |  |  | 3.72 |  |  |  | 1.99 |  |  |  | 1.99 |  |  |  | 11.44 |  |  |  | 21 |
$ | 0.03 |  |  | $ | 0.00 |  |  | $ | 13.04 |  |  | $ | 13.59 |  |  |  | 8.38 | % |  | $ | 1,616,392 |  |  |  | 5.78 | %* |  |  | 5.78 | %* |  |  | 1.91 | %* |  |  | 1.91 | %* |  |  | 4.55 | %* |  |  | 9 | %
| 0.01 |  |  |  | 0.00 |  |  |  | 12.65 |  |  |  | 13.29 |  |  |  | 15.12 |  |  |  | 1,465,670 |  |  |  | 6.63 |  |  |  | 6.63 |  |  |  | 1.97 |  |  |  | 1.97 |  |  |  | 10.68 |  |  |  | 25 |
| 0.00 |  |  |  | 0.00 |  |  |  | 12.69 |  |  |  | 13.06 |  |  |  | 13.17 |  |  |  | 1,406,536 |  |  |  | 5.75 |  |  |  | 5.75 |  |  |  | 2.11 |  |  |  | 2.11 |  |  |  | 10.67 |  |  |  | 17 |
| N/A |  |  |  | N/A |  |  |  | 15.31 |  |  |  | 13.85 |  |  |  | (33.77 | ) |  |  | 1,684,507 |  |  |  | 2.79 |  |  |  | 2.79 |  |  |  | 2.12 |  |  |  | 2.12 |  |  |  | 9.11 |  |  |  | 47 |
| 0.01 |  |  |  | N/A |  |  |  | 20.50 |  |  |  | 23.18 |  |  |  | 16.70 |  |  |  | 2,227,301 |  |  |  | 2.10 | * |  |  | 2.10 | * |  |  | 1.78 | * |  |  | 1.78 | * |  |  | 5.93 | * |  |  | 49 |
$ | N/A |  |  | $ | N/A |  |  | $ | 26.20 |  |  | $ | 26.13 |  |  |  | 22.02 | % |  | $ | 1,171,496 |  |  |  | 3.10 | %* |  |  | 3.11 | %* |  |  | 1.57 | %* |  |  | 1.58 | %* |  |  | 5.43 | %* |  |  | 25 | %
| N/A |  |  |  | N/A |  |  |  | 24.93 |  |  |  | 22.28 |  |  |  | 48.61 |  |  |  | 1,114,645 |  |  |  | 2.31 |  |  |  | 2.32 |  |  |  | 1.45 |  |  |  | 1.46 |  |  |  | 3.25 |  |  |  | 113 |
| N/A |  |  |  | N/A |  |  |  | 18.49 |  |  |  | 15.76 |  |  |  | 29.99 |  |  |  | 826,517 |  |  |  | 2.66 |  |  |  | 2.68 |  |  |  | 1.65 |  |  |  | 1.67 |  |  |  | 2.16 |  |  |  | 50 |
| N/A |  |  |  | N/A |  |  |  | 15.24 |  |  |  | 12.84 |  |  |  | 8.76 |  |  |  | 681,193 |  |  |  | 1.76 |  |  |  | 1.79 |  |  |  | 1.68 |  |  |  | 1.71 |  |  |  | 2.71 |  |  |  | 77 |
| N/A |  |  |  | N/A |  |  |  | 14.27 |  |  |  | 12.50 |  |  |  | 90.94 |  |  |  | 637,792 |  |  |  | 1.54 |  |  |  | 1.60 |  |  |  | 1.53 |  |  |  | 1.59 |  |  |  | 2.96 |  |  |  | 118 |
| N/A |  |  |  | N/A |  |  |  | 8.63 |  |  |  | 7.06 |  |  |  | (57.04 | ) |  |  | 385,774 |  |  |  | 2.61 |  |  |  | 2.65 |  |  |  | 1.85 |  |  |  | 1.89 |  |  |  | 3.73 |  |  |  | 57 |

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 15

Statements of Assets and Liabilities |  |  |  | December 31, 2024 |  | (Unaudited)

(Amounts in thousands † , except per share amounts) |  | PCM Fund, Inc. |  |  | PIMCO Global StocksPLUS ® & Income Fund |  |  | PIMCO Strategic Income Fund, Inc. |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value |  |  |  |  |  |  |  |  |  |  |  |
Investments in securities |  | $ | 106,741 |  |  | $ | 126,288 |  |  | $ | 577,252 |
Investments in Affiliates |  |  | 8,847 |  |  |  | 18,475 |  |  |  | 16,586 |
Financial Derivative Instruments |  |  |  |  |  |  |  |  |  |  |  |
Exchange-traded or centrally cleared |  |  | 25 |  |  |  | 128 |  |  |  | 311 |
Over the counter |  |  | 0 |  |  |  | 295 |  |  |  | 533 |
Cash |  |  | 198 |  |  |  | 307 |  |  |  | 463 |
Deposits with counterparty |  |  | 1,858 |  |  |  | 2,890 |  |  |  | 6,521 |
Foreign currency, at value |  |  | 5 |  |  |  | 219 |  |  |  | 191 |
Receivable for investments sold |  |  | 1,778 |  |  |  | 2,274 |  |  |  | 7,888 |
Receivable for TBA investments sold |  |  | 0 |  |  |  | 41,859 |  |  |  | 286,665 |
Interest and/or dividends receivable |  |  | 772 |  |  |  | 1,055 |  |  |  | 2,772 |
Dividends receivable from Affiliates |  |  | 28 |  |  |  | 70 |  |  |  | 43 |
Other assets |  |  | 11 |  |  |  | 0 |  |  |  | 0 |
Total Assets |  |  | 120,263 |  |  |  | 193,860 |  |  |  | 899,225 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Borrowings & Other Financing Transactions |  |  |  |  |  |  |  |  |  |  |  |
Payable for reverse repurchase agreements |  | $ | 42,239 |  |  | $ | 16,215 |  |  | $ | 95,459 |
Payable for short sales |  |  | 0 |  |  |  | 623 |  |  |  | 6,184 |
Financial Derivative Instruments |  |  |  |  |  |  |  |  |  |  |  |
Exchange-traded or centrally cleared |  |  | 13 |  |  |  | 582 |  |  |  | 158 |
Over the counter |  |  | 114 |  |  |  | 353 |  |  |  | 281 |
Payable for investments purchased |  |  | 1,264 |  |  |  | 5,071 |  |  |  | 10,892 |
Payable for investments in Affiliates purchased |  |  | 31 |  |  |  | 75 |  |  |  | 47 |
Payable for investments purchased on a delayed-delivery basis |  |  | 372 |  |  |  | 483 |  |  |  | 240 |
Payable for TBA investments purchased |  |  | 0 |  |  |  | 80,297 |  |  |  | 577,740 |
Payable for unfunded loan commitments |  |  | 515 |  |  |  | 814 |  |  |  | 0 |
Deposits from counterparty |  |  | 21 |  |  |  | 264 |  |  |  | 454 |
Distributions payable to common shareholders |  |  | 972 |  |  |  | 795 |  |  |  | 2,370 |
Accrued management fees |  |  | 91 |  |  |  | 99 |  |  |  | 167 |
Foreign capital gains tax payable |  |  | 0 |  |  |  | 2 |  |  |  | 5 |
Total Liabilities |  |  | 45,632 |  |  |  | 105,673 |  |  |  | 693,997 |
Commitments and Contingent Liabilities ^ |  |  |  |  |  |  |  |  |  |  |  |
Net Assets Applicable to Common Shareholders |  | $ | 74,631 |  |  | $ | 88,187 |  |  | $ | 205,228 |
Net Assets Applicable to Common Shareholders Consist of: |  |  |  |  |  |  |  |  |  |  |  |
Par value ^^ |  | $ | 12 |  |  | $ | 0 |  |  | $ | 0 |
Paid in capital in excess of par |  |  | 108,122 |  |  |  | 135,243 |  |  |  | 341,504 |
Distributable earnings (accumulated loss) |  |  | (33,503 | ) |  |  | (47,056 | ) |  |  | (136,276 | )
Net Assets Applicable to Common Shareholders |  | $ | 74,631 |  |  | $ | 88,187 |  |  | $ | 205,228 |
Common Shares Outstanding |  |  | 12,152 |  |  |  | 11,521 |  |  |  | 46,460 |
Net Asset Value Per Common Share (a) |  | $ | 6.14 |  |  | $ | 7.65 |  |  | $ | 4.42 |
Cost of investments in securities |  | $ | 128,824 |  |  | $ | 149,318 |  |  | $ | 643,913 |
Cost of investments in Affiliates |  | $ | 8,840 |  |  | $ | 18,455 |  |  | $ | 16,580 |
Cost of foreign currency held |  | $ | 4 |  |  | $ | 230 |  |  | $ | 207 |
Proceeds received on short sales |  | $ | 0 |  |  | $ | 631 |  |  | $ | 6,273 |
Cost or premiums of financial derivative instruments, net |  | $ | 1,139 |  |  | $ | 159 |  |  | $ | 7,753 |

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

^ | See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

^^ | ($0.001 per share), ($0.00001 per share), ($0.00001 per share).

(a) | Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

16 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

Consolidated Statements of Assets and Liabilities |  |  |  | December 31, 2024 |  | (Unaudited)

(Amounts in thousands † , except per share amounts) |  | PIMCO Access Income Fund |  |  | PIMCO Dynamic Income Fund |  |  | PIMCO Dynamic Income Opportunities Fund |  |  | PIMCO Dynamic Income Strategy Fund |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in securities* |  | $ | 1,013,121 |  |  | $ | 8,021,398 |  |  | $ | 2,332,886 |  |  | $ | 1,506,090 |
Investments in Affiliates |  |  | 106,950 |  |  |  | 1,159,239 |  |  |  | 274,041 |  |  |  | 51,648 |
Financial Derivative Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange-traded or centrally cleared |  |  | 91 |  |  |  | 1,228 |  |  |  | 404 |  |  |  | 103 |
Over the counter |  |  | 2,793 |  |  |  | 22,494 |  |  |  | 9,492 |  |  |  | 27,358 |
Cash |  |  | 1,253 |  |  |  | 71,422 |  |  |  | 3,655 |  |  |  | 0 |
Deposits with counterparty |  |  | 9,481 |  |  |  | 103,264 |  |  |  | 30,673 |  |  |  | 5,569 |
Foreign currency, at value |  |  | 351 |  |  |  | 4,087 |  |  |  | 1,926 |  |  |  | 3,951 |
Receivable for investments sold |  |  | 21,949 |  |  |  | 174,390 |  |  |  | 38,885 |  |  |  | 5,610 |
Receivable for Fund shares sold |  |  | 0 |  |  |  | 1,981 |  |  |  | 3,160 |  |  |  | 0 |
Interest and/or dividends receivable |  |  | 11,310 |  |  |  | 88,770 |  |  |  | 29,150 |  |  |  | 8,605 |
Dividends receivable from Affiliates |  |  | 380 |  |  |  | 2,873 |  |  |  | 923 |  |  |  | 234 |
Other assets |  |  | 101 |  |  |  | 2,199 |  |  |  | 574 |  |  |  | 22 |
Total Assets |  |  | 1,167,780 |  |  |  | 9,653,345 |  |  |  | 2,725,769 |  |  |  | 1,609,190 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings & Other Financing Transactions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payable for reverse repurchase agreements |  | $ | 428,759 |  |  | $ | 2,839,406 |  |  | $ | 934,028 |  |  | $ | 352,203 |
Financial Derivative Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange-traded or centrally cleared |  |  | 184 |  |  |  | 1,459 |  |  |  | 620 |  |  |  | 0 |
Over the counter |  |  | 706 |  |  |  | 12,457 |  |  |  | 1,479 |  |  |  | 1,614 |
Payable for investments purchased |  |  | 34,115 |  |  |  | 511,804 |  |  |  | 111,818 |  |  |  | 21,649 |
Payable for investments in Affiliates purchased |  |  | 408 |  |  |  | 3,087 |  |  |  | 994 |  |  |  | 248 |
Payable for investments purchased on a delayed-delivery basis |  |  | 291 |  |  |  | 32,217 |  |  |  | 1,218 |  |  |  | 2,164 |
Payable for unfunded loan commitments |  |  | 9,416 |  |  |  | 76,553 |  |  |  | 20,843 |  |  |  | 9,198 |
Deposits from counterparty |  |  | 6,731 |  |  |  | 45,489 |  |  |  | 20,018 |  |  |  | 27,080 |
Distributions payable to common shareholders |  |  | 6,619 |  |  |  | 77,716 |  |  |  | 15,809 |  |  |  | 21,607 |
Overdraft due to custodian |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 262 |
Accrued management fees |  |  | 1,191 |  |  |  | 8,287 |  |  |  | 2,519 |  |  |  | 1,669 |
Foreign capital gains tax payable |  |  | 1 |  |  |  | 75 |  |  |  | 31 |  |  |  | 0 |
Other liabilities |  |  | 0 |  |  |  | 194 |  |  |  | 0 |  |  |  | 0 |
Total Liabilities |  |  | 488,421 |  |  |  | 3,608,744 |  |  |  | 1,109,377 |  |  |  | 437,694 |
Commitments and Contingent Liabilities ^ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Assets Applicable to Common Shareholders |  | $ | 679,359 |  |  | $ | 6,044,601 |  |  | $ | 1,616,392 |  |  | $ | 1,171,496 |
Net Assets Applicable to Common Shareholders Consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Par value ^^ |  | $ | 0 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 0 |
Paid in capital in excess of par |  |  | 870,604 |  |  |  | 8,129,454 |  |  |  | 2,335,913 |  |  |  | 793,133 |
Distributable earnings (accumulated loss) |  |  | (191,245 | ) |  |  | (2,084,857 | ) |  |  | (719,522 | ) |  |  | 378,363 |
Net Assets Applicable to Common Shareholders |  | $ | 679,359 |  |  | $ | 6,044,601 |  |  | $ | 1,616,392 |  |  | $ | 1,171,496 |
Common Shares Outstanding |  |  | 44,304 |  |  |  | 353,160 |  |  |  | 123,997 |  |  |  | 44,707 |
Net Asset Value Per Common Share (a) |  | $ | 15.33 |  |  | $ | 17.12 |  |  | $ | 13.04 |  |  | $ | 26.20 |
Cost of investments in securities |  | $ | 1,135,205 |  |  | $ | 9,190,641 |  |  | $ | 2,714,524 |  |  | $ | 1,220,969 |
Cost of investments in Affiliates |  | $ | 106,903 |  |  | $ | 1,137,717 |  |  | $ | 273,881 |  |  | $ | 51,600 |
Cost of foreign currency held |  | $ | 357 |  |  | $ | 4,592 |  |  | $ | 2,068 |  |  | $ | 3,957 |
Cost or premiums of financial derivative instruments, net |  | $ | 14,305 |  |  | $ | 39,693 |  |  | $ | 30,402 |  |  | $ | (1 | )
* Includes repurchase agreements of: |  | $ | 0 |  |  | $ | 166,689 |  |  | $ | 0 |  |  | $ | 5,800 |

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

^ | See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

^^ | ($0.00001 per share)

(a) | Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 17

Statements of Operations |  |  |  |

Six Months Ended December 31, 2024 (Unaudited) |  |  |  |  |  |  |  |  |
(Amounts in thousands † ) |  | PCM Fund, Inc. |  |  | PIMCO Global StocksPLUS ® & Income Fund |  |  | PIMCO Strategic Income Fund, Inc. |
Investment Income: |  |  |  |  |  |  |  |  |  |  |  |
Interest, net of foreign taxes* |  | $ | 6,430 |  |  | $ | 4,815 |  |  | $ | 13,635 |
Dividends |  |  | 74 |  |  |  | 348 |  |  |  | 864 |
Dividends from Investments in Affiliates |  |  | 216 |  |  |  | 493 |  |  |  | 320 |
Miscellaneous income |  |  | 55 |  |  |  | 79 |  |  |  | 115 |
Total Income |  |  | 6,775 |  |  |  | 5,735 |  |  |  | 14,934 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Management fees |  |  | 559 |  |  |  | 595 |  |  |  | 1,002 |
Trustee fees and related expenses |  |  | 6 |  |  |  | 7 |  |  |  | 15 |
Interest expense |  |  | 1,436 |  |  |  | 593 |  |  |  | 2,957 |
Miscellaneous expense |  |  | 2 |  |  |  | 3 |  |  |  | 5 |
Total Expenses |  |  | 2,003 |  |  |  | 1,198 |  |  |  | 3,979 |
Net Investment Income (Loss) |  |  | 4,772 |  |  |  | 4,537 |  |  |  | 10,955 |
Net Realized Gain (Loss): |  |  |  |  |  |  |  |  |  |  |  |
Investments in securities |  |  | 1,650 |  |  |  | (96 | ) |  |  | 7,500 |
Investments in Affiliates |  |  | 3 |  |  |  | 3 |  |  |  | 10 |
Exchange-traded or centrally cleared financial derivative instruments |  |  | 105 |  |  |  | 4,084 |  |  |  | 3,199 |
Over the counter financial derivative instruments |  |  | 38 |  |  |  | 2,704 |  |  |  | 1,407 |
Short sales |  |  | 2 |  |  |  | 0 |  |  |  | 0 |
Foreign currency |  |  | 0 |  |  |  | (14 | ) |  |  | (147 | )
Net Realized Gain (Loss) |  |  | 1,798 |  |  |  | 6,681 |  |  |  | 11,969 |
Net Change in Unrealized Appreciation (Depreciation): |  |  |  |  |  |  |  |  |  |  |  |
Investments in securities |  |  | (2,580 | ) |  |  | 1,255 |  |  |  | (6,457 | )
Investments in Affiliates |  |  | 4 |  |  |  | 12 |  |  |  | 4 |
Exchange-traded or centrally cleared financial derivative instruments |  |  | 298 |  |  |  | (1,452 | ) |  |  | (2,169 | )
Over the counter financial derivative instruments |  |  | 12 |  |  |  | (3,740 | ) |  |  | 74 |
Foreign currency assets and liabilities |  |  | 0 |  |  |  | 19 |  |  |  | 524 |
Net Change in Unrealized Appreciation (Depreciation) |  |  | (2,266 | ) |  |  | (3,906 | ) |  |  | (8,024 | )
Net Increase (Decrease) in Net Assets Resulting from Operations |  | $ | 4,304 |  |  | $ | 7,312 |  |  | $ | 14,900 |
* Foreign tax withholdings |  | $ | 0 |  |  | $ | 7 |  |  | $ | 19 |

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

18 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

Consolidated Statements of Operations |  |  |  |

Six Months Ended December 31, 2024 (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |
(Amounts in thousands † ) |  | PIMCO Access Income Fund |  |  | PIMCO Dynamic Income Fund |  |  | PIMCO Dynamic Income Opportunities Fund |  |  | PIMCO Dynamic Income Strategy Fund |
Investment Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest, net of foreign taxes* |  | $ | 51,031 |  |  | $ | 433,823 |  |  | $ | 68,761 |  |  | $ | 34,951 |
Dividends, net of foreign taxes** |  |  | 952 |  |  |  | 16,729 |  |  |  | 7,156 |  |  |  | 13,171 |
Dividends from Investments in Affiliates |  |  | 1,987 |  |  |  | 17,678 |  |  |  | 4,462 |  |  |  | 1,943 |
Miscellaneous income |  |  | 643 |  |  |  | 6,374 |  |  |  | 1,732 |  |  |  | 193 |
Total Income |  |  | 54,613 |  |  |  | 474,604 |  |  |  | 82,111 |  |  |  | 50,258 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees |  |  | 7,318 |  |  |  | 49,293 |  |  |  | 14,991 |  |  |  | 9,255 |
Trustee fees and related expenses |  |  | 48 |  |  |  | 369 |  |  |  | 110 |  |  |  | 76 |
Interest expense |  |  | 14,468 |  |  |  | 91,441 |  |  |  | 30,776 |  |  |  | 9,025 |
Miscellaneous expense |  |  | 21 |  |  |  | 150 |  |  |  | 14 |  |  |  | 7 |
Total Expenses |  |  | 21,855 |  |  |  | 141,253 |  |  |  | 45,891 |  |  |  | 18,363 |
Waiver and/or Reimbursement by PIMCO |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (34 | )
Net Expenses |  |  | 21,855 |  |  |  | 141,253 |  |  |  | 45,891 |  |  |  | 18,329 |
Net Investment Income (Loss) |  |  | 32,758 |  |  |  | 333,351 |  |  |  | 36,220 |  |  |  | 31,929 |
Net Realized Gain (Loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in securities |  |  | 12,536 |  |  |  | 81,091 |  |  |  | (7,957 | ) |  |  | 35,085 |
Investments in Affiliates |  |  | 26 |  |  |  | 29 |  |  |  | 10 |  |  |  | 21 |
Exchange-traded or centrally cleared financial derivative instruments |  |  | 6,529 |  |  |  | 46,926 |  |  |  | 22,551 |  |  |  | (820 | )
Over the counter financial derivative instruments |  |  | 5,628 |  |  |  | 57,508 |  |  |  | 17,536 |  |  |  | 31,528 |
Short sales |  |  | 0 |  |  |  | 5 |  |  |  | 0 |  |  |  | 0 |
Foreign currency |  |  | (720 | ) |  |  | (1,930 | ) |  |  | (1,097 | ) |  |  | (481 | )
Net Realized Gain (Loss) |  |  | 23,999 |  |  |  | 183,629 |  |  |  | 31,043 |  |  |  | 65,333 |
Net Change in Unrealized Appreciation (Depreciation): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in securities |  |  | 609 |  |  |  | 32,989 |  |  |  | 84,256 |  |  |  | 14,686 |
Investments in Affiliates |  |  | 23 |  |  |  | (58,140 | ) |  |  | 106 |  |  |  | 28 |
Exchange-traded or centrally cleared financial derivative instruments |  |  | (5,883 | ) |  |  | (44,016 | ) |  |  | (21,504 | ) |  |  | (1,197 | )
Over the counter financial derivative instruments |  |  | 1,189 |  |  |  | 2,946 |  |  |  | 357 |  |  |  | (7,306 | )
Foreign currency assets and liabilities |  |  | 597 |  |  |  | 7,749 |  |  |  | 1,889 |  |  |  | 311 |
Net Change in Unrealized Appreciation (Depreciation) |  |  | (3,465 | ) |  |  | (58,472 | ) |  |  | 65,104 |  |  |  | 6,522 |
Net Increase (Decrease) in Net Assets Resulting from Operations |  | $ | 53,292 |  |  | $ | 458,508 |  |  | $ | 132,367 |  |  | $ | 103,784 |
* Foreign tax withholdings — Interest |  | $ | 4 |  |  | $ | 307 |  |  | $ | 126 |  |  | $ | 0 |
** Foreign tax withholdings — Dividends |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 248 |

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

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 19

Statements of Changes in Net Assets |  |  |  |

|  | PCM Fund, Inc. |  |  | PIMCO Global StocksPLUS ® & Income Fund |
(Amounts in thousands † ) |  | Six Months Ended December 31, 2024 (Unaudited) |  |  | Year Ended June 30, 2024 |  |  | Six Months Ended December 31, 2024 (Unaudited) |  |  | Year Ended June 30, 2024 |
Increase (Decrease) in Net Assets from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 4,772 |  |  | $ | 7,091 |  |  | $ | 4,537 |  |  | $ | 7,054 |
Net realized gain (loss) |  |  | 1,798 |  |  |  | (4,601 | ) |  |  | 6,681 |  |  |  | 1,471 |
Net change in unrealized appreciation (depreciation) |  |  | (2,266 | ) |  |  | 2,982 |  |  |  | (3,906 | ) |  |  | 2,536 |
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations |  |  | 4,304 |  |  |  | 5,472 |  |  |  | 7,312 |  |  |  | 11,061 |
Distributions to Common Shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and/or net realized capital gains |  |  | (5,816 | ) |  |  | (6,853 | ) |  |  | (4,759 | ) |  |  | (7,573 | )
Tax basis return of capital |  |  | 0 |  |  |  | (4,659 | ) |  |  | 0 |  |  |  | (1,873 | )
Total Distributions to Common Shareholders (a) |  |  | (5,816 | ) |  |  | (11,512 | ) |  |  | (4,759 | ) |  |  | (9,446 | )
Common Share Transactions*: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued as reinvestment of distributions |  |  | 653 |  |  |  | 1,212 |  |  |  | 472 |  |  |  | 880 |
Net increase (decrease) resulting from common share transactions |  |  | 653 |  |  |  | 1,212 |  |  |  | 472 |  |  |  | 880 |
Total increase (decrease) in net assets applicable to common shareholders |  |  | (859 | ) |  |  | (4,828 | ) |  |  | 3,025 |  |  |  | 2,495 |
Net Assets Applicable to Common Shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  |  | 75,490 |  |  |  | 80,318 |  |  |  | 85,162 |  |  |  | 82,667 |
End of period |  | $ | 74,631 |  |  | $ | 75,490 |  |  | $ | 88,187 |  |  | $ | 85,162 |
* Common Share Transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issued as reinvestment of distributions |  |  | 87 |  |  |  | 152 |  |  |  | 61 |  |  |  | 123 |
Net increase (decrease) in common shares outstanding |  |  | 87 |  |  |  | 152 |  |  |  | 61 |  |  |  | 123 |

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

(a) | The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.

20 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

PIMCO Strategic Income Fund, Inc. |
Six Months Ended December 31, 2024 (Unaudited) |  |  | Year Ended June 30, 2024 |
$ | 10,955 |  |  | $ | 17,330 |
| 11,969 |  |  |  | (7,251 | )
| (8,024 | ) |  |  | 20,555 |
| 14,900 |  |  |  | 30,634 |
| (14,182 | ) |  |  | (19,691 | )
| 0 |  |  |  | (8,388 | )
| (14,182 | ) |  |  | (28,079 | )
| 1,912 |  |  |  | 3,546 |
| 1,912 |  |  |  | 3,546 |
| 2,630 |  |  |  | 6,101 |
| 202,598 |  |  |  | 196,497 |
$ | 205,228 |  |  | $ | 202,598 |
| 282 |  |  |  | 656 |
| 282 |  |  |  | 656 |

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 21

Consolidated Statements of Changes in Net Assets |  |  |  |

|  | PIMCO Access Income Fund |  |  | PIMCO Dynamic Income Fund |
(Amounts in thousands † ) |  | Six Months Ended December 31, 2024 (Unaudited) |  |  | Year Ended June 30, 2024 |  |  | Six Months Ended December 31, 2024 (Unaudited) |  |  | Year Ended June 30, 2024 |
Increase (Decrease) in Net Assets from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 32,758 |  |  | $ | 59,880 |  |  | $ | 333,351 |  |  | $ | 512,673 |
Net realized gain (loss) |  |  | 23,999 |  |  |  | (21,757 | ) |  |  | 183,629 |  |  |  | (316,618 | )
Net change in unrealized appreciation (depreciation) |  |  | (3,465 | ) |  |  | 47,978 |  |  |  | (58,472 | ) |  |  | 367,415 |
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations |  |  | 53,292 |  |  |  | 86,101 |  |  |  | 458,508 |  |  |  | 563,470 |
Distributions to Common Shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and/or net realized capital gains |  |  | (39,642 | ) |  |  | (64,934 | ) |  |  | (444,767 | ) |  |  | (394,343 | )
Tax basis return of capital |  |  | 0 |  |  |  | (14,011 | ) |  |  | 0 |  |  |  | (369,848 | )
Total Distributions to Common Shareholders (a) |  |  | (39,642 | ) |  |  | (78,945 | ) |  |  | (444,767 | ) |  |  | (764,191 | )
Common Share Transactions*: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from at-the-market offering |  |  | 0 |  |  |  | 0 |  |  |  | 673,921 |  |  |  | 836,643 |
Issued as reinvestment of distributions |  |  | 3,074 |  |  |  | 1,588 |  |  |  | 53,623 |  |  |  | 88,912 |
Net increase (decrease) resulting from common share transactions |  |  | 3,074 |  |  |  | 1,588 |  |  |  | 727,544 |  |  |  | 925,555 |
Total increase (decrease) in net assets applicable to common shareholders |  |  | 16,724 |  |  |  | 8,744 |  |  |  | 741,285 |  |  |  | 724,834 |
Net Assets Applicable to Common Shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  |  | 662,635 |  |  |  | 653,891 |  |  |  | 5,303,316 |  |  |  | 4,578,482 |
End of period |  | $ | 679,359 |  |  | $ | 662,635 |  |  | $ | 6,044,601 |  |  | $ | 5,303,316 |
* Common Share Transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares sold |  |  | 0 |  |  |  | 0 |  |  |  | 35,000 |  |  |  | 45,079 |
Shares issued as reinvestment of distributions |  |  | 198 |  |  |  | 105 |  |  |  | 2,909 |  |  |  | 5,042 |
Net increase (decrease) in common shares outstanding |  |  | 198 |  |  |  | 105 |  |  |  | 37,909 |  |  |  | 50,121 |

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

(a) | The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.

22 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

PIMCO Dynamic Income Opportunities Fund |  |  | PIMCO Dynamic Income Strategy Fund |
Six Months Ended December 31, 2024 (Unaudited) |  |  | Year Ended June 30, 2024 |  |  | Six Months Ended December 31, 2024 (Unaudited) |  |  | Year Ended June 30, 2024 |
$ | 36,220 |  |  | $ | 148,562 |  |  | $ | 31,929 |  |  | $ | 32,260 |
| 31,043 |  |  |  | (118,203 | ) |  |  | 65,333 |  |  |  | 182,930 |
| 65,104 |  |  |  | 138,960 |  |  |  | 6,522 |  |  |  | 119,431 |
| 132,367 |  |  |  | 169,319 |  |  |  | 103,784 |  |  |  | 334,621 |
| (92,338 | ) |  |  | (122,934 | ) |  |  | (46,933 | ) |  |  | (46,493 | )
| 0 |  |  |  | (50,758 | ) |  |  | 0 |  |  |  | 0 |
| (92,338 | ) |  |  | (173,692 | ) |  |  | (46,933 | ) |  |  | (46,493 | )
| 98,414 |  |  |  | 42,968 |  |  |  | 0 |  |  |  | 0 |
| 12,279 |  |  |  | 20,539 |  |  |  | 0 |  |  |  | 0 |
| 110,693 |  |  |  | 63,507 |  |  |  | 0 |  |  |  | 0 |
| 150,722 |  |  |  | 59,134 |  |  |  | 56,851 |  |  |  | 288,128 |
| 1,465,670 |  |  |  | 1,406,536 |  |  |  | 1,114,645 |  |  |  | 826,517 |
$ | 1,616,392 |  |  | $ | 1,465,670 |  |  | $ | 1,171,496 |  |  | $ | 1,114,645 |
| 7,234 |  |  |  | 3,299 |  |  |  | 0 |  |  |  | 0 |
| 941 |  |  |  | 1,646 |  |  |  | 0 |  |  |  | 0 |
| 8,175 |  |  |  | 4,945 |  |  |  | 0 |  |  |  | 0 |

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 23

Statements of Cash Flows |  |  |  |

Six Months Ended December 31, 2024 (Unaudited) |  |  |  |  |  |  |  |  |
(Amounts in thousands†) |  | PCM Fund, Inc. |  |  | PIMCO Global Stocksplus ® & Income Fund |  |  | PIMCO Strategic Income Fund, Inc. |
Cash Flows Provided by (Used for) Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 4,304 |  |  | $ | 7,312 |  |  | $ | 14,900 |
Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of long-term securities |  |  | (7,505 | ) |  |  | (408,948 | ) |  |  | (2,992,294 | )
Proceeds from sales of long-term securities |  |  | 18,194 |  |  |  | 406,668 |  |  |  | 2,996,420 |
(Purchases) Proceeds from sales of short-term portfolio investments, net |  |  | 451 |  |  |  | 1,861 |  |  |  | 7,836 |
(Increase) decrease in deposits with counterparty |  |  | 841 |  |  |  | (424 | ) |  |  | (216 | )
(Increase) decrease in receivable for investments sold |  |  | (687 | ) |  |  | 39,894 |  |  |  | (188,850 | )
(Increase) decrease in interest and/or dividends receivable |  |  | 165 |  |  |  | (28 | ) |  |  | 114 |
(Increase) decrease in dividends receivable from Affiliates |  |  | 5 |  |  |  | 1 |  |  |  | 35 |
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments |  |  | 513 |  |  |  | 2,793 |  |  |  | 1,413 |
Proceeds from (Payments on) over the counter financial derivative instruments |  |  | 20 |  |  |  | 2,692 |  |  |  | 1,406 |
(Increase) decrease in other assets |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |
Increase (decrease) in payable for investments purchased |  |  | 1,428 |  |  |  | (37,845 | ) |  |  | 187,533 |
Increase (decrease) in payable for unfunded loan commitments |  |  | (460 | ) |  |  | (551 | ) |  |  | 0 |
Increase (decrease) in deposits from counterparty |  |  | 21 |  |  |  | (4,093 | ) |  |  | (1,971 | )
Increase (decrease) in accrued management fees |  |  | 3 |  |  |  | 12 |  |  |  | 18 |
Proceeds from (Payments on) short sales transactions, net |  |  | 2 |  |  |  | 1 |  |  |  | 2,244 |
Proceeds from (Payments on) foreign currency transactions |  |  | 0 |  |  |  | 7 |  |  |  | (42 | )
Net Realized (Gain) Loss |  |  |  |  |  |  |  |  |  |  |  |
Investments in securities |  |  | (1,650 | ) |  |  | 96 |  |  |  | (7,500 | )
Investments in Affiliates |  |  | (3 | ) |  |  | (3 | ) |  |  | (10 | )
Exchange-traded or centrally cleared financial derivative instruments |  |  | (105 | ) |  |  | (4,084 | ) |  |  | (3,199 | )
Over the counter financial derivative instruments |  |  | (38 | ) |  |  | (2,704 | ) |  |  | (1,407 | )
Short sales |  |  | (2 | ) |  |  | 0 |  |  |  | 0 |
Foreign currency |  |  | 0 |  |  |  | 14 |  |  |  | 147 |
Net Change in Unrealized (Appreciation) Depreciation |  |  |  |  |  |  |  |  |  |  |  |
Investments in securities |  |  | 2,580 |  |  |  | (1,255 | ) |  |  | 6,457 |
Investments in Affiliates |  |  | (4 | ) |  |  | (12 | ) |  |  | (4 | )
Exchange-traded or centrally cleared financial derivative instruments |  |  | (298 | ) |  |  | 1,452 |  |  |  | 2,169 |
Over the counter financial derivative instruments |  |  | (12 | ) |  |  | 3,740 |  |  |  | (74 | )
Foreign currency assets and liabilities |  |  | 0 |  |  |  | (19 | ) |  |  | (524 | )
Net amortization (accretion) on investments |  |  | (555 | ) |  |  | (727 | ) |  |  | (1,812 | )
Net Cash Provided by (Used for) Operating Activities |  |  | 17,207 |  |  |  | 5,850 |  |  |  | 22,789 |
Cash Flows Received from (Used for) Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in overdraft due to custodian |  |  | (12 | ) |  |  | (19 | ) |  |  | (270 | )
Cash distributions paid to common shareholders* |  |  | (5,156 | ) |  |  | (4,283 | ) |  |  | (12,255 | )
Proceeds from reverse repurchase agreements |  |  | 137,763 |  |  |  | 64,441 |  |  |  | 431,688 |
Payments on reverse repurchase agreements |  |  | (149,603 | ) |  |  | (65,493 | ) |  |  | (441,334 | )
Net Cash Received from (Used for) Financing Activities |  |  | (17,008 | ) |  |  | (5,354 | ) |  |  | (22,171 | )
Net Increase (Decrease) in Cash and Foreign Currency |  |  | 199 |  |  |  | 496 |  |  |  | 618 |
Cash and Foreign Currency: |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  |  | 4 |  |  |  | 30 |  |  |  | 36 |
End of period |  | $ | 203 |  |  | $ | 526 |  |  | $ | 654 |
* Reinvestment of distributions |  | $ | 653 |  |  | $ | 472 |  |  | $ | 1,912 |
Supplemental Disclosure of Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense paid during the period |  | $ | 1,708 |  |  | $ | 765 |  |  | $ | 3,359 |
Non-Cash Payment In-Kind |  | $ | 142 |  |  | $ | 365 |  |  | $ | 1,217 |

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

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.

24 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

Consolidated Statements of Cash Flows |  |  |  |

Six Months Ended December 31, 2024 (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |
(Amounts in thousands†) |  | PIMCO Access Income Fund |  |  | PIMCO Dynamic Income Fund |  |  | PIMCO Dynamic Income Opportunities Fund |  |  | PIMCO Dynamic Income Strategy Fund |
Cash Flows Provided by (Used for) Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 53,292 |  |  | $ | 458,508 |  |  | $ | 132,367 |  |  | $ | 103,784 |
Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of long-term securities |  |  | (96,206 | ) |  |  | (1,676,170 | ) |  |  | (273,171 | ) |  |  | (582,857 | )
Proceeds from sales of long-term securities |  |  | 209,706 |  |  |  | 1,537,651 |  |  |  | 423,055 |  |  |  | 358,926 |
(Purchases) Proceeds from sales of short-term portfolio investments, net |  |  | (30,858 | ) |  |  | (203,166 | ) |  |  | (126,324 | ) |  |  | 61,203 |
(Increase) decrease in deposits with counterparty |  |  | (1 | ) |  |  | 6,505 |  |  |  | (3,901 | ) |  |  | (3,180 | )
(Increase) decrease in receivable for investments sold |  |  | (7,191 | ) |  |  | (46,907 | ) |  |  | (10,858 | ) |  |  | 13,295 |
(Increase) decrease in interest and/or dividends receivable |  |  | 555 |  |  |  | 8,245 |  |  |  | (1,238 | ) |  |  | (579 | )
(Increase) decrease in dividends receivable from Affiliates |  |  | (100 | ) |  |  | (665 | ) |  |  | (382 | ) |  |  | 88 |
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments |  |  | 1,401 |  |  |  | 6,808 |  |  |  | 2,512 |  |  |  | (2,053 | )
Proceeds from (Payments on) over the counter financial derivative instruments |  |  | 5,494 |  |  |  | 55,890 |  |  |  | 17,254 |  |  |  | 31,527 |
(Increase) decrease in other assets |  |  | 1 |  |  |  | (4 | ) |  |  | (1 | ) |  |  | 2 |
Increase (decrease) in payable for investments purchased |  |  | (3,068 | ) |  |  | 225,240 |  |  |  | 28,770 |  |  |  | (7,125 | )
Increase (decrease) in payable for unfunded loan commitments |  |  | (1,282 | ) |  |  | (8,497 | ) |  |  | (2,178 | ) |  |  | 3,968 |
Increase (decrease) in deposits from counterparty |  |  | 3,340 |  |  |  | 19,842 |  |  |  | (906 | ) |  |  | (4,023 | )
Increase (decrease) in accrued management fees |  |  | 83 |  |  |  | 1,168 |  |  |  | 355 |  |  |  | 404 |
Proceeds from (Payments on) short sales transactions, net |  |  | 0 |  |  |  | 5 |  |  |  | 0 |  |  |  | 0 |
Proceeds from (Payments on) foreign currency transactions |  |  | (311 | ) |  |  | 2,328 |  |  |  | (186 | ) |  |  | (242 | )
Increase (decrease) in foreign capital gains tax payable |  |  | 0 |  |  |  | (8 | ) |  |  | (2 | ) |  |  | 0 |
Increase (decrease) in other liabilities |  |  | 0 |  |  |  | 2 |  |  |  | 0 |  |  |  | 0 |
Net Realized (Gain) Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in securities |  |  | (12,536 | ) |  |  | (81,091 | ) |  |  | 7,957 |  |  |  | (35,085 | )
Investments in Affiliates |  |  | (26 | ) |  |  | (29 | ) |  |  | (10 | ) |  |  | (21 | )
Exchange-traded or centrally cleared financial derivative instruments |  |  | (6,529 | ) |  |  | (46,926 | ) |  |  | (22,551 | ) |  |  | 820 |
Over the counter financial derivative instruments |  |  | (5,628 | ) |  |  | (57,508 | ) |  |  | (17,536 | ) |  |  | (31,528 | )
Short sales |  |  | 0 |  |  |  | (5 | ) |  |  | 0 |  |  |  | 0 |
Foreign currency |  |  | 720 |  |  |  | 1,930 |  |  |  | 1,097 |  |  |  | 481 |
Net Change in Unrealized (Appreciation) Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in securities |  |  | (609 | ) |  |  | (32,989 | ) |  |  | (84,256 | ) |  |  | (14,686 | )
Investments in Affiliates |  |  | (23 | ) |  |  | 58,140 |  |  |  | (106 | ) |  |  | (28 | )
Exchange-traded or centrally cleared financial derivative instruments |  |  | 5,883 |  |  |  | 44,016 |  |  |  | 21,504 |  |  |  | 1,197 |
Over the counter financial derivative instruments |  |  | (1,189 | ) |  |  | (2,946 | ) |  |  | (357 | ) |  |  | 7,306 |
Foreign currency assets and liabilities |  |  | (597 | ) |  |  | (7,749 | ) |  |  | (1,889 | ) |  |  | (311 | )
Net amortization (accretion) on investments |  |  | (8,893 | ) |  |  | (75,478 | ) |  |  | (17,197 | ) |  |  | (5,195 | )
Net Cash Provided by (Used for) Operating Activities |  |  | 105,428 |  |  |  | 186,140 |  |  |  | 71,822 |  |  |  | (103,912 | )
Cash Flows Received from (Used for) Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from at-the-market offering |  |  | 0 |  |  |  | 675,215 |  |  |  | 96,877 |  |  |  | 0 |
Increase (decrease) in overdraft due to custodian |  |  | (1,226 | ) |  |  | (2,304 | ) |  |  | (2,587 | ) |  |  | (62 | )
Cash distributions paid* |  |  | (36,538 | ) |  |  | (382,602 | ) |  |  | (79,018 | ) |  |  | (30,391 | )
Proceeds from reverse repurchase agreements |  |  | 2,016,930 |  |  |  | 10,781,557 |  |  |  | 3,650,415 |  |  |  | 1,090,901 |
Payments on reverse repurchase agreements |  |  | (2,082,990 | ) |  |  | (11,209,810 | ) |  |  | (3,732,180 | ) |  |  | (952,586 | )
Net Cash Received from (Used for) Financing Activities |  |  | (103,824 | ) |  |  | (137,944 | ) |  |  | (66,493 | ) |  |  | 107,862 |
Net Increase (Decrease) in Cash and Foreign Currency |  |  | 1,604 |  |  |  | 48,196 |  |  |  | 5,329 |  |  |  | 3,950 |
Cash and Foreign Currency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  |  | 0 |  |  |  | 27,313 |  |  |  | 252 |  |  |  | 1 |
End of period |  | $ | 1,604 |  |  | $ | 75,509 |  |  | $ | 5,581 |  |  | $ | 3,951 |
* Reinvestment of distributions |  | $ | 3,074 |  |  | $ | 53,623 |  |  | $ | 12,279 |  |  | $ | 0 |
Supplemental Disclosure of Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense paid during the period |  | $ | 15,436 |  |  | $ | 101,824 |  |  | $ | 33,980 |  |  | $ | 9,234 |
Non-Cash Payment In-Kind |  | $ | 3,808 |  |  | $ | 28,735 |  |  | $ | 8,003 |  |  | $ | 555 |

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

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 25

Schedule of Investments |  | PIMCO PCM Fund, Inc. |  |  |  |  |  |

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
INVESTMENTS IN SECURITIES 143.0% |
LOAN PARTICIPATIONS AND ASSIGNMENTS 21.0% |
AL GCX Holdings LLC |
7.257% due 05/17/2029 ~ |  | $ |  |  | 497 |  |  | $ |  |  | 501 |
Aspire Bakeries Holdings LLC |
8.607% due 12/13/2030 ~ |  |  |  |  | 199 |  |  |  |  |  | 202 |
Cengage Learning, Inc. |
7.856% (PRIME + 2.500%) due 03/24/2031 ~ |  |  |  |  | 199 |  |  |  |  |  | 200 |
CoreWeave Compute Acquisition Co. LLC |
TBD% (TSFR3M + 6.000%) due 05/16/2029 «~µ |  |  |  |  | 800 |  |  |  |  |  | 802 |
Databricks, Inc. |
TBD% due 12/20/2030 «µ |  |  |  |  | 91 |  |  |  |  |  | 90 |
TBD% due 12/20/2030 « |  |  |  |  | 409 |  |  |  |  |  | 407 |
Diamond Sports Group LLC |
TBD% due 05/25/2026 «~ |  |  |  |  | 132 |  |  |  |  |  | 20 |
Element Materials Technology Group U.S. Holdings, Inc. |
8.079% due 07/06/2029 ~ |  |  |  |  | 990 |  |  |  |  |  | 998 |
Encina Private Credit LLC |
TBD% due 11/30/2025 «µ |  |  |  |  | 522 |  |  |  |  |  | 513 |
Endure Digital, Inc. |
8.138% due 02/10/2028 «~ |  |  |  |  | 190 |  |  |  |  |  | 155 |
Envision Healthcare Corp. |
11.382% due 07/20/2026 «~ |  |  |  |  | 81 |  |  |  |  |  | 81 |
12.507% due 11/03/2028 ~ |  |  |  |  | 1,752 |  |  |  |  |  | 1,778 |
12.697% due 12/30/2027 ~ |  |  |  |  | 190 |  |  |  |  |  | 193 |
EP Purchaser LLC |
9.090% due 11/06/2028 ~ |  |  |  |  | 100 |  |  |  |  |  | 101 |
EPIC Y-Grade Services LP |
10.340% (TSFR3M + 5.750%) due 06/29/2029 ~ |  |  |  |  | 299 |  |  |  |  |  | 300 |
First Brands Group LLC |
9.847% due 03/30/2027 ~ |  |  |  |  | 399 |  |  |  |  |  | 375 |
Hudson’s Bay Co. |
TBD% due 04/03/2026 |  |  |  |  | 345 |  |  |  |  |  | 345 |
Ivanti Software, Inc. |
9.121% due 12/01/2027 ~ |  |  |  |  | 1,143 |  |  |  |  |  | 938 |
LABL, Inc. |
9.457% due 10/29/2028 ~ |  |  |  |  | 398 |  |  |  |  |  | 386 |
Lealand Finance Co. BV |
7.471% due 06/30/2027 ~ |  |  |  |  | 27 |  |  |  |  |  | 14 |
8.472% due 12/31/2027 ~ |  |  |  |  | 221 |  |  |  |  |  | 89 |
Lifepoint Health, Inc. |
8.406% due 05/17/2031 ~ |  |  |  |  | 557 |  |  |  |  |  | 560 |
Modena Buyer LLC |
8.857% due 07/01/2031 ~ |  |  |  |  | 500 |  |  |  |  |  | 486 |
RealPage, Inc. |
7.590% due 04/24/2028 ~ |  |  |  |  | 318 |  |  |  |  |  | 318 |
Softbank Vision Fund II |
6.000% due 12/23/2025 «~ |  |  |  |  | 539 |  |  |  |  |  | 532 |
Syniverse Holdings, Inc. |
11.329% due 05/13/2027 ~ |  |  |  |  | 1,978 |  |  |  |  |  | 1,987 |
U.S. Renal Care, Inc. |
9.471% due 06/20/2028 ~ |  |  |  |  | 2,049 |  |  |  |  |  | 1,924 |
Veritas U.S., Inc. |
TBD% due 12/18/2027 |  |  |  |  | 24 |  |  |  |  |  | 25 |
TBD% due 12/09/2029 |  |  |  |  | 73 |  |  |  |  |  | 73 |
Wesco Aircraft Holdings, Inc. |
13.153% (TSFR1M + 8.600%) due 02/01/2025 «~ |  |  |  |  | 1,025 |  |  |  |  |  | 1,097 |
Westmoreland Coal Co. |
8.000% due 03/15/2029 |  |  |  |  | 282 |  |  |  |  |  | 176 |
Total Loan Participations and Assignments (Cost $15,497) |  |  | 15,666 |
CORPORATE BONDS & NOTES 20.7% |
BANKING & FINANCE 2.9% |
Armor Holdco, Inc. |
8.500% due 11/15/2029 |  |  |  |  | 200 |  |  |  |  |  | 203 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
BGC Group, Inc. |
6.600% due 06/10/2029 (h) |  | $ |  |  | 100 |  |  | $ |  |  | 102 |
Navient Corp. |
5.625% due 01/25/2025 |  |  |  |  | 51 |  |  |  |  |  | 51 |
Uniti Group LP |
6.000% due 01/15/2030 (h) |  |  |  |  | 1,065 |  |  |  |  |  | 937 |
10.500% due 02/15/2028 (h) |  |  |  |  | 807 |  |  |  |  |  | 861 |
Voyager Aviation Holdings LLC |
8.500% due 05/09/2026 ^«(c) |  |  |  |  | 991 |  |  |  |  |  | 0 |
|  |  | 2,154 |
INDUSTRIALS 17.3% |
Avient Corp. |
6.250% due 11/01/2031 |  |  |  |  | 100 |  |  |  |  |  | 99 |
Carvana Co. (11.000% Cash or 13.000% PIK) |
11.000% due 06/01/2030 (b) |  |  |  |  | 592 |  |  |  |  |  | 622 |
Carvana Co. (14.000% PIK) |
14.000% due 06/01/2031 (b) |  |  |  |  | 521 |  |  |  |  |  | 598 |
Carvana Co. (9.000% Cash or 12.000% PIK) |
9.000% due 12/01/2028 (b) |  |  |  |  | 176 |  |  |  |  |  | 180 |
Chobani LLC |
7.625% due 07/01/2029 |  |  |  |  | 100 |  |  |  |  |  | 104 |
CVS Pass-Through Trust |
5.880% due 01/10/2028 (h) |  |  |  |  | 455 |  |  |  |  |  | 456 |
DISH DBS Corp. |
5.250% due 12/01/2026 |  |  |  |  | 660 |  |  |  |  |  | 601 |
5.750% due 12/01/2028 |  |  |  |  | 400 |  |  |  |  |  | 343 |
DISH Network Corp. |
11.750% due 11/15/2027 |  |  |  |  | 800 |  |  |  |  |  | 848 |
Exela Intermediate LLC (5.750% Cash and 5.750% PIK) |
11.500% due 04/15/2026 (b) |  |  |  |  | 15 |  |  |  |  |  | 3 |
Fertitta Entertainment LLC |
6.750% due 01/15/2030 |  |  |  |  | 400 |  |  |  |  |  | 369 |
GN Bondco LLC |
9.500% due 10/15/2031 |  |  |  |  | 400 |  |  |  |  |  | 422 |
JetBlue Airways Corp. |
9.875% due 09/20/2031 (h) |  |  |  |  | 400 |  |  |  |  |  | 425 |
LifePoint Health, Inc. |
9.875% due 08/15/2030 |  |  |  |  | 100 |  |  |  |  |  | 108 |
11.000% due 10/15/2030 (h) |  |  |  |  | 500 |  |  |  |  |  | 549 |
Newfold Digital Holdings Group, Inc. |
6.000% due 02/15/2029 « |  |  |  |  | 300 |  |  |  |  |  | 183 |
Olympus Water U.S. Holding Corp. |
7.250% due 06/15/2031 |  |  |  |  | 200 |  |  |  |  |  | 204 |
Performance Food Group, Inc. |
6.125% due 09/15/2032 |  |  |  |  | 100 |  |  |  |  |  | 100 |
PetSmart, Inc. |
7.750% due 02/15/2029 |  |  |  |  | 200 |  |  |  |  |  | 194 |
Prime Healthcare Services, Inc. |
9.375% due 09/01/2029 |  |  |  |  | 500 |  |  |  |  |  | 487 |
Rivian Holdings LLC |
10.502% due 10/15/2026 • |  |  |  |  | 500 |  |  |  |  |  | 504 |
Specialty Building Products Holdings LLC |
7.750% due 10/15/2029 |  |  |  |  | 100 |  |  |  |  |  | 102 |
Topaz Solar Farms LLC |
4.875% due 09/30/2039 (h) |  |  |  |  | 244 |  |  |  |  |  | 228 |
Transocean Aquila Ltd. |
8.000% due 09/30/2028 |  |  |  |  | 363 |  |  |  |  |  | 373 |
Transocean, Inc. |
8.250% due 05/15/2029 |  |  |  |  | 500 |  |  |  |  |  | 490 |
U.S. Renal Care, Inc. |
10.625% due 06/28/2028 (h) |  |  |  |  | 249 |  |  |  |  |  | 214 |
Valaris Ltd. |
8.375% due 04/30/2030 |  |  |  |  | 100 |  |  |  |  |  | 101 |
Venture Global LNG, Inc. |
9.500% due 02/01/2029 |  |  |  |  | 200 |  |  |  |  |  | 221 |
9.875% due 02/01/2032 (h) |  |  |  |  | 300 |  |  |  |  |  | 329 |
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK) |
10.500% due 11/15/2026 ^«(b)(c) |  |  |  |  | 4,180 |  |  |  |  |  | 3,452 |
|  |  | 12,909 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
UTILITIES 0.5% |
Pacific Gas & Electric Co. |
4.300% due 03/15/2045 (h) |  | $ |  |  | 463 |  |  | $ |  |  | 371 |
Total Corporate Bonds & Notes (Cost $17,081) |  |  | 15,434 |
CONVERTIBLE BONDS & NOTES 0.6% |
INDUSTRIALS 0.6% |
Multiplan Corp. (6.000% Cash or 7.000% PIK) |
6.000% due 10/15/2027 (b) |  |  |  |  | 700 |  |  |  |  |  | 472 |
Total Convertible Bonds & Notes (Cost $692) |  |  | 472 |
MUNICIPAL BONDS & NOTES 0.2% |
PUERTO RICO 0.2% |
Commonwealth of Puerto Rico Bonds, Series 2022 |
0.000% due 11/01/2051 |  |  | 259 |  |  |  |  |  | 161 |
Total Municipal Bonds & Notes (Cost $118) |  |  | 161 |
U.S. GOVERNMENT AGENCIES 6.7% |
Fannie Mae |
4.000% due 06/25/2050 (a) |  |  | 581 |  |  |  |  |  | 116 |
Freddie Mac |
0.700% due 11/25/2055 ~(a) |  |  | 5,848 |  |  |  |  |  | 351 |
1.467% due 05/25/2050 •(a) |  |  | 1,321 |  |  |  |  |  | 147 |
2.010% due 11/25/2045 ~(a) |  |  | 1,027 |  |  |  |  |  | 54 |
3.500% due 02/25/2041 (a) |  |  | 1,505 |  |  |  |  |  | 217 |
4.000% due 07/25/2050 (a) |  |  | 5,050 |  |  |  |  |  | 1,117 |
5.000% due 03/15/2040 (a) |  |  | 124 |  |  |  |  |  | 5 |
9.833% due 10/25/2029 •(h) |  |  | 250 |  |  |  |  |  | 270 |
12.069% due 10/25/2041 •(h) |  |  | 1,100 |  |  |  |  |  | 1,185 |
12.233% due 12/25/2027 • |  |  | 345 |  |  |  |  |  | 355 |
12.369% due 11/25/2041 •(h) |  |  | 1,100 |  |  |  |  |  | 1,193 |
Total U.S. Government Agencies (Cost $4,913) |  |  | 5,010 |
NON-AGENCY MORTGAGE-BACKED SECURITIES 37.5% |
245 Park Avenue Trust |
3.657% due 06/05/2037 ~ |  |  | 1,065 |  |  |  |  |  | 962 |
Adjustable Rate Mortgage Trust |
6.235% due 01/25/2036 ~ |  |  | 45 |  |  |  |  |  | 43 |
Ashford Hospitality Trust |
5.970% due 04/15/2035 •(h) |  |  | 900 |  |  |  |  |  | 896 |
Banc of America Alternative Loan Trust |
5.224% due 04/25/2037 ~ |  |  |  |  | 58 |  |  |  |  |  | 50 |
Banc of America Funding Trust |
2.903% due 12/20/2034 ~ |  |  | 91 |  |  |  |  |  | 64 |
4.294% due 03/20/2036 ~ |  |  | 31 |  |  |  |  |  | 27 |
5.806% due 03/25/2037 ~ |  |  | 30 |  |  |  |  |  | 28 |
7.000% due 10/25/2037 |  |  | 246 |  |  |  |  |  | 170 |
Banc of America Mortgage Trust |
5.772% due 06/25/2035 ~ |  |  | 35 |  |  |  |  |  | 34 |
6.979% due 06/20/2031 ~ |  |  | 92 |  |  |  |  |  | 92 |
Barclays Commercial Mortgage Securities Trust |
3.688% due 02/15/2053 ~ |  |  |  |  | 1,000 |  |  |  |  |  | 800 |
7.644% due 10/15/2037 •(h) |  |  | 900 |  |  |  |  |  | 894 |
BCAP LLC Trust |
5.121% due 07/26/2036 ~ |  |  | 43 |  |  |  |  |  | 36 |
Bear Stearns ALT-A Trust |
4.061% due 05/25/2036 ~ |  |  | 676 |  |  |  |  |  | 616 |
4.319% due 05/25/2036 ~ |  |  | 22 |  |  |  |  |  | 16 |
4.550% due 07/25/2035 ~ |  |  | 86 |  |  |  |  |  | 61 |
4.563% due 08/25/2036 ~ |  |  | 181 |  |  |  |  |  | 85 |
4.631% due 01/25/2047 ~ |  |  | 20 |  |  |  |  |  | 10 |
4.787% due 11/25/2036 ~ |  |  | 439 |  |  |  |  |  | 226 |
4.793% due 04/25/2037 • |  |  | 360 |  |  |  |  |  | 313 |
7.125% due 09/25/2034 ~ |  |  | 56 |  |  |  |  |  | 53 |
Bear Stearns Asset-Backed Securities Trust |
5.500% due 12/25/2035 |  |  | 21 |  |  |  |  |  | 14 |
Bear Stearns Commercial Mortgage Securities Trust |
5.657% due 10/12/2041 ~ |  |  | 23 |  |  |  |  |  | 22 |
CBA Commercial Small Balance Commercial Mortgage |
6.040% due 01/25/2039 þ |  |  | 76 |  |  |  |  |  | 71 |

26 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
CD Mortgage Trust |
5.688% due 10/15/2048 |  | $ |  |  | 51 |  |  | $ |  |  | 47 |
Chase Mortgage Finance Trust |
6.000% due 03/25/2037 |  |  | 155 |  |  |  |  |  | 82 |
Citigroup Commercial Mortgage Trust |
5.410% due 12/10/2049 ~ |  |  | 30 |  |  |  |  |  | 12 |
Citigroup Mortgage Loan Trust |
5.521% due 10/25/2035 ~ |  |  | 868 |  |  |  |  |  | 757 |
5.529% due 11/25/2035 ~(h) |  |  | 1,018 |  |  |  |  |  | 517 |
6.250% due 11/25/2037 ~ |  |  | 649 |  |  |  |  |  | 268 |
Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
4.343% due 09/25/2035 ~ |  |  | 56 |  |  |  |  |  | 38 |
Connecticut Avenue Securities Trust |
7.669% due 10/25/2041 •(h) |  |  | 800 |  |  |  |  |  | 823 |
Countrywide Alternative Loan Trust |
5.003% due 10/25/2037 •(h) |  |  | 3,340 |  |  |  |  |  | 711 |
5.013% due 02/25/2037 • |  |  | 106 |  |  |  |  |  | 88 |
5.033% due 02/25/2036 • |  |  | 333 |  |  |  |  |  | 293 |
5.500% due 03/25/2035 |  |  | 370 |  |  |  |  |  | 153 |
6.000% due 11/25/2035 |  |  | 158 |  |  |  |  |  | 23 |
6.000% due 04/25/2036 (h) |  |  |  |  | 2,129 |  |  |  |  |  | 959 |
Countrywide Home Loan Mortgage Pass-Through Trust |
4.417% due 09/20/2036 ~ |  |  |  |  | 51 |  |  |  |  |  | 45 |
4.937% due 09/25/2047 ~ |  |  |  |  | 159 |  |  |  |  |  | 144 |
5.093% due 03/25/2035 • |  |  |  |  | 59 |  |  |  |  |  | 51 |
6.000% due 05/25/2037 |  |  |  |  | 177 |  |  |  |  |  | 77 |
6.323% due 03/25/2046 • |  |  |  |  | 200 |  |  |  |  |  | 145 |
6.662% due 02/20/2036 • |  |  |  |  | 2 |  |  |  |  |  | 2 |
Credit Suisse First Boston Mortgage Securities Corp. |
7.000% due 02/25/2033 |  |  |  |  | 24 |  |  |  |  |  | 24 |
Credit Suisse Mortgage Capital Mortgage-Backed Trust |
6.000% due 07/25/2036 (h) |  |  |  |  | 834 |  |  |  |  |  | 402 |
6.396% due 04/25/2036 þ |  |  |  |  | 132 |  |  |  |  |  | 68 |
6.500% due 05/25/2036 |  |  |  |  | 143 |  |  |  |  |  | 60 |
DBGS Mortgage Trust |
0.000% due 10/15/2036 ~(a) |  |  |  |  | 147,870 |  |  |  |  |  | 0 |
Extended Stay America Trust |
8.211% due 07/15/2038 •(h) |  |  |  |  | 793 |  |  |  |  |  | 798 |
First Horizon Alternative Mortgage Securities Trust |
5.988% due 08/25/2035 ~ |  |  |  |  | 1 |  |  |  |  |  | 0 |
GS Mortgage Securities Trust |
0.432% due 08/10/2043 ~(a) |  |  |  |  | 1,733 |  |  |  |  |  | 3 |
GSR Mortgage Loan Trust |
4.534% due 03/25/2047 ~ |  |  |  |  | 549 |  |  |  |  |  | 331 |
HarborView Mortgage Loan Trust |
4.890% due 01/19/2036 • |  |  |  |  | 362 |  |  |  |  |  | 219 |
IndyMac INDA Mortgage Loan Trust |
4.194% due 06/25/2037 ~ |  |  |  |  | 81 |  |  |  |  |  | 64 |
IndyMac INDX Mortgage Loan Trust |
3.458% due 05/25/2036 ~ |  |  |  |  | 88 |  |  |  |  |  | 47 |
JP Morgan Alternative Loan Trust |
6.500% due 03/25/2036 (h) |  |  |  |  | 715 |  |  |  |  |  | 392 |
JP Morgan Chase Commercial Mortgage Securities Trust |
0.385% due 02/15/2046 «~(a) |  |  |  |  | 50,664 |  |  |  |  |  | 25 |
6.015% due 07/05/2033 •(h) |  |  |  |  | 843 |  |  |  |  |  | 759 |
6.745% due 02/15/2035 • |  |  |  |  | 206 |  |  |  |  |  | 199 |
8.695% due 02/15/2035 •(h) |  |  |  |  | 741 |  |  |  |  |  | 716 |
11.052% due 11/15/2038 •(h) |  |  |  |  | 900 |  |  |  |  |  | 863 |
JP Morgan Mortgage Trust |
7.198% due 07/25/2035 ~ |  |  |  |  | 6 |  |  |  |  |  | 6 |
Lehman Mortgage Trust |
5.757% due 04/25/2036 ~ |  |  |  |  | 138 |  |  |  |  |  | 86 |
6.000% due 05/25/2037 |  |  |  |  | 2 |  |  |  |  |  | 2 |
MASTR Adjustable Rate Mortgages Trust |
6.175% due 11/25/2035 ~ |  |  |  |  | 167 |  |  |  |  |  | 74 |
MASTR Asset Securitization Trust |
6.000% due 06/25/2036 • |  |  |  |  | 145 |  |  |  |  |  | 83 |
Merrill Lynch Mortgage Investors Trust |
4.873% due 07/25/2030 • |  |  |  |  | 8 |  |  |  |  |  | 7 |
5.113% due 11/25/2029 • |  |  |  |  | 29 |  |  |  |  |  | 26 |
6.129% due 11/25/2035 • |  |  |  |  | 33 |  |  |  |  |  | 32 |
6.530% due 02/25/2034 ~ |  |  |  |  | 2 |  |  |  |  |  | 2 |
6.971% due 05/25/2033 ~ |  |  |  |  | 7 |  |  |  |  |  | 7 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
MFA Trust |
4.250% due 12/25/2066 ~(h) |  | $ |  |  | 1,000 |  |  | $ |  |  | 784 |
4.435% due 08/25/2061 ~(h) |  |  |  |  | 1,000 |  |  |  |  |  | 829 |
Morgan Stanley Capital Trust |
0.607% due 11/12/2049 ~(a) |  |  |  |  | 84 |  |  |  |  |  | 0 |
9.045% due 11/15/2034 • |  |  |  |  | 400 |  |  |  |  |  | 384 |
Morgan Stanley Mortgage Loan Trust |
6.000% due 08/25/2037 |  |  |  |  | 136 |  |  |  |  |  | 47 |
6.885% due 01/25/2035 ~ |  |  |  |  | 134 |  |  |  |  |  | 115 |
Morgan Stanley Re-REMIC Trust |
4.706% due 03/26/2037 ~(h) |  |  |  |  | 1,597 |  |  |  |  |  | 1,340 |
Mortgage Equity Conversion Asset Trust |
4.000% due 07/25/2060 |  |  |  |  | 36 |  |  |  |  |  | 33 |
Natixis Commercial Mortgage Securities Trust |
4.058% due 04/10/2037 ~ |  |  |  |  | 1,197 |  |  |  |  |  | 532 |
8.342% due 03/15/2035 •(h) |  |  |  |  | 263 |  |  |  |  |  | 264 |
9.590% due 03/15/2035 •(h) |  |  |  |  | 525 |  |  |  |  |  | 528 |
New Residential Mortgage Loan Trust |
3.859% due 11/25/2059 ~(h) |  |  |  |  | 2,900 |  |  |  |  |  | 1,462 |
Regal Trust |
1.723% due 09/29/2031 • |  |  |  |  | 8 |  |  |  |  |  | 8 |
Residential Accredit Loans, Inc. Trust |
5.230% due 01/25/2036 ~ |  |  |  |  | 155 |  |  |  |  |  | 113 |
6.000% due 08/25/2035 |  |  |  |  | 96 |  |  |  |  |  | 83 |
6.000% due 06/25/2036 |  |  |  |  | 53 |  |  |  |  |  | 41 |
6.500% due 09/25/2037 |  |  |  |  | 102 |  |  |  |  |  | 82 |
Residential Asset Securitization Trust |
6.000% due 03/25/2037 |  |  |  |  | 182 |  |  |  |  |  | 55 |
Residential Funding Mortgage Securities, Inc. Trust |
6.000% due 06/25/2036 |  |  |  |  | 80 |  |  |  |  |  | 66 |
Soho Trust |
2.697% due 08/10/2038 ~ |  |  |  |  | 450 |  |  |  |  |  | 340 |
Structured Adjustable Rate Mortgage Loan Trust |
4.133% due 04/25/2036 ~ |  |  |  |  | 144 |  |  |  |  |  | 76 |
4.529% due 01/25/2036 ~ |  |  |  |  | 164 |  |  |  |  |  | 91 |
5.181% due 09/25/2036 ~ |  |  |  |  | 13 |  |  |  |  |  | 11 |
Structured Asset Mortgage Investments Trust |
4.873% due 08/25/2036 •(h) |  |  |  |  | 268 |  |  |  |  |  | 218 |
TBW Mortgage-Backed Trust |
6.000% due 07/25/2036 |  |  |  |  | 102 |  |  |  |  |  | 36 |
Verus Securitization Trust |
7.818% due 06/25/2069 ~ |  |  |  |  | 500 |  |  |  |  |  | 490 |
WaMu Mortgage Pass-Through Certificates Trust |
4.297% due 12/25/2036 ~(h) |  |  |  |  | 141 |  |  |  |  |  | 125 |
5.353% due 10/25/2045 •(h) |  |  |  |  | 2,383 |  |  |  |  |  | 2,036 |
5.433% due 06/25/2044 • |  |  |  |  | 142 |  |  |  |  |  | 135 |
Washington Mutual Mortgage Pass-Through Certificates Trust |
6.500% due 08/25/2036 (h) |  |  |  |  | 565 |  |  |  |  |  | 479 |
Wells Fargo Commercial Mortgage Trust |
4.928% due 12/15/2039 ~(h) |  |  |  |  | 1,042 |  |  |  |  |  | 919 |
Worldwide Plaza Trust |
3.596% due 11/10/2036 ~ |  |  |  |  | 2,400 |  |  |  |  |  | 189 |
Total Non-Agency Mortgage-Backed Securities (Cost $34,169) |  |  | 28,024 |
ASSET-BACKED SECURITIES 46.8% |
AUTOMOBILE ABS OTHER 0.3% |
Flagship Credit Auto Trust |
0.000% due 06/15/2029 «(e) |  |  |  |  | 14 |  |  |  |  |  | 228 |
HOME EQUITY OTHER 38.7% |
Asset-Backed Securities Corp. Home Equity Loan Trust |
5.548% due 02/25/2035 •(h) |  |  |  |  | 986 |  |  |  |  |  | 974 |
7.721% due 06/21/2029 • |  |  |  |  | 58 |  |  |  |  |  | 55 |
Bear Stearns Asset-Backed Securities Trust |
5.023% due 04/25/2036 •(h) |  |  |  |  | 1,658 |  |  |  |  |  | 1,608 |
Citigroup Mortgage Loan Trust |
4.773% due 12/25/2036 •(h) |  |  |  |  | 984 |  |  |  |  |  | 535 |
4.893% due 12/25/2036 •(h) |  |  |  |  | 606 |  |  |  |  |  | 220 |
Countrywide Asset-Backed Certificates Trust |
4.853% due 06/25/2037 •(h) |  |  |  |  | 448 |  |  |  |  |  | 456 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
4.858% due 09/25/2046 •(h) |  | $ |  |  | 4,134 |  |  | $ |  |  | 3,233 |
4.933% due 05/25/2036 •(h) |  |  |  |  | 6,695 |  |  |  |  |  | 5,610 |
6.328% due 10/25/2035 •(h) |  |  |  |  | 2,211 |  |  |  |  |  | 1,803 |
EMC Mortgage Loan Trust |
5.503% due 05/25/2040 • |  |  |  |  | 4 |  |  |  |  |  | 14 |
5.753% due 02/25/2041 • |  |  |  |  | 151 |  |  |  |  |  | 150 |
GE Capital Mortgage Services, Inc. Trust |
6.705% due 04/25/2029 ~ |  |  |  |  | 15 |  |  |  |  |  | 13 |
GSAMP Trust |  |  |  |  |  |  |  |  |  |
7.078% due 12/25/2034 •(h) |  |  |  |  | 2,156 |  |  |  |  |  | 1,736 |
Home Equity Mortgage Loan Asset-Backed Trust |
4.693% due 04/25/2037 •(h) |  |  |  |  | 3,021 |  |  |  |  |  | 2,027 |
5.203% due 10/25/2035 • |  |  |  |  | 71 |  |  |  |  |  | 70 |
HSI Asset Securitization Corp. Trust |
4.673% due 04/25/2037 •(h) |  |  |  |  | 2,641 |  |  |  |  |  | 1,344 |
4.793% due 12/25/2036 •(h) |  |  |  |  | 4,148 |  |  |  |  |  | 1,089 |
MASTR Asset-Backed Securities Trust |
4.673% due 08/25/2036 •(h) |  |  |  |  | 2,370 |  |  |  |  |  | 879 |
Morgan Stanley ABS Capital, Inc. Trust |
4.593% due 10/25/2036 •(h) |  |  |  |  | 7,992 |  |  |  |  |  | 3,474 |
5.233% due 12/25/2034 • |  |  |  |  | 82 |  |  |  |  |  | 77 |
People’s Financial Realty Mortgage Securities Trust |
4.583% due 09/25/2036 •(h) |  |  |  |  | 5,606 |  |  |  |  |  | 1,041 |
Renaissance Home Equity Loan Trust |
7.238% due 09/25/2037 þ(h) |  |  |  |  | 3,245 |  |  |  |  |  | 1,297 |
Soundview Home Loan Trust |
5.403% due 10/25/2037 •(h) |  |  |  |  | 1,469 |  |  |  |  |  | 1,112 |
Structured Asset Investment Loan Trust |
8.953% due 10/25/2033 • |  |  |  |  | 68 |  |  |  |  |  | 78 |
|  |  | 28,895 |
MANUFACTURING HOUSE ABS OTHER 0.9% |
Conseco Finance Securitizations Corp. |
9.163% due 03/01/2033 ~ |  |  |  |  | 674 |  |  |  |  |  | 671 |
UCFC Manufactured Housing Contract |
7.900% due 01/15/2028 ~ |  |  |  |  | 25 |  |  |  |  |  | 24 |
|  |  | 695 |
MANUFACTURING HOUSE SEQUENTIAL 0.2% |
Bombardier Capital Mortgage Securitization Corp. |
7.830% due 06/15/2030 ~ |  |  |  |  | 1,185 |  |  |  |  |  | 102 |
Conseco Finance Securitizations Corp. |
7.960% due 05/01/2031 |  |  |  |  | 324 |  |  |  |  |  | 71 |
|  |  |  |  |  |  |  |  |  |  | 173 |
WHOLE LOAN COLLATERAL 1.7% |
Bear Stearns Asset-Backed Securities Trust |
5.287% due 07/25/2036 ~ |  |  |  |  | 12 |  |  |  |  |  | 12 |
Citigroup Mortgage Loan Trust |
5.153% due 11/25/2046 •(h) |  |  |  |  | 1,100 |  |  |  |  |  | 916 |
Lehman XS Trust |
6.260% due 11/25/2035 þ |  |  |  |  | 669 |  |  |  |  |  | 296 |
|  |  |  |  |  |  |  |  |  |  | 1,224 |
OTHER ABS 5.0% |  |  |  |  |  |  |  |  |  |  |  |
ABSLT DE 2024 LLC |
0.000% due 05/20/2033 «~ |  |  |  |  | 1,200 |  |  |  |  |  | 1,210 |
AIM Aviation Finance Ltd. |
6.213% due 02/15/2040 þ(h) |  |  |  |  | 594 |  |  |  |  |  | 550 |
Apex Credit CLO Ltd. |
0.000% due 10/20/2034 ~ |  |  |  |  | 500 |  |  |  |  |  | 291 |
Crown City CLO |
0.000% due 04/20/2035 ~ |  |  |  |  | 600 |  |  |  |  |  | 330 |
MAN GLG U.S. CLO Ltd. |
0.000% due 07/15/2034 ~ |  |  |  |  | 600 |  |  |  |  |  | 359 |
Marlette Funding Trust |
0.000% due 07/16/2029 «(e) |  |  |  |  | 5 |  |  |  |  |  | 8 |
0.000% due 03/15/2030 «(e) |  |  |  |  | 8 |  |  |  |  |  | 83 |
National Collegiate Commutation Trust |
0.000% due 03/25/2038 • |  |  |  |  | 3,496 |  |  |  |  |  | 665 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 27

Schedule of Investments |  | PIMCO PCM Fund, Inc. |  | (Cont.) |  |  |  |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
SMB Private Education Loan Trust |
0.000% due 02/16/2055 «(e) |  | $ |  |  | 0 |  |  | $ |  |  | 187 |
SoFi Professional Loan Program LLC |
0.000% due 09/25/2040 «(e) |  |  |  |  | 339 |  |  |  |  |  | 30 |
|  |  |  |  |  |  |  |  |  |  | 3,713 |
Total Asset-Backed Securities (Cost $48,744) |  |  | 34,928 |
|  |  |  | SHARES |  |  |  |  |  |
COMMON STOCKS 7.4% |
COMMUNICATION SERVICES 2.3% |
Clear Channel Outdoor Holdings, Inc. (d) |  |  |  |  | 108,013 |  |  |  |  |  | 148 |
iHeartMedia, Inc. ‘A’ (d) |  |  |  |  | 25,745 |  |  |  |  |  | 51 |
iHeartMedia, Inc. ‘B’ «(d) |  |  |  |  | 20,009 |  |  |  |  |  | 36 |
Syniverse Holdings, Inc. «(g) |  |  |  |  | 422,028 |  |  |  |  |  | 417 |
Windstream Units «(d) |  |  |  |  | 43,518 |  |  |  |  |  | 1,057 |
|  |  |  |  |  |  |  |  |  |  | 1,709 |
CONSUMER DISCRETIONARY 0.0% |
West Marine «(d)(g) |  |  |  |  | 2,750 |  |  |  |  |  | 17 |
FINANCIALS 0.0% |
MNEQ Holdings, Inc. «(d)(g) |  |  |  |  | 511 |  |  |  |  |  | 2 |
HEALTH CARE 5.0% |
Amsurg Equity «(d)(g) |  |  |  |  | 81,058 |  |  |  |  |  | 3,714 |
INDUSTRIALS 0.1% |
Clover Holdings, Inc. «(d)(g) |  |  |  |  | 1,626 |  |  |  |  |  | 34 |

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S) |
Mcdermott International Ltd. (d) |  |  |  |  | 7,216 |  |  | $ |  |  | 1 |
Westmoreland Mining Holdings «(d)(g) |  |  |  |  | 9,154 |  |  |  |  |  | 10 |
Westmoreland Mining LLC «(d)(g) |  |  |  |  | 9,234 |  |  |  |  |  | 32 |
|  |  |  |  |  |  |  |  |  |  | 77 |
Total Common Stocks (Cost $6,378) |  |  |  |  |  |  |  |  |  |  | 5,519 |
WARRANTS 0.5% |
COMMUNICATION SERVICES 0.5% |
Windstream Holdings II LLC - Exp. 10/25/2059 « |  |  |  |  | 28,626 |  |  |  |  |  | 372 |
CONSUMER DISCRETIONARY 0.0% |
West Marine - Exp. 09/08/2028 « |  |  |  |  | 357 |  |  |  |  |  | 0 |
Total Warrants (Cost $372) |  |  | 372 |
PREFERRED SECURITIES 0.4% |
INDUSTRIALS 0.4% |
SVB Financial Trust |
0.000% due 11/07/2032 (e) |  |  |  |  | 440 |  |  |  |  |  | 0 |
11.000% due 11/07/2032 |  |  |  |  | 583 |  |  |  |  |  | 291 |
Total Preferred Securities (Cost $326) |  |  |  |  |  | 291 |
REAL ESTATE INVESTMENT TRUSTS 0.8% |
REAL ESTATE 0.8% |
Uniti Group, Inc. |  |  |  |  | 34,736 |  |  |  |  |  | 191 |
VICI Properties, Inc. |  |  |  |  | 13,531 |  |  |  |  |  | 395 |
Total Real Estate Investment Trusts (Cost $256) |  |  | 586 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
SHORT-TERM INSTRUMENTS 0.4% |
U.S. TREASURY BILLS 0.4% |
4.363% due 03/06/2025 (e)(f)(k) |  | $ |  |  | 280 |  |  | $ |  |  | 278 |
Total Short-Term Instruments (Cost $278) |  |  |  |  |  | 278 |
Total Investments in Securities (Cost $128,824) |  |  | 106,741 |
|  |  |  | SHARES |  |  |  |  |  |
INVESTMENTS IN AFFILIATES 11.9% |
SHORT-TERM INSTRUMENTS 11.9% |
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.9% |
PIMCO Short-Term Floating NAV Portfolio III |  |  |  |  | 908,547 |  |  |  |  |  | 8,847 |
Total Short-Term Instruments (Cost $8,840) |  |  |  |  |  | 8,847 |
Total Investments in Affiliates (Cost $8,840) |  |  |  |  |  | 8,847 |
Total Investments 154.9% (Cost $137,664) |  |  | $ |  |  | 115,588 |
Financial Derivative Instruments (i)(j) (0.1)% (Cost or Premiums, net $1,139) |  |  |  |  |  | (102 | )
Other Assets and Liabilities, net (54.8)% |  |  |  |  |  | (40,855 | )
Net Assets 100.0% |  |  | $ |  |  | 74,631 |

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ | Security is in default.

« | Security valued using significant unobservable inputs (Level 3).

µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ | Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) | Security is an Interest Only (“IO”) or IO Strip.

(b) | 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) | Zero coupon security.

(f) | Coupon represents a yield to maturity.

(g) RESTRICTED SECURITIES:

Issuer Description |  | Acquisition Date |  |  | Cost |  |  | Market Value |  |  | Market Value as Percentage of Net Assets |
Amsurg Equity |  |  | 11/02/2023 - 11/06/2023 |  |  | $ | 3,387 |  |  | $ | 3,714 |  |  |  | 4.98 | %
Clover Holdings, Inc. |  |  | 12/09/2024 |  |  |  | 24 |  |  |  | 34 |  |  |  | 0.05 |
MNEQ Holdings, Inc. |  |  | 03/16/2023 - 03/29/2023 |  |  |  | 6 |  |  |  | 2 |  |  |  | 0.00 |
Syniverse Holdings, Inc. |  |  | 05/12/2022 - 11/30/2024 |  |  |  | 416 |  |  |  | 417 |  |  |  | 0.56 |
West Marine |  |  | 09/12/2023 |  |  |  | 39 |  |  |  | 17 |  |  |  | 0.02 |
Westmoreland Mining Holdings |  |  | 12/08/2014 |  |  |  | 267 |  |  |  | 10 |  |  |  | 0.01 |
Westmoreland Mining LLC |  |  | 06/30/2023 |  |  |  | 61 |  |  |  | 32 |  |  |  | 0.04 |
|  |  |  |  |  | $ | 4,200 |  |  |  | $ 4,226 |  |  |  | 5.66 | %

28 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:

Counterparty |  | Borrowing Rate (1) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (1) |  |  | Payable for Reverse Repurchase Agreements |
BNY |  |  | 5.560 | % |  |  | 10/09/2024 |  |  |  | 04/08/2025 |  |  | $ | (3,031 | ) |  | $ | (3,073 | )
BOS |  |  | 5.000 |  |  |  | 11/08/2024 |  |  |  | 02/10/2025 |  |  |  | (316 | ) |  |  | (318 | )
BPS |  |  | 5.170 |  |  |  | 10/29/2024 |  |  |  | 01/29/2025 |  |  |  | (201 | ) |  |  | (203 | )
|  |  | 5.690 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  | (268 | ) |  |  | (269 | )
|  |  | 5.710 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  | (3,351 | ) |  |  | (3,390 | )
|  |  | 5.710 |  |  |  | 11/22/2024 |  |  |  | 04/22/2025 |  |  |  | (4,318 | ) |  |  | (4,347 | )
|  |  | 5.810 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  | (641 | ) |  |  | (646 | )
|  |  | 6.010 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  | (1,545 | ) |  |  | (1,564 | )
BRC |  |  | 4.700 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  | (793 | ) |  |  | (794 | )
|  |  | 5.760 |  |  |  | 12/18/2024 |  |  |  | 04/21/2025 |  |  |  | (1,023 | ) |  |  | (1,026 | )
|  |  | 5.910 |  |  |  | 12/20/2024 |  |  |  | 04/21/2025 |  |  |  | (1,860 | ) |  |  | (1,864 | )
|  |  | 6.370 |  |  |  | 08/05/2024 |  |  |  | 02/05/2025 |  |  |  | (940 | ) |  |  | (965 | )
BYR |  |  | 4.960 |  |  |  | 11/21/2024 |  |  |  | 02/21/2025 |  |  |  | (501 | ) |  |  | (504 | )
|  |  | 4.960 |  |  |  | 12/17/2024 |  |  |  | 03/18/2025 |  |  |  | (1,462 | ) |  |  | (1,465 | )
DBL |  |  | 5.356 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  | (223 | ) |  |  | (224 | )
GLM |  |  | 5.320 |  |  |  | 09/27/2024 |  |  |  | 06/24/2025 |  |  |  | (538 | ) |  |  | (546 | )
|  |  | 5.420 |  |  |  | 09/27/2024 |  |  |  | 06/24/2025 |  |  |  | (609 | ) |  |  | (618 | )
IND |  |  | 5.250 |  |  |  | 11/25/2024 |  |  |  | 04/25/2025 |  |  |  | (96 | ) |  |  | (97 | )
|  |  | 5.260 |  |  |  | 12/06/2024 |  |  |  | 03/06/2025 |  |  |  | (611 | ) |  |  | (613 | )
|  |  | 5.310 |  |  |  | 12/06/2024 |  |  |  | 03/06/2025 |  |  |  | (1,411 | ) |  |  | (1,417 | )
MZF |  |  | 5.410 |  |  |  | 12/17/2024 |  |  |  | 06/11/2025 |  |  |  | (4,048 | ) |  |  | (4,058 | )
RTA |  |  | 5.580 |  |  |  | 12/18/2024 |  |  |  | 04/17/2025 |  |  |  | (636 | ) |  |  | (637 | )
|  |  | 5.730 |  |  |  | 12/24/2024 |  |  |  | 02/07/2025 |  |  |  | (158 | ) |  |  | (159 | )
|  |  | 5.780 |  |  |  | 10/08/2024 |  |  |  | 01/07/2025 |  |  |  | (1,766 | ) |  |  | (1,792 | )
SOG |  |  | 5.030 |  |  |  | 10/29/2024 |  |  |  | 01/29/2025 |  |  |  | (446 | ) |  |  | (450 | )
|  |  | 5.610 |  |  |  | 11/21/2024 |  |  |  | 05/20/2025 |  |  |  | (680 | ) |  |  | (684 | )
TDM |  |  | 4.500 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  | (18 | ) |  |  | (18 | )
UBS |  |  | 5.680 |  |  |  | 09/10/2024 |  |  |  | 03/10/2025 |  |  |  | (4,212 | ) |  |  | (4,288 | )
|  |  | 5.880 |  |  |  | 10/08/2024 |  |  |  | 01/08/2025 |  |  |  | (1,154 | ) |  |  | (1,170 | )
|  |  | 5.980 |  |  |  | 10/08/2024 |  |  |  | 01/08/2025 |  |  |  | (4,969 | ) |  |  | (5,040 | )
Total Reverse Repurchase Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (42,239 | )

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2024:

Counterparty |  | Repurchase Agreement Proceeds to be Received |  |  | Payable for Reverse Repurchase Agreements |  |  | Payable for Sale-Buyback Transactions |  |  | Total Borrowings and Other Financing Transactions |  |  | Collateral Pledged/(Received) |  |  | Net Exposure (3) |
Global/Master Repurchase Agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNY |  | $ | 0 |  |  | $ | (3,073 | ) |  | $ | 0 |  |  | $ | (3,073 | ) |  | $ | 3,639 |  |  | $ | 566 |
BOS |  |  | 0 |  |  |  | (318 | ) |  |  | 0 |  |  |  | (318 | ) |  |  | 352 |  |  |  | 34 |
BPS |  |  | 0 |  |  |  | (10,419 | ) |  |  | 0 |  |  |  | (10,419 | ) |  |  | 13,754 |  |  |  | 3,335 |
BRC |  |  | 0 |  |  |  | (4,649 | ) |  |  | 0 |  |  |  | (4,649 | ) |  |  | 6,201 |  |  |  | 1,552 |
BYR |  |  | 0 |  |  |  | (1,969 | ) |  |  | 0 |  |  |  | (1,969 | ) |  |  | 2,166 |  |  |  | 197 |
DBL |  |  | 0 |  |  |  | (224 | ) |  |  | 0 |  |  |  | (224 | ) |  |  | 264 |  |  |  | 40 |
GLM |  |  | 0 |  |  |  | (1,164 | ) |  |  | 0 |  |  |  | (1,164 | ) |  |  | 1,610 |  |  |  | 446 |
IND |  |  | 0 |  |  |  | (2,127 | ) |  |  | 0 |  |  |  | (2,127 | ) |  |  | 2,677 |  |  |  | 550 |
MZF |  |  | 0 |  |  |  | (4,058 | ) |  |  | 0 |  |  |  | (4,058 | ) |  |  | 5,912 |  |  |  | 1,854 |
RTA |  |  | 0 |  |  |  | (2,588 | ) |  |  | 0 |  |  |  | (2,588 | ) |  |  | 3,329 |  |  |  | 741 |
SOG |  |  | 0 |  |  |  | (1,134 | ) |  |  | 0 |  |  |  | (1,134 | ) |  |  | 1,286 |  |  |  | 152 |
TDM |  |  | 0 |  |  |  | (18 | ) |  |  | 0 |  |  |  | (18 | ) |  |  | 19 |  |  |  | 1 |
UBS |  |  | 0 |  |  |  | (10,498 | ) |  |  | 0 |  |  |  | (10,498 | ) |  |  | 13,674 |  |  |  | 3,176 |
Total Borrowings and Other Financing Transactions |  | $ | 0 |  |  | $ | (42,239 | ) |  | $ | 0 |  |  |  |  |  |  |  |  |  |  |  |  |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 29

Schedule of Investments |  | PIMCO PCM Fund, Inc. |  | (Cont.) |  |  |  |

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements

|  | Overnight and Continuous |  |  | Up to 30 days |  |  | 31-90 days |  |  | Greater Than 90 days |  |  | Total |
Reverse Repurchase Agreements |
Corporate Bonds & Notes |  | $ | 0 |  |  | $ | (653 | ) |  | $ | (2,446 | ) |  | $ | (909 | ) |  | $ | (4,008 | )
U.S. Government Agencies |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (194 | ) |  |  | (194 | )
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | (1,147 | ) |  |  | (3,219 | ) |  |  | (10,659 | ) |  |  | (15,025 | )
Asset-Backed Securities |  |  | 0 |  |  |  | (6,855 | ) |  |  | (4,288 | ) |  |  | (11,869 | ) |  |  | (23,012 | )
Total Borrowings |  | $ | 0 |  |  | $ | (8,655 | ) |  | $ | (9,953 | ) |  | $ | (23,631 | ) |  | $ | (42,239 | )
Payable for reverse repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (42,239 | )

(h) | Securities with an aggregate market value of $54,173 and cash of $730 have been pledged as collateral under the terms of the above master agreements as of December 31, 2024.

(1) | The average amount of borrowings outstanding during the period ended December 31, 2024 was $(45,726) at a weighted average interest rate of 6.115%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2) | Open maturity reverse repurchase agreement.

(3) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Expiration Month |  |  | # of Contracts |  |  | Notional Amount |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Variation Margin |
| Asset |  |  | Liability |
3-Month SOFR Active Contract December Futures |  |  | 03/2025 |  |  |  | 1 |  |  | $ | (239 | ) |  | $ | 5 |  |  | $ | 0 |  |  | $ | 0 |
3-Month SOFR Active Contract December Futures |  |  | 03/2026 |  |  |  | 1 |  |  |  | (240 | ) |  |  | 5 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract June Futures |  |  | 09/2025 |  |  |  | 2 |  |  |  | (480 | ) |  |  | 9 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2025 |  |  |  | 2 |  |  |  | (479 | ) |  |  | 10 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2026 |  |  |  | 1 |  |  |  | (240 | ) |  |  | 4 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract September Futures |  |  | 12/2025 |  |  |  | 1 |  |  |  | (240 | ) |  |  | 5 |  |  |  | 0 |  |  |  | 0 |
Total Futures Contracts |  |  | $ | 38 |  |  | $ | 0 |  |  | $ | 0 |

SWAP AGREEMENTS:
INTEREST RATE SWAPS

Pay/Receive Floating Rate |  | Floating Rate Index |  | Fixed Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Market Value |  |  | Variation Margin |
| Asset |  |  | Liability |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.350 | % |  | Annual |  |  | 01/17/2025 |  |  | $ | 1,900 |  |  | $ | 0 |  |  | $ | 56 |  |  | $ | 56 |  |  | $ | 0 |  |  | $ | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.300 |  |  | Annual |  |  | 01/17/2026 |  |  |  | 300 |  |  |  | 0 |  |  |  | 14 |  |  |  | 14 |  |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.250 |  |  | Semi-Annual |  |  | 12/15/2026 |  |  |  | 200 |  |  |  | (1 | ) |  |  | (11 | ) |  |  | (12 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.550 |  |  | Semi-Annual |  |  | 01/20/2027 |  |  |  | 1,900 |  |  |  | (4 | ) |  |  | (106 | ) |  |  | (110 | ) |  |  | 0 |  |  |  | (1 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 0.500 |  |  | Semi-Annual |  |  | 06/16/2028 |  |  |  | 140 |  |  |  | (5 | ) |  |  | (12 | ) |  |  | (17 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 12/20/2028 |  |  |  | 4,900 |  |  |  | 45 |  |  |  | (100 | ) |  |  | (55 | ) |  |  | 0 |  |  |  | (2 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.700 |  |  | Semi-Annual |  |  | 01/12/2029 |  |  |  | 2,000 |  |  |  | (6 | ) |  |  | (194 | ) |  |  | (200 | ) |  |  | 0 |  |  |  | (1 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 4.250 |  |  | Annual |  |  | 06/19/2029 |  |  |  | 7,800 |  |  |  | (32 | ) |  |  | 60 |  |  |  | 28 |  |  |  | 0 |  |  |  | (4 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 4.500 |  |  | Annual |  |  | 06/17/2030 |  |  |  | 10,300 |  |  |  | 8 |  |  |  | 185 |  |  |  | 193 |  |  |  | 0 |  |  |  | (5 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.370 |  |  | Semi-Annual |  |  | 07/19/2031 |  |  |  | 100 |  |  |  | 0 |  |  |  | 17 |  |  |  | 17 |  |  |  | 0 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.360 |  |  | Semi-Annual |  |  | 07/20/2031 |  |  |  | 100 |  |  |  | 0 |  |  |  | 17 |  |  |  | 17 |  |  |  | 0 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.500 |  |  | Annual |  |  | 12/20/2033 |  |  |  | 1,800 |  |  |  | 54 |  |  |  | 23 |  |  |  | 77 |  |  |  | 3 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.000 |  |  | Semi-Annual |  |  | 12/19/2038 |  |  |  | 5,200 |  |  |  | 13 |  |  |  | 762 |  |  |  | 775 |  |  |  | 9 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.000 |  |  | Semi-Annual |  |  | 01/15/2050 |  |  |  | 100 |  |  |  | (1 | ) |  |  | 37 |  |  |  | 36 |  |  |  | 0 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.625 |  |  | Semi-Annual |  |  | 01/16/2050 |  |  |  | 400 |  |  |  | 0 |  |  |  | 169 |  |  |  | 169 |  |  |  | 1 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Semi-Annual |  |  | 01/22/2050 |  |  |  | 700 |  |  |  | (4 | ) |  |  | 285 |  |  |  | 281 |  |  |  | 1 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.625 |  |  | Semi-Annual |  |  | 02/03/2050 |  |  |  | 400 |  |  |  | (2 | ) |  |  | 170 |  |  |  | 168 |  |  |  | 0 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.450 |  |  | Semi-Annual |  |  | 04/07/2051 |  |  |  | 1,300 |  |  |  | (1 | ) |  |  | 602 |  |  |  | 601 |  |  |  | 1 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 06/15/2052 |  |  |  | 5,700 |  |  |  | 994 |  |  |  | 1,211 |  |  |  | 2,205 |  |  |  | 7 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 12/21/2052 |  |  |  | 2,800 |  |  |  | 674 |  |  |  | 367 |  |  |  | 1,041 |  |  |  | 3 |  |  |  | 0 |
Total Swap Agreements |  |  | $ | 1,732 |  |  | $ | 3,552 |  |  | $ | 5,284 |  |  | $ | 25 |  |  | $ | (13 | )

30 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |
|  | Market Value |  |  | Variation Margin Asset |  |  |  |  |  |  |  |  | Market Value |  |  | Variation Margin Liability |  |  |  |
|  | Purchased Options |  |  | Futures |  |  | Swap Agreements |  |  | Total |  |  |  |  |  | Written Options |  |  | Futures |  |  | Swap Agreements |  |  | Total |
Total Exchange-Traded or Centrally Cleared |  | $ | 0 |  |  | $ | 0 |  |  | $ | 25 |  |  | $ | 25 |  |  |  |  |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (13) |  |  | $ | (13) |

Cash of $1,128 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION
(1)

Counterparty |  | Index/Tranches |  | Fixed Receive Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount (2) |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value (3) |
| Asset |  |  | Liability |
GST |  | ABX.HE.AA.6-1 Index « |  |  | 0.320 | % |  | Monthly |  |  | 07/25/2045 |  |  | $ |  |  |  |  | 1,456 |  |  | $ | (290 | ) |  | $ | 182 |  |  | $ | 0 |  |  | $ | (108 | )
|  | ABX.HE.PENAAA.7-1 Index « |  |  | 0.090 |  |  | Monthly |  |  | 08/25/2037 |  |  |  |  |  |  |  | 386 |  |  |  | (303 | ) |  |  | 297 |  |  |  | 0 |  |  |  | (6 | )
Total Swap Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (593 | ) |  | $ | 479 |  |  | $ | 0 |  |  | $ | (114 | )

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |  |  |  |  |  |  |  |  |  |
Counterparty |  | Forward Foreign Currency Contracts |  |  | Purchased Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  |  |  |  | Forward Foreign Currency Contracts |  |  | Written Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  | Net Market Value of OTC Derivatives |  |  | Collateral Pledged/ (Received) |  |  | Net Exposure (4) |
GST |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  |  |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (114 | ) |  | $ | (114 | ) |  | $ | (114 | ) |  | $ | 278 |  |  | $ | 164 |

(k) | Securities with an aggregate market value of $278 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2024.

(1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(3) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(4) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 31

Schedule of Investments |  | PIMCO PCM Fund, Inc. |  | (Cont.) |  |  |  |

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |
Swap Agreements |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 25 |  |  | $ | 25 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |
Swap Agreements |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 13 |  |  | $ | 13 |
Over the counter |
Swap Agreements |  | $ | 0 |  |  | $ | 114 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 114 |
|  | $ | 0 |  |  | $ | 114 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 13 |  |  | $ | 127 |

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024: |
|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Net Realized Gain (Loss) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 27 |  |  | $ | 27 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 78 |  |  |  | 78 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 105 |  |  | $ | 105 |
Over the counter |
Swap Agreements |  | $ | 0 |  |  | $ | 38 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 38 |
|  | $ | 0 |  |  | $ | 38 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 105 |  |  | $ | 143 |
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (34 | ) |  | $ | (34 | )
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 332 |  |  |  | 332 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 298 |  |  | $ | 298 |
Over the counter |
Swap Agreements |  | $ | 0 |  |  | $ | 12 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 12 |
|  | $ | 0 |  |  | $ | 12 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 298 |  |  | $ | 310 |

FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 345 |  |  | $ | 11,624 |  |  | $ | 3,697 |  |  | $ | 15,666 |
Corporate Bonds & Notes |
Banking & Finance |  |  | 0 |  |  |  | 2,154 |  |  |  | 0 |  |  |  | 2,154 |
Industrials |  |  | 0 |  |  |  | 9,274 |  |  |  | 3,635 |  |  |  | 12,909 |
Utilities |  |  | 0 |  |  |  | 371 |  |  |  | 0 |  |  |  | 371 |
Convertible Bonds & Notes |
Industrials |  |  | 0 |  |  |  | 472 |  |  |  | 0 |  |  |  | 472 |
Municipal Bonds & Notes |
Puerto Rico |  |  | 0 |  |  |  | 161 |  |  |  | 0 |  |  |  | 161 |
U.S. Government Agencies |  |  | 0 |  |  |  | 5,010 |  |  |  | 0 |  |  |  | 5,010 |
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | 27,999 |  |  |  | 25 |  |  |  | 28,024 |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobile ABS Other |  |  | 0 |  |  |  | 0 |  |  |  | 228 |  |  |  | 228 |

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Home Equity Other |  | $ | 0 |  |  | $ | 28,895 |  |  | $ | 0 |  |  | $ | 28,895 |
Manufacturing House ABS Other |  |  | 0 |  |  |  | 695 |  |  |  | 0 |  |  |  | 695 |
Manufacturing House Sequential |  |  | 0 |  |  |  | 173 |  |  |  | 0 |  |  |  | 173 |
Whole Loan Collateral |  |  | 0 |  |  |  | 1,224 |  |  |  | 0 |  |  |  | 1,224 |
Other ABS |  |  | 0 |  |  |  | 2,195 |  |  |  | 1,518 |  |  |  | 3,713 |
Common Stocks |
Communication Services |  |  | 199 |  |  |  | 0 |  |  |  | 1,510 |  |  |  | 1,709 |
Consumer Discretionary |  |  | 0 |  |  |  | 0 |  |  |  | 17 |  |  |  | 17 |
Financials |  |  | 0 |  |  |  | 0 |  |  |  | 2 |  |  |  | 2 |
Health Care |  |  | 0 |  |  |  | 0 |  |  |  | 3,714 |  |  |  | 3,714 |
Industrials |  |  | 1 |  |  |  | 0 |  |  |  | 76 |  |  |  | 77 |
Warrants |
Communication Services |  |  | 0 |  |  |  | 0 |  |  |  | 372 |  |  |  | 372 |

32 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Preferred Securities |
Industrials |  | $ | 0 |  |  | $ | 291 |  |  | $ | 0 |  |  | $ | 291 |
Real Estate Investment Trusts |
Real Estate |  |  | 586 |  |  |  | 0 |  |  |  | 0 |  |  |  | 586 |
Short-Term Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Bills |  |  | 0 |  |  |  | 278 |  |  |  | 0 |  |  |  | 278 |
|  | $ | 1,131 |  |  | $ | 90,816 |  |  | $ | 14,794 |  |  | $ | 106,741 |
Investments in Affiliates, at Value |
Short-Term Instruments |
Central Funds Used for Cash Management Purposes |  | $ | 8,847 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 8,847 |
Total Investments |  | $ | 9,978 |  |  | $ | 90,816 |  |  | $ | 14,794 |  |  | $ | 115,588 |

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |  | $ | 0 |  |  | $ | 25 |  |  | $ | 0 |  |  | $ | 25 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |  |  | 0 |  |  |  | (13 | ) |  |  | 0 |  |  |  | (13 | )
Over the counter |  |  | 0 |  |  |  | 0 |  |  |  | (114 | ) |  |  | (114 | )
|  | $ | 0 |  |  | $ | (13 | ) |  | $ | (114 | ) |  | $ | (127 | )
Total Financial Derivative Instruments |  | $ | 0 |  |  | $ | 12 |  |  | $ | (114 | ) |  | $ | (102 | )
Totals |  | $ | 9,978 |  |  | $ | 90,828 |  |  | $ | 14,680 |  |  | $ | 115,486 |

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2024:

Category and Subcategory |  | Beginning Balance at 06/30/2024 |  |  | Net Purchases (1) |  |  | Net Sales/ Settlements (1) |  |  | Accrued Discounts/ (Premiums) |  |  | Realized Gain/(Loss) |  |  | Net Change in Unrealized Appreciation/ (Depreciation) (2) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Ending Balance at 12/31/2024 |  |  | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024 (2) |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 4,920 |  |  | $ | 700 |  |  | $ | (197 | ) |  | $ | (1 | ) |  | $ | 0 |  |  | $ | 33 |  |  | $ | 20 |  |  | $ | (1,778 | ) |  | $ | 3,697 |  |  | $ | 1 |
Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banking & Finance |  |  | 134 |  |  |  | 0 |  |  |  | (185 | ) |  |  | 0 |  |  |  | 10 |  |  |  | 41 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (113 | )
Industrials |  |  | 3,804 |  |  |  | 0 |  |  |  | 0 |  |  |  | (4 | ) |  |  | 0 |  |  |  | (348 | ) |  |  | 183 |  |  |  | 0 |  |  |  | 3,635 |  |  |  | (348 | )
Non-Agency Mortgage-Backed Securities |  |  | 1,173 |  |  |  | 0 |  |  |  | (118 | ) |  |  | 7 |  |  |  | 14 |  |  |  | 68 |  |  |  | 0 |  |  |  | (1,119 | ) |  |  | 25 |  |  |  | 23 |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobile ABS Other |  |  | 748 |  |  |  | 0 |  |  |  | (97 | ) |  |  | 0 |  |  |  | (251 | ) |  |  | (172 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 228 |  |  |  | (443 | )
Home Equity Other |  |  | 475 |  |  |  | 0 |  |  |  | (113 | ) |  |  | 2 |  |  |  | 12 |  |  |  | 11 |  |  |  | 0 |  |  |  | (387 | ) |  |  | 0 |  |  |  | 0 |
Whole Loan Collateral |  |  | 14 |  |  |  | 0 |  |  |  | (3 | ) |  |  | 0 |  |  |  | 1 |  |  |  | 0 |  |  |  | 0 |  |  |  | (12 | ) |  |  | 0 |  |  |  | 0 |
Other ABS |  |  | 611 |  |  |  | 1,210 |  |  |  | (67 | ) |  |  | 3 |  |  |  | 8 |  |  |  | (247 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 1,518 |  |  |  | (240 | )
Common Stocks |
Communication Services (3) |  |  | 1,128 |  |  |  | 25 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 357 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,510 |  |  |  | 358 |
Consumer Discretionary (4) |  |  | 1,800 |  |  |  | 0 |  |  |  | (1,825 | ) |  |  | 0 |  |  |  | 1,400 |  |  |  | (1,358 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 17 |  |  |  | 0 |
Energy |  |  | 173 |  |  |  | 0 |  |  |  | (187 | ) |  |  | 0 |  |  |  | 138 |  |  |  | (124 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Financials |  |  | 0 |  |  |  | 6 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (4 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 2 |  |  |  | (4 | )
Health Care |  |  | 4,013 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (299 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 3,714 |  |  |  | (299 | )
Industrials |  |  | 60 |  |  |  | 24 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (8 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 76 |  |  |  | (8 | )
Warrants |
Communication Services |  |  | 0 |  |  |  | 372 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 372 |  |  |  | 0 |
Preferred Securities |
Industrials |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (604 | ) |  |  | 604 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
|  | $ | 19,053 |  |  | $ | 2,337 |  |  | $ | (2,792 | ) |  | $ | 7 |  |  | $ | 728 |  |  | $ | (1,446 | ) |  | $ | 203 |  |  | $ | (3,296 | ) |  | $ | 14,794 |  |  | $ | (1,073 | )
Financial Derivative Instruments - Liabilities |
Over the counter |  | $ | (144 | ) |  | $ | 118 |  |  | $ | (24 | ) |  | $ | 0 |  |  | $ | 31 |  |  | $ | (95 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (114 | ) |  | $ | 23 |
Totals |  | $ | 18,909 |  |  | $ | 2,455 |  |  | $ | (2,816 | ) |  | $ | 7 |  |  | $ | 759 |  |  | $ | (1,541 | ) |  | $ | 203 |  |  | $ | (3,296 | ) |  | $ | 14,680 |  |  | $ | (1,050 | )

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 12/31/2024 |  |  | Valuation Technique |  | Unobservable Inputs |  |  |  | (% Unless Noted Otherwise) |
| Input Value(s) |  |  | Weighted Average |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 81 |  |  | Comparable Companies |  | EBITDA Multiple |  | X |  |  | 13.750 |  |  |  | — |
|  |  | 2,944 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  | 7.630-25.430 |  |  |  | 15.044 |
|  |  | 20 |  |  | Expected Recovery |  | Recovery Rate |  |  |  |  | 15.419 |  |  |  | — |
|  |  | 155 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  | 82.000 |  |  |  | — |
|  |  | 90 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  | — |  |  |  | — |
|  |  | 407 |  |  | Recent Transaction |  | Purchase Price |  |  |  |  | 99.500 |  |  |  | — |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 33

Schedule of Investments |  | PIMCO PCM Fund, Inc. |  | (Cont.) |  | December 31, 2024 |  | (Unaudited)

Category and Subcategory |  | Ending Balance at 12/31/2024 |  |  | Valuation Technique |  | Unobservable Inputs |  |  |  | (% Unless Noted Otherwise) |
| Input Value(s) |  |  | Weighted Average |
Corporate Bonds & Notes |
Industrials |  | $ | 3,452 |  |  | Comparable Companies/ Discounted Cash Flow |  | Revenue Multiple/ Discount Rate |  | X/% |  |  | 1.000/9.750 |  |  |  | — |
|  |  | 183 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  | 61.000 |  |  |  | — |
Non-Agency Mortgage-Backed Securities |  |  | 25 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  | 10.000 |  |  |  | — |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobile ABS Other |  |  | 228 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  | 16.000 |  |  |  | — |
Other ABS |  |  | 308 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  | 12.000-13.000 |  |  |  | 12.608 |
|  |  | 1,210 |  |  | Recent Transaction |  | Purchase Price |  |  |  |  | 100.850 |  |  |  | — |
Common Stocks |  |  |  |
Communication Services |  |  | 1,057 |  |  | Comparable Companies |  | EBITDA Multiple |  | X |  |  | 4.640 |  |  |  | — |
|  |  | 417 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  | 12.280 |  |  |  | — |
|  |  | 36 |  |  | Reference Instrument |  | Stock Price w/Liquidity Discount |  |  |  |  | 10.000 |  |  |  | — |
Consumer Discretionary |  |  | 17 |  |  | Discounted Cash Flow/Comparable Companies |  | Discount Rate/Revenue Multiple |  | %/X |  |  | 20.750/0.500 |  |  |  | — |
Financials |  |  | 2 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  | — |  |  |  | — |
Health Care |  |  | 3,714 |  |  | Comparable Companies |  | EBITDA Multiple |  | X |  |  | 13.750 |  |  |  | — |
Industrials |  |  | 42 |  |  | Indicative Market Quotation |  | Broker Quote |  | $ |  |  | 1.130-3.500 |  |  |  | 2.927 |
|  |  | 34 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  | — |  |  |  | — |
Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communication Services |  |  | 372 |  |  | Recent Transaction |  | Purchase Price |  | $ |  |  | 13.000 |  |  |  | — |
Financial Derivative Instruments - Liabilities |
Loan Participations and Assignments |  |  | (114 | ) |  | Indicative Market Quotation |  | Broker Quote |  | $ |  |  | 92.500-98.500 |  |  |  | 92.818 |
Total |  | $ | 14,680 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

(2) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.

(3) | Sector type updated from Industrials and Utilities to Communication Services since prior fiscal year end.

(4) | Sector type updated from Industrials and Utilities to Consumer Discretionary since prior fiscal year end.

(5) | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

34 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

Schedule of Investments |  | PIMCO Global StocksPLUS ® & Income Fund |  |  |  | December 31, 2024 |  | (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
INVESTMENTS IN SECURITIES 143.3% |
LOAN PARTICIPATIONS AND ASSIGNMENTS 22.7% |
Aligned Data Centers International LP |
8.447% (TSFR3M + 3.500%) due 05/16/2028 «~ |  | $ |  |  | 500 |  |  | $ |  |  | 498 |
Altice France SA |
10.147% due 08/15/2028 ~ |  |  |  |  | 398 |  |  |  |  |  | 321 |
Clover Holdings 2 LLC |
TBD% due 11/01/2029 ~µ |  |  |  |  | 106 |  |  |  |  |  | 106 |
8.428% due 11/01/2031 ~ |  |  |  |  | 800 |  |  |  |  |  | 810 |
CoreWeave Compute Acquisition Co. LLC |
TBD% (TSFR3M + 6.000%) due 05/16/2029 «~µ |  |  |  |  | 1,300 |  |  |  |  |  | 1,303 |
Databricks, Inc. |
TBD% due 12/20/2030 «µ |  |  |  |  | 36 |  |  |  |  |  | 36 |
TBD% due 12/20/2030 « |  |  |  |  | 164 |  |  |  |  |  | 163 |
Diamond Sports Group LLC |
TBD% due 05/25/2026 «~ |  |  |  |  | 133 |  |  |  |  |  | 20 |
Endure Digital, Inc. |
8.138% due 02/10/2028 «~ |  |  |  |  | 199 |  |  |  |  |  | 164 |
Envision Healthcare Corp. |
11.382% due 07/20/2026 «~ |  |  |  |  | 226 |  |  |  |  |  | 226 |
12.507% due 11/03/2028 ~ |  |  |  |  | 1,961 |  |  |  |  |  | 1,990 |
Forward Air Corp. |
9.085% due 12/19/2030 ~ |  |  |  |  | 400 |  |  |  |  |  | 402 |
Gateway Casinos & Entertainment Ltd. |
TBD% due 12/18/2030 |  |  |  |  | 825 |  |  |  |  |  | 839 |
Hudson’s Bay Co. |
TBD% due 04/03/2026 |  |  |  |  | 14 |  |  |  |  |  | 13 |
Ivanti Software, Inc. |
9.121% due 12/01/2027 ~ |  |  |  |  | 730 |  |  |  |  |  | 599 |
Lealand Finance Co. BV |
7.471% due 06/30/2027 ~ |  |  |  |  | 7 |  |  |  |  |  | 4 |
8.472% due 12/31/2027 ~ |  |  |  |  | 72 |  |  |  |  |  | 29 |
MPH Acquisition Holdings LLC |
9.026% due 09/01/2028 ~ |  |  |  |  | 197 |  |  |  |  |  | 170 |
Ocs Group Holdings Ltd. |
TBD% due 11/27/2031 «~ |  | GBP |  |  | 1,000 |  |  |  |  |  | 1,242 |
Poseidon Bidco SASU |
7.683% (EUR003M + 5.000%) due 03/13/2030 ~ |  | EUR |  |  | 400 |  |  |  |  |  | 271 |
Promotora de Informaciones SA |
8.189% (EUR006M + 5.000%) due 06/30/2026 «~ |  |  |  |  | 1,800 |  |  |  |  |  | 1,864 |
Softbank Vision Fund II |
6.000% due 12/23/2025 «~ |  | $ |  |  | 606 |  |  |  |  |  | 598 |
Steenbok Lux Finco 2 SARL |
10.000% due 06/30/2026 ~ |  | EUR |  |  | 2,848 |  |  |  |  |  | 937 |
Syniverse Holdings, Inc. |
11.329% due 05/13/2027 ~ |  | $ |  |  | 2,050 |  |  |  |  |  | 2,059 |
The Stepstone Group MidCo 2 GMBH |
TBD% due 12/04/2031 ~ |  | EUR |  |  | 1,000 |  |  |  |  |  | 1,026 |
TBD% due 12/04/2031 ~ |  | $ |  |  | 200 |  |  |  |  |  | 198 |
U.S. Renal Care, Inc. |
9.471% due 06/20/2028 ~ |  |  |  |  | 1,576 |  |  |  |  |  | 1,480 |
Unicorn Bay |
13.000% due 12/31/2026 « |  | HKD |  |  | 7,789 |  |  |  |  |  | 1,004 |
Vantive Health LLC |
TBD% due 07/23/2029 «µ |  | $ |  |  | 31 |  |  |  |  |  | 30 |
TBD% due 07/23/2031 « |  |  |  |  | 169 |  |  |  |  |  | 167 |
Wesco Aircraft Holdings, Inc. |
13.153% (TSFR1M + 8.600%) due 02/01/2025 «~ |  |  |  |  | 1,086 |  |  |  |  |  | 1,163 |
Westmoreland Coal Co. |
8.000% due 03/15/2029 |  |  |  |  | 404 |  |  |  |  |  | 252 |
Total Loan Participations and Assignments (Cost $21,460) |  |  | 19,984 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
CORPORATE BONDS & NOTES 32.4% |
BANKING & FINANCE 7.6% |
Adler Financing SARL |
12.500% due 12/31/2028 |  | EUR |  |  | 658 |  |  | $ |  |  | 705 |
ADLER Real Estate GmbH |
3.000% due 04/27/2026 |  |  |  |  | 1,300 |  |  |  |  |  | 1,289 |
Ambac Assurance Corp. |
5.100% due 12/31/2099 (g) |  | $ |  |  | 13 |  |  |  |  |  | 17 |
Armor Holdco, Inc. |
8.500% due 11/15/2029 (i) |  |  |  |  | 200 |  |  |  |  |  | 203 |
Banca Monte dei Paschi di Siena SpA |
8.000% due 01/22/2030 • |  | EUR |  |  | 120 |  |  |  |  |  | 125 |
CI Financial Corp. |
7.500% due 05/30/2029 |  | $ |  |  | 900 |  |  |  |  |  | 943 |
Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
8.000% due 12/31/2026 (b) |  | EUR |  |  | 147 |  |  |  |  |  | 62 |
Credit Suisse AG AT1 Claim |  | $ |  |  | 200 |  |  |  |  |  | 25 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
6.375% due 07/01/2034 |  |  |  |  | 400 |  |  |  |  |  | 390 |
Hestia Re Ltd. |
14.364% (T-BILL 1MO + 10.080%) due 04/22/2025 ~ |  |  |  |  | 250 |  |  |  |  |  | 227 |
Integrity Re Ltd. |
27.284% (T-BILL 1MO + 23.000%) due 06/08/2026 ~ |  |  |  |  | 100 |  |  |  |  |  | 92 |
Intesa Sanpaolo SpA |
7.200% due 11/28/2033 |  |  |  |  | 500 |  |  |  |  |  | 541 |
Kennedy Wilson Europe Real Estate Ltd. |
3.250% due 11/12/2025 |  | EUR |  |  | 63 |  |  |  |  |  | 65 |
Sanders Re Ltd. |
17.284% (T-BILL 3MO + 13.000%) due 04/09/2029 ~ |  | $ |  |  | 250 |  |  |  |  |  | 245 |
Titanium 2l Bondco SARL |
6.250% due 01/14/2031 |  | EUR |  |  | 967 |  |  |  |  |  | 341 |
Uniti Group LP |
6.000% due 01/15/2030 (i) |  | $ |  |  | 1,127 |  |  |  |  |  | 991 |
10.500% due 02/15/2028 (i) |  |  |  |  | 440 |  |  |  |  |  | 470 |
Voyager Aviation Holdings LLC |
8.500% due 05/09/2026 ^«(c) |  |  |  |  | 1,216 |  |  |  |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  | 6,731 |
INDUSTRIALS 20.5% |
Altice France Holding SA |
8.000% due 05/15/2027 |  | EUR |  |  | 200 |  |  |  |  |  | 56 |
10.500% due 05/15/2027 |  | $ |  |  | 600 |  |  |  |  |  | 178 |
Altice France SA |
4.125% due 01/15/2029 |  | EUR |  |  | 100 |  |  |  |  |  | 79 |
5.125% due 01/15/2029 |  | $ |  |  | 200 |  |  |  |  |  | 152 |
5.125% due 07/15/2029 |  |  |  |  | 1,125 |  |  |  |  |  | 844 |
5.500% due 01/15/2028 |  |  |  |  | 200 |  |  |  |  |  | 148 |
Carvana Co. (11.000% Cash or 13.000% PIK) |
11.000% due 06/01/2030 (b) |  |  |  |  | 268 |  |  |  |  |  | 281 |
DISH DBS Corp. |
5.250% due 12/01/2026 |  |  |  |  | 2,000 |  |  |  |  |  | 1,822 |
5.750% due 12/01/2028 |  |  |  |  | 100 |  |  |  |  |  | 86 |
Ecopetrol SA |
7.750% due 02/01/2032 |  |  |  |  | 900 |  |  |  |  |  | 874 |
8.375% due 01/19/2036 |  |  |  |  | 30 |  |  |  |  |  | 29 |
Exela Intermediate LLC (5.750% Cash and 5.750% PIK) |
11.500% due 04/15/2026 (b) |  |  |  |  | 15 |  |  |  |  |  | 2 |
Flora Food Management BV |
6.875% due 07/02/2029 |  | EUR |  |  | 300 |  |  |  |  |  | 325 |
GN Bondco LLC |
9.500% due 10/15/2031 |  | $ |  |  | 200 |  |  |  |  |  | 211 |
Hertz Corp. |
12.625% due 07/15/2029 |  |  |  |  | 300 |  |  |  |  |  | 320 |
Intelsat Jackson Holdings SA |
6.500% due 03/15/2030 (i) |  |  |  |  | 1,025 |  |  |  |  |  | 948 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
JetBlue Airways Corp. |
9.875% due 09/20/2031 (i) |  | $ |  |  | 1,134 |  |  | $ |  |  | 1,206 |
Newfold Digital Holdings Group, Inc. |
6.000% due 02/15/2029 « |  |  |  |  | 300 |  |  |  |  |  | 183 |
Nissan Motor Co. Ltd. |
4.810% due 09/17/2030 (i) |  |  |  |  | 1,000 |  |  |  |  |  | 941 |
Noble Finance LLC |
8.000% due 04/15/2030 |  |  |  |  | 400 |  |  |  |  |  | 404 |
Petroleos Mexicanos |
6.700% due 02/16/2032 (i) |  |  |  |  | 100 |  |  |  |  |  | 87 |
6.840% due 01/23/2030 |  |  |  |  | 200 |  |  |  |  |  | 183 |
8.750% due 06/02/2029 |  |  |  |  | 306 |  |  |  |  |  | 307 |
Prime Healthcare Services, Inc. |
9.375% due 09/01/2029 (i) |  |  |  |  | 400 |  |  |  |  |  | 389 |
Rivian Holdings LLC |
10.502% due 10/15/2026 • |  |  |  |  | 200 |  |  |  |  |  | 201 |
Thames Water Utilities Finance PLC |
2.375% due 04/22/2040 |  | GBP |  |  | 100 |  |  |  |  |  | 92 |
9.750% due 04/30/2028 « |  |  |  |  | 29 |  |  |  |  |  | 34 |
Topaz Solar Farms LLC |
4.875% due 09/30/2039 |  | $ |  |  | 133 |  |  |  |  |  | 124 |
U.S. Renal Care, Inc. |
10.625% due 06/28/2028 (i) |  |  |  |  | 756 |  |  |  |  |  | 649 |
Vale SA |
0.000% due 12/29/2049 ~(g) |  | BRL |  |  | 20,000 |  |  |  |  |  | 1,148 |
Venture Global LNG, Inc. |
9.500% due 02/01/2029 |  | $ |  |  | 296 |  |  |  |  |  | 327 |
9.875% due 02/01/2032 |  |  |  |  | 200 |  |  |  |  |  | 220 |
Viridien |
8.750% due 04/01/2027 (i) |  |  |  |  | 1,187 |  |  |  |  |  | 1,168 |
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK) |
10.500% due 11/15/2026 ^«(b)(c) |  |  |  |  | 4,431 |  |  |  |  |  | 3,659 |
Yinson Boronia Production BV |
8.947% due 07/31/2042 |  |  |  |  | 400 |  |  |  |  |  | 418 |
|  |  |  |  |  |  |  |  |  |  | 18,095 |
UTILITIES 4.3% |
Chile Electricity Lux MPC SARL |
5.580% due 10/20/2035 |  |  |  |  | 450 |  |  |  |  |  | 438 |
FORESEA Holding SA |
7.500% due 06/15/2030 |  |  |  |  | 239 |  |  |  |  |  | 231 |
Oi SA (10.000% Cash or 7.500% Cash and 6.000% PIK) |
10.000% due 06/30/2027 (b) |  |  |  |  | 1,470 |  |  |  |  |  | 1,324 |
Oi SA (8.500% PIK) |
8.500% due 12/31/2028 (b) |  |  |  |  | 2,313 |  |  |  |  |  | 257 |
Pacific Gas & Electric Co. |
4.300% due 03/15/2045 (i) |  |  |  |  | 827 |  |  |  |  |  | 663 |
Peru LNG SRL |
5.375% due 03/22/2030 |  |  |  |  | 917 |  |  |  |  |  | 845 |
|  |  |  |  |  |  |  |  |  |  | 3,758 |
Total Corporate Bonds & Notes (Cost $32,627) |  |  | 28,584 |
CONVERTIBLE BONDS & NOTES 0.6% |
BANKING & FINANCE 0.0% |
Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
8.000% due 12/31/2026 (b) |  | EUR |  |  | 24 |  |  |  |  |  | 10 |
INDUSTRIALS 0.6% |
DISH Network Corp. |
3.375% due 08/15/2026 |  | $ |  |  | 600 |  |  |  |  |  | 503 |
Total Convertible Bonds & Notes (Cost $627) |  |  | 513 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 35

Schedule of Investments |  | PIMCO Global StocksPLUS ® & Income Fund |  | (Cont.) |  |  |  |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
MUNICIPAL BONDS & NOTES 1.5% |
ARIZONA 0.5% |
Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 |
7.375% due 10/01/2029 |  | $ |  |  | 450 |  |  | $ |  |  | 459 |
WEST VIRGINIA 1.0% |
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
0.000% due 06/01/2047 (f) |  |  |  |  | 8,800 |  |  |  |  |  | 820 |
Total Municipal Bonds & Notes (Cost $1,554) |  |  | 1,279 |
U.S. GOVERNMENT AGENCIES 48.8% |
Fannie Mae |
0.000% due 06/25/2044 • |  |  |  |  | 224 |  |  |  |  |  | 129 |
1.317% due 11/25/2049 •(a) |  |  |  |  | 96 |  |  |  |  |  | 11 |
1.367% due 03/25/2037 •(a) |  |  |  |  | 92 |  |  |  |  |  | 7 |
1.467% due 11/25/2039 •(a) |  |  |  |  | 89 |  |  |  |  |  | 7 |
1.617% due 01/25/2038 •(a) |  |  |  |  | 137 |  |  |  |  |  | 11 |
1.697% due 03/25/2037 •(a) |  |  |  |  | 104 |  |  |  |  |  | 8 |
1.717% due 12/25/2037 •(a) |  |  |  |  | 130 |  |  |  |  |  | 9 |
1.727% due 06/25/2037 •(a) |  |  |  |  | 51 |  |  |  |  |  | 3 |
1.767% due 04/25/2037 •(a) |  |  |  |  | 269 |  |  |  |  |  | 26 |
1.917% due 11/25/2035 •(a) |  |  |  |  | 11 |  |  |  |  |  | 0 |
2.117% due 11/25/2036 •(a) |  |  |  |  | 494 |  |  |  |  |  | 52 |
2.517% due 02/25/2037 •(a) |  |  |  |  | 92 |  |  |  |  |  | 10 |
3.000% due 04/25/2050 (a) |  |  |  |  | 10,423 |  |  |  |  |  | 1,586 |
7.611% due 12/25/2042 ~ |  |  |  |  | 23 |  |  |  |  |  | 23 |
Freddie Mac |
0.700% due 11/25/2055 ~(a) |  |  |  |  | 5,316 |  |  |  |  |  | 320 |
1.467% due 05/25/2050 •(a) |  |  |  |  | 911 |  |  |  |  |  | 101 |
1.728% due 03/15/2037 •(a) |  |  |  |  | 234 |  |  |  |  |  | 20 |
1.858% due 09/15/2036 •(a) |  |  |  |  | 128 |  |  |  |  |  | 11 |
1.868% due 09/15/2036 •(a) |  |  |  |  | 267 |  |  |  |  |  | 25 |
9.833% due 10/25/2029 •(i) |  |  |  |  | 250 |  |  |  |  |  | 270 |
12.069% due 10/25/2041 •(i) |  |  |  |  | 1,200 |  |  |  |  |  | 1,293 |
Ginnie Mae |
1.615% due 12/20/2048 •(a) |  |  |  |  | 722 |  |  |  |  |  | 61 |
Ginnie Mae, TBA |
3.500% due 01/01/2055 |  |  |  |  | 3,300 |  |  |  |  |  | 2,950 |
4.500% due 02/01/2055 |  |  |  |  | 2,200 |  |  |  |  |  | 2,079 |
Uniform Mortgage-Backed Security |
3.500% due 03/01/2048 - 04/01/2048 |  |  | 323 |  |  |  |  |  | 290 |
Uniform Mortgage-Backed Security, TBA |
2.500% due 01/01/2055 |  |  |  |  | 150 |  |  |  |  |  | 122 |
3.000% due 02/01/2055 |  |  |  |  | 1,250 |  |  |  |  |  | 1,062 |
3.500% due 02/01/2055 |  |  |  |  | 8,100 |  |  |  |  |  | 7,164 |
4.000% due 03/01/2055 |  |  |  |  | 1,650 |  |  |  |  |  | 1,509 |
4.500% due 02/01/2055 |  |  |  |  | 1,200 |  |  |  |  |  | 1,128 |
5.000% due 01/01/2055 |  |  |  |  | 2,400 |  |  |  |  |  | 2,317 |
5.500% due 02/01/2055 |  |  |  |  | 5,500 |  |  |  |  |  | 5,424 |
6.000% due 02/01/2055 |  |  |  |  | 6,700 |  |  |  |  |  | 6,726 |
6.500% due 02/01/2055 |  |  |  |  | 7,700 |  |  |  |  |  | 7,853 |
7.000% due 01/01/2055 |  |  |  |  | 400 |  |  |  |  |  | 415 |
Total U.S. Government Agencies (Cost $43,321) |  |  | 43,022 |
NON-AGENCY MORTGAGE-BACKED SECURITIES 13.4% |
Atrium Hotel Portfolio Trust |
6.195% due 12/15/2036 •(i) |  |  |  |  | 600 |  |  |  |  |  | 584 |
Banc of America Funding Trust |
2.372% due 03/20/2036 ~ |  |  |  |  | 72 |  |  |  |  |  | 68 |
2.903% due 12/20/2034 ~ |  |  |  |  | 91 |  |  |  |  |  | 64 |
5.846% due 01/25/2037 ~ |  |  |  |  | 82 |  |  |  |  |  | 74 |
Banc of America Mortgage Trust |
6.000% due 07/25/2046 |  |  |  |  | 1 |  |  |  |  |  | 1 |
Bear Stearns Adjustable Rate Mortgage Trust |
4.770% due 07/25/2036 ~ |  |  |  |  | 70 |  |  |  |  |  | 59 |
Bear Stearns ALT-A Trust |
3.161% due 04/25/2035 ~ |  |  |  |  | 73 |  |  |  |  |  | 57 |
5.031% due 11/25/2035 ~ |  |  |  |  | 49 |  |  |  |  |  | 37 |
5.151% due 09/25/2035 ~ |  |  |  |  | 57 |  |  |  |  |  | 33 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Bear Stearns Asset-Backed Securities Trust |
8.861% due 03/25/2036 •(i) |  | $ |  |  | 1,631 |  |  | $ |  |  | 483 |
Bear Stearns Commercial Mortgage Securities Trust |
4.817% due 02/11/2041 ~ |  |  |  |  | 119 |  |  |  |  |  | 119 |
Bear Stearns Structured Products, Inc. Trust |
4.219% due 12/26/2046 ~ |  |  |  |  | 122 |  |  |  |  |  | 95 |
5.514% due 01/26/2036 ~ |  |  |  |  | 210 |  |  |  |  |  | 152 |
CBA Commercial Small Balance Commercial Mortgage |
6.040% due 01/25/2039 þ |  |  |  |  | 76 |  |  |  |  |  | 71 |
CD Mortgage Trust |
5.688% due 10/15/2048 |  |  |  |  | 55 |  |  |  |  |  | 51 |
Chevy Chase Funding LLC Mortgage-Backed Certificates |
4.753% due 08/25/2035 • |  |  |  |  | 22 |  |  |  |  |  | 21 |
5.133% due 10/25/2034 • |  |  |  |  | 1 |  |  |  |  |  | 1 |
Citigroup Commercial Mortgage Trust |
5.410% due 12/10/2049 ~(i) |  |  |  |  | 40 |  |  |  |  |  | 16 |
Citigroup Mortgage Loan Trust |
5.529% due 11/25/2035 ~(i) |  |  |  |  | 970 |  |  |  |  |  | 492 |
6.524% due 03/25/2037 ~ |  |  |  |  | 47 |  |  |  |  |  | 47 |
Connecticut Avenue Securities Trust |
7.669% due 10/25/2041 •(i) |  |  |  |  | 900 |  |  |  |  |  | 926 |
Countrywide Alternative Loan Trust |
2.697% due 07/25/2036 •(a) |  |  |  |  | 707 |  |  |  |  |  | 101 |
4.160% due 10/25/2035 ~ |  |  |  |  | 67 |  |  |  |  |  | 54 |
4.674% due 02/25/2037 ~ |  |  |  |  | 53 |  |  |  |  |  | 46 |
4.803% due 05/25/2036 •(i) |  |  |  |  | 1,158 |  |  |  |  |  | 306 |
4.933% due 12/25/2046 • |  |  |  |  | 31 |  |  |  |  |  | 19 |
5.113% due 10/25/2035 • |  |  |  |  | 406 |  |  |  |  |  | 267 |
5.500% due 08/25/2034 |  |  |  |  | 156 |  |  |  |  |  | 152 |
5.500% due 02/25/2036 |  |  |  |  | 11 |  |  |  |  |  | 7 |
6.250% due 09/25/2034 |  |  |  |  | 23 |  |  |  |  |  | 23 |
6.500% due 08/25/2036 (i) |  |  |  |  | 1,976 |  |  |  |  |  | 607 |
7.554% due 07/25/2035 •(i) |  |  |  |  | 346 |  |  |  |  |  | 292 |
Countrywide Home Loan Mortgage Pass-Through Trust |
3.803% due 03/25/2037 ~ |  |  |  |  | 205 |  |  |  |  |  | 165 |
4.500% due 10/20/2035 ~ |  |  |  |  | 8 |  |  |  |  |  | 7 |
4.845% due 10/20/2035 ~ |  |  |  |  | 57 |  |  |  |  |  | 54 |
4.933% due 03/25/2036 • |  |  |  |  | 92 |  |  |  |  |  | 85 |
5.190% due 10/20/2035 ~ |  |  |  |  | 19 |  |  |  |  |  | 18 |
5.233% due 02/25/2035 • |  |  |  |  | 42 |  |  |  |  |  | 38 |
5.500% due 08/25/2035 |  |  |  |  | 11 |  |  |  |  |  | 6 |
Credit Suisse Mortgage Capital Mortgage-Backed Trust |
6.000% due 11/25/2036 |  |  |  |  | 78 |  |  |  |  |  | 67 |
Extended Stay America Trust |
8.211% due 07/15/2038 •(i) |  |  |  |  | 881 |  |  |  |  |  | 887 |
First Horizon Alternative Mortgage Securities Trust |
5.679% due 11/25/2036 ~ |  |  |  |  | 121 |  |  |  |  |  | 84 |
First Horizon Mortgage Pass-Through Trust |
5.191% due 01/25/2037 ~ |  |  |  |  | 167 |  |  |  |  |  | 88 |
GSR Mortgage Loan Trust |
4.354% due 04/25/2035 ~ |  |  |  |  | 53 |  |  |  |  |  | 50 |
HarborView Mortgage Loan Trust |
2.916% due 11/19/2034 ~ |  |  |  |  | 31 |  |  |  |  |  | 24 |
5.081% due 04/19/2034 • |  |  |  |  | 3 |  |  |  |  |  | 2 |
6.027% due 08/19/2036 ~ |  |  |  |  | 1 |  |  |  |  |  | 1 |
7.598% due 02/25/2036 ~ |  |  |  |  | 15 |  |  |  |  |  | 4 |
HSI Asset Loan Obligation Trust |
5.873% due 01/25/2037 ~ |  |  |  |  | 92 |  |  |  |  |  | 59 |
ILPT Commercial Mortgage Trust |
8.589% due 10/15/2039 • |  |  |  |  | 600 |  |  |  |  |  | 595 |
IndyMac INDX Mortgage Loan Trust |
3.315% due 06/25/2037 ~ |  |  |  |  | 248 |  |  |  |  |  | 218 |
4.993% due 06/25/2037 • |  |  |  |  | 404 |  |  |  |  |  | 491 |
5.013% due 03/25/2035 • |  |  |  |  | 2 |  |  |  |  |  | 2 |
JP Morgan Mortgage Trust |
5.500% due 01/25/2036 |  |  |  |  | 25 |  |  |  |  |  | 11 |
6.292% due 04/25/2037 ~ |  |  |  |  | 142 |  |  |  |  |  | 74 |
MASTR Adjustable Rate Mortgages Trust |
4.476% due 10/25/2034 ~ |  |  |  |  | 51 |  |  |  |  |  | 46 |
6.175% due 11/25/2035 ~ |  |  |  |  | 238 |  |  |  |  |  | 105 |
Merrill Lynch Alternative Note Asset Trust |
4.593% due 01/25/2037 • |  |  |  |  | 598 |  |  |  |  |  | 171 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
4.993% due 07/25/2036 • |  | $ |  |  | 154 |  |  | $ |  |  | 51 |
RBSSP Resecuritization Trust |
5.000% due 09/26/2036 ~ |  |  |  |  | 768 |  |  |  |  |  | 586 |
Residential Accredit Loans, Inc. Trust |
5.100% due 12/26/2034 ~ |  |  |  |  | 52 |  |  |  |  |  | 47 |
5.230% due 01/25/2036 ~ |  |  |  |  | 319 |  |  |  |  |  | 231 |
6.000% due 09/25/2035 |  |  |  |  | 255 |  |  |  |  |  | 83 |
6.000% due 08/25/2036 |  |  |  |  | 89 |  |  |  |  |  | 73 |
Structured Adjustable Rate Mortgage Loan Trust |
4.133% due 04/25/2036 ~ |  |  |  |  | 144 |  |  |  |  |  | 76 |
4.529% due 01/25/2036 ~ |  |  |  |  | 183 |  |  |  |  |  | 101 |
4.618% due 09/25/2035 ~ |  |  |  |  | 29 |  |  |  |  |  | 17 |
4.675% due 09/25/2036 ~ |  |  |  |  | 112 |  |  |  |  |  | 77 |
6.225% due 05/25/2035 •(i) |  |  |  |  | 652 |  |  |  |  |  | 499 |
Structured Asset Mortgage Investments Trust |
4.913% due 02/25/2036 •(i) |  |  |  |  | 134 |  |  |  |  |  | 106 |
5.013% due 02/25/2036 • |  |  |  |  | 87 |  |  |  |  |  | 72 |
SunTrust Adjustable Rate Mortgage Loan Trust |
6.782% due 01/25/2037 ~ |  |  |  |  | 24 |  |  |  |  |  | 15 |
WaMu Mortgage Pass-Through Certificates Trust |
4.297% due 12/25/2036 ~(i) |  |  |  |  | 157 |  |  |  |  |  | 140 |
5.020% due 07/25/2037 ~ |  |  |  |  | 42 |  |  |  |  |  | 37 |
Wells Fargo Commercial Mortgage Trust |
4.928% due 12/15/2039 ~(i) |  |  |  |  | 1,065 |  |  |  |  |  | 940 |
Total Non-Agency Mortgage-Backed Securities (Cost $14,136) |  |  | 11,828 |
ASSET-BACKED SECURITIES 5.7% |
HOME EQUITY OTHER 0.3% |
Carrington Mortgage Loan Trust |
4.603% due 08/25/2036 • |  |  |  |  | 26 |  |  |  |  |  | 25 |
Citigroup Mortgage Loan Trust |
4.773% due 01/25/2037 • |  |  |  |  | 118 |  |  |  |  |  | 38 |
Countrywide Asset-Backed Certificates Trust |
5.553% due 09/25/2034 • |  |  |  |  | 26 |  |  |  |  |  | 24 |
Morgan Stanley ABS Capital, Inc. Trust |
4.513% due 05/25/2037 • |  |  |  |  | 57 |  |  |  |  |  | 51 |
Soundview Home Loan Trust |
4.573% due 11/25/2036 • |  |  |  |  | 149 |  |  |  |  |  | 41 |
Washington Mutual Asset-Backed Certificates Trust |
3.952% due 10/25/2036 • |  |  |  |  | 75 |  |  |  |  |  | 26 |
|  |  |  |  |  |  |  |  |  |  | 205 |
MANUFACTURING HOUSE SEQUENTIAL 0.2% |
Bombardier Capital Mortgage Securitization Corp. |
7.830% due 06/15/2030 ~ |  |  |  |  | 1,421 |  |  |  |  |  | 122 |
Conseco Finance Securitizations Corp. |
7.960% due 05/01/2031 |  |  |  |  | 364 |  |  |  |  |  | 80 |
|  |  |  |  |  |  |  |  |  |  | 202 |
WHOLE LOAN COLLATERAL 0.2% |
Bear Stearns Asset-Backed Securities Trust |
6.500% due 08/25/2036 |  |  |  |  | 517 |  |  |  |  |  | 161 |
Lehman XS Trust |
4.253% due 05/25/2037 þ |  |  |  |  | 16 |  |  |  |  |  | 15 |
|  |  |  |  |  |  |  |  |  |  | 176 |
OTHER ABS 5.0% |
Adagio CLO DAC |
0.000% due 04/30/2031 ~ |  | EUR |  |  | 250 |  |  |  |  |  | 74 |
Avoca CLO DAC |
0.000% due 07/15/2032 ~ |  |  |  |  | 1,000 |  |  |  |  |  | 746 |
Belle Haven ABS CDO Ltd. |
8.250% due 07/05/2046 • |  | $ |  |  | 34,966 |  |  |  |  |  | 87 |
Carlyle Global Market Strategies CLO Ltd. |
0.000% due 04/17/2031 ~ |  |  |  |  | 1,700 |  |  |  |  |  | 143 |
Carlyle Global Market Strategies Euro CLO DAC |
0.000% due 04/15/2027 ~ |  | EUR |  |  | 900 |  |  |  |  |  | 190 |
0.000% due 01/25/2032 ~ |  |  |  |  | 300 |  |  |  |  |  | 87 |

36 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Carlyle U.S. CLO Ltd. |
0.000% due 10/15/2031 ~ |  | $ |  |  | 600 |  |  | $ |  |  | 163 |
Marlette Funding Trust |
0.000% due 12/15/2028 «(f) |  |  |  |  | 2 |  |  |  |  |  | 1 |
0.000% due 04/16/2029 «(f) |  |  |  |  | 2 |  |  |  |  |  | 0 |
0.000% due 07/16/2029 «(f) |  |  |  |  | 2 |  |  |  |  |  | 4 |
SMB Private Education Loan Trust |
0.000% due 09/18/2046 «(f) |  |  |  |  | 1 |  |  |  |  |  | 272 |
0.000% due 10/15/2048 «(f) |  |  |  |  | 2 |  |  |  |  |  | 398 |
0.000% due 02/16/2055 «(f) |  |  |  |  | 0 |  |  |  |  |  | 186 |
South Coast Funding Ltd. |
0.454% due 01/06/2041 •(i) |  |  |  |  | 11,064 |  |  |  |  |  | 1,998 |
0.454% due 01/06/2041 • |  |  |  |  | 393 |  |  |  |  |  | 71 |
|  |  |  |  |  |  |  |  |  |  | 4,420 |
Total Asset-Backed Securities (Cost $18,141) |  |  |  |  |  | 5,003 |
SOVEREIGN ISSUES 5.7% |
Argentina Government International Bond |
0.750% due 07/09/2030 þ |  |  |  |  | 492 |  |  |  |  |  | 358 |
1.000% due 07/09/2029 |  |  |  |  | 97 |  |  |  |  |  | 79 |
3.500% due 07/09/2041 þ(i) |  |  |  |  | 905 |  |  |  |  |  | 567 |
4.125% due 07/09/2035 þ |  |  |  |  | 563 |  |  |  |  |  | 362 |
5.000% due 01/09/2038 þ(i) |  |  |  |  | 1,597 |  |  |  |  |  | 1,120 |
El Salvador Government International Bond |
9.650% due 11/21/2054 |  |  |  |  | 200 |  |  |  |  |  | 211 |
Republic of Greece Government International Bond |
2.000% due 04/22/2027 |  | EUR |  |  | 73 |  |  |  |  |  | 75 |
3.900% due 01/30/2033 |  |  |  |  | 162 |  |  |  |  |  | 178 |
4.000% due 01/30/2037 |  |  |  |  | 127 |  |  |  |  |  | 140 |
4.200% due 01/30/2042 |  |  |  |  | 159 |  |  |  |  |  | 175 |
Romania Government International Bond |
5.250% due 05/30/2032 |  |  |  |  | 800 |  |  |  |  |  | 809 |
Russia Government International Bond |
5.625% due 04/04/2042 |  | $ |  |  | 200 |  |  |  |  |  | 137 |
Turkey Government International Bond |
49.430% (BISTREFI) due 09/06/2028 ~ |  | TRY |  |  | 24,200 |  |  |  |  |  | 677 |
50.485% (BISTREFI) due 05/17/2028 ~ |  |  |  |  | 4,400 |  |  |  |  |  | 123 |
Ukraine Government International Bond |
1.000% due 01/27/2032 « |  | EUR |  |  | 89 |  |  |  |  |  | 31 |
Venezuela Government International Bond |
6.000% due 06/30/2049 ^ |  | $ |  |  | 50 |  |  |  |  |  | 6 |
9.250% due 09/15/2027 ^(c) |  |  |  |  | 62 |  |  |  |  |  | 10 |
Total Sovereign Issues (Cost $4,591) |  |  | 5,058 |
|  |  |  | SHARES |  |  |  |  |  |
COMMON STOCKS 8.9% |
COMMUNICATION SERVICES 2.3% |
Clear Channel Outdoor Holdings, Inc. (d) |  |  |  |  | 97,913 |  |  |  |  |  | 134 |
iHeartMedia, Inc. ‘A’ (d) |  |  |  |  | 22,927 |  |  |  |  |  | 46 |
iHeartMedia, Inc. ‘B’ «(d) |  |  |  |  | 17,837 |  |  |  |  |  | 32 |
Oi SA (d) |  |  |  |  | 725,410 |  |  |  |  |  | 157 |

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S) |
Syniverse Holdings, Inc. «(h) |  |  |  |  | 392,534 |  |  | $ |  |  | 388 |
Windstream Units «(d) |  |  |  |  | 52,536 |  |  |  |  |  | 1,276 |
|  |  |  |  |  |  |  |  |  |  | 2,033 |
CONSUMER STAPLES 0.0% |
Steinhoff International Holdings NV «(d)(h) |  |  |  |  | 4,155,239 |  |  |  |  |  | 0 |
FINANCIALS 2.3% |
Banca Monte dei Paschi di Siena SpA |  |  |  |  | 123,500 |  |  |  |  |  | 871 |
Intelsat Emergence SA «(h) |  |  |  |  | 34,354 |  |  |  |  |  | 1,134 |
MNEQ Holdings, Inc. «(d)(h) |  |  |  |  | 508 |  |  |  |  |  | 2 |
|  |  |  |  |  |  |  |  |  |  | 2,007 |
HEALTH CARE 3.7% |
Amsurg Equity «(d)(h) |  |  |  |  | 71,417 |  |  |  |  |  | 3,272 |
INDUSTRIALS 0.6% |
Drillco Holding Lux SA «(h) |  |  |  |  | 5,770 |  |  |  |  |  | 145 |
Forsea Holding SA « |  |  |  |  | 13,432 |  |  |  |  |  | 338 |
Sierra Hamilton Holder LLC «(d)(h) |  |  |  |  | 100,456 |  |  |  |  |  | 0 |
Westmoreland Mining Holdings «(d)(h) |  |  |  |  | 13,114 |  |  |  |  |  | 15 |
Westmoreland Mining LLC «(d)(h) |  |  |  |  | 13,229 |  |  |  |  |  | 46 |
|  |  |  |  |  |  |  |  |  |  | 544 |
Total Common Stocks (Cost $8,637) |  |  |  |  |  | 7,856 |
WARRANTS 0.5% |
COMMUNICATION SERVICES 0.5% |
Windstream Holdings II LLC - Exp. 10/25/2059 « |  |  |  |  | 34,558 |  |  |  |  |  | 449 |
FINANCIALS 0.0% |
Intelsat Emergence SA - Exp. 02/17/2027 « |  |  |  |  | 236 |  |  |  |  |  | 1 |
Total Warrants (Cost $1,212) |  |  |  |  |  | 450 |
PREFERRED SECURITIES 2.0% |
BANKING & FINANCE 1.7% |
ADLER Group SA «(d) |  |  |  |  | 173,624 |  |  |  |  |  | 0 |
AGFC Capital Trust |  |  |  |  |  |  |  |  |  |  |  |
6.668% (US0003M + 1.750%) due 01/15/2067 ~(i) |  |  |  |  | 1,000,000 |  |  |  |  |  | 708 |
OCP CLO Ltd. |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 04/26/2036 «~ |  |  |  |  | 1,400 |  |  |  |  |  | 750 |
|  |  |  |  |  |  |  |  |  |  | 1,458 |

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S) |
INDUSTRIALS 0.3% |
SVB Financial Trust |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 11/07/2032 (f) |  |  |  |  | 440 |  |  | $ |  |  | 0 |
11.000% due 11/07/2032 |  |  |  |  | 579 |  |  |  |  |  | 289 |
|  |  |  |  |  |  |  |  |  |  | 289 |
Total Preferred Securities (Cost $2,021) |  |  |  |  |  | 1,747 |
REAL ESTATE INVESTMENT TRUSTS 0.2% |
REAL ESTATE 0.2% |
Uniti Group, Inc. |  |  |  |  | 32,667 |  |  |  |  |  | 180 |
Total Real Estate Investment Trusts (Cost $207) |  |  |  |  |  | 180 |
|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  |  |
SHORT-TERM INSTRUMENTS 0.9% |
U.S. TREASURY BILLS 0.9% |
4.465% due 01/30/2025 - 03/06/2025 (e)(f)(l) |  | $ |  |  | 788 |  |  |  |  |  | 784 |
Total Short-Term Instruments (Cost $784) |  |  |  |  |  |  |  |  |  |  | 784 |
Total Investments in Securities (Cost $149,318) |  |  | 126,288 |
|  |  |  | SHARES |  |  |  |  |  |
INVESTMENTS IN AFFILIATES 20.9% |
SHORT-TERM INSTRUMENTS 20.9% |
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.9% |
PIMCO Short-Term Floating NAV Portfolio III |  |  |  |  | 1,897,377 |  |  |  |  |  | 18,475 |
Total Short-Term Instruments (Cost $18,455) |  |  |  |  |  | 18,475 |
Total Investments in Affiliates (Cost $18,455) |  |  |  |  |  | 18,475 |
Total Investments 164.2% (Cost $167,773) |  |  | $ |  |  | 144,763 |
Financial Derivative Instruments (j)(k) (0.6)% (Cost or Premiums, net $159) |  |  |  |  |  | (512 | )
Other Assets and Liabilities, net (63.6)% |  |  |  |  |  | (56,064 | )
Net Assets 100.0% |  |  | $ |  |  | 88,187 |

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ | Security is in default.

« | Security valued using significant unobservable inputs (Level 3).

µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 37

Schedule of Investments |  | PIMCO Global StocksPLUS ® & Income Fund |  | (Cont.) |  |  |  |

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 |
Amsurg Equity |  |  |  |  |  |  |  |  |  |  | 11/02/2023 - 11/06/2023 |  |  | $ | 2,984 |  |  | $ | 3,272 |  |  |  | 3.71 | %
Drillco Holding Lux SA |  |  |  |  |  |  |  |  |  |  | 06/08/2023 |  |  |  | 116 |  |  |  | 145 |  |  |  | 0.16 |
Intelsat Emergence SA |  |  |  |  |  |  |  |  |  |  | 06/19/2017 - 03/01/2024 |  |  |  | 2,403 |  |  |  | 1,134 |  |  |  | 1.29 |
MNEQ Holdings, Inc. |  |  |  |  |  |  |  |  |  |  | 03/16/2023 - 03/29/2023 |  |  |  | 5 |  |  |  | 2 |  |  |  | 0.00 |
Sierra Hamilton Holder LLC |  |  |  |  |  |  |  |  |  |  | 07/31/2017 |  |  |  | 25 |  |  |  | 0 |  |  |  | 0.00 |
Steinhoff International Holdings NV |  |  |  |  |  |  |  |  |  |  | 06/30/2023 - 10/30/2023 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0.00 |
Syniverse Holdings, Inc. |  |  |  |  |  |  |  |  |  |  | 05/12/2022 - 11/30/2024 |  |  |  | 387 |  |  |  | 388 |  |  |  | 0.44 |
Westmoreland Mining Holdings |  |  |  |  |  |  |  |  |  |  | 12/08/2014 - 08/05/2016 |  |  |  | 367 |  |  |  | 15 |  |  |  | 0.02 |
Westmoreland Mining LLC |  |  |  |  |  |  |  |  |  |  | 06/30/2023 |  |  |  | 88 |  |  |  | 46 |  |  |  | 0.05 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,375 |  |  | $ | 5,002 |  |  |  | 5.67 | %

BORROWINGS AND OTHER FINANCING TRANSACTIONS
(i) REVERSE REPURCHASE AGREEMENTS:

Counterparty |  | Borrowing Rate (1) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (1) |  |  | Payable for Reverse Repurchase Agreements |
BPS |  |  | 5.040 | % |  |  | 12/10/2024 |  |  |  | 03/10/2025 |  |  | $ |  |  |  |  | (817 | ) |  | $ | (819 | )
|  |  | 5.170 |  |  |  | 10/29/2024 |  |  |  | 01/29/2025 |  |  |  |  |  |  |  | (464 | ) |  |  | (468 | )
|  |  | 5.210 |  |  |  | 10/03/2024 |  |  |  | 01/06/2025 |  |  |  |  |  |  |  | (143 | ) |  |  | (145 | )
|  |  | 5.690 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  |  |  | (198 | ) |  |  | (200 | )
|  |  | 5.710 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  |  |  | (275 | ) |  |  | (278 | )
|  |  | 5.810 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  |  |  | (839 | ) |  |  | (846 | )
|  |  | 6.010 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  |  |  | (840 | ) |  |  | (850 | )
BRC |  |  | 4.700 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (839 | ) |  |  | (840 | )
|  |  | 5.710 |  |  |  | 12/20/2024 |  |  |  | 04/21/2025 |  |  |  |  |  |  |  | (12 | ) |  |  | (12 | )
|  |  | 6.000 |  |  |  | 08/26/2024 |  |  |  | 02/26/2025 |  |  |  |  |  |  |  | (245 | ) |  |  | (250 | )
DBL |  |  | 6.006 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (1,535 | ) |  |  | (1,542 | )
DEU |  |  | 4.650 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (1,394 | ) |  |  | (1,396 | )
GLM |  |  | 5.220 |  |  |  | 09/27/2024 |  |  |  | 06/24/2025 |  |  |  |  |  |  |  | (1,622 | ) |  |  | (1,645 | )
IND |  |  | 5.220 |  |  |  | 11/08/2024 |  |  |  | 02/10/2025 |  |  |  |  |  |  |  | (422 | ) |  |  | (425 | )
|  |  | 5.270 |  |  |  | 11/08/2024 |  |  |  | 02/10/2025 |  |  |  |  |  |  |  | (595 | ) |  |  | (600 | )
JML |  |  | 4.750 |  |  |  | 12/20/2024 |  |  |  | 01/31/2025 |  |  |  |  |  |  |  | (2,007 | ) |  |  | (2,010 | )
RTA |  |  | 5.580 |  |  |  | 12/18/2024 |  |  |  | 04/17/2025 |  |  |  |  |  |  |  | (706 | ) |  |  | (708 | )
|  |  | 5.730 |  |  |  | 12/24/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (481 | ) |  |  | (482 | )
SOG |  |  | 4.600 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (77 | ) |  |  | (77 | )
TDM |  |  | 4.650 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (876 | ) |  |  | (878 | )
|  |  | 4.780 |  |  |  | 12/18/2024 |  |  |  | 02/14/2025 |  |  |  |  |  |  |  | (662 | ) |  |  | (663 | )
UBS |  |  | 5.170 |  |  |  | 10/02/2024 |  |  |  | 01/03/2025 |  |  |  |  |  |  |  | (551 | ) |  |  | (558 | )
|  |  | 5.200 |  |  |  | 11/14/2024 |  |  |  | 01/08/2025 |  |  |  |  |  |  |  | (519 | ) |  |  | (523 | )
Total Reverse Repurchase Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (16,215 | )

SHORT SALES:

Description |  | Coupon |  |  | Maturity Date |  |  | Principal Amount |  |  | Proceeds |  |  | Payable for Short Sales |
U.S. Government Agencies (0.7)% |
Uniform Mortgage-Backed Security, TBA |  |  | 2.000% |  |  |  | 02/01/2055 |  |  | $ | 800 |  |  | $ | (631 | ) |  | $ | (623 | )
Total Short Sales (0.7)% |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (631 | ) |  | $ | (623 | )

38 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2024:

Counterparty |  | Repurchase Agreement Proceeds to be Received |  |  | Payable for Reverse Repurchase Agreements |  |  | Payable for Sale-Buyback Transactions |  |  | Total Borrowings and Other Financing Transactions |  |  | Collateral Pledged/(Received) |  |  | Net Exposure (3) |
Global/Master Repurchase Agreement |
BPS |  | $ | 0 |  |  | $ | (3,606 | ) |  | $ | 0 |  |  | $ | (3,606 | ) |  | $ | 4,685 |  |  | $ | 1,079 |
BRC |  |  | 0 |  |  |  | (1,102 | ) |  |  | 0 |  |  |  | (1,102 | ) |  |  | 1,335 |  |  |  | 233 |
CIB |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (10 | ) |  |  | (10 | )
DBL |  |  | 0 |  |  |  | (1,542 | ) |  |  | 0 |  |  |  | (1,542 | ) |  |  | 1,998 |  |  |  | 456 |
DEU |  |  | 0 |  |  |  | (1,396 | ) |  |  | 0 |  |  |  | (1,396 | ) |  |  | 1,594 |  |  |  | 198 |
GLM |  |  | 0 |  |  |  | (1,645 | ) |  |  | 0 |  |  |  | (1,645 | ) |  |  | 1,778 |  |  |  | 133 |
IND |  |  | 0 |  |  |  | (1,025 | ) |  |  | 0 |  |  |  | (1,025 | ) |  |  | 1,524 |  |  |  | 499 |
JML |  |  | 0 |  |  |  | (2,010 | ) |  |  | 0 |  |  |  | (2,010 | ) |  |  | 2,174 |  |  |  | 164 |
RTA |  |  | 0 |  |  |  | (1,190 | ) |  |  | 0 |  |  |  | (1,190 | ) |  |  | 1,535 |  |  |  | 345 |
SOG |  |  | 0 |  |  |  | (77 | ) |  |  | 0 |  |  |  | (77 | ) |  |  | 87 |  |  |  | 10 |
TDM |  |  | 0 |  |  |  | (1,541 | ) |  |  | 0 |  |  |  | (1,541 | ) |  |  | 1,603 |  |  |  | 62 |
UBS |  |  | 0 |  |  |  | (1,081 | ) |  |  | 0 |  |  |  | (1,081 | ) |  |  | 1,299 |  |  |  | 218 |
Total Borrowings and Other Financing Transactions |  | $ | 0 |  |  | $ | (16,215 | ) |  | $ | 0 |  |  |  |  |  |  |  |  |  |  |  |  |

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements

|  | Overnight and Continuous |  |  | Up to 30 days |  |  | 31-90 days |  |  | Greater Than 90 days |  |  | Total |
Reverse Repurchase Agreements |
Corporate Bonds & Notes |  | $ | 0 |  |  | $ | (1,136 | ) |  | $ | (1,964 | ) |  | $ | (3,191 | ) |  | $ | (6,291 | )
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | 0 |  |  |  | (1,275 | ) |  |  | (4,539 | ) |  |  | (5,814 | )
Asset-Backed Securities |  |  | 0 |  |  |  | 0 |  |  |  | (1,542 | ) |  |  | 0 |  |  |  | (1,542 | )
Sovereign Issues |  |  | 0 |  |  |  | 0 |  |  |  | (2,010 | ) |  |  | 0 |  |  |  | (2,010 | )
Preferred Securities |  |  | 0 |  |  |  | (558 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (558 | )
Total Borrowings |  | $ | 0 |  |  | $ | (1,694 | ) |  | $ | (6,791 | ) |  | $ | (7,730 | ) |  | $ | (16,215 | )
Payable for reverse repurchase agreements |  |  | $ | (16,215 | )

(i) | Securities with an aggregate market value of $19,833 and cash of $22 have been pledged as collateral under the terms of the above master agreements as of December 31, 2024.

(1) | The average amount of borrowings outstanding during the period ended December 31, 2024 was $(16,610) at a weighted average interest rate of 5.742%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2) | Open maturity reverse repurchase agreement.

(3) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
PURCHASED OPTIONS:
OPTIONS ON INDEXES

Description |  | Strike Value |  |  | Expiration Date |  |  | # of Contracts |  |  | Notional Amount |  |  | Cost |  |  | Market Value |
Put - CBOE E-Mini S&P 500 |  |  | 5,670.000 |  |  |  | 01/17/2025 |  |  |  | 141 |  |  | $ | 7 |  |  | $ | 281 |  |  | $ | 87 |
Total Purchased Options |  |  | $ | 281 |  |  | $ | 87 |

WRITTEN OPTIONS:
OPTIONS ON INDEXES

Description |  | Strike Value |  |  | Expiration Date |  |  | # of Contracts |  |  | Notional Amount |  |  | Premiums (Received) |  |  | Market Value |
Call - CBOE E-Mini S&P 500 |  |  | 5,970.000 |  |  |  | 01/17/2025 |  |  |  | 141 |  |  | $ | 7 |  |  | $ | (752 | ) |  | $ | (370 | )
Total Written Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (752 | ) |  | $ | (370 | )

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 39

Schedule of Investments |  | PIMCO Global StocksPLUS ® & Income Fund |  | (Cont.) |  |  |  |

FUTURES CONTRACTS:
LONG FUTURES CONTRACTS

Description |  | Expiration Month |  |  | # of Contracts |  |  | Notional Amount |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Variation Margin |
| Asset |  |  | Liability |
E-Mini S&P 500 Index March Futures |  |  | 03/2025 |  |  |  | 148 |  |  | $ | 43,925 |  |  | $ | (1,516 | ) |  | $ | 0 |  |  | $ | (170 | )
U.S. Treasury 10-Year Note March Futures |  |  | 03/2025 |  |  |  | 1 |  |  |  | 109 |  |  |  | (1 | ) |  |  | 0 |  |  |  | (1 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,517 | ) |  | $ | 0 |  |  | $ | (171 | )
SHORT FUTURES CONTRACTS |
Description |  | Expiration Month |  |  | # of Contracts |  |  | Notional Amount |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Variation Margin |
| Asset |  |  | Liability |
3-Month SOFR Active Contract December Futures |  |  | 03/2025 |  |  |  | 1 |  |  | $ | (239 | ) |  | $ | 5 |  |  | $ | 0 |  |  | $ | 0 |
3-Month SOFR Active Contract December Futures |  |  | 03/2026 |  |  |  | 1 |  |  |  | (240 | ) |  |  | 5 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract June Futures |  |  | 09/2025 |  |  |  | 2 |  |  |  | (480 | ) |  |  | 9 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2025 |  |  |  | 2 |  |  |  | (479 | ) |  |  | 11 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2026 |  |  |  | 1 |  |  |  | (240 | ) |  |  | 4 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract September Futures |  |  | 12/2025 |  |  |  | 1 |  |  |  | (240 | ) |  |  | 5 |  |  |  | 0 |  |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 39 |  |  | $ | 0 |  |  | $ | 0 |
Total Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,478 | ) |  | $ | 0 |  |  | $ | (171 | )

SWAP AGREEMENTS:
INTEREST RATE SWAPS

Pay/Receive Floating Rate |  | Floating Rate Index |  | Fixed Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Market Value |  |  | Variation Margin |
| Asset |  |  | Liability |
Pay |  | 1-Day GBP-SONIO Compounded-OIS |  |  | 4.000 | % |  | Annual |  |  | 09/18/2029 |  |  |  | GBP |  |  |  | 1,600 |  |  | $ | 29 |  |  | $ | (39 | ) |  | $ | (10 | ) |  | $ | 5 |  |  | $ | 0 |
Receive |  | 1-Day GBP-SONIO Compounded-OIS |  |  | 0.750 |  |  | Annual |  |  | 09/21/2052 |  |  |  |  |  |  |  | 600 |  |  |  | 123 |  |  |  | 310 |  |  |  | 433 |  |  |  | 0 |  |  |  | (2 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.350 |  |  | Annual |  |  | 01/17/2025 |  |  |  | $ |  |  |  | 1,900 |  |  |  | 0 |  |  |  | 56 |  |  |  | 56 |  |  |  | 0 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.300 |  |  | Annual |  |  | 01/17/2026 |  |  |  |  |  |  |  | 300 |  |  |  | 0 |  |  |  | 14 |  |  |  | 14 |  |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 4.250 |  |  | Annual |  |  | 06/15/2027 |  |  |  |  |  |  |  | 26,000 |  |  |  | (151 | ) |  |  | 134 |  |  |  | (17 | ) |  |  | 0 |  |  |  | (8 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.500 |  |  | Semi-Annual |  |  | 12/15/2028 |  |  |  |  |  |  |  | 1,250 |  |  |  | (12 | ) |  |  | 142 |  |  |  | 130 |  |  |  | 1 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 06/15/2029 |  |  |  |  |  |  |  | 340 |  |  |  | (36 | ) |  |  | (2 | ) |  |  | (38 | ) |  |  | 0 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 06/20/2029 |  |  |  |  |  |  |  | 1,200 |  |  |  | (23 | ) |  |  | 46 |  |  |  | 23 |  |  |  | 1 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Semi-Annual |  |  | 01/15/2030 |  |  |  |  |  |  |  | 600 |  |  |  | (5 | ) |  |  | 76 |  |  |  | 71 |  |  |  | 0 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.000 |  |  | Semi-Annual |  |  | 02/12/2030 |  |  |  |  |  |  |  | 4,400 |  |  |  | (56 | ) |  |  | 521 |  |  |  | 465 |  |  |  | 3 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.000 |  |  | Semi-Annual |  |  | 03/10/2030 |  |  |  |  |  |  |  | 500 |  |  |  | 0 |  |  |  | 52 |  |  |  | 52 |  |  |  | 0 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.000 |  |  | Semi-Annual |  |  | 12/16/2030 |  |  |  |  |  |  |  | 400 |  |  |  | (12 | ) |  |  | 83 |  |  |  | 71 |  |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 0.750 |  |  | Semi-Annual |  |  | 06/16/2031 |  |  |  |  |  |  |  | 2,229 |  |  |  | (174 | ) |  |  | (280 | ) |  |  | (454 | ) |  |  | 0 |  |  |  | (2 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 06/15/2032 |  |  |  |  |  |  |  | 220 |  |  |  | (9 | ) |  |  | (27 | ) |  |  | (36 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.000 |  |  | Annual |  |  | 06/21/2033 |  |  |  |  |  |  |  | 40 |  |  |  | 0 |  |  |  | (4 | ) |  |  | (4 | ) |  |  | 0 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.500 |  |  | Annual |  |  | 12/20/2033 |  |  |  |  |  |  |  | 2,900 |  |  |  | 93 |  |  |  | 30 |  |  |  | 123 |  |  |  | 4 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.500 |  |  | Annual |  |  | 12/20/2033 |  |  |  |  |  |  |  | 1,500 |  |  |  | 21 |  |  |  | (86 | ) |  |  | (65 | ) |  |  | 0 |  |  |  | (2 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 06/20/2034 |  |  |  |  |  |  |  | 2,450 |  |  |  | (73 | ) |  |  | (6 | ) |  |  | (79 | ) |  |  | 0 |  |  |  | (4 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.000 |  |  | Semi-Annual |  |  | 12/19/2048 |  |  |  |  |  |  |  | 1,900 |  |  |  | (5 | ) |  |  | (380 | ) |  |  | (385 | ) |  |  | 0 |  |  |  | (2 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.500 |  |  | Annual |  |  | 06/15/2052 |  |  |  |  |  |  |  | 5,400 |  |  |  | 468 |  |  |  | 1,848 |  |  |  | 2,316 |  |  |  | 6 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 06/15/2052 |  |  |  |  |  |  |  | 6,000 |  |  |  | 713 |  |  |  | 1,606 |  |  |  | 2,319 |  |  |  | 6 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.157 |  |  | Maturity |  |  | 01/02/2025 |  |  |  | BRL |  |  |  | 300 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.177 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 200 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.367 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 200 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.018 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 600 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.098 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 1,000 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.158 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 500 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.163 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 500 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.178 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 1,000 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.250 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 300 |  |  |  | 0 |  |  |  | (4 | ) |  |  | (4 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.275 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 100 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.290 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 100 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.731 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 100 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.746 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 300 |  |  |  | 0 |  |  |  | (3 | ) |  |  | (3 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.901 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 800 |  |  |  | 0 |  |  |  | (8 | ) |  |  | (8 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 6-Month EUR-EURIBOR |  |  | 0.650 |  |  | Annual |  |  | 02/26/2029 |  |  |  | EUR |  |  |  | 6,100 |  |  |  | 6 |  |  |  | (445 | ) |  |  | (439 | ) |  |  | 10 |  |  |  | 0 |
Receive |  | 6-Month EUR-EURIBOR |  |  | 0.150 |  |  | Annual |  |  | 03/18/2030 |  |  |  |  |  |  |  | 1,300 |  |  |  | (18 | ) |  |  | 191 |  |  |  | 173 |  |  |  | 0 |  |  |  | (3 | )
Receive |  | 6-Month EUR-EURIBOR |  |  | 0.150 |  |  | Annual |  |  | 06/17/2030 |  |  |  |  |  |  |  | 3,000 |  |  |  | (132 | ) |  |  | 467 |  |  |  | 335 |  |  |  | 0 |  |  |  | (5 | )
Receive |  | 6-Month EUR-EURIBOR |  |  | 0.250 |  |  | Annual |  |  | 09/21/2032 |  |  |  |  |  |  |  | 800 |  |  |  | 72 |  |  |  | 56 |  |  |  | 128 |  |  |  | 0 |  |  |  | (2 | )
Receive |  | 6-Month EUR-EURIBOR |  |  | 1.250 |  |  | Annual |  |  | 08/19/2049 |  |  |  |  |  |  |  | 2,700 |  |  |  | 11 |  |  |  | 541 |  |  |  | 552 |  |  |  | 0 |  |  |  | (9 | )

40 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

Pay/Receive Floating Rate |  | Floating Rate Index |  | Fixed Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Market Value |  |  | Variation Margin |
| Asset |  |  | Liability |
Pay |  | 6-Month EUR-EURIBOR |  |  | 0.250 | % |  | Annual |  |  | 03/18/2050 |  |  |  | EUR |  |  |  | 400 |  |  | $ | 48 |  |  | $ | (209 | ) |  | $ | (161 | ) |  | $ | 1 |  |  | $ | 0 |
Pay |  | 6-Month EUR-EURIBOR |  |  | 0.500 |  |  | Annual |  |  | 06/17/2050 |  |  |  |  |  |  |  | 1,000 |  |  |  | 171 |  |  |  | (515 | ) |  |  | (344 | ) |  |  | 3 |  |  |  | 0 |
Receive (1) |  | 6-Month EUR-EURIBOR |  |  | 0.830 |  |  | Annual |  |  | 12/09/2052 |  |  |  |  |  |  |  | 1,600 |  |  |  | 11 |  |  |  | 73 |  |  |  | 84 |  |  |  | 0 |  |  |  | (2 | )
Pay |  | CAONREPO |  |  | 3.500 |  |  | Semi-Annual |  |  | 06/19/2034 |  |  |  | CAD |  |  |  | 1,000 |  |  |  | 35 |  |  |  | (2 | ) |  |  | 33 |  |  |  | 1 |  |  |  | 0 |
Receive |  | CAONREPO |  |  | 3.500 |  |  | Semi-Annual |  |  | 06/20/2044 |  |  |  |  |  |  |  | 600 |  |  |  | 7 |  |  |  | (28 | ) |  |  | (21 | ) |  |  | 0 |  |  |  | 0 |
Total Swap Agreements |  |  |  |  |  |  | $ | 1,102 |  |  | $ | 4,199 |  |  | $ | 5,301 |  |  | $ | 41 |  |  | $ | (41 | )

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |
|  | Market Value |  |  | Variation Margin Asset |  |  |  |  |  |  |  |  | Market Value |  |  | Variation Margin Liability |  |  |  |
|  | Purchased Options |  |  | Futures |  |  | Swap Agreements |  |  | Total |  |  |  |  |  | Written Options |  |  | Futures |  |  | Swap Agreements |  |  | Total |
Total Exchange-Traded or Centrally Cleared |  | $ | 87 |  |  | $ | 0 |  |  | $ | 41 |  |  | $ | 128 |  |  |  |  |  |  | $ | (370) |  |  | $ | (171) |  |  | $ | (41) |  |  | $ | (582) |

Cash of $2,868 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(1) | This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty |  | Settlement Month |  |  | Currency to be Delivered |  |  | Currency to be Received |  |  | Unrealized Appreciation/ (Depreciation) |
| Asset |  |  | Liability |
BOA |  |  | 01/2025 |  |  | $ |  |  | 34 |  |  | JPY |  |  | 5,253 |  |  | $ | 0 |  |  | $ | (1 | )
|  |  | 02/2025 |  |  | HKD |  |  | 4,147 |  |  | $ |  |  | 534 |  |  |  | 0 |  |  |  | (1 | )
BPS |  |  | 01/2025 |  |  | CAD |  |  | 220 |  |  |  |  |  | 157 |  |  |  | 4 |  |  |  | 0 |
|  |  | 01/2025 |  |  | EUR |  |  | 414 |  |  |  |  |  | 437 |  |  |  | 7 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 59 |  |  | EUR |  |  | 57 |  |  |  | 0 |  |  |  | 0 |
BRC |  |  | 01/2025 |  |  | EUR |  |  | 124 |  |  | $ |  |  | 131 |  |  |  | 2 |  |  |  | 0 |
|  |  | 01/2025 |  |  | JPY |  |  | 32,500 |  |  |  |  |  | 217 |  |  |  | 10 |  |  |  | 0 |
|  |  | 01/2025 |  |  | TRY |  |  | 1,921 |  |  |  |  |  | 50 |  |  |  | 0 |  |  |  | (4 | )
|  |  | 01/2025 |  |  | $ |  |  | 188 |  |  | CAD |  |  | 270 |  |  |  | 0 |  |  |  | 0 |
|  |  | 01/2025 |  |  |  |  |  | 124 |  |  | EUR |  |  | 119 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 01/2025 |  |  |  |  |  | 1,515 |  |  | TRY |  |  | 55,870 |  |  |  | 37 |  |  |  | 0 |
|  |  | 02/2025 |  |  |  |  |  | 513 |  |  |  |  |  | 19,417 |  |  |  | 11 |  |  |  | 0 |
|  |  | 03/2025 |  |  | TRY |  |  | 25,807 |  |  | $ |  |  | 673 |  |  |  | 0 |  |  |  | (7 | )
|  |  | 03/2025 |  |  | $ |  |  | 38 |  |  | TRY |  |  | 1,466 |  |  |  | 1 |  |  |  | 0 |
CBK |  |  | 01/2025 |  |  | AUD |  |  | 144 |  |  | $ |  |  | 92 |  |  |  | 3 |  |  |  | 0 |
|  |  | 01/2025 |  |  | GBP |  |  | 121 |  |  |  |  |  | 153 |  |  |  | 2 |  |  |  | 0 |
FAR |  |  | 01/2025 |  |  | $ |  |  | 65 |  |  | AUD |  |  | 100 |  |  |  | 0 |  |  |  | (3 | )
JPM |  |  | 01/2025 |  |  | TRY |  |  | 806 |  |  | $ |  |  | 22 |  |  |  | 0 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 29 |  |  | JPY |  |  | 4,328 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 01/2025 |  |  |  |  |  | 22 |  |  | TRY |  |  | 798 |  |  |  | 0 |  |  |  | 0 |
|  |  | 02/2025 |  |  |  |  |  | 28 |  |  |  |  |  | 1,136 |  |  |  | 3 |  |  |  | 0 |
|  |  | 05/2025 |  |  |  |  |  | 141 |  |  |  |  |  | 6,202 |  |  |  | 15 |  |  |  | 0 |
MBC |  |  | 01/2025 |  |  | CHF |  |  | 18 |  |  | $ |  |  | 21 |  |  |  | 1 |  |  |  | 0 |
|  |  | 01/2025 |  |  | EUR |  |  | 9,683 |  |  |  |  |  | 10,202 |  |  |  | 167 |  |  |  | 0 |
|  |  | 01/2025 |  |  | GBP |  |  | 34 |  |  |  |  |  | 43 |  |  |  | 1 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 436 |  |  | EUR |  |  | 413 |  |  |  | 0 |  |  |  | (8 | )
|  |  | 02/2025 |  |  | HKD |  |  | 3,617 |  |  | $ |  |  | 466 |  |  |  | 0 |  |  |  | 0 |
MYI |  |  | 02/2025 |  |  | $ |  |  | 15 |  |  | TRY |  |  | 558 |  |  |  | 0 |  |  |  | 0 |
SCX |  |  | 01/2025 |  |  | EUR |  |  | 116 |  |  | $ |  |  | 122 |  |  |  | 2 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 85 |  |  | EUR |  |  | 82 |  |  |  | 0 |  |  |  | 0 |
TOR |  |  | 01/2025 |  |  |  |  |  | 55 |  |  | JPY |  |  | 8,297 |  |  |  | 0 |  |  |  | (2 | )
UAG |  |  | 02/2025 |  |  |  |  |  | 11 |  |  | TRY |  |  | 449 |  |  |  | 1 |  |  |  | 0 |
Total Forward Foreign Currency Contracts |  |  | $ | 267 |  |  | $ | (28 | )

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 41

Schedule of Investments |  | PIMCO Global StocksPLUS ® & Income Fund |  | (Cont.) |  |  |  |

SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON ASSET-BACKED SECURITIES - SELL PROTECTION
(1)

Counterparty |  | Reference Obligation |  | Fixed Receive Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount (3) |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value (4) |
| Asset |  |  | Liability |
BOA |  | Long Beach Mortgage Loan Trust 6.584% due 07/25/2033 |  |  | 6.250% |  |  | Monthly |  |  | 07/25/2033 |  |  | $ |  |  |  |  | 84 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |

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

Counterparty |  | Reference Entity |  | Fixed Receive Rate |  |  | Payment Frequency |  |  | Maturity Date |  |  | Implied Credit Spread at December 31, 2024 (2) |  |  | Notional Amount (3) |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value (4) |
| Asset |  |  | Liability |
DUB |  | Eskom « |  |  | 4.650 | % |  |  | Quarterly |  |  |  | 06/30/2029 |  |  |  | 0.068 | % |  | $ |  |  |  |  | 400 |  |  | $ | 0 |  |  | $ | 28 |  |  | $ | 28 |  |  | $ | 0 |
MYC |  | Petroleos Mexicanos |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 12/20/2028 |  |  |  | 4.056 |  |  |  |  |  |  |  | 100 |  |  |  | (20 | ) |  |  | 10 |  |  |  | 0 |  |  |  | (10 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (20 | ) |  | $ | 38 |  |  | $ | 28 |  |  | $ | (10 | )

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

Counterparty |  | Index/Tranches |  | Fixed Receive Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount (3) |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value (4) |
| Asset |  |  | Liability |
GST |  | ABX.HE.AA.6-1 Index « |  |  | 0.320 | % |  | Monthly |  |  | 07/25/2045 |  |  | $ |  |  |  |  | 647 |  |  | $ | (129 | ) |  | $ | 81 |  |  | $ | 0 |  |  | $ | (48 | )
|  | ABX.HE.PENAAA.7-1 Index « |  |  | 0.090 |  |  | Monthly |  |  | 08/25/2037 |  |  |  |  |  |  |  | 412 |  |  |  | (323 | ) |  |  | 316 |  |  |  | 0 |  |  |  | (7 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (452 | ) |  | $ | 397 |  |  | $ | 0 |  |  | $ | (55 | )

TOTAL RETURN SWAPS ON INDEXES

Counterparty |  | Pay/Receive (5) |  | Underlying Reference |  | # of Units |  |  | Financing Rate |  | Payment Frequency |  |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value |
| Asset |  |  | Liability |
CBK |  | Receive |  | NDDUEAFE Index |  |  | 145 |  |  | 4.780% (FEDL01 plus a specified spread) |  |  | Monthly |  |  |  | 05/21/2025 |  |  | $ |  |  |  |  | 1,172 |  |  | $ | 0 |  |  | $ | (5 | ) |  | $ | 0 |  |  | $ | (5 | )
GST |  | Receive |  | NDDUEAFE Index |  |  | 48 |  |  | 4.680% (FEDL01 plus a specified spread) |  |  | Monthly |  |  |  | 11/03/2025 |  |  |  |  |  |  |  | 388 |  |  |  | 0 |  |  |  | (2 | ) |  |  | 0 |  |  |  | (2 | )
JPM |  | Receive |  | NDDUEAFE Index |  |  | 124 |  |  | 4.460% (FEDL01 plus a specified spread) |  |  | Monthly |  |  |  | 01/08/2025 |  |  |  |  |  |  |  | 1,002 |  |  |  | 0 |  |  |  | (4 | ) |  |  | 0 |  |  |  | (4 | )
MYI |  | Receive |  | NDDUEAFE Index |  |  | 5,097 |  |  | 4.840% (FEDL01 plus a specified spread) |  |  | Maturity |  |  |  | 01/21/2026 |  |  |  |  |  |  |  | 41,204 |  |  |  | 0 |  |  |  | (247 | ) |  |  | 0 |  |  |  | (247 | )
ULO |  | Receive |  | NDDUEAFE Index |  |  | 79 |  |  | 4.535% (FEDL01 plus a specified spread) |  |  | Monthly |  |  |  | 05/07/2025 |  |  |  |  |  |  |  | 638 |  |  |  | 0 |  |  |  | (2 | ) |  |  | 0 |  |  |  | (2 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0 |  |  | $ | (260 | ) |  | $ | 0 |  |  | $ | (260 | )
Total Swap Agreements |  |  | $ | (472 | ) |  | $ | 175 |  |  | $ | 28 |  |  | $ | (325 | )

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |  |  |  |  |  |  |  |  |  |
Counterparty |  | Forward Foreign Currency Contracts |  |  | Purchased Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  |  |  |  | Forward Foreign Currency Contracts |  |  | Written Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  | Net Market Value of OTC Derivatives |  |  | Collateral Pledged/ (Received) |  |  | Net Exposure (6) |
BOA |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  |  |  |  | $ | (2 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (2 | ) |  | $ | (2 | ) |  | $ | 0 |  |  | $ | (2 | )
BPS |  |  | 11 |  |  |  | 0 |  |  |  | 0 |  |  |  | 11 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 11 |  |  |  | 0 |  |  |  | 11 |
BRC |  |  | 61 |  |  |  | 0 |  |  |  | 0 |  |  |  | 61 |  |  |  |  |  |  |  | (12 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (12 | ) |  |  | 49 |  |  |  | 0 |  |  |  | 49 |
CBK |  |  | 5 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (5 | ) |  |  | (5 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
DUB |  |  | 0 |  |  |  | 0 |  |  |  | 28 |  |  |  | 28 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 28 |  |  |  | 0 |  |  |  | 28 |
FAR |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (3 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (3 | ) |  |  | (3 | ) |  |  | 0 |  |  |  | (3 | )
GST |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (57 | ) |  |  | (57 | ) |  |  | (57 | ) |  |  | 250 |  |  |  | 193 |
JPM |  |  | 18 |  |  |  | 0 |  |  |  | 0 |  |  |  | 18 |  |  |  |  |  |  |  | (1 | ) |  |  | 0 |  |  |  | (4 | ) |  |  | (5 | ) |  |  | 13 |  |  |  | 0 |  |  |  | 13 |
MBC |  |  | 169 |  |  |  | 0 |  |  |  | 0 |  |  |  | 169 |  |  |  |  |  |  |  | (8 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (8 | ) |  |  | 161 |  |  |  | 0 |  |  |  | 161 |
MYC |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (10 | ) |  |  | (10 | ) |  |  | (10 | ) |  |  | 0 |  |  |  | (10 | )
MYI |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (247 | ) |  |  | (247 | ) |  |  | (247 | ) |  |  | 0 |  |  |  | (247 | )
SCX |  |  | 2 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |  |  |  | 0 |  |  |  | 2 |
TOR |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (2 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (2 | ) |  |  | (2 | ) |  |  | 0 |  |  |  | (2 | )
UAG |  |  | 1 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 0 |  |  |  | 1 |
ULO |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (2 | ) |  |  | (2 | ) |  |  | (2 | ) |  |  | 0 |  |  |  | (2 | )
Total Over the Counter |  | $ | 267 |  |  | $ | 0 |  |  | $ | 28 |  |  | $ | 295 |  |  |  |  |  |  | $ | (28 | ) |  | $ | 0 |  |  | $ | (325 | ) |  | $ | (353 | ) |  |  |  |  |  |  |  |  |  |  |  |

42 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

(l) | Securities with an aggregate market value of $250 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2024.

(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) | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

(6) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:

|  |  |  |  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |
Purchased Options |  | $ | 0 |  |  | $ | 0 |  |  | $ | 87 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 87 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 41 |  |  |  | 41 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 87 |  |  | $ | 0 |  |  | $ | 41 |  |  | $ | 128 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 267 |  |  | $ | 0 |  |  | $ | 267 |
Swap Agreements |  |  | 0 |  |  |  | 28 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 28 |
|  | $ | 0 |  |  | $ | 28 |  |  | $ | 0 |  |  | $ | 267 |  |  | $ | 0 |  |  | $ | 295 |
|  | $ | 0 |  |  | $ | 28 |  |  | $ | 87 |  |  | $ | 267 |  |  | $ | 41 |  |  | $ | 423 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |
Written Options |  | $ | 0 |  |  | $ | 0 |  |  | $ | 370 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 370 |
Futures |  |  | 0 |  |  |  | 0 |  |  |  | 170 |  |  |  | 0 |  |  |  | 1 |  |  |  | 171 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 41 |  |  |  | 41 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 540 |  |  | $ | 0 |  |  | $ | 42 |  |  | $ | 582 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 28 |  |  | $ | 0 |  |  | $ | 28 |
Swap Agreements |  |  | 0 |  |  |  | 65 |  |  |  | 260 |  |  |  | 0 |  |  |  | 0 |  |  |  | 325 |
|  | $ | 0 |  |  | $ | 65 |  |  | $ | 260 |  |  | $ | 28 |  |  | $ | 0 |  |  | $ | 353 |
|  | $ | 0 |  |  | $ | 65 |  |  | $ | 800 |  |  | $ | 28 |  |  | $ | 42 |  |  | $ | 935 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 43

Schedule of Investments |  | PIMCO Global StocksPLUS ® & Income Fund |  | (Cont.) |  |  |  |

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Net Realized Gain (Loss) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Purchased Options |  | $ | 0 |  |  | $ | 0 |  |  | $ | (967 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (967 | )
Written Options |  |  | 0 |  |  |  | 0 |  |  |  | 1,040 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,040 |
Futures |  |  | 0 |  |  |  | 0 |  |  |  | 3,911 |  |  |  | 0 |  |  |  | 23 |  |  |  | 3,934 |
Swap Agreements |  |  | 0 |  |  |  | 10 |  |  |  | 0 |  |  |  | 0 |  |  |  | 67 |  |  |  | 77 |
|  | $ | 0 |  |  | $ | 10 |  |  | $ | 3,984 |  |  | $ | 0 |  |  | $ | 90 |  |  | $ | 4,084 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 630 |  |  | $ | 0 |  |  | $ | 630 |
Swap Agreements |  |  | 0 |  |  |  | 47 |  |  |  | 2,027 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,074 |
|  | $ | 0 |  |  | $ | 47 |  |  | $ | 2,027 |  |  | $ | 630 |  |  | $ | 0 |  |  | $ | 2,704 |
|  | $ | 0 |  |  | $ | 57 |  |  | $ | 6,011 |  |  | $ | 630 |  |  | $ | 90 |  |  | $ | 6,788 |
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Purchased Options |  | $ | 0 |  |  | $ | 0 |  |  | $ | (166 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (166 | )
Written Options |  |  | 0 |  |  |  | 0 |  |  |  | 129 |  |  |  | 0 |  |  |  | 0 |  |  |  | 129 |
Futures |  |  | 0 |  |  |  | 0 |  |  |  | (1,560 | ) |  |  | 0 |  |  |  | (35 | ) |  |  | (1,595 | )
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 180 |  |  |  | 180 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | (1,597 | ) |  | $ | 0 |  |  | $ | 145 |  |  | $ | (1,452 | )
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 43 |  |  | $ | 0 |  |  | $ | 43 |
Swap Agreements |  |  | 0 |  |  |  | 18 |  |  |  | (3,801 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (3,783 | )
|  | $ | 0 |  |  | $ | 18 |  |  | $ | (3,801 | ) |  | $ | 43 |  |  | $ | 0 |  |  | $ | (3,740 | )
|  | $ | 0 |  |  | $ | 18 |  |  | $ | (5,398 | ) |  | $ | 43 |  |  | $ | 145 |  |  | $ | (5,192 | )

FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December
31, 2024 in valuing the Fund’s assets and liabilities
:

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 13 |  |  | $ | 11,493 |  |  | $ | 8,478 |  |  | $ | 19,984 |
Corporate Bonds & Notes |
Banking & Finance |  |  | 0 |  |  |  | 6,731 |  |  |  | 0 |  |  |  | 6,731 |
Industrials |  |  | 0 |  |  |  | 14,219 |  |  |  | 3,876 |  |  |  | 18,095 |
Utilities |  |  | 0 |  |  |  | 3,758 |  |  |  | 0 |  |  |  | 3,758 |
Convertible Bonds & Notes |
Banking & Finance |  |  | 0 |  |  |  | 10 |  |  |  | 0 |  |  |  | 10 |
Industrials |  |  | 0 |  |  |  | 503 |  |  |  | 0 |  |  |  | 503 |
Municipal Bonds & Notes |
Arizona |  |  | 0 |  |  |  | 459 |  |  |  | 0 |  |  |  | 459 |
West Virginia |  |  | 0 |  |  |  | 820 |  |  |  | 0 |  |  |  | 820 |
U.S. Government Agencies |  |  | 0 |  |  |  | 43,022 |  |  |  | 0 |  |  |  | 43,022 |
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | 11,828 |  |  |  | 0 |  |  |  | 11,828 |
Asset-Backed Securities |
Home Equity Other |  |  | 0 |  |  |  | 205 |  |  |  | 0 |  |  |  | 205 |
Manufacturing House Sequential |  |  | 0 |  |  |  | 202 |  |  |  | 0 |  |  |  | 202 |
Whole Loan Collateral |  |  | 0 |  |  |  | 176 |  |  |  | 0 |  |  |  | 176 |
Other ABS |  |  | 0 |  |  |  | 3,559 |  |  |  | 861 |  |  |  | 4,420 |
Sovereign Issues |  |  | 0 |  |  |  | 5,027 |  |  |  | 31 |  |  |  | 5,058 |
Common Stocks |
Communication Services |  |  | 337 |  |  |  | 0 |  |  |  | 1,696 |  |  |  | 2,033 |
Financials |  |  | 871 |  |  |  | 0 |  |  |  | 1,136 |  |  |  | 2,007 |
Health Care |  |  | 0 |  |  |  | 0 |  |  |  | 3,272 |  |  |  | 3,272 |
Industrials |  |  | 0 |  |  |  | 0 |  |  |  | 544 |  |  |  | 544 |
Warrants |
Communication Services |  |  | 0 |  |  |  | 0 |  |  |  | 449 |  |  |  | 449 |
Financials |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 1 |
Preferred Securities |
Banking & Finance |  |  | 0 |  |  |  | 708 |  |  |  | 750 |  |  |  | 1,458 |
Industrials |  |  | 0 |  |  |  | 289 |  |  |  | 0 |  |  |  | 289 |
Real Estate Investment Trusts |
Real Estate |  |  | 180 |  |  |  | 0 |  |  |  | 0 |  |  |  | 180 |

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Short-Term Instruments |
U.S. Treasury Bills |  | $ | 0 |  |  | $ | 784 |  |  | $ | 0 |  |  | $ | 784 |
|  | $ | 1,401 |  |  | $ | 103,793 |  |  | $ | 21,094 |  |  | $ | 126,288 |
Investments in Affiliates, at Value |
Short-Term Instruments |
Central Funds Used for Cash Management Purposes |  | $ | 18,475 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 18,475 |
Total Investments |  | $ | 19,876 |  |  | $ | 103,793 |  |  | $ | 21,094 |  |  | $ | 144,763 |
Short Sales, at Value - Liabilities |
U.S. Government Agencies |  | $ | 0 |  |  | $ | (623 | ) |  | $ | 0 |  |  | $ | (623 | )
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |  |  | 87 |  |  |  | 41 |  |  |  | 0 |  |  |  | 128 |
Over the counter |  |  | 0 |  |  |  | 267 |  |  |  | 28 |  |  |  | 295 |
|  | $ | 87 |  |  | $ | 308 |  |  | $ | 28 |  |  | $ | 423 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |  |  | (540 | ) |  |  | (42 | ) |  |  | 0 |  |  |  | (582 | )
Over the counter |  |  | 0 |  |  |  | (298 | ) |  |  | (55 | ) |  |  | (353 | )
|  | $ | (540 | ) |  | $ | (340 | ) |  | $ | (55 | ) |  | $ | (935 | )
Total Financial Derivative Instruments |  | $ | (453 | ) |  | $ | (32 | ) |  | $ | (27 | ) |  | $ | (512 | )
Totals |  | $ | 19,423 |  |  | $ | 103,138 |  |  | $ | 21,067 |  |  | $ | 143,628 |

44 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2024:

Category and Subcategory |  | Beginning Balance at 06/30/2024 |  |  | Net Purchases (1) |  |  | Net Sales/ Settlements (1) |  |  | Accrued Discounts/ (Premiums) |  |  | Realized Gain/(Loss) |  |  | Net Change in Unrealized Appreciation/ (Depreciation) (2) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Ending Balance at 12/31/2024 |  |  | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024 (2) |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 8,272 |  |  | $ | 3,290 |  |  | $ | (1,135 | ) |  | $ | 1 |  |  | $ | 0 |  |  | $ | 20 |  |  | $ | 20 |  |  | $ | (1,990 | ) |  | $ | 8,478 |  |  | $ | (11 | )
Corporate Bonds & Notes |
Banking & Finance |  |  | 1,074 |  |  |  | 0 |  |  |  | (1,123 | ) |  |  | 0 |  |  |  | 13 |  |  |  | 36 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Industrials |  |  | 4,032 |  |  |  | 35 |  |  |  | 0 |  |  |  | (5 | ) |  |  | 0 |  |  |  | (369 | ) |  |  | 183 |  |  |  | 0 |  |  |  | 3,876 |  |  |  | (369 | )
Non-Agency Mortgage-Backed Securities |  |  | 1,085 |  |  |  | 2 |  |  |  | (95 | ) |  |  | 14 |  |  |  | 19 |  |  |  | 27 |  |  |  | 0 |  |  |  | (1,052 | ) |  |  | 0 |  |  |  | 0 |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home Equity Other |  |  | 24 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (24 | ) |  |  | 0 |  |  |  | 0 |
Whole Loan Collateral |  |  | 16 |  |  |  | 0 |  |  |  | (2 | ) |  |  | 1 |  |  |  | 0 |  |  |  | (1 | ) |  |  | 0 |  |  |  | (14 | ) |  |  | 0 |  |  |  | 0 |
Other ABS |  |  | 945 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (84 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 861 |  |  |  | (84 | )
Sovereign Issues |  |  | 0 |  |  |  | 99 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (68 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 31 |  |  |  | (68 | )
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communication Services (3) |  |  | 1,250 |  |  |  | 23 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 423 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,696 |  |  |  | 423 |
Consumer Discretionary (4) |  |  | 70 |  |  |  | 0 |  |  |  | (71 | ) |  |  | 0 |  |  |  | 71 |  |  |  | (70 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Energy |  |  | 15 |  |  |  | 0 |  |  |  | (16 | ) |  |  | 0 |  |  |  | 8 |  |  |  | (7 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Financials |  |  | 1,278 |  |  |  | 6 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (148 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 1,136 |  |  |  | (147 | )
Health Care |  |  | 3,535 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (263 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 3,272 |  |  |  | (263 | )
Industrials |  |  | 535 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 9 |  |  |  | 0 |  |  |  | 0 |  |  |  | 544 |  |  |  | 9 |
Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communication Services |  |  | 0 |  |  |  | 449 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 449 |  |  |  | 0 |
Financials |  |  | 1 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 0 |
Preferred Securities |
Banking & Finance |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 750 |  |  |  | 0 |  |  |  | 750 |  |  |  | 0 |
Industrials |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (741 | ) |  |  | 741 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
|  | $ | 22,132 |  |  | $ | 3,904 |  |  | $ | (2,442 | ) |  | $ | 11 |  |  | $ | (630 | ) |  | $ | 246 |  |  | $ | 953 |  |  | $ | (3,080 | ) |  | $ | 21,094 |  |  | $ | (510 | )
Financial Derivative Instruments - Assets |
Over the counter |  | $ | 31 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (3 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 28 |  |  | $ | 1 |
Financial Derivative Instruments - Liabilities |
Over the counter |  | $ | (85 | ) |  | $ | 82 |  |  | $ | (24 | ) |  | $ | 0 |  |  | $ | 27 |  |  | $ | (55 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (55 | ) |  | $ | 26 |
Totals |  | $ | 22,078 |  |  | $ | 3,986 |  |  | $ | (2,466 | ) |  | $ | 11 |  |  | $ | (603 | ) |  | $ | 188 |  |  | $ | 953 |  |  | $ | (3,080 | ) |  | $ | 21,067 |  |  | $ | (483 | )

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 12/31/2024 |  |  | Valuation Technique |  | Unobservable Inputs |  |  |  |  | (% Unless Noted Otherwise) |
| Input Value(s) |  |  | Weighted Average |
Investments in Securities, at Value |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Participations and Assignments |  | $ | 226 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 13.750 |  |  |  | — |
|  |  | 5,426 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 6.871-25.430 |  |  |  | 11.771 |
|  |  | 20 |  |  | Expected Recovery |  | Recovery Rate |  |  |  |  |  |  | 15.419 |  |  |  | — |
|  |  | 164 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  |  |  | 82.000 |  |  |  | — |
|  |  | 36 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  |  |  | — |  |  |  | — |
|  |  | 1,201 |  |  | Proxy Pricing |  | Base Price |  |  |  |  |  |  | 98.286-100.000 |  |  |  | 99.723 |
|  |  | 163 |  |  | Recent Transaction |  | Purchase Price |  |  |  |  |  |  | 99.500 |  |  |  | — |
|  |  | 1,242 |  |  | Third Party Vendor |  | Broker Quote |  |  |  |  |  |  | 99.188 |  |  |  | — |
Corporate Bonds & Notes |
Industrials |  |  | 3,659 |  |  | Comparable Companies/ Discounted Cash Flow |  | Revenue Multiple/Discount Rate |  |  | X/% |  |  |  | 1.000/9.750 |  |  |  | — |
|  |  | 183 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  |  |  | 61.000 |  |  |  | — |
|  |  | 34 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  |  |  | — |  |  |  | — |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other ABS |  |  | 861 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 12.000-13.000 |  |  |  | 12.216 |
Sovereign Issues |  |  | 31 |  |  | Indicative Market Quotation |  | Broker Quote |  |  | EUR |  |  |  | 33.348 |  |  |  | — |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communication Services |  |  | 1,276 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 4.640 |  |  |  | — |
|  |  | 388 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 12.280 |  |  |  | — |
|  |  | 32 |  |  | Reference Instrument |  | Stock Price w/Liquidity Discount |  |  |  |  |  |  | 10.000 |  |  |  | — |
Financials |  |  | 1,134 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 4.600 |  |  |  | — |
|  |  | 2 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  |  |  | — |  |  |  | — |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 45

Schedule of Investments |  | PIMCO Global StocksPLUS ® & Income Fund |  | (Cont.) |  | December 31, 2024 |  | (Unaudited)

Category and Subcategory |  | Ending Balance at 12/31/2024 |  |  | Valuation Technique |  | Unobservable Inputs |  |  |  | (% Unless Noted Otherwise) |
| Input Value(s) |  |  | Weighted Average |
Health Care |  | $ | 3,272 |  |  | Comparable Companies |  | EBITDA Multiple |  | X |  |  | 13.750 |  |  |  | — |
Industrials |  |  | 544 |  |  | Indicative Market Quotation |  | Broker Quote |  | $ |  |  | 1.130-25.125 |  |  |  | 2.927 |
Warrants |
Communication Services |  |  | 449 |  |  | Recent Transaction |  | Purchase Price |  | $ |  |  | 13.000 |  |  |  | — |
Financials |  |  | 1 |  |  | Option Pricing Model |  | Volatility |  |  |  |  | 32.500 |  |  |  | — |
Preferred Securities |
Banking & Finance |  |  | 750 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  | — |  |  |  | — |
Financial Derivative Instruments - Assets |
Over the counter |  |  | 28 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  | 6.830 |  |  |  | — |
Financial Derivative Instruments - Liabilities |
Over the counter |  |  | (55 | ) |  | Indicative Market Quotation |  | Broker Quote |  | $ |  |  | 92.500-98.500 |  |  |  | 93.211 |
Total |  | $ | 21,067 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

(2) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.

(3) | Sector type updated from Industrials and Utilities to Communication Services since prior fiscal year end.

(4) | Sector type updated from Industrials to Consumer Discretionary since prior fiscal year end.

(5) | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

46 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

Schedule of Investments |  | PIMCO Strategic Income Fund, Inc. |  |  |  | December 31, 2024 |  | (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
INVESTMENTS IN SECURITIES 281.3% |
LOAN PARTICIPATIONS AND ASSIGNMENTS 17.7% |
Altar Bidco, Inc. |
9.747% (TSFR6M + 5.600%) due 02/01/2030 ~ |  | $ |  |  | 700 |  |  | $ |  |  | 680 |
Altice France SA |
10.147% due 08/15/2028 ~ |  |  |  |  | 796 |  |  |  |  |  | 641 |
Diamond Sports Group LLC |
TBD% due 05/25/2026 «~ |  |  |  |  | 321 |  |  |  |  |  | 49 |
Envision Healthcare Corp. |
12.507% due 11/03/2028 ~ |  |  |  |  | 3,675 |  |  |  |  |  | 3,730 |
Forward Air Corp. |
9.085% due 12/19/2030 ~ |  |  |  |  | 1,300 |  |  |  |  |  | 1,307 |
Gateway Casinos & Entertainment Ltd. |
TBD% due 12/18/2030 |  |  |  |  | 1,982 |  |  |  |  |  | 2,016 |
Hudson’s Bay Co. |
TBD% due 04/03/2026 |  |  |  |  | 860 |  |  |  |  |  | 860 |
Ivanti Software, Inc. |
9.121% due 12/01/2027 ~ |  |  |  |  | 1,210 |  |  |  |  |  | 992 |
Lealand Finance Co. BV |
7.471% due 06/30/2027 ~ |  |  |  |  | 28 |  |  |  |  |  | 14 |
8.472% due 12/31/2027 ~ |  |  |  |  | 211 |  |  |  |  |  | 85 |
Ocs Group Holdings Ltd. |
TBD% due 11/27/2031 «~ |  | GBP |  |  | 1,650 |  |  |  |  |  | 2,049 |
Poseidon Bidco SASU |
7.683% (EUR003M + 5.000%) due 03/13/2030 ~ |  | EUR |  |  | 1,000 |  |  |  |  |  | 677 |
Promotora de Informaciones SA |
8.439% (EUR003M + 5.220%) due 12/31/2026 ~ |  |  |  |  | 3,792 |  |  |  |  |  | 3,889 |
Promotora de Informaciones SA (5.000% PIK) |
5.000% (EUR003M + 2.970%) due 06/30/2027 ~(b) |  |  |  |  | 259 |  |  |  |  |  | 255 |
Softbank Vision Fund II |
6.000% due 12/23/2025 «~ |  | $ |  |  | 1,279 |  |  |  |  |  | 1,263 |
Steenbok Lux Finco 2 SARL |
1TBD% due 06/30/2026 |  | EUR |  |  | 5,346 |  |  |  |  |  | 998 |
1TBD% due 06/30/2026 ~ |  |  |  |  | 9,107 |  |  |  |  |  | 3,047 |
Syniverse Holdings, Inc. |
11.329% due 05/13/2027 ~ |  | $ |  |  | 4,781 |  |  |  |  |  | 4,802 |
The Stepstone Group MidCo 2 GMBH |
TBD% due 12/04/2031 ~ |  | EUR |  |  | 2,000 |  |  |  |  |  | 2,052 |
TBD% due 12/04/2031 ~ |  | $ |  |  | 300 |  |  |  |  |  | 297 |
U.S. Renal Care, Inc. |
9.471% due 06/20/2028 ~ |  |  |  |  | 4,010 |  |  |  |  |  | 3,767 |
Wesco Aircraft Holdings, Inc. |
13.153% (TSFR1M + 8.600%) due 02/01/2025 «~ |  |  |  |  | 2,647 |  |  |  |  |  | 2,834 |
Westmoreland Coal Co. |
8.000% due 03/15/2029 |  |  |  |  | 2 |  |  |  |  |  | 1 |
Total Loan Participations and Assignments (Cost $42,858) |  |  |  |  |  | 36,305 |
CORPORATE BONDS & NOTES 49.6% |
BANKING & FINANCE 18.9% |
Adler Financing SARL |
12.500% due 12/31/2028 |  | EUR |  |  | 3,437 |  |  |  |  |  | 3,682 |
Ally Financial, Inc. |
5.543% due 01/17/2031 • |  | $ |  |  | 300 |  |  |  |  |  | 296 |
Antares Holdings LP |
6.350% due 10/23/2029 (i) |  |  |  |  | 1,500 |  |  |  |  |  | 1,489 |
Armor Holdco, Inc. |
8.500% due 11/15/2029 |  |  |  |  | 2,400 |  |  |  |  |  | 2,435 |
Banca Monte dei Paschi di Siena SpA |
8.000% due 01/22/2030 • |  | EUR |  |  | 298 |  |  |  |  |  | 310 |
Banco Bilbao Vizcaya Argentaria SA |
6.033% due 03/13/2035 •(i) |  | $ |  |  | 2,200 |  |  |  |  |  | 2,200 |
Barclays PLC |
5.851% due 03/21/2035 • |  | GBP |  |  | 500 |  |  |  |  |  | 629 |
7.437% due 11/02/2033 •(i) |  | $ |  |  | 800 |  |  |  |  |  | 881 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
BGC Group, Inc. |
6.600% due 06/10/2029 (i) |  | $ |  |  | 1,000 |  |  | $ |  |  | 1,025 |
BPCE SA |
5.936% due 05/30/2035 •(i) |  |  |  |  | 400 |  |  |  |  |  | 397 |
CaixaBank SA |
6.037% due 06/15/2035 •(i) |  |  |  |  | 400 |  |  |  |  |  | 404 |
6.840% due 09/13/2034 •(i) |  |  |  |  | 1,600 |  |  |  |  |  | 1,702 |
CI Financial Corp. |
7.500% due 05/30/2029 (i) |  |  |  |  | 2,100 |  |  |  |  |  | 2,199 |
Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
8.000% due 12/31/2026 (b) |  | EUR |  |  | 147 |  |  |  |  |  | 62 |
Country Garden Holdings Co. Ltd. |
5.400% due 05/27/2025 ^(c) |  | $ |  |  | 1,000 |  |  |  |  |  | 106 |
6.150% due 09/17/2025 ^(c) |  |  |  |  | 200 |  |  |  |  |  | 21 |
Credit Suisse AG AT1 Claim |  |  |  |  | 600 |  |  |  |  |  | 75 |
Deutsche Bank AG |
3.547% due 09/18/2031 •(i) |  |  |  |  | 300 |  |  |  |  |  | 270 |
4.999% due 09/11/2030 •(i) |  |  |  |  | 650 |  |  |  |  |  | 636 |
5.403% due 09/11/2035 •(i) |  |  |  |  | 500 |  |  |  |  |  | 474 |
EPR Properties |
3.750% due 08/15/2029 (i) |  |  |  |  | 100 |  |  |  |  |  | 93 |
Essential Properties LP |
2.950% due 07/15/2031 (i) |  |  |  |  | 100 |  |  |  |  |  | 85 |
F&G Annuities & Life, Inc. |
6.250% due 10/04/2034 (i) |  |  |  |  | 400 |  |  |  |  |  | 388 |
6.500% due 06/04/2029 (i) |  |  |  |  | 700 |  |  |  |  |  | 715 |
Fairfax India Holdings Corp. |
5.000% due 02/26/2028 |  |  |  |  | 2,400 |  |  |  |  |  | 2,260 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
6.375% due 07/01/2034 |  |  |  |  | 1,000 |  |  |  |  |  | 974 |
Host Hotels & Resorts LP |
5.500% due 04/15/2035 (i) |  |  |  |  | 1,700 |  |  |  |  |  | 1,665 |
Hudson Pacific Properties LP |
3.250% due 01/15/2030 (i) |  |  |  |  | 300 |  |  |  |  |  | 204 |
3.950% due 11/01/2027 (i) |  |  |  |  | 100 |  |  |  |  |  | 87 |
4.650% due 04/01/2029 (i) |  |  |  |  | 300 |  |  |  |  |  | 226 |
5.950% due 02/15/2028 (i) |  |  |  |  | 900 |  |  |  |  |  | 769 |
Intesa Sanpaolo SpA |
7.200% due 11/28/2033 (i) |  |  |  |  | 3,600 |  |  |  |  |  | 3,897 |
JAB Holdings BV |
3.750% due 05/28/2051 (i) |  |  |  |  | 400 |  |  |  |  |  | 261 |
Marex Group PLC |
6.404% due 11/04/2029 (i) |  |  |  |  | 900 |  |  |  |  |  | 910 |
Sammons Financial Group, Inc. |
6.875% due 04/15/2034 (i) |  |  |  |  | 600 |  |  |  |  |  | 628 |
Societe Generale SA |
6.691% due 01/10/2034 •(i) |  |  |  |  | 1,900 |  |  |  |  |  | 1,952 |
Titanium 2l Bondco SARL |
6.250% due 01/14/2031 |  | EUR |  |  | 5,074 |  |  |  |  |  | 1,790 |
Uniti Group LP |
6.000% due 01/15/2030 (i) |  | $ |  |  | 2,738 |  |  |  |  |  | 2,408 |
10.500% due 02/15/2028 (i) |  |  |  |  | 251 |  |  |  |  |  | 268 |
|  |  |  |  |  |  |  |  |  |  | 38,873 |
INDUSTRIALS 26.6% |
Altice France Holding SA |
8.000% due 05/15/2027 |  | EUR |  |  | 1,100 |  |  |  |  |  | 309 |
10.500% due 05/15/2027 |  | $ |  |  | 1,000 |  |  |  |  |  | 296 |
Altice France SA |
3.375% due 01/15/2028 |  | EUR |  |  | 1,000 |  |  |  |  |  | 787 |
4.000% due 07/15/2029 |  |  |  |  | 400 |  |  |  |  |  | 315 |
4.250% due 10/15/2029 |  |  |  |  | 500 |  |  |  |  |  | 393 |
5.125% due 07/15/2029 |  | $ |  |  | 400 |  |  |  |  |  | 300 |
5.500% due 01/15/2028 |  |  |  |  | 200 |  |  |  |  |  | 148 |
5.500% due 10/15/2029 |  |  |  |  | 391 |  |  |  |  |  | 295 |
5.875% due 02/01/2027 |  | EUR |  |  | 200 |  |  |  |  |  | 167 |
AS Mileage Plan IP Ltd. |
5.021% due 10/20/2029 |  | $ |  |  | 500 |  |  |  |  |  | 488 |
5.308% due 10/20/2031 (i) |  |  |  |  | 500 |  |  |  |  |  | 488 |
BAT Capital Corp. |
6.421% due 08/02/2033 (i) |  |  |  |  | 300 |  |  |  |  |  | 317 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Bayer U.S. Finance LLC |
6.250% due 01/21/2029 (i) |  | $ |  |  | 200 |  |  | $ |  |  | 204 |
6.375% due 11/21/2030 (i) |  |  |  |  | 400 |  |  |  |  |  | 412 |
6.500% due 11/21/2033 (i) |  |  |  |  | 400 |  |  |  |  |  | 407 |
Boeing Co. |
6.259% due 05/01/2027 (i) |  |  |  |  | 500 |  |  |  |  |  | 512 |
6.298% due 05/01/2029 (i) |  |  |  |  | 600 |  |  |  |  |  | 622 |
6.388% due 05/01/2031 (i) |  |  |  |  | 500 |  |  |  |  |  | 523 |
6.528% due 05/01/2034 (i) |  |  |  |  | 600 |  |  |  |  |  | 629 |
Burberry Group PLC |
5.750% due 06/20/2030 |  | GBP |  |  | 2,627 |  |  |  |  |  | 3,194 |
Carvana Co. (11.000% Cash or 13.000% PIK) |
11.000% due 06/01/2030 (b) |  | $ |  |  | 770 |  |  |  |  |  | 808 |
CDW LLC |
5.550% due 08/22/2034 (i) |  |  |  |  | 200 |  |  |  |  |  | 197 |
Choice Hotels International, Inc. |
5.850% due 08/01/2034 (i) |  |  |  |  | 300 |  |  |  |  |  | 301 |
CVS Pass-Through Trust |
7.507% due 01/10/2032 (i) |  |  |  |  | 492 |  |  |  |  |  | 519 |
DISH DBS Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.250% due 12/01/2026 |  |  |  |  | 3,558 |  |  |  |  |  | 3,241 |
5.750% due 12/01/2028 |  |  |  |  | 3,000 |  |  |  |  |  | 2,571 |
Ecopetrol SA |  |  |  |  |  |  |  |  |  |  |  |
6.875% due 04/29/2030 (i) |  |  |  |  | 2,860 |  |  |  |  |  | 2,793 |
8.375% due 01/19/2036 |  |  |  |  | 80 |  |  |  |  |  | 77 |
Essent Group Ltd. |
6.250% due 07/01/2029 (i) |  |  |  |  | 600 |  |  |  |  |  | 613 |
Exela Intermediate LLC (5.750% Cash and 5.750% PIK) |
11.500% due 04/15/2026 (b) |  |  |  |  | 43 |  |  |  |  |  | 7 |
Gazprom PJSC Via Gaz Capital SA |
8.625% due 04/28/2034 |  |  |  |  | 1,710 |  |  |  |  |  | 1,325 |
GN Bondco LLC |
9.500% due 10/15/2031 |  |  |  |  | 200 |  |  |  |  |  | 211 |
Hertz Corp. |
12.625% due 07/15/2029 |  |  |  |  | 600 |  |  |  |  |  | 640 |
Intelsat Jackson Holdings SA |
6.500% due 03/15/2030 (i) |  |  |  |  | 1,956 |  |  |  |  |  | 1,809 |
JetBlue Airways Corp. |
9.875% due 09/20/2031 (i) |  |  |  |  | 2,627 |  |  |  |  |  | 2,794 |
Newfold Digital Holdings Group, Inc. |
6.000% due 02/15/2029 « |  |  |  |  | 1,200 |  |  |  |  |  | 732 |
11.750% due 10/15/2028 « |  |  |  |  | 1,250 |  |  |  |  |  | 1,100 |
Nissan Motor Co. Ltd. |
4.810% due 09/17/2030 (i) |  |  |  |  | 2,600 |  |  |  |  |  | 2,446 |
Petroleos Mexicanos |  |  |  |  |  |  |  |  |  |  |  |
6.700% due 02/16/2032 (i) |  |  |  |  | 784 |  |  |  |  |  | 683 |
6.840% due 01/23/2030 (i) |  |  |  |  | 200 |  |  |  |  |  | 183 |
8.750% due 06/02/2029 (i) |  |  |  |  | 350 |  |  |  |  |  | 351 |
Rivian Holdings LLC |
10.502% due 10/15/2026 • |  |  |  |  | 2,040 |  |  |  |  |  | 2,055 |
Spirit Airlines Pass-Through Trust |
4.100% due 10/01/2029 |  |  |  |  | 463 |  |  |  |  |  | 431 |
Topaz Solar Farms LLC |
4.875% due 09/30/2039 (i) |  |  |  |  | 662 |  |  |  |  |  | 619 |
U.S. Renal Care, Inc. |
10.625% due 06/28/2028 (i) |  |  |  |  | 1,454 |  |  |  |  |  | 1,247 |
United Airlines Pass-Through Trust |
4.150% due 02/25/2033 |  |  |  |  | 68 |  |  |  |  |  | 65 |
Vale SA |
0.000% due 12/29/2049 ~(g) |  | BRL |  |  | 50,000 |  |  |  |  |  | 2,871 |
Venture Global LNG, Inc. |
9.500% due 02/01/2029 (i) |  | $ |  |  | 912 |  |  |  |  |  | 1,009 |
9.875% due 02/01/2032 (i) |  |  |  |  | 340 |  |  |  |  |  | 373 |
Viridien |
8.750% due 04/01/2027 (i) |  |  |  |  | 2,812 |  |  |  |  |  | 2,768 |
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK) |
10.500% due 11/15/2026 ^«(b)(c) |  |  |  |  | 10,800 |  |  |  |  |  | 8,919 |
|  |  |  |  |  |  |  |  |  |  | 54,564 |
UTILITIES 4.1% |  |  |  |  |  |  |  |  |  |  |  |
Chile Electricity Lux MPC SARL |
5.580% due 10/20/2035 (i) |  |  |  |  | 1,050 |  |  |  |  |  | 1,022 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 47

Schedule of Investments |  | PIMCO Strategic Income Fund, Inc. |  | (Cont.) |  |  |  |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
NGD Holdings BV |
6.750% due 12/31/2026 |  | $ |  |  | 1,305 |  |  | $ |  |  | 1,031 |
Oi SA (10.000% Cash or 7.500% Cash and 6.000% PIK) |
10.000% due 06/30/2027 (b) |  |  |  |  | 2,165 |  |  |  |  |  | 1,950 |
Oi SA (8.500% PIK) |
8.500% due 12/31/2028 (b) |  |  |  |  | 2,038 |  |  |  |  |  | 227 |
Pacific Gas & Electric Co. |
4.300% due 03/15/2045 (i) |  |  |  |  | 950 |  |  |  |  |  | 761 |
Peru LNG SRL |
5.375% due 03/22/2030 |  |  |  |  | 2,567 |  |  |  |  |  | 2,367 |
Tierra Mojada Luxembourg SARL |
5.750% due 12/01/2040 |  |  |  |  | 1,127 |  |  |  |  |  | 1,032 |
|  |  |  |  |  |  |  |  |  |  | 8,390 |
Total Corporate Bonds & Notes (Cost $110,830) |  |  | 101,827 |
CONVERTIBLE BONDS & NOTES 0.0% |
BANKING & FINANCE 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
8.000% due 12/31/2026 (b) |  | EUR |  |  | 171 |  |  |  |  |  | 72 |
Total Convertible Bonds & Notes (Cost $193) |  |  |  |  |  | 72 |
MUNICIPAL BONDS & NOTES 3.0% |
CALIFORNIA 0.7% |  |  |  |  |  |  |  |  |  |  |  |
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
3.000% due 06/01/2046 |  | $ |  |  | 70 |  |  |  |  |  | 65 |
3.487% due 06/01/2036 |  |  |  |  | 1,000 |  |  |  |  |  | 825 |
3.850% due 06/01/2050 |  |  |  |  | 630 |  |  |  |  |  | 571 |
|  |  |  |  |  |  |  |  |  |  | 1,461 |
ILLINOIS 0.0% |
Illinois State General Obligation Bonds, (BABs), Series 2010 |
6.725% due 04/01/2035 |  |  |  |  | 13 |  |  |  |  |  | 13 |
MICHIGAN 1.1% |
Detroit, Michigan General Obligation Bonds, Series 2014 |
4.000% due 04/01/2044 |  |  |  |  | 3,000 |  |  |  |  |  | 2,321 |
WEST VIRGINIA 1.2% |
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
0.000% due 06/01/2047 (f) |  |  |  |  | 25,300 |  |  |  |  |  | 2,357 |
Total Municipal Bonds & Notes (Cost $7,190) |  |  | 6,152 |
U.S. GOVERNMENT AGENCIES 165.7% |
Fannie Mae |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 02/25/2052 •(a) |  |  |  |  | 111,363 |  |  |  |  |  | 273 |
1.142% due 12/25/2042 ~(a) |  |  |  |  | 2,164 |  |  |  |  |  | 40 |
1.317% due 10/25/2049 •(a)(i) |  |  |  |  | 5,595 |  |  |  |  |  | 641 |
1.367% due 02/25/2049 •(a) |  |  |  |  | 58 |  |  |  |  |  | 6 |
1.417% due 07/25/2050 •(a)(i) |  |  |  |  | 837 |  |  |  |  |  | 86 |
1.723% due 08/25/2054 ~(a)(i) |  |  |  |  | 3,492 |  |  |  |  |  | 185 |
2.067% due 07/25/2041 •(a) |  |  |  |  | 250 |  |  |  |  |  | 12 |
2.500% due 12/25/2027 (a)(i) |  |  |  |  | 347 |  |  |  |  |  | 8 |
3.000% due 06/25/2050 (a)(i) |  |  |  |  | 1,016 |  |  |  |  |  | 202 |
3.500% due 07/25/2036 (a)(i) |  |  |  |  | 2,453 |  |  |  |  |  | 242 |
3.500% due 07/25/2042 - 12/25/2049 (a) |  |  |  |  | 313 |  |  |  |  |  | 36 |
4.000% due 06/25/2050 (a)(i) |  |  |  |  | 529 |  |  |  |  |  | 99 |
4.500% due 07/25/2040 |  |  |  |  | 335 |  |  |  |  |  | 323 |
4.502% due 02/25/2042 ~ |  |  |  |  | 200 |  |  |  |  |  | 198 |
4.758% due 12/25/2042 ~ |  |  |  |  | 13 |  |  |  |  |  | 13 |
5.000% due 07/25/2037 (a) |  |  |  |  | 385 |  |  |  |  |  | 56 |
5.000% due 01/25/2038 |  |  |  |  | 1,916 |  |  |  |  |  | 1,923 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
5.000% due 07/25/2038 (i) |  | $ |  |  | 51 |  |  | $ |  |  | 51 |
5.222% due 10/25/2042 ~ |  |  |  |  | 5 |  |  |  |  |  | 5 |
5.335% due 10/25/2042 ~ |  |  |  |  | 149 |  |  |  |  |  | 151 |
5.500% due 11/25/2032 - 04/25/2035 |  |  |  |  | 1,746 |  |  |  |  |  | 1,776 |
5.750% due 06/25/2033 |  |  |  |  | 8 |  |  |  |  |  | 8 |
5.807% due 08/25/2043 |  |  |  |  | 657 |  |  |  |  |  | 644 |
6.000% due 09/25/2031 (i) |  |  |  |  | 43 |  |  |  |  |  | 43 |
6.000% due 01/25/2044 |  |  |  |  | 455 |  |  |  |  |  | 464 |
6.500% due 04/01/2031 - 11/01/2047 |  |  |  |  | 1,582 |  |  |  |  |  | 1,617 |
6.500% due 09/25/2031 (i) |  |  |  |  | 54 |  |  |  |  |  | 56 |
6.850% due 12/18/2027 |  |  |  |  | 2 |  |  |  |  |  | 2 |
7.000% due 06/18/2027 - 01/01/2047 |  |  |  |  | 316 |  |  |  |  |  | 322 |
7.000% due 02/25/2035 (i) |  |  |  |  | 21 |  |  |  |  |  | 21 |
7.000% due 09/25/2041 ~ |  |  |  |  | 143 |  |  |  |  |  | 142 |
7.260% due 09/01/2028 • |  |  |  |  | 1 |  |  |  |  |  | 1 |
7.450% due 11/01/2027 • |  |  |  |  | 4 |  |  |  |  |  | 4 |
7.500% due 11/25/2026 - 06/25/2044 |  |  |  |  | 332 |  |  |  |  |  | 337 |
7.500% due 06/19/2041 ~ |  |  |  |  | 51 |  |  |  |  |  | 52 |
8.000% due 06/19/2041 ~ |  |  |  |  | 475 |  |  |  |  |  | 491 |
8.500% due 06/18/2027 - 06/25/2030 |  |  |  |  | 14 |  |  |  |  |  | 14 |
Freddie Mac |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 11/15/2048 •(a)(i) |  |  |  |  | 4,549 |  |  |  |  |  | 157 |
1.317% due 04/25/2048 - 11/25/2049 •(a)(i) |  |  |  |  | 24,558 |  |  |  |  |  | 2,779 |
1.401% due 05/15/2038 ~(a)(i) |  |  |  |  | 1,696 |  |  |  |  |  | 128 |
1.467% due 05/25/2050 •(a) |  |  |  |  | 547 |  |  |  |  |  | 61 |
1.811% due 11/15/2038 ~(a)(i) |  |  |  |  | 5,887 |  |  |  |  |  | 332 |
1.994% due 08/15/2036 ~(a)(i) |  |  |  |  | 582 |  |  |  |  |  | 36 |
2.010% due 11/25/2045 ~(a) |  |  |  |  | 5,336 |  |  |  |  |  | 281 |
3.000% due 11/25/2050 (a)(i) |  |  |  |  | 7,790 |  |  |  |  |  | 1,329 |
3.000% due 01/25/2051 (a) |  |  |  |  | 443 |  |  |  |  |  | 75 |
3.500% due 05/25/2050 (a) |  |  |  |  | 475 |  |  |  |  |  | 92 |
4.381% due 07/25/2032 ~ |  |  |  |  | 56 |  |  |  |  |  | 51 |
5.500% due 04/01/2039 - 06/15/2041 |  |  |  |  | 1,822 |  |  |  |  |  | 1,852 |
6.000% due 12/15/2028 - 03/15/2035 (i) |  |  |  |  | 74 |  |  |  |  |  | 75 |
6.000% due 04/15/2031 - 02/01/2034 |  |  |  |  | 379 |  |  |  |  |  | 389 |
6.433% due 12/01/2026 • |  |  |  |  | 1 |  |  |  |  |  | 1 |
6.500% due 03/15/2026 - 09/01/2047 |  |  |  |  | 1,885 |  |  |  |  |  | 1,892 |
6.500% due 02/15/2028 - 07/15/2032 (i) |  |  |  |  | 302 |  |  |  |  |  | 312 |
6.500% due 09/25/2043 ~ |  |  |  |  | 33 |  |  |  |  |  | 33 |
7.000% due 07/15/2027 (i) |  |  |  |  | 26 |  |  |  |  |  | 26 |
7.000% due 03/15/2029 - 10/25/2043 |  |  |  |  | 738 |  |  |  |  |  | 757 |
7.500% due 12/01/2025 - 02/25/2042 |  |  |  |  | 231 |  |  |  |  |  | 236 |
8.000% due 12/01/2026 - 04/15/2030 |  |  |  |  | 20 |  |  |  |  |  | 20 |
9.833% due 10/25/2029 • |  |  |  |  | 650 |  |  |  |  |  | 702 |
12.069% due 10/25/2041 •(i) |  |  |  |  | 2,800 |  |  |  |  |  | 3,016 |
12.233% due 12/25/2027 • |  |  |  |  | 1,228 |  |  |  |  |  | 1,262 |
12.369% due 11/25/2041 •(i) |  |  |  |  | 2,800 |  |  |  |  |  | 3,037 |
Ginnie Mae |
1.565% due 08/20/2049 - 09/20/2049 •(a)(i) |  |  |  |  | 43,179 |  |  |  |  |  | 4,655 |
1.715% due 06/20/2047 •(a)(i) |  |  | 4,677 |  |  |  |  |  | 514 |
6.000% due 04/15/2029 - 12/15/2038 |  |  |  |  | 416 |  |  |  |  |  | 426 |
6.500% due 04/15/2032 - 10/20/2038 |  |  |  |  | 143 |  |  |  |  |  | 147 |
7.000% due 11/15/2025 - 06/15/2026 |  |  |  |  | 1 |  |  |  |  |  | 1 |
7.500% due 10/15/2025 - 02/15/2029 |  |  |  |  | 122 |  |  |  |  |  | 123 |
8.500% due 02/15/2031 |  |  |  |  | 5 |  |  |  |  |  | 5 |
Ginnie Mae, TBA |
4.000% due 01/01/2055 - 02/01/2055 |  |  |  |  | 12,000 |  |  |  |  |  | 11,074 |
4.500% due 02/01/2055 |  |  |  |  | 100 |  |  |  |  |  | 95 |
U.S. Small Business Administration |
4.625% due 02/01/2025 |  |  |  |  | 3 |  |  |  |  |  | 3 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
5.510% due 11/01/2027 |  | $ |  |  | 40 |  |  | $ |  |  | 40 |
5.780% due 08/01/2027 |  |  |  |  | 3 |  |  |  |  |  | 3 |
5.820% due 07/01/2027 |  |  |  |  | 4 |  |  |  |  |  | 4 |
Uniform Mortgage-Backed Security |
4.000% due 06/01/2047 - 03/01/2048 |  |  |  |  | 309 |  |  |  |  |  | 286 |
4.000% due 09/01/2047 (i) |  |  |  |  | 4,430 |  |  |  |  |  | 4,110 |
4.500% due 03/01/2028 - 08/01/2041 |  |  |  |  | 99 |  |  |  |  |  | 95 |
6.000% due 12/01/2032 - 06/01/2040 |  |  |  |  | 1,539 |  |  |  |  |  | 1,592 |
6.500% due 11/01/2028 - 02/01/2038 |  |  |  |  | 533 |  |  |  |  |  | 548 |
8.000% due 09/01/2027 - 11/01/2031 |  |  |  |  | 31 |  |  |  |  |  | 32 |
Uniform Mortgage-Backed Security, TBA |
5.000% due 01/01/2055 |  |  |  |  | 700 |  |  |  |  |  | 676 |
6.500% due 01/01/2055 - 02/01/2055 |  |  |  |  | 258,800 |  |  |  |  |  | 263,946 |
7.000% due 01/01/2055 |  |  |  |  | 20,800 |  |  |  |  |  | 21,569 |
Vendee Mortgage Trust |
6.500% due 03/15/2029 |  |  |  |  | 23 |  |  |  |  |  | 23 |
6.750% due 02/15/2026 - 06/15/2026 |  |  |  |  | 9 |  |  |  |  |  | 8 |
7.500% due 09/15/2030 |  |  |  |  | 524 |  |  |  |  |  | 544 |
Total U.S. Government Agencies (Cost $361,091) |  |  | 339,994 |
NON-AGENCY MORTGAGE-BACKED SECURITIES 22.1% |
Adjustable Rate Mortgage Trust |
6.389% due 07/25/2035 ~ |  |  |  |  | 144 |  |  |  |  |  | 133 |
7.227% due 08/25/2035 ~ |  |  |  |  | 100 |  |  |  |  |  | 98 |
Ashford Hospitality Trust |
5.970% due 04/15/2035 •(i) |  |  |  |  | 2,200 |  |  |  |  |  | 2,190 |
Atrium Hotel Portfolio Trust |
6.195% due 12/15/2036 •(i) |  |  |  |  | 1,600 |  |  |  |  |  | 1,558 |
Banc of America Mortgage Trust |
4.904% due 02/25/2035 ~ |  |  |  |  | 3 |  |  |  |  |  | 3 |
BCAP LLC Trust |
5.121% due 07/26/2036 ~ |  |  |  |  | 103 |  |  |  |  |  | 86 |
Bear Stearns ALT-A Trust |
4.563% due 08/25/2036 ~ |  |  |  |  | 205 |  |  |  |  |  | 96 |
Bear Stearns Commercial Mortgage Securities Trust |
5.657% due 10/12/2041 ~ |  |  |  |  | 81 |  |  |  |  |  | 79 |
5.747% due 12/11/2040 ~ |  |  |  |  | 219 |  |  |  |  |  | 212 |
CALI Mortgage Trust |
3.957% due 03/10/2039 (i) |  |  |  |  | 1,100 |  |  |  |  |  | 989 |
Citigroup Commercial Mortgage Trust |
5.410% due 12/10/2049 ~ |  |  |  |  | 85 |  |  |  |  |  | 35 |
Colony Mortgage Capital Ltd. |
6.872% due 11/15/2038 •(i) |  |  |  |  | 1,000 |  |  |  |  |  | 933 |
Commercial Mortgage Trust |
10.512% due 12/15/2038 • |  |  |  |  | 1,380 |  |  |  |  |  | 1,085 |
Countrywide Alternative Loan Trust |
4.873% due 07/25/2046 • |  |  |  |  | 809 |  |  |  |  |  | 709 |
Countrywide Home Loan Mortgage Pass-Through Trust |
5.093% due 03/25/2035 • |  |  |  |  | 615 |  |  |  |  |  | 535 |
5.661% due 08/25/2034 ~ |  |  |  |  | 111 |  |  |  |  |  | 106 |
6.323% due 03/25/2046 • |  |  |  |  | 574 |  |  |  |  |  | 416 |
Countrywide Home Loan Reperforming REMIC Trust |
7.500% due 11/25/2034 |  |  |  |  | 138 |  |  |  |  |  | 141 |
7.500% due 06/25/2035 |  |  |  |  | 26 |  |  |  |  |  | 26 |
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
7.000% due 02/25/2034 |  |  |  |  | 104 |  |  |  |  |  | 105 |
Credit Suisse Mortgage Capital Mortgage-Backed Trust |
3.431% due 11/10/2032 |  |  |  |  | 1,200 |  |  |  |  |  | 964 |
6.500% due 03/25/2036 |  |  |  |  | 731 |  |  |  |  |  | 95 |
Eurosail PLC |
6.446% due 09/13/2045 • |  | GBP |  |  | 1,582 |  |  |  |  |  | 1,835 |
7.096% due 09/13/2045 • |  |  |  |  | 1,130 |  |  |  |  |  | 1,249 |
8.696% due 09/13/2045 • |  |  |  |  | 960 |  |  |  |  |  | 1,210 |
GC Pastor Hipotecario FTA |
3.009% due 06/21/2046 • |  | EUR |  |  | 549 |  |  |  |  |  | 521 |

48 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
GMAC Mortgage Corp. Loan Trust |
4.498% due 08/19/2034 ~ |  | $ |  |  | 14 |  |  | $ |  |  | 13 |
GSAA Home Equity Trust |
6.000% due 04/01/2034 |  |  |  |  | 363 |  |  |  |  |  | 359 |
GSMPS Mortgage Loan Trust |  |  |  |  |  |  |  |  |  |  |  |
7.000% due 06/25/2043 (i) |  |  |  |  | 1,245 |  |  |  |  |  | 1,275 |
7.500% due 06/19/2027 ~ |  |  |  |  | 10 |  |  |  |  |  | 10 |
8.000% due 09/19/2027 ~ |  |  |  |  | 258 |  |  |  |  |  | 248 |
GSR Mortgage Loan Trust |  |  |  |  |  |  |  |  |  |  |  |
4.783% due 12/25/2034 • |  |  |  |  | 30 |  |  |  |  |  | 27 |
ILPT Commercial Mortgage Trust |
8.589% due 10/15/2039 • |  |  |  |  | 1,400 |  |  |  |  |  | 1,389 |
IM Pastor Fondo de Titluzacion Hipotecaria |
2.979% due 03/22/2043 • |  | EUR |  |  | 165 |  |  |  |  |  | 150 |
JP Morgan Chase Commercial Mortgage Securities Trust |
4.994% due 04/15/2037 • |  | $ |  |  | 976 |  |  |  |  |  | 956 |
6.261% due 12/15/2036 • |  |  |  |  | 1,700 |  |  |  |  |  | 223 |
6.262% due 03/15/2036 • |  |  |  |  | 900 |  |  |  |  |  | 683 |
7.695% due 02/15/2035 • |  |  |  |  | 987 |  |  |  |  |  | 956 |
11.052% due 11/15/2038 •(i) |  |  |  |  | 2,200 |  |  |  |  |  | 2,109 |
JP Morgan Mortgage Trust |  |  |  |  |  |  |  |  |  |  |  |
5.500% due 06/25/2037 |  |  |  |  | 2 |  |  |  |  |  | 2 |
6.337% due 10/25/2036 ~ |  |  |  |  | 588 |  |  |  |  |  | 467 |
MASTR Adjustable Rate Mortgages Trust |
4.476% due 10/25/2034 ~ |  |  |  |  | 204 |  |  |  |  |  | 184 |
MASTR Alternative Loan Trust |  |  |  |  |  |  |  |  |  |  |  |
6.250% due 07/25/2036 |  |  |  |  | 185 |  |  |  |  |  | 94 |
7.000% due 04/25/2034 |  |  |  |  | 15 |  |  |  |  |  | 15 |
MASTR Reperforming Loan Trust |
7.000% due 05/25/2035 |  |  |  |  | 2,057 |  |  |  |  |  | 1,374 |
7.500% due 07/25/2035 |  |  |  |  | 1,098 |  |  |  |  |  | 755 |
Morgan Stanley Re-REMIC Trust |
4.230% due 12/26/2046 ~ |  |  |  |  | 6,129 |  |  |  |  |  | 5,528 |
NAAC Reperforming Loan REMIC Trust |
7.000% due 10/25/2034 |  |  |  |  | 422 |  |  |  |  |  | 377 |
7.500% due 03/25/2034 (i) |  |  |  |  | 1,297 |  |  |  |  |  | 1,181 |
7.500% due 10/25/2034 |  |  |  |  | 1,265 |  |  |  |  |  | 1,137 |
New Orleans Hotel Trust |
6.034% due 04/15/2032 • |  |  |  |  | 1,000 |  |  |  |  |  | 957 |
Newgate Funding PLC |  |  |  |  |  |  |  |  |  |  |  |
4.136% due 12/15/2050 • |  | EUR |  |  | 1,016 |  |  |  |  |  | 1,012 |
4.386% due 12/15/2050 • |  |  |  |  | 1,016 |  |  |  |  |  | 988 |
RBSSP Resecuritization Trust |  |  |  |  |  |  |  |  |  |  |  |
6.000% due 02/26/2037 ~ |  | $ |  |  | 2,153 |  |  |  |  |  | 1,096 |
6.250% due 12/26/2036 ~ |  |  |  |  | 5,176 |  |  |  |  |  | 1,802 |
Residential Accredit Loans, Inc. Trust |
6.000% due 08/25/2035 |  |  |  |  | 609 |  |  |  |  |  | 526 |
Residential Asset Mortgage Products Trust |
8.500% due 10/25/2031 |  |  |  |  | 143 |  |  |  |  |  | 139 |
8.500% due 11/25/2031 |  |  |  |  | 599 |  |  |  |  |  | 276 |
8.500% due 12/25/2031 |  |  |  |  | 6 |  |  |  |  |  | 3 |
Structured Asset Securities Corp. Mortgage Loan Trust |
7.500% due 10/25/2036 |  |  |  |  | 2,053 |  |  |  |  |  | 1,191 |
WaMu Mortgage Pass-Through Certificates Trust |
5.737% due 05/25/2035 ~ |  |  |  |  | 43 |  |  |  |  |  | 42 |
Washington Mutual Mortgage Pass-Through Certificates Trust |
7.000% due 03/25/2034 |  |  |  |  | 25 |  |  |  |  |  | 26 |
7.500% due 04/25/2033 |  |  |  |  | 67 |  |  |  |  |  | 68 |
Wells Fargo Commercial Mortgage Trust |
4.928% due 12/15/2039 ~(i) |  |  |  |  | 2,558 |  |  |  |  |  | 2,257 |
Total Non-Agency Mortgage-Backed Securities (Cost $49,879) |  |  | 45,304 |
ASSET-BACKED SECURITIES 5.6% |
AUTOMOBILE ABS OTHER 0.0% |
Flagship Credit Auto Trust |
0.000% due 12/15/2025 «(f) |  |  |  |  | 12 |  |  |  |  |  | 0 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
HOME EQUITY OTHER 1.7% |
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
7.978% due 11/25/2032 • |  | $ |  |  | 39 |  |  | $ |  |  | 26 |
Bear Stearns Asset-Backed Securities Trust |
3.014% due 09/25/2034 • |  |  |  |  | 82 |  |  |  |  |  | 81 |
Countrywide Asset-Backed Certificates Trust |
4.130% due 11/25/2034 •(i) |  |  |  |  | 2,297 |  |  |  |  |  | 1,972 |
4.853% due 06/25/2037 •(i) |  |  |  |  | 1,316 |  |  |  |  |  | 1,338 |
|  |  |  |  |  |  |  |  |  |  | 3,417 |
MANUFACTURING HOUSE ABS OTHER 0.0% |
Access Financial Manufactured Housing Contract Trust |
7.650% due 05/15/2049 |  |  |  |  | 200 |  |  |  |  |  | 1 |
MANUFACTURING HOUSE SEQUENTIAL 0.2% |
Conseco Finance Corp. |
6.530% due 02/01/2031 ~ |  |  |  |  | 38 |  |  |  |  |  | 33 |
Conseco Finance Securitizations Corp. |
7.960% due 05/01/2031 |  |  |  |  | 1,417 |  |  |  |  |  | 310 |
|  |  |  |  |  |  |  |  |  |  | 343 |
OTHER ABS 3.7% |  |  |  |  |  |  |  |  |  |  |  |
ABSLT DE 2024 LLC |
0.000% due 05/20/2033 «~ |  |  |  |  | 2,000 |  |  |  |  |  | 2,017 |
ECAF Ltd. |
4.947% due 06/15/2040 |  |  |  |  | 1,026 |  |  |  |  |  | 785 |
Elmwood CLO Ltd. |
0.000% due 04/20/2034 ~ |  |  |  |  | 1,213 |  |  |  |  |  | 857 |
Madison Park Funding Ltd. |
0.000% due 07/27/2047 ~ |  |  |  |  | 500 |  |  |  |  |  | 198 |
MAN GLG U.S. CLO Ltd. |
0.000% due 07/15/2034 ~ |  |  |  |  | 250 |  |  |  |  |  | 150 |
Marlette Funding Trust |
0.000% due 12/15/2028 «(f) |  |  |  |  | 6 |  |  |  |  |  | 3 |
0.000% due 04/16/2029 «(f) |  |  |  |  | 10 |  |  |  |  |  | 2 |
0.000% due 07/16/2029 «(f) |  |  |  |  | 7 |  |  |  |  |  | 11 |
National Collegiate Commutation Trust |
0.000% due 03/25/2038 • |  |  |  |  | 10,387 |  |  |  |  |  | 1,975 |
SMB Private Education Loan Trust |
0.000% due 10/15/2048 «(f) |  |  |  |  | 5 |  |  |  |  |  | 1,195 |
0.000% due 02/16/2055 «(f) |  |  |  |  | 0 |  |  |  |  |  | 438 |
|  |  |  |  |  |  |  |  |  |  | 7,631 |
Total Asset-Backed Securities (Cost $30,024) |  |  | 11,392 |
SOVEREIGN ISSUES 6.3% |  |  |  |  |  |  |  |  |  |  |  |
Argentina Government International Bond |
0.750% due 07/09/2030 þ |  |  |  |  | 494 |  |  |  |  |  | 360 |
1.000% due 07/09/2029 |  |  |  |  | 269 |  |  |  |  |  | 219 |
3.500% due 07/09/2041 þ(i) |  |  |  |  | 1,880 |  |  |  |  |  | 1,179 |
4.125% due 07/09/2035 þ |  |  |  |  | 904 |  |  |  |  |  | 581 |
4.125% due 07/09/2046 þ |  |  |  |  | 115 |  |  |  |  |  | 77 |
5.000% due 01/09/2038 þ(i) |  |  |  |  | 4,388 |  |  |  |  |  | 3,076 |
El Salvador Government International Bond |
9.650% due 11/21/2054 |  |  |  |  | 300 |  |  |  |  |  | 317 |
Ghana Government International Bond |
0.000% due 07/03/2026 (f) |  |  |  |  | 23 |  |  |  |  |  | 21 |
0.000% due 01/03/2030 (f) |  |  |  |  | 41 |  |  |  |  |  | 32 |
5.000% due 07/03/2029 þ |  |  |  |  | 172 |  |  |  |  |  | 149 |
5.000% due 07/03/2035 þ |  |  |  |  | 247 |  |  |  |  |  | 175 |
Romania Government International Bond |
5.125% due 09/24/2031 (i) |  | EUR |  |  | 2,800 |  |  |  |  |  | 2,837 |
5.250% due 05/30/2032 |  |  |  |  | 1,900 |  |  |  |  |  | 1,922 |
Turkey Government International Bond |
49.430% (BISTREFI) due 09/06/2028 ~ |  | TRY |  |  | 57,400 |  |  |  |  |  | 1,606 |
50.485% (BISTREFI) due 05/17/2028 ~ |  |  |  |  | 10,000 |  |  |  |  |  | 279 |
Venezuela Government International Bond |
6.000% due 06/30/2049 ^ |  | $ |  |  | 135 |  |  |  |  |  | 16 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
9.250% due 09/15/2027 ^(c) |  | $ |  |  | 171 |  |  | $ |  |  | 28 |
Total Sovereign Issues (Cost $12,552) |  |  |  |  |  | 12,874 |
|  |  |  | SHARES |  |  |  |  |  |
COMMON STOCKS 8.3% |
COMMUNICATION SERVICES 1.2% |
Clear Channel Outdoor Holdings, Inc. (d) |  |  | 291,816 |  |  |  |  |  | 400 |
iHeartMedia, Inc. ‘A’ (d) |  |  |  |  | 68,102 |  |  |  |  |  | 135 |
iHeartMedia, Inc. ‘B’ «(d) |  |  |  |  | 52,880 |  |  |  |  |  | 94 |
Oi SA (d) |  |  |  |  | 358,638 |  |  |  |  |  | 78 |
Promotora de Informaciones SA ‘A’ (d) |  |  |  |  | 207,627 |  |  |  |  |  | 65 |
Syniverse Holdings, Inc. «(h) |  |  |  |  | 1,003,490 |  |  |  |  |  | 993 |
Windstream Units «(d) |  |  |  |  | 28,052 |  |  |  |  |  | 681 |
|  |  |  |  |  |  |  |  |  |  | 2,446 |
CONSUMER STAPLES 0.0% |
Steinhoff International Holdings NV «(d)(h) |  |  |  |  | 17,707,907 |  |  |  |  |  | 0 |
FINANCIALS 2.7% |
Banca Monte dei Paschi di Siena SpA |  |  |  |  | 323,500 |  |  |  |  |  | 2,281 |
Intelsat Emergence SA «(h) |  |  |  |  | 98,888 |  |  |  |  |  | 3,266 |
MNEQ Holdings, Inc. «(d)(h) |  |  |  |  | 1,054 |  |  |  |  |  | 4 |
|  |  |  |  |  |  |  |  |  |  | 5,551 |
HEALTH CARE 4.3% |
Amsurg Equity «(d)(h) |  |  |  |  | 192,582 |  |  |  |  |  | 8,823 |
INDUSTRIALS 0.1% |
NAC Aviation «(d)(h) |  |  |  |  | 7,719 |  |  |  |  |  | 147 |
Westmoreland Mining Holdings «(d)(h) |  |  |  |  | 69 |  |  |  |  |  | 0 |
Westmoreland Mining LLC «(d)(h) |  |  |  |  | 70 |  |  |  |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  | 147 |
Total Common Stocks (Cost $20,624) |  |  |  |  |  | 16,967 |
WARRANTS 0.1% |  |  |  |  |  |  |  |  |  |  |  |
COMMUNICATION SERVICES 0.1% |  |  |  |  |  |  |
Windstream Holdings II LLC - Exp. 10/25/2059 « |  |  | 18,452 |  |  |  |  |  | 240 |
FINANCIALS 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Intelsat Emergence SA - Exp. 02/17/2027 « |  |  |  |  | 711 |  |  |  |  |  | 1 |
Total Warrants (Cost $2,901) |  |  |  |  |  | 241 |
PREFERRED SECURITIES 1.5% |
BANKING & FINANCE 1.2% |
ADLER Group SA «(d) |  |  |  |  | 906,702 |  |  |  |  |  | 0 |
Capital Farm Credit ACA |  |  |  |  |  |  |  |  |  |  |  |
5.000% due 03/15/2026 •(g) |  |  |  |  | 1,300,000 |  |  |  |  |  | 1,295 |
Farm Credit Bank of Texas |  |  |  |  |  |  |  |  |  |  |  |
5.700% due 09/15/2025 •(g) |  |  |  |  | 1,000,000 |  |  |  |  |  | 992 |
Stichting AK Rabobank Certificaten |  |  |  |  |  |  |
6.500% due 12/29/2049 þ(g) |  |  |  |  | 205,600 |  |  |  |  |  | 237 |
|  |  |  |  |  |  |  |  |  |  | 2,524 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 49

Schedule of Investments |  | PIMCO Strategic Income Fund, Inc. |  | (Cont.) |  |  |  |

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S) |
INDUSTRIALS 0.3% |
SVB Financial Trust |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 11/07/2032 (f) |  |  |  |  | 5,040 |  |  | $ |  |  | 0 |
11.000% due 11/07/2032 |  |  |  |  | 1,202 |  |  |  |  |  | 601 |
|  |  |  |  |  |  |  |  |  |  | 601 |
Total Preferred Securities (Cost $3,227) |  |  | 3,125 |
REAL ESTATE INVESTMENT TRUSTS 0.6% |
REAL ESTATE 0.6% |
Uniti Group, Inc. |  |  | 54,523 |  |  |  |  |  | 300 |
VICI Properties, Inc. |  |  |  |  | 33,427 |  |  |  |  |  | 976 |
Total Real Estate Investment Trusts (Cost $822) |  |  | 1,276 |
|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  |  |
SHORT-TERM INSTRUMENTS 0.8% |
U.S. TREASURY BILLS 0.8% |
4.569% due 01/16/2025 - 02/06/2025 (e)(f)(l) |  | $ |  |  | 1,728 |  |  |  |  |  | 1,723 |
Total Short-Term Instruments (Cost $1,722) |  |  |  |  |  | 1,723 |
Total Investments in Securities (Cost $643,913) |  |  |  |  |  | 577,252 |

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S) |
INVESTMENTS IN AFFILIATES 8.1% |
SHORT-TERM INSTRUMENTS 8.1% |
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.1% |
PIMCO Short-Term Floating NAV Portfolio III |  |  |  |  | 1,703,431 |  |  | $ |  |  | 16,586 |
Total Short-Term Instruments (Cost $16,580) |  |  | 16,586 |
Total Investments in Affiliates (Cost $16,580) |  |  | 16,586 |
Total Investments 289.4% (Cost $660,493) |  |  | $ |  |  | 593,838 |
Financial Derivative Instruments (j)(k) 0.2% (Cost or Premiums, net $7,753) |  |  |  |  |  | 405 |
Other Assets and Liabilities, net (189.6)% |  |  | (389,015 | )
Net Assets 100.0% |  |  | $ |  |  | 205,228 |

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ | Security is in default.

« | Security valued using significant unobservable inputs (Level 3).

~ | 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 |
Amsurg Equity |  |  | 11/02/2023 - 11/06/2023 |  |  | $ | 8,047 |  |  | $ | 8,823 |  |  |  | 4.30 | %
Intelsat Emergence SA |  |  | 06/19/2017 - 02/23/2024 |  |  |  | 6,774 |  |  |  | 3,266 |  |  |  | 1.59 |
MNEQ Holdings, Inc. |  |  | 03/16/2023 - 03/17/2023 |  |  |  | 12 |  |  |  | 4 |  |  |  | 0.00 |
NAC Aviation |  |  | 06/01/2022 |  |  |  | 347 |  |  |  | 147 |  |  |  | 0.07 |
Steinhoff International Holdings NV |  |  | 06/30/2023 - 10/30/2023 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0.00 |
Syniverse Holdings, Inc. |  |  | 05/12/2022 - 11/30/2024 |  |  |  | 989 |  |  |  | 993 |  |  |  | 0.48 |
Westmoreland Mining Holdings |  |  | 03/26/2019 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0.00 |
Westmoreland Mining LLC |  |  | 06/30/2023 |  |  |  | 1 |  |  |  | 0 |  |  |  | 0.00 |
|  |  | $ | 16,170 |  |  | $ | 13,233 |  |  |  | 6.44 | %

50 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:

Counterparty |  | Borrowing Rate (1) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (1) |  |  | Payable for Reverse Repurchase Agreements |
BMO |  |  | 4.860 | % |  |  | 11/20/2024 |  |  |  | 01/21/2025 |  |  |  | $ |  |  |  | (2,408 | ) |  | $ | (2,423 | )
BOM |  |  | 5.020 |  |  |  | 12/09/2024 |  |  |  | 01/09/2025 |  |  |  |  |  |  |  | (965 | ) |  |  | (968 | )
BOS |  |  | 5.000 |  |  |  | 11/08/2024 |  |  |  | 02/10/2025 |  |  |  |  |  |  |  | (611 | ) |  |  | (616 | )
BPS |  |  | 3.233 |  |  |  | 12/06/2024 |  |  |  | 02/06/2025 |  |  |  | EUR |  |  |  | (1,832 | ) |  |  | (1,903 | )
|  |  | 4.650 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  | $ |  |  |  | (523 | ) |  |  | (524 | )
|  |  | 5.022 |  |  |  | 12/06/2024 |  |  |  | 02/06/2025 |  |  |  | GBP |  |  |  | (467 | ) |  |  | (587 | )
|  |  | 5.039 |  |  |  | 12/10/2024 |  |  |  | 03/10/2025 |  |  |  |  |  |  |  | (2,392 | ) |  |  | (3,004 | )
|  |  | 5.040 |  |  |  | 12/10/2024 |  |  |  | 03/10/2025 |  |  |  | $ |  |  |  | (1,552 | ) |  |  | (1,557 | )
|  |  | 5.210 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  |  |  | (5,525 | ) |  |  | (5,562 | )
|  |  | 5.310 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  |  |  | (833 | ) |  |  | (838 | )
|  |  | 5.710 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  |  |  | (2,604 | ) |  |  | (2,635 | )
|  |  | 6.010 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  |  |  | (3,933 | ) |  |  | (3,982 | )
BRC |  |  | 5.760 |  |  |  | 12/18/2024 |  |  |  | 04/21/2025 |  |  |  |  |  |  |  | (1,470 | ) |  |  | (1,473 | )
BYR |  |  | 4.840 |  |  |  | 12/17/2024 |  |  |  | 03/18/2025 |  |  |  |  |  |  |  | (1,237 | ) |  |  | (1,240 | )
|  |  | 4.910 |  |  |  | 10/09/2024 |  |  |  | 01/10/2025 |  |  |  |  |  |  |  | (1,685 | ) |  |  | (1,705 | )
|  |  | 4.940 |  |  |  | 11/21/2024 |  |  |  | 02/21/2025 |  |  |  |  |  |  |  | (1,879 | ) |  |  | (1,890 | )
|  |  | 4.960 |  |  |  | 10/09/2024 |  |  |  | 01/10/2025 |  |  |  |  |  |  |  | (297 | ) |  |  | (300 | )
|  |  | 4.960 |  |  |  | 11/19/2024 |  |  |  | 02/19/2025 |  |  |  |  |  |  |  | (650 | ) |  |  | (650 | )
|  |  | 4.960 |  |  |  | 12/17/2024 |  |  |  | 03/18/2025 |  |  |  |  |  |  |  | (76 | ) |  |  | (77 | )
CIB |  |  | 4.580 |  |  |  | 12/19/2024 |  |  |  | 01/14/2025 |  |  |  |  |  |  |  | (4,028 | ) |  |  | (4,035 | )
|  |  | 5.050 |  |  |  | 12/19/2024 |  |  |  | 01/14/2025 |  |  |  |  |  |  |  | (438 | ) |  |  | (439 | )
DBL |  |  | 5.356 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (1,856 | ) |  |  | (1,863 | )
|  |  | 5.406 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (797 | ) |  |  | (800 | )
|  |  | 5.456 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (1,752 | ) |  |  | (1,758 | )
DEU |  |  | 4.650 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (1,857 | ) |  |  | (1,860 | )
|  |  | 4.850 |  |  |  | 12/10/2024 |  |  |  | 03/11/2025 |  |  |  |  |  |  |  | (2,525 | ) |  |  | (2,533 | )
|  |  | 5.000 |  |  |  | 12/10/2024 |  |  |  | 03/11/2025 |  |  |  |  |  |  |  | (2,810 | ) |  |  | (2,819 | )
|  |  | 5.100 |  |  |  | 10/28/2024 |  |  |  | 01/28/2025 |  |  |  |  |  |  |  | (171 | ) |  |  | (172 | )
IND |  |  | 4.820 |  |  |  | 12/17/2024 |  |  |  | 03/17/2025 |  |  |  |  |  |  |  | (535 | ) |  |  | (536 | )
|  |  | 5.090 |  |  |  | 12/24/2024 |  |  |  | 03/24/2025 |  |  |  |  |  |  |  | (296 | ) |  |  | (296 | )
|  |  | 5.110 |  |  |  | 10/10/2024 |  |  |  | 01/10/2025 |  |  |  |  |  |  |  | (766 | ) |  |  | (775 | )
|  |  | 5.120 |  |  |  | 11/20/2024 |  |  |  | 01/09/2025 |  |  |  |  |  |  |  | (470 | ) |  |  | (473 | )
|  |  | 5.120 |  |  |  | 12/20/2024 |  |  |  | 01/09/2025 |  |  |  |  |  |  |  | (1,862 | ) |  |  | (1,865 | )
|  |  | 5.180 |  |  |  | 09/25/2024 |  |  |  | 03/06/2025 |  |  |  |  |  |  |  | (194 | ) |  |  | (197 | )
|  |  | 5.180 |  |  |  | 12/20/2024 |  |  |  | 03/06/2025 |  |  |  |  |  |  |  | (297 | ) |  |  | (298 | )
|  |  | 5.220 |  |  |  | 10/10/2024 |  |  |  | 01/10/2025 |  |  |  |  |  |  |  | (341 | ) |  |  | (345 | )
|  |  | 5.250 |  |  |  | 11/25/2024 |  |  |  | 04/25/2025 |  |  |  |  |  |  |  | (1,924 | ) |  |  | (1,935 | )
JML |  |  | 4.750 |  |  |  | 12/20/2024 |  |  |  | 01/31/2025 |  |  |  |  |  |  |  | (4,039 | ) |  |  | (4,046 | )
JPS |  |  | 5.600 |  |  |  | 10/02/2024 |  |  |  | 01/03/2025 |  |  |  |  |  |  |  | (1,771 | ) |  |  | (1,796 | )
MEI |  |  | 3.320 |  |  |  | 12/10/2024 |  |  |  | 03/10/2025 |  |  |  | EUR |  |  |  | (2,647 | ) |  |  | (2,748 | )
|  |  | 3.800 |  |  |  | 10/10/2024 |  |  |  | 01/10/2025 |  |  |  |  |  |  |  | (4,461 | ) |  |  | (4,663 | )
MSB |  |  | 5.260 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  |  | $ |  |  |  | (1,306 | ) |  |  | (1,310 | )
RCY |  |  | 5.060 |  |  |  | 12/06/2024 |  |  |  | 01/06/2025 |  |  |  |  |  |  |  | (3,307 | ) |  |  | (3,319 | )
RTA |  |  | 5.730 |  |  |  | 12/24/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (925 | ) |  |  | (926 | )
SCX |  |  | 4.940 |  |  |  | 12/05/2024 |  |  |  | 03/05/2025 |  |  |  |  |  |  |  | (1,865 | ) |  |  | (1,872 | )
SOG |  |  | 4.600 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (5,518 | ) |  |  | (5,527 | )
|  |  | 4.940 |  |  |  | 11/18/2024 |  |  |  | 02/18/2025 |  |  |  |  |  |  |  | (2,092 | ) |  |  | (2,105 | )
|  |  | 4.940 |  |  |  | 12/18/2024 |  |  |  | 02/18/2025 |  |  |  |  |  |  |  | (586 | ) |  |  | (587 | )
|  |  | 5.100 |  |  |  | 10/09/2024 |  |  |  | 01/09/2025 |  |  |  |  |  |  |  | (1,369 | ) |  |  | (1,386 | )
|  |  | 5.220 |  |  |  | 10/09/2024 |  |  |  | 01/09/2025 |  |  |  |  |  |  |  | (993 | ) |  |  | (1,006 | )
TDM |  |  | 4.500 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (995 | ) |  |  | (996 | )
|  |  | 4.520 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (6,228 | ) |  |  | (6,238 | )
|  |  | 4.650 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (1,139 | ) |  |  | (1,141 | )
|  |  | 4.780 |  |  |  | 12/18/2024 |  |  |  | 02/14/2025 |  |  |  |  |  |  |  | (858 | ) |  |  | (860 | )
Total Reverse Repurchase Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (95,459 | )

SHORT SALES:

Description |  | Coupon |  |  | Maturity Date |  |  | Principal Amount |  |  | Proceeds |  |  | Payable for Short Sales |
U.S. Government Agencies (3.0)% |
Uniform Mortgage-Backed Security, TBA |  |  | 2.000 | % |  |  | 01/01/2040 |  |  | $ | 300 |  |  | $ | (268 | ) |  | $ | (265 | )
Uniform Mortgage-Backed Security, TBA |  |  | 2.000 |  |  |  | 02/01/2055 |  |  |  | 1,950 |  |  |  | (1,539 | ) |  |  | (1,518 | )
Uniform Mortgage-Backed Security, TBA |  |  | 2.500 |  |  |  | 02/01/2055 |  |  |  | 600 |  |  |  | (495 | ) |  |  | (489 | )
Uniform Mortgage-Backed Security, TBA |  |  | 4.000 |  |  |  | 02/01/2055 |  |  |  | 1,900 |  |  |  | (1,775 | ) |  |  | (1,737 | )
Uniform Mortgage-Backed Security, TBA |  |  | 5.500 |  |  |  | 02/01/2055 |  |  |  | 1,900 |  |  |  | (1,894 | ) |  |  | (1,874 | )
Uniform Mortgage-Backed Security, TBA |  |  | 6.000 |  |  |  | 02/01/2055 |  |  |  | 300 |  |  |  | (302 | ) |  |  | (301 | )
Total Short Sales (3.0)% |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,273 | ) |  | $ | (6,184 | )

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 51

Schedule of Investments |  | PIMCO Strategic Income Fund, Inc. |  | (Cont.) |  |  |  |

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2024:

Counterparty |  | Repurchase Agreement Proceeds to be Received |  |  | Payable for Reverse Repurchase Agreements |  |  | Payable for Sale-Buyback Transactions |  |  | Total Borrowings and Other Financing Transactions |  |  | Collateral Pledged/(Received) |  |  | Net Exposure (3) |
Global/Master Repurchase Agreement |
BMO |  | $ | 0 |  |  | $ | (2,423 | ) |  | $ | 0 |  |  | $ | (2,423 | ) |  | $ | 2,534 |  |  | $ | 111 |
BOM |  |  | 0 |  |  |  | (968 | ) |  |  | 0 |  |  |  | (968 | ) |  |  | 1,085 |  |  |  | 117 |
BOS |  |  | 0 |  |  |  | (616 | ) |  |  | 0 |  |  |  | (616 | ) |  |  | 681 |  |  |  | 65 |
BPS |  |  | 0 |  |  |  | (20,592 | ) |  |  | 0 |  |  |  | (20,592 | ) |  |  | 25,863 |  |  |  | 5,271 |
BRC |  |  | 0 |  |  |  | (1,473 | ) |  |  | 0 |  |  |  | (1,473 | ) |  |  | 2,109 |  |  |  | 636 |
BYR |  |  | 0 |  |  |  | (5,862 | ) |  |  | 0 |  |  |  | (5,862 | ) |  |  | 6,818 |  |  |  | 956 |
CIB |  |  | 0 |  |  |  | (4,474 | ) |  |  | 0 |  |  |  | (4,474 | ) |  |  | 4,656 |  |  |  | 182 |
DBL |  |  | 0 |  |  |  | (4,421 | ) |  |  | 0 |  |  |  | (4,421 | ) |  |  | 5,578 |  |  |  | 1,157 |
DEU |  |  | 0 |  |  |  | (7,384 | ) |  |  | 0 |  |  |  | (7,384 | ) |  |  | 7,912 |  |  |  | 528 |
IND |  |  | 0 |  |  |  | (6,720 | ) |  |  | 0 |  |  |  | (6,720 | ) |  |  | 7,127 |  |  |  | 407 |
JML |  |  | 0 |  |  |  | (4,046 | ) |  |  | 0 |  |  |  | (4,046 | ) |  |  | 4,828 |  |  |  | 782 |
JPS |  |  | 0 |  |  |  | (1,796 | ) |  |  | 0 |  |  |  | (1,796 | ) |  |  | 2,257 |  |  |  | 461 |
MEI |  |  | 0 |  |  |  | (7,411 | ) |  |  | 0 |  |  |  | (7,411 | ) |  |  | 8,495 |  |  |  | 1,084 |
MSB |  |  | 0 |  |  |  | (1,310 | ) |  |  | 0 |  |  |  | (1,310 | ) |  |  | 1,578 |  |  |  | 268 |
RCY |  |  | 0 |  |  |  | (3,319 | ) |  |  | 0 |  |  |  | (3,319 | ) |  |  | 3,867 |  |  |  | 548 |
RTA |  |  | 0 |  |  |  | (926 | ) |  |  | 0 |  |  |  | (926 | ) |  |  | 1,247 |  |  |  | 321 |
SCX |  |  | 0 |  |  |  | (1,872 | ) |  |  | 0 |  |  |  | (1,872 | ) |  |  | 1,952 |  |  |  | 80 |
SOG |  |  | 0 |  |  |  | (10,611 | ) |  |  | 0 |  |  |  | (10,611 | ) |  |  | 11,899 |  |  |  | 1,288 |
TDM |  |  | 0 |  |  |  | (9,235 | ) |  |  | 0 |  |  |  | (9,235 | ) |  |  | 9,560 |  |  |  | 325 |
Total Borrowings and Other Financing Transactions |  | $ | 0 |  |  | $ | (95,459 | ) |  | $ | 0 |  |  |  |  |  |  |  |  |  |  |  |  |

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements

|  | Overnight and Continuous |  |  | Up to 30 days |  |  | 31-90 days |  |  | Greater Than 90 days |  |  | Total |
Reverse Repurchase Agreements |
Corporate Bonds & Notes |  | $ | 0 |  |  | $ | (15,113 | ) |  | $ | (22,650 | ) |  | $ | (18,221 | ) |  | $ | (55,984 | )
U.S. Government Agencies |  |  | 0 |  |  |  | (8,761 | ) |  |  | 0 |  |  |  | (5,562 | ) |  |  | (14,323 | )
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | (1,796 | ) |  |  | (4,421 | ) |  |  | (7,603 | ) |  |  | (13,820 | )
Asset-Backed Securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (2,635 | ) |  |  | (2,635 | )
Sovereign Issues |  |  | 0 |  |  |  | 0 |  |  |  | (8,697 | ) |  |  | 0 |  |  |  | (8,697 | )
Total Borrowings |  | $ | 0 |  |  | $ | (25,670 | ) |  | $ | (35,768 | ) |  | $ | (34,021 | ) |  | $ | (95,459 | )
Payable for reverse repurchase agreements |  |  | $ | (95,459 | )

(i) | Securities with an aggregate market value of $109,169 and cash of $910 have been pledged as collateral under the terms of the above master agreements as of December 31, 2024.

(1) | The average amount of borrowings outstanding during the period ended December 31, 2024 was $(103,252) at a weighted average interest rate of 5.453%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2) | Open maturity reverse repurchase agreement.

(3) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS

Description |  | Expiration Month |  |  | # of Contracts |  |  | Notional Amount |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Variation Margin |
| Asset |  |  | Liability |
U.S. Treasury 10-Year Note March Futures |  |  | 03/2025 |  |  |  | 18 |  |  | $ | 1,958 |  |  | $ | (20 | ) |  | $ | 0 |  |  | $ | (4 | )

52 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

SHORT FUTURES CONTRACTS

Description |  | Expiration Month |  |  | # of Contracts |  |  | Notional Amount |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Variation Margin |
| Asset |  |  | Liability |
3-Month SOFR Active Contract December Futures |  |  | 03/2025 |  |  |  | 4 |  |  | $ | (957 | ) |  | $ | 21 |  |  | $ | 0 |  |  | $ | 0 |
3-Month SOFR Active Contract December Futures |  |  | 03/2026 |  |  |  | 5 |  |  |  | (1,201 | ) |  |  | 22 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract June Futures |  |  | 09/2025 |  |  |  | 4 |  |  |  | (960 | ) |  |  | 19 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2025 |  |  |  | 4 |  |  |  | (958 | ) |  |  | 20 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2026 |  |  |  | 4 |  |  |  | (961 | ) |  |  | 18 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract September Futures |  |  | 12/2025 |  |  |  | 4 |  |  |  | (960 | ) |  |  | 18 |  |  |  | 0 |  |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 118 |  |  | $ | 0 |  |  | $ | 0 |
Total Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 98 |  |  | $ | 0 |  |  | $ | (4 | )

SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION
(1)

Reference Entity |  | Fixed (Pay) Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Implied Credit Spread at December 31, 2024 (3) |  |  | Notional Amount (4) |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Market Value (5) |  |  | Variation Margin |
| Asset |  |  | Liability |
Boeing Co. |  |  | (1.000 | )% |  | Quarterly |  |  | 06/20/2026 |  |  |  | 0.564 | % |  | $ | 900 |  |  | $ | (2 | ) |  | $ | (4 | ) |  | $ | (6 | ) |  | $ | 0 |  |  | $ | 0 |

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION
(2)

Reference Entity |  | Fixed Receive Rate |  |  | Payment Frequency |  |  | Maturity Date |  |  | Implied Credit Spread at December 31, 2024 (3) |  |  | Notional Amount (4) |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Market Value (5) |  |  | Variation Margin |
| Asset |  |  | Liability |
AT&T, Inc. |  |  | 1.000 | % |  |  | Quarterly |  |  |  | 06/20/2028 |  |  |  | 0.499 | % |  | $ | 500 |  |  | $ | (5 | ) |  | $ | 14 |  |  | $ | 9 |  |  | $ | 0 |  |  | $ | 0 |
Boeing Co. |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 12/20/2029 |  |  |  | 1.093 |  |  |  | 1,300 |  |  |  | (14 | ) |  |  | 9 |  |  |  | (5 | ) |  |  | 0 |  |  |  | (1 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (19 | ) |  | $ | 23 |  |  | $ | 4 |  |  | $ | 0 |  |  | $ | (1 | )

INTEREST RATE SWAPS

Pay/Receive Floating Rate |  | Floating Rate Index |  | Fixed Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Market Value |  |  | Variation Margin |
| Asset |  |  | Liability |
Pay |  | 1-Day GBP-SONIO Compounded-OIS |  |  | 4.000 | % |  | Annual |  |  | 09/18/2029 |  |  |  | GBP |  |  |  | 15,500 |  |  | $ | 280 |  |  | $ | (380 | ) |  | $ | (100 | ) |  | $ | 43 |  |  | $ | 0 |
Receive |  | 1-Day GBP-SONIO Compounded-OIS |  |  | 0.750 |  |  | Annual |  |  | 09/21/2052 |  |  |  |  |  |  |  | 5,900 |  |  |  | 680 |  |  |  | 3,575 |  |  |  | 4,255 |  |  |  | 0 |  |  |  | (17 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.350 |  |  | Annual |  |  | 01/17/2025 |  |  |  | $ |  |  |  | 4,400 |  |  |  | 0 |  |  |  | 129 |  |  |  | 129 |  |  |  | 1 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.000 |  |  | Semi-Annual |  |  | 06/20/2025 |  |  |  |  |  |  |  | 8,400 |  |  |  | 130 |  |  |  | (22 | ) |  |  | 108 |  |  |  | 2 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 06/21/2025 |  |  |  |  |  |  |  | 142,900 |  |  |  | (321 | ) |  |  | 1,734 |  |  |  | 1,413 |  |  |  | 11 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.300 |  |  | Annual |  |  | 01/17/2026 |  |  |  |  |  |  |  | 700 |  |  |  | 0 |  |  |  | 34 |  |  |  | 34 |  |  |  | 0 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.350 |  |  | Semi-Annual |  |  | 01/20/2027 |  |  |  |  |  |  |  | 3,200 |  |  |  | (1 | ) |  |  | 202 |  |  |  | 201 |  |  |  | 1 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.360 |  |  | Semi-Annual |  |  | 02/15/2027 |  |  |  |  |  |  |  | 2,130 |  |  |  | 0 |  |  |  | 132 |  |  |  | 132 |  |  |  | 1 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.450 |  |  | Semi-Annual |  |  | 02/17/2027 |  |  |  |  |  |  |  | 3,500 |  |  |  | (1 | ) |  |  | 210 |  |  |  | 209 |  |  |  | 1 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.420 |  |  | Semi-Annual |  |  | 02/24/2027 |  |  |  |  |  |  |  | 1,000 |  |  |  | 0 |  |  |  | 60 |  |  |  | 60 |  |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.650 |  |  | Semi-Annual |  |  | 02/24/2027 |  |  |  |  |  |  |  | 3,400 |  |  |  | (9 | ) |  |  | (177 | ) |  |  | (186 | ) |  |  | 0 |  |  |  | (1 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.000 |  |  | Annual |  |  | 06/15/2027 |  |  |  |  |  |  |  | 11,200 |  |  |  | (763 | ) |  |  | (288 | ) |  |  | (1,051 | ) |  |  | 0 |  |  |  | (5 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 06/15/2027 |  |  |  |  |  |  |  | 28,200 |  |  |  | (1,308 | ) |  |  | (732 | ) |  |  | (2,040 | ) |  |  | 0 |  |  |  | (12 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.000 |  |  | Annual |  |  | 12/21/2027 |  |  |  |  |  |  |  | 47,200 |  |  |  | 3,512 |  |  |  | (765 | ) |  |  | 2,747 |  |  |  | 22 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.420 |  |  | Semi-Annual |  |  | 08/17/2028 |  |  |  |  |  |  |  | 3,800 |  |  |  | (1 | ) |  |  | 375 |  |  |  | 374 |  |  |  | 3 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.370 |  |  | Semi-Annual |  |  | 08/25/2028 |  |  |  |  |  |  |  | 11,363 |  |  |  | (3 | ) |  |  | 1,140 |  |  |  | 1,137 |  |  |  | 7 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.500 |  |  | Semi-Annual |  |  | 12/15/2028 |  |  |  |  |  |  |  | 7,141 |  |  |  | 97 |  |  |  | (841 | ) |  |  | (744 | ) |  |  | 0 |  |  |  | (5 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 12/20/2028 |  |  |  |  |  |  |  | 59,000 |  |  |  | 1,147 |  |  |  | (489 | ) |  |  | 658 |  |  |  | 28 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.500 |  |  | Semi-Annual |  |  | 01/12/2029 |  |  |  |  |  |  |  | 2,365 |  |  |  | 0 |  |  |  | 256 |  |  |  | 256 |  |  |  | 2 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.700 |  |  | Semi-Annual |  |  | 01/12/2029 |  |  |  |  |  |  |  | 8,600 |  |  |  | (26 | ) |  |  | (833 | ) |  |  | (859 | ) |  |  | 0 |  |  |  | (6 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.000 |  |  | Annual |  |  | 06/15/2029 |  |  |  |  |  |  |  | 2,810 |  |  |  | (113 | ) |  |  | (297 | ) |  |  | (410 | ) |  |  | 0 |  |  |  | (2 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 06/15/2029 |  |  |  |  |  |  |  | 73,390 |  |  |  | (5,265 | ) |  |  | (2,902 | ) |  |  | (8,167 | ) |  |  | 0 |  |  |  | (44 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.000 |  |  | Semi-Annual |  |  | 06/19/2029 |  |  |  |  |  |  |  | 44,200 |  |  |  | 2,283 |  |  |  | (4,698 | ) |  |  | (2,415 | ) |  |  | 0 |  |  |  | (30 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 06/20/2029 |  |  |  |  |  |  |  | 13,500 |  |  |  | (254 | ) |  |  | 515 |  |  |  | 261 |  |  |  | 7 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.500 |  |  | Semi-Annual |  |  | 12/18/2029 |  |  |  |  |  |  |  | 4,500 |  |  |  | (46 | ) |  |  | (527 | ) |  |  | (573 | ) |  |  | 0 |  |  |  | (3 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.000 |  |  | Annual |  |  | 12/21/2029 |  |  |  |  |  |  |  | 13,700 |  |  |  | (1,410 | ) |  |  | 146 |  |  |  | (1,264 | ) |  |  | 0 |  |  |  | (7 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.000 |  |  | Annual |  |  | 06/21/2030 |  |  |  |  |  |  |  | 6,800 |  |  |  | 179 |  |  |  | 243 |  |  |  | 422 |  |  |  | 4 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.000 |  |  | Semi-Annual |  |  | 12/16/2030 |  |  |  |  |  |  |  | 4,805 |  |  |  | 21 |  |  |  | 827 |  |  |  | 848 |  |  |  | 4 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.500 |  |  | Annual |  |  | 12/20/2030 |  |  |  |  |  |  |  | 3,900 |  |  |  | 259 |  |  |  | (146 | ) |  |  | 113 |  |  |  | 3 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Semi-Annual |  |  | 12/15/2031 |  |  |  |  |  |  |  | 12,200 |  |  |  | (165 | ) |  |  | 2,075 |  |  |  | 1,910 |  |  |  | 14 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.250 |  |  | Annual |  |  | 06/15/2032 |  |  |  |  |  |  |  | 38,250 |  |  |  | 4,949 |  |  |  | 2,743 |  |  |  | 7,692 |  |  |  | 43 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 06/15/2032 |  |  |  |  |  |  |  | 46,980 |  |  |  | 1,980 |  |  |  | 5,810 |  |  |  | 7,790 |  |  |  | 56 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.000 |  |  | Annual |  |  | 06/21/2033 |  |  |  |  |  |  |  | 8,305 |  |  |  | 320 |  |  |  | 402 |  |  |  | 722 |  |  |  | 11 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.500 |  |  | Annual |  |  | 12/20/2033 |  |  |  |  |  |  |  | 2,510 |  |  |  | 42 |  |  |  | 65 |  |  |  | 107 |  |  |  | 4 |  |  |  | 0 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 53

Schedule of Investments |  | PIMCO Strategic Income Fund, Inc. |  | (Cont.) |  |  |  |

Pay/Receive Floating Rate |  | Floating Rate Index |  | Fixed Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Market Value |  |  | Variation Margin |
| Asset |  |  | Liability |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 | % |  | Annual |  |  | 06/20/2034 |  |  |  | $ |  |  |  | 250 |  |  | $ | (7 | ) |  | $ | (1 | ) |  | $ | (8 | ) |  | $ | 0 |  |  | $ | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 06/20/2034 |  |  |  |  |  |  |  | 1,300 |  |  |  | (46 | ) |  |  | 88 |  |  |  | 42 |  |  |  | 2 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.000 |  |  | Semi-Annual |  |  | 01/15/2050 |  |  |  |  |  |  |  | 4,400 |  |  |  | (31 | ) |  |  | 1,622 |  |  |  | 1,591 |  |  |  | 5 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Semi-Annual |  |  | 01/22/2050 |  |  |  |  |  |  |  | 4,100 |  |  |  | (10 | ) |  |  | 1,655 |  |  |  | 1,645 |  |  |  | 5 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.875 |  |  | Semi-Annual |  |  | 02/07/2050 |  |  |  |  |  |  |  | 1,400 |  |  |  | (5 | ) |  |  | 537 |  |  |  | 532 |  |  |  | 2 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.250 |  |  | Semi-Annual |  |  | 12/16/2050 |  |  |  |  |  |  |  | 5,700 |  |  |  | 537 |  |  |  | 2,233 |  |  |  | 2,770 |  |  |  | 7 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.450 |  |  | Semi-Annual |  |  | 04/07/2051 |  |  |  |  |  |  |  | 3,500 |  |  |  | (2 | ) |  |  | 1,621 |  |  |  | 1,619 |  |  |  | 3 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.650 |  |  | Semi-Annual |  |  | 04/08/2051 |  |  |  |  |  |  |  | 2,100 |  |  |  | 1 |  |  |  | (904 | ) |  |  | (903 | ) |  |  | 0 |  |  |  | (2 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.500 |  |  | Annual |  |  | 06/15/2052 |  |  |  |  |  |  |  | 2,800 |  |  |  | (106 | ) |  |  | (1,095 | ) |  |  | (1,201 | ) |  |  | 0 |  |  |  | (3 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 06/15/2052 |  |  |  |  |  |  |  | 6,900 |  |  |  | 1,128 |  |  |  | 1,543 |  |  |  | 2,671 |  |  |  | 9 |  |  |  | 0 |
Receive |  | 1-Year BRL-CDI |  |  | 11.823 |  |  | Maturity |  |  | 01/04/2027 |  |  |  | BRL |  |  |  | 40,300 |  |  |  | 0 |  |  |  | 421 |  |  |  | 421 |  |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.047 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 39,700 |  |  |  | 0 |  |  |  | (382 | ) |  |  | (382 | ) |  |  | 0 |  |  |  | 0 |
Pay (6) |  | 3-Month EUR-EURIBOR |  |  | 2.500 |  |  | Annual |  |  | 03/19/2030 |  |  |  | EUR |  |  |  | 2,600 |  |  |  | 21 |  |  |  | 15 |  |  |  | 36 |  |  |  | 7 |  |  |  | 0 |
Receive |  | 6-Month EUR-EURIBOR |  |  | 0.500 |  |  | Annual |  |  | 09/21/2052 |  |  |  |  |  |  |  | 3,500 |  |  |  | 303 |  |  |  | 980 |  |  |  | 1,283 |  |  |  | 0 |  |  |  | (12 | )
Receive (6) |  | 6-Month EUR-EURIBOR |  |  | 0.830 |  |  | Annual |  |  | 12/09/2052 |  |  |  |  |  |  |  | 3,700 |  |  |  | 23 |  |  |  | 172 |  |  |  | 195 |  |  |  | 0 |  |  |  | (4 | )
Pay |  | CAONREPO |  |  | 3.500 |  |  | Semi-Annual |  |  | 06/19/2034 |  |  |  | CAD |  |  |  | 2,000 |  |  |  | 69 |  |  |  | (3 | ) |  |  | 66 |  |  |  | 2 |  |  |  | 0 |
Receive |  | CAONREPO |  |  | 3.500 |  |  | Semi-Annual |  |  | 06/20/2044 |  |  |  |  |  |  |  | 1,300 |  |  |  | 14 |  |  |  | (60 | ) |  |  | (46 | ) |  |  | 1 |  |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,082 |  |  | $ | 16,018 |  |  | $ | 24,100 |  |  | $ | 311 |  |  | $ | (153 | )
Total Swap Agreements |  |  |  |  |  |  | $ | 8,061 |  |  | $ | 16,037 |  |  | $ | 24,098 |  |  | $ | 311 |  |  | $ | (154 | )

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |
|  | Market Value |  |  | Variation Margin Asset |  |  |  |  |  |  |  |  | Market Value |  |  | Variation Margin Liability |  |  |  |
|  | Purchased Options |  |  | Futures |  |  | Swap Agreements |  |  | Total |  |  |  |  |  | Written Options |  |  | Futures |  |  | Swap Agreements |  |  | Total |
Total Exchange-Traded or Centrally Cleared |  | $ | 0 |  |  | $ | 0 |  |  | $ | 311 |  |  | $ | 311 |  |  |  |  |  |  | $ | 0 |  |  | $ | (4) |  |  | $ | (154) |  |  | $ | (158) |

Cash of $5,611 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive 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) | 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.

(3) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(4) | 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.

(5) | 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.

(6) | This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty |  | Settlement Month |  |  | Currency to be Delivered |  |  | Currency to be Received |  |  | Unrealized Appreciation/ (Depreciation) |
| Asset |  |  | Liability |
BOA |  |  | 01/2025 |  |  | GBP |  |  | 55 |  |  | $ |  |  | 70 |  |  | $ | 1 |  |  | $ | 0 |
|  |  | 03/2025 |  |  | MXN |  |  | 2,058 |  |  |  |  |  | 100 |  |  |  | 3 |  |  |  | 0 |
BPS |  |  | 01/2025 |  |  | BRL |  |  | 752 |  |  |  |  |  | 134 |  |  |  | 12 |  |  |  | 0 |
|  |  | 01/2025 |  |  | CAD |  |  | 438 |  |  |  |  |  | 312 |  |  |  | 8 |  |  |  | 0 |

54 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

Counterparty |  | Settlement Month |  |  | Currency to be Delivered |  |  | Currency to be Received |  |  | Unrealized Appreciation/ (Depreciation) |
| Asset |  |  | Liability |
|  |  | 01/2025 |  |  | EUR |  |  | 148 |  |  | $ |  |  | 156 |  |  | $ | 3 |  |  | $ | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 121 |  |  | BRL |  |  | 752 |  |  |  | 0 |  |  |  | 0 |
|  |  | 01/2025 |  |  |  |  |  | 443 |  |  | CAD |  |  | 636 |  |  |  | 0 |  |  |  | 0 |
|  |  | 01/2025 |  |  |  |  |  | 440 |  |  | EUR |  |  | 422 |  |  |  | 0 |  |  |  | (2 | )
BRC |  |  | 01/2025 |  |  | GBP |  |  | 3,879 |  |  | $ |  |  | 4,883 |  |  |  | 28 |  |  |  | 0 |
|  |  | 01/2025 |  |  | TRY |  |  | 9,273 |  |  |  |  |  | 248 |  |  |  | 0 |  |  |  | (9 | )
|  |  | 01/2025 |  |  | $ |  |  | 133 |  |  | EUR |  |  | 128 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 01/2025 |  |  |  |  |  | 272 |  |  | GBP |  |  | 215 |  |  |  | 0 |  |  |  | (3 | )
|  |  | 01/2025 |  |  |  |  |  | 153 |  |  | TRY |  |  | 5,757 |  |  |  | 9 |  |  |  | 0 |
|  |  | 02/2025 |  |  |  |  |  | 1,091 |  |  |  |  |  | 41,340 |  |  |  | 24 |  |  |  | 0 |
|  |  | 03/2025 |  |  |  |  |  | 1,840 |  |  |  |  |  | 70,792 |  |  |  | 23 |  |  |  | 0 |
FAR |  |  | 01/2025 |  |  | BRL |  |  | 754 |  |  | $ |  |  | 122 |  |  |  | 0 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 123 |  |  | BRL |  |  | 754 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 02/2025 |  |  | BRL |  |  | 758 |  |  | $ |  |  | 123 |  |  |  | 1 |  |  |  | 0 |
GLM |  |  | 02/2025 |  |  | MXN |  |  | 953 |  |  |  |  |  | 47 |  |  |  | 1 |  |  |  | 0 |
JPM |  |  | 02/2025 |  |  | $ |  |  | 68 |  |  | TRY |  |  | 2,735 |  |  |  | 7 |  |  |  | 0 |
|  |  | 05/2025 |  |  |  |  |  | 491 |  |  |  |  |  | 21,644 |  |  |  | 51 |  |  |  | 0 |
MBC |  |  | 01/2025 |  |  | EUR |  |  | 17,070 |  |  | $ |  |  | 17,987 |  |  |  | 296 |  |  |  | 0 |
MYI |  |  | 02/2025 |  |  | $ |  |  | 27 |  |  | TRY |  |  | 1,035 |  |  |  | 1 |  |  |  | 0 |
SCX |  |  | 01/2025 |  |  | EUR |  |  | 167 |  |  | $ |  |  | 176 |  |  |  | 2 |  |  |  | 0 |
UAG |  |  | 01/2025 |  |  | GBP |  |  | 142 |  |  |  |  |  | 180 |  |  |  | 2 |  |  |  | 0 |
|  |  | 02/2025 |  |  | $ |  |  | 26 |  |  | TRY |  |  | 1,062 |  |  |  | 3 |  |  |  | 0 |
Total Forward Foreign Currency Contracts |  |  | $ | 475 |  |  | $ | (16 | )

SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION
(1)

Counterparty |  | Reference Entity |  | Fixed Receive Rate |  |  | Payment Frequency |  |  | Maturity Date |  |  | Implied Credit Spread at December 31, 2024 (2) |  |  | Notional Amount (3) |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value ( 4) |
| Asset |  |  | Liability |
BOA |  | Panama Government International Bond |  |  | 1.000 | % |  |  | Quarterly |  |  |  | 12/20/2028 |  |  |  | 1.718 | % |  |  | $ 1,500 |  |  | $ | (62 | ) |  | $ | 24 |  |  | $ | 0 |  |  | $ | (38 | )
BRC |  | Egypt Government International Bond |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 12/20/2028 |  |  |  | 5.351 |  |  |  | 700 |  |  |  | (121 | ) |  |  | 21 |  |  |  | 0 |  |  |  | (100 | )
|  | Egypt Government International Bond |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 06/20/2029 |  |  |  | 5.581 |  |  |  | 400 |  |  |  | (85 | ) |  |  | 19 |  |  |  | 0 |  |  |  | (66 | )
|  | Panama Government International Bond |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 12/20/2028 |  |  |  | 1.718 |  |  |  | 1,600 |  |  |  | (66 | ) |  |  | 26 |  |  |  | 0 |  |  |  | (40 | )
|  | Turkey Government International Bond |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 03/20/2025 |  |  |  | 0.608 |  |  |  | 600 |  |  |  | 0 |  |  |  | 1 |  |  |  | 1 |  |  |  | 0 |
CBK |  | Israel Government International Bond |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 06/20/2027 |  |  |  | 0.741 |  |  |  | 1,100 |  |  |  | (6 | ) |  |  | 13 |  |  |  | 7 |  |  |  | 0 |
GST |  | Equinix, Inc. |  |  | 5.000 |  |  |  | Quarterly |  |  |  | 06/20/2027 |  |  |  | 0.869 |  |  |  | 500 |  |  |  | 70 |  |  |  | (21 | ) |  |  | 49 |  |  |  | 0 |
MYC |  | Petroleos Mexicanos |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 12/20/2028 |  |  |  | 4.056 |  |  |  | 200 |  |  |  | (39 | ) |  |  | 18 |  |  |  | 0 |  |  |  | (21 | )
|  | Saudi Arabia Government International Bond |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 06/20/2025 |  |  |  | 0.216 |  |  |  | 300 |  |  |  | 1 |  |  |  | 0 |  |  |  | 1 |  |  |  | 0 |
Total Swap Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (308 | ) |  | $ | 101 |  |  | $ | 58 |  |  | $ | (265 | )

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |  |  |  |  |  |  |  |  |  |
Counterparty |  | Forward Foreign Currency Contracts |  |  | Purchased Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  |  |  |  | Forward Foreign Currency Contracts |  |  | Written Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  | Net Market Value of OTC Derivatives |  |  | Collateral Pledged/ (Received) |  |  | Net Exposure (5) |
BOA |  | $ | 4 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4 |  |  |  |  |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (38 | ) |  | $ | (38 | ) |  | $ | (34 | ) |  | $ | 47 |  |  | $ | 13 |
BPS |  |  | 23 |  |  |  | 0 |  |  |  | 0 |  |  |  | 23 |  |  |  |  |  |  |  | (2 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (2 | ) |  |  | 21 |  |  |  | 0 |  |  |  | 21 |
BRC |  |  | 84 |  |  |  | 0 |  |  |  | 1 |  |  |  | 85 |  |  |  |  |  |  |  | (13 | ) |  |  | 0 |  |  |  | (206 | ) |  |  | (219 | ) |  |  | (134 | ) |  |  | 272 |  |  |  | 138 |
CBK |  |  | 0 |  |  |  | 0 |  |  |  | 7 |  |  |  | 7 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7 |  |  |  | 0 |  |  |  | 7 |
FAR |  |  | 1 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  |  |  |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
GLM |  |  | 1 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 0 |  |  |  | 1 |
GST |  |  | 0 |  |  |  | 0 |  |  |  | 49 |  |  |  | 49 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 49 |  |  |  | 0 |  |  |  | 49 |
JPM |  |  | 58 |  |  |  | 0 |  |  |  | 0 |  |  |  | 58 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 58 |  |  |  | (80 | ) |  |  | (22 | )
MBC |  |  | 296 |  |  |  | 0 |  |  |  | 0 |  |  |  | 296 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 296 |  |  |  | 0 |  |  |  | 296 |
MYC |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (21 | ) |  |  | (21 | ) |  |  | (20 | ) |  |  | 0 |  |  |  | (20 | )
MYI |  |  | 1 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 0 |  |  |  | 1 |
SCX |  |  | 2 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |  |  |  | 0 |  |  |  | 2 |
UAG |  |  | 5 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5 |  |  |  | 0 |  |  |  | 5 |
Total Over the Counter |  | $ | 475 |  |  | $ | 0 |  |  | $ | 58 |  |  | $ | 533 |  |  |  |  |  |  | $ | (16 | ) |  | $ | 0 |  |  | $ | (265 | ) |  | $ | (281 | ) |  |  |  |  |  |  |  |  |  |  |  |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 55

Schedule of Investments |  | PIMCO Strategic Income Fund, Inc. |  | (Cont.) |  |  |  |

(l) | Securities with an aggregate market value of $319 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2024.

(1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |
Swap Agreements |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 311 |  |  | $ | 311 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 475 |  |  | $ | 0 |  |  | $ | 475 |
Swap Agreements |  |  | 0 |  |  |  | 58 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 58 |
|  | $ | 0 |  |  | $ | 58 |  |  | $ | 0 |  |  | $ | 475 |  |  | $ | 0 |  |  | $ | 533 |
|  | $ | 0 |  |  | $ | 58 |  |  | $ | 0 |  |  | $ | 475 |  |  | $ | 311 |  |  | $ | 844 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4 |  |  | $ | 4 |
Swap Agreements |  |  | 0 |  |  |  | 1 |  |  |  | 0 |  |  |  | 0 |  |  |  | 153 |  |  |  | 154 |
|  | $ | 0 |  |  | $ | 1 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 157 |  |  | $ | 158 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 16 |  |  | $ | 0 |  |  | $ | 16 |
Swap Agreements |  |  | 0 |  |  |  | 265 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 265 |
|  | $ | 0 |  |  | $ | 265 |  |  | $ | 0 |  |  | $ | 16 |  |  | $ | 0 |  |  | $ | 281 |
|  | $ | 0 |  |  | $ | 266 |  |  | $ | 0 |  |  | $ | 16 |  |  | $ | 157 |  |  | $ | 439 |

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Net Realized Gain (Loss) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3 |  |  | $ | 3 |
Swap Agreements |  |  | 0 |  |  |  | 22 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,174 |  |  |  | 3,196 |
|  | $ | 0 |  |  | $ | 22 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3,177 |  |  | $ | 3,199 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,366 |  |  | $ | 0 |  |  | $ | 1,366 |
Swap Agreements |  |  | 0 |  |  |  | 41 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 41 |
|  | $ | 0 |  |  | $ | 41 |  |  | $ | 0 |  |  | $ | 1,366 |  |  | $ | 0 |  |  | $ | 1,407 |
|  | $ | 0 |  |  | $ | 63 |  |  | $ | 0 |  |  | $ | 1,366 |  |  | $ | 3,177 |  |  | $ | 4,606 |

56 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (119 | ) |  | $ | (119 | )
Swap Agreements |  |  | 0 |  |  |  | 8 |  |  |  | 0 |  |  |  | 0 |  |  |  | (2,058 | ) |  |  | (2,050 | )
|  | $ | 0 |  |  | $ | 8 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (2,177 | ) |  | $ | (2,169 | )
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 20 |  |  | $ | 0 |  |  | $ | 20 |
Swap Agreements |  |  | 0 |  |  |  | 54 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 54 |
|  | $ | 0 |  |  | $ | 54 |  |  | $ | 0 |  |  | $ | 20 |  |  | $ | 0 |  |  | $ | 74 |
|  | $ | 0 |  |  | $ | 62 |  |  | $ | 0 |  |  | $ | 20 |  |  | $ | (2,177 | ) |  | $ | (2,095 | )

FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 860 |  |  | $ | 29,250 |  |  | $ | 6,195 |  |  | $ | 36,305 |
Corporate Bonds & Notes |
Banking & Finance |  |  | 0 |  |  |  | 38,873 |  |  |  | 0 |  |  |  | 38,873 |
Industrials |  |  | 0 |  |  |  | 43,813 |  |  |  | 10,751 |  |  |  | 54,564 |
Utilities |  |  | 0 |  |  |  | 8,390 |  |  |  | 0 |  |  |  | 8,390 |
Convertible Bonds & Notes |
Banking & Finance |  |  | 0 |  |  |  | 72 |  |  |  | 0 |  |  |  | 72 |
Municipal Bonds & Notes |
California |  |  | 0 |  |  |  | 1,461 |  |  |  | 0 |  |  |  | 1,461 |
Illinois |  |  | 0 |  |  |  | 13 |  |  |  | 0 |  |  |  | 13 |
Michigan |  |  | 0 |  |  |  | 2,321 |  |  |  | 0 |  |  |  | 2,321 |
West Virginia |  |  | 0 |  |  |  | 2,357 |  |  |  | 0 |  |  |  | 2,357 |
U.S. Government Agencies |  |  | 0 |  |  |  | 339,994 |  |  |  | 0 |  |  |  | 339,994 |
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | 45,304 |  |  |  | 0 |  |  |  | 45,304 |
Asset-Backed Securities |
Home Equity Other |  |  | 0 |  |  |  | 3,417 |  |  |  | 0 |  |  |  | 3,417 |
Manufacturing House ABS Other |  |  | 0 |  |  |  | 1 |  |  |  | 0 |  |  |  | 1 |
Manufacturing House Sequential |  |  | 0 |  |  |  | 343 |  |  |  | 0 |  |  |  | 343 |
Other ABS |  |  | 0 |  |  |  | 3,965 |  |  |  | 3,666 |  |  |  | 7,631 |
Sovereign Issues |  |  | 0 |  |  |  | 12,874 |  |  |  | 0 |  |  |  | 12,874 |
Common Stocks |
Communication Services |  |  | 678 |  |  |  | 0 |  |  |  | 1,768 |  |  |  | 2,446 |
Financials |  |  | 2,281 |  |  |  | 0 |  |  |  | 3,270 |  |  |  | 5,551 |
Health Care |  |  | 0 |  |  |  | 0 |  |  |  | 8,823 |  |  |  | 8,823 |
Industrials |  |  | 0 |  |  |  | 0 |  |  |  | 147 |  |  |  | 147 |
Warrants |
Communication Services |  |  | 0 |  |  |  | 0 |  |  |  | 240 |  |  |  | 240 |
Financials |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 1 |
Preferred Securities |
Banking & Finance |  |  | 0 |  |  |  | 2,524 |  |  |  | 0 |  |  |  | 2,524 |
Industrials |  |  | 0 |  |  |  | 601 |  |  |  | 0 |  |  |  | 601 |
Real Estate Investment Trusts |
Real Estate |  |  | 1,276 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,276 |

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Short-Term Instruments |
U.S. Treasury Bills |  | $ | 0 |  |  | $ | 1,723 |  |  | $ | 0 |  |  | $ | 1,723 |
|  | $ | 5,095 |  |  | $ | 537,296 |  |  | $ | 34,861 |  |  | $ | 577,252 |
Investments in Affiliates, at Value |
Short-Term Instruments |
Central Funds Used for Cash Management Purposes |  | $ | 16,586 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 16,586 |
Total Investments |  | $ | 21,681 |  |  | $ | 537,296 |  |  | $ | 34,861 |  |  | $ | 593,838 |
Short Sales, at Value - Liabilities |
U.S. Government Agencies |  | $ | 0 |  |  | $ | (6,184 | ) |  | $ | 0 |  |  | $ | (6,184 | )
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |  |  | 0 |  |  |  | 311 |  |  |  | 0 |  |  |  | 311 |
Over the counter |  |  | 0 |  |  |  | 533 |  |  |  | 0 |  |  |  | 533 |
|  | $ | 0 |  |  | $ | 844 |  |  | $ | 0 |  |  | $ | 844 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |  |  | 0 |  |  |  | (158 | ) |  |  | 0 |  |  |  | (158 | )
Over the counter |  |  | 0 |  |  |  | (281 | ) |  |  | 0 |  |  |  | (281 | )
|  | $ | 0 |  |  | $ | (439 | ) |  | $ | 0 |  |  | $ | (439 | )
Total Financial Derivative Instruments |  | $ | 0 |  |  | $ | 405 |  |  | $ | 0 |  |  | $ | 405 |
Totals |  | $ | 21,681 |  |  | $ | 531,517 |  |  | $ | 34,861 |  |  | $ | 588,059 |

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2024: |
Category and Subcategory |  | Beginning Balance at 06/30/2024 |  |  | 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 12/31/2024 |  |  | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024 (1) |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 7,795 |  |  | $ | 2,093 |  |  | $ | (115 | ) |  | $ | (2 | ) |  | $ | 0 |  |  | $ | 105 |  |  | $ | 49 |  |  | $ | (3,730 | ) |  | $ | 6,195 |  |  | $ | 46 |
Corporate Bonds & Notes |
Banking & Finance |  |  | 4,749 |  |  |  | 0 |  |  |  | (4,678 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (71 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Industrials |  |  | 9,828 |  |  |  | 1,238 |  |  |  | 0 |  |  |  | (11 | ) |  |  | 0 |  |  |  | (1,036 | ) |  |  | 732 |  |  |  | 0 |  |  |  | 10,751 |  |  |  | (1,036 | )

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 57

Schedule of Investments |  | PIMCO Strategic Income Fund, Inc. |  | (Cont.) |  | December 31, 2024 |  | (Unaudited)

Category and Subcategory |  | Beginning Balance at 06/30/2024 |  |  | 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 12/31/2024 |  |  | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024 (1) |
Non-Agency Mortgage-Backed Securities |  | $ | 908 |  |  | $ | 0 |  |  | $ | (83 | ) |  | $ | 1 |  |  | $ | 1 |  |  | $ | 38 |  |  | $ | 0 |  |  | $ | (865 | ) |  | $ | 0 |  |  | $ | 0 |
Asset-Backed Securities |
Home Equity Other |  |  | 114 |  |  |  | 0 |  |  |  | (18 | ) |  |  | 1 |  |  |  | 3 |  |  |  | 7 |  |  |  | 0 |  |  |  | (107 | ) |  |  | 0 |  |  |  | 0 |
Other ABS |  |  | 1,846 |  |  |  | 2,017 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (197 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 3,666 |  |  |  | (196 | )
Common Stocks |
Consumer Discretionary (3) |  |  | 4,439 |  |  |  | 0 |  |  |  | (4,545 | ) |  |  | 0 |  |  |  | 3,487 |  |  |  | (3,381 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Communication Services (2)(3) |  |  | 1,424 |  |  |  | 59 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 285 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,768 |  |  |  | 285 |
Energy |  |  | 12 |  |  |  | 0 |  |  |  | (13 | ) |  |  | 0 |  |  |  | 7 |  |  |  | (6 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Financials |  |  | 3,678 |  |  |  | 12 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (420 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 3,270 |  |  |  | (420 | )
Health Care |  |  | 9,534 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (711 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 8,823 |  |  |  | (710 | )
Industrials |  |  | 147 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 147 |  |  |  | 0 |
Warrants |
Communication Services |  |  | 0 |  |  |  | 240 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 240 |  |  |  | 0 |
Financials |  |  | 2 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 0 |
Totals |  | $ | 44,476 |  |  | $ | 5,659 |  |  | $ | (9,452 | ) |  | $ | (11 | ) |  | $ | 3,498 |  |  | $ | (5,388 | ) |  | $ | 781 |  |  | $ | (4,702 | ) |  | $ | 34,861 |  |  | $ | (2,031 | )

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 12/31/2024 |  |  | Valuation Technique |  | Unobservable Inputs |  |  |  |  | (% Unless Noted Otherwise) |
| Input Value(s) |  |  | Weighted Average |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 4,097 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 7.630-25.430 |  |  |  | 19.943 |
|  |  | 49 |  |  | Expected Recovery |  | Recovery Rate |  |  |  |  |  |  | 15.419 |  |  |  | — |
|  |  | 2,049 |  |  | Third Party Vendor |  | Broker Quote |  |  |  |  |  |  | 99.188 |  |  |  | — |
Corporate Bonds & Notes |
Industrials |  |  | 8,919 |  |  | Comparable Companies/ Discounted Cash Flow |  | Revenue Multiple/ Discount Rate |  |  | X/% |  |  |  | 1.000/9.750 |  |  |  | — |
|  |  | 732 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  |  |  | 61.000 |  |  |  | — |
|  |  | 1,100 |  |  | Other Valuation Techniques (4) |  | — |  |  |  |  |  |  | — |  |  |  | — |
Asset-Backed Securities |
Other ABS |  |  | 1,649 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 12.000-13.000 |  |  |  | 12.266 |
|  |  | 2,017 |  |  | Recent Transaction |  | Purchase Price |  |  |  |  |  |  | 100.850 |  |  |  | — |
Common Stocks |
Communication Services |  |  | 681 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 4.640 |  |  |  | — |
|  |  | 993 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 12.280 |  |  |  | — |
|  |  | 94 |  |  | Reference instrument |  | Stock Price w/Liquidity Discount |  |  |  |  |  |  | 10.000 |  |  |  | — |
Financials |  |  | 3,266 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 4.600 |  |  |  | — |
|  |  | 4 |  |  | Other Valuation Techniques (4) |  | — |  |  |  |  |  |  | — |  |  |  | — |
Health Care |  |  | 8,823 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 13.750 |  |  |  | — |
Industrials |  |  | 147 |  |  | Indicative Market Quotation |  | Broker Quote |  |  | $ |  |  |  | 1.130-19.000 |  |  |  | 18.965 |
Warrants |
Communication Services |  |  | 240 |  |  | Recent Transaction |  | Purchase Price |  |  | $ |  |  |  | 13.000 |  |  |  | — |
Financials |  |  | 1 |  |  | Option Pricing Model |  | Volatility |  |  |  |  |  |  | 32.500 |  |  |  | — |
Total |  | $ | 34,861 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.

(2) | Sector type updated from Utilities to Communication Services since prior fiscal year end.

(3) | Sector type updated from Industrials to Communication Services and Consumer Discretionary since prior fiscal year end.

(4) | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

58 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

Consolidated Schedule of Investments |  | PIMCO Access Income Fund |  |  |  | December 31, 2024 |  | (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
INVESTMENTS IN SECURITIES 149.2% |
LOAN PARTICIPATIONS AND ASSIGNMENTS 29.7% |
Aligned Data Centers International LP |
8.447% (TSFR3M + 3.500%) due 05/16/2028 «~ |  | $ |  |  | 3,400 |  |  | $ |  |  | 3,387 |
Altice France SA |
10.147% due 08/15/2028 ~ |  |  |  |  | 995 |  |  |  |  |  | 802 |
AP Core Holdings LLC |
9.971% due 09/01/2027 ~ |  |  |  |  | 1,844 |  |  |  |  |  | 1,792 |
CIRCOR International, Inc. |
TBD% due 06/20/2029 «µ |  |  |  |  | 166 |  |  |  |  |  | 170 |
Clover Holdings 2 LLC |
TBD% due 11/01/2029 ~µ |  |  |  |  | 846 |  |  |  |  |  | 844 |
8.428% due 11/01/2031 ~ |  |  |  |  | 6,300 |  |  |  |  |  | 6,379 |
Comexposium |
4.414% (EUR003M + 2.970%) due 03/28/2025 «~ |  | EUR |  |  | 3,392 |  |  |  |  |  | 4,094 |
4.969% (EUR012M + 4.000%) due 03/28/2026 «~ |  |  |  |  | 18,708 |  |  |  |  |  | 22,576 |
CoreWeave Compute Acquisition Co. LLC |
TBD% (TSFR3M + 6.000%) due 05/16/2029 «~µ |  | $ |  |  | 10,000 |  |  |  |  |  | 10,027 |
14.213% due 06/30/2028 «~ |  |  |  |  | 3,062 |  |  |  |  |  | 3,234 |
Databricks, Inc. |
TBD% due 12/20/2030 «µ |  |  |  |  | 362 |  |  |  |  |  | 361 |
TBD% due 12/20/2030 « |  |  |  |  | 1,638 |  |  |  |  |  | 1,629 |
Diamond Sports Group LLC |
TBD% due 05/25/2026 «~ |  |  |  |  | 1,567 |  |  |  |  |  | 242 |
Endure Digital, Inc. |
8.138% due 02/10/2028 «~ |  |  |  |  | 2,593 |  |  |  |  |  | 2,126 |
Envision Healthcare Corp. |
11.382% due 07/20/2026 «~ |  |  |  |  | 99 |  |  |  |  |  | 99 |
12.507% due 11/03/2028 ~ |  |  |  |  | 13,369 |  |  |  |  |  | 13,569 |
Espai Barca Fondo De Titulizacion |
TBD% (EUR006M + 0.000%) due 06/30/2028 «~ |  | EUR |  |  | 3,261 |  |  |  |  |  | 3,967 |
First Brands Group LLC |
9.847% due 03/30/2027 ~ |  | $ |  |  | 1,068 |  |  |  |  |  | 1,003 |
Forward Air Corp. |
9.085% due 12/19/2030 ~ |  |  |  |  | 1,200 |  |  |  |  |  | 1,206 |
Galaxy U.S. Opco, Inc. |
9.335% due 04/29/2029 ~ |  |  |  |  | 2,098 |  |  |  |  |  | 1,875 |
Gateway Casinos & Entertainment Ltd. |
TBD% due 12/18/2030 |  |  |  |  | 2,540 |  |  |  |  |  | 2,583 |
Gray Television, Inc. |
9.803% due 06/04/2029 ~ |  |  |  |  | 1,194 |  |  |  |  |  | 1,133 |
Harp Finco Ltd. |
TBD% due 01/30/2032 «µ |  | GBP |  |  | 2,319 |  |  |  |  |  | 2,845 |
iHeartCommunications, Inc. |
7.687% due 05/01/2026 ~ |  | $ |  |  | 1,000 |  |  |  |  |  | 894 |
7.721% due 05/01/2026 ~ |  |  |  |  | 2,400 |  |  |  |  |  | 2,143 |
Ivanti Software, Inc. |
9.121% due 12/01/2027 ~ |  |  |  |  | 4,700 |  |  |  |  |  | 3,854 |
J&J Ventures Gaming LLC |
9.471% due 04/26/2028 «~ |  |  |  |  | 1,170 |  |  |  |  |  | 1,180 |
Lifepoint Health, Inc. |
8.406% due 05/17/2031 ~ |  |  |  |  | 1,771 |  |  |  |  |  | 1,780 |
MPH Acquisition Holdings LLC |
9.026% due 09/01/2028 ~ |  |  |  |  | 1,280 |  |  |  |  |  | 1,105 |
Ocs Group Holdings Ltd. |
TBD% due 11/27/2031 «~ |  | GBP |  |  | 5,550 |  |  |  |  |  | 6,892 |
Poseidon Bidco SASU |
7.683% (EUR003M + 5.000%) due 03/13/2030 ~ |  | EUR |  |  | 3,600 |  |  |  |  |  | 2,435 |
Promotora de Informaciones SA |
8.189% (EUR006M + 5.000%) due 06/30/2026 «~ |  |  |  |  | 11,200 |  |  |  |  |  | 11,602 |
8.439% (EUR003M + 5.220%) due 12/31/2026 ~ |  |  |  |  | 3,208 |  |  |  |  |  | 3,290 |
PURIS LLC |
9.075% (TSFR3M + 4.750%) due 06/30/2031 «~ |  | $ |  |  | 1,623 |  |  |  |  |  | 1,630 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
SCUR-Alpha 1503 GmbH |
8.556% (EUR003M + 0.055%) due 03/29/2030 ~ |  | EUR |  |  | 2,400 |  |  | $ |  |  | 2,454 |
10.085% due 03/29/2030 ~ |  | $ |  |  | 3,734 |  |  |  |  |  | 3,571 |
Steenbok Lux Finco 2 SARL |
8.077% (EUR006M + 5.500%) due 06/30/2026 ~ |  | EUR |  |  | 3,116 |  |  |  |  |  | 3,233 |
10.000% due 06/30/2026 |  |  |  |  | 5,086 |  |  |  |  |  | 950 |
10.000% due 06/30/2026 ~ |  |  |  |  | 24,627 |  |  |  |  |  | 8,163 |
Subcalidora 2 SARL |
8.433% (EUR003M + 5.750%) due 08/14/2029 «~ |  |  |  |  | 6,400 |  |  |  |  |  | 6,646 |
Syniverse Holdings, Inc. |
11.329% due 05/13/2027 ~ |  | $ |  |  | 12,680 |  |  |  |  |  | 12,734 |
Team Health Holdings, Inc. |
9.835% due 03/02/2027 ~ |  |  |  |  | 1,505 |  |  |  |  |  | 1,459 |
The Stepstone Group MidCo 2 GMBH |
TBD% due 12/04/2031 ~ |  | EUR |  |  | 7,000 |  |  |  |  |  | 7,181 |
TBD% due 12/04/2031 ~ |  | $ |  |  | 1,300 |  |  |  |  |  | 1,287 |
U.S. Renal Care, Inc. |
9.471% due 06/20/2028 ~ |  |  |  |  | 21,418 |  |  |  |  |  | 20,117 |
Unicorn Bay |
13.000% due 12/31/2026 « |  | HKD |  |  | 52,143 |  |  |  |  |  | 6,720 |
Vantive Health LLC |
TBD% due 07/23/2029 «µ |  | $ |  |  | 260 |  |  |  |  |  | 256 |
TBD% due 07/23/2031 « |  |  |  |  | 1,440 |  |  |  |  |  | 1,417 |
Veritas U.S., Inc. |
TBD% due 12/18/2027 |  |  |  |  | 197 |  |  |  |  |  | 198 |
TBD% due 12/09/2029 |  |  |  |  | 442 |  |  |  |  |  | 441 |
Wesco Aircraft Holdings, Inc. |
13.153% (TSFR1M + 8.600%) due 02/01/2025 «~ |  |  |  |  | 1,742 |  |  |  |  |  | 1,864 |
Total Loan Participations and Assignments (Cost $210,084) |  |  | 201,439 |
CORPORATE BONDS & NOTES 27.1% |
BANKING & FINANCE 8.4% |
Adler Financing SARL |
4.250% due 12/31/2029 |  | EUR |  |  | 1,000 |  |  |  |  |  | 1,028 |
12.500% due 12/31/2028 |  |  |  |  | 12,505 |  |  |  |  |  | 13,396 |
ADLER Real Estate GmbH |
3.000% due 04/27/2026 |  |  |  |  | 1,200 |  |  |  |  |  | 1,190 |
Alamo Re Ltd. |
15.534% (T-BILL 1MO + 11.250%) due 06/08/2026 ~ |  | $ |  |  | 300 |  |  |  |  |  | 318 |
Armor Holdco, Inc. |
8.500% due 11/15/2029 (h) |  |  |  |  | 8,000 |  |  |  |  |  | 8,118 |
BOI Finance BV |
7.500% due 02/16/2027 |  | EUR |  |  | 4,000 |  |  |  |  |  | 4,043 |
Cape Lookout Re Ltd. |
12.314% (T-BILL 1MO + 8.000%) due 04/05/2027 ~ |  | $ |  |  | 800 |  |  |  |  |  | 833 |
Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
8.000% due 12/31/2026 (a) |  | EUR |  |  | 468 |  |  |  |  |  | 197 |
East Lane Re Ltd. |
13.534% (T-BILL 3MO + 9.250%) due 03/31/2026 ~ |  | $ |  |  | 250 |  |  |  |  |  | 251 |
Everglades Re Ltd. |
14.814% (T-BILL 1MO + 10.500%) due 05/13/2031 ~ |  |  |  |  | 300 |  |  |  |  |  | 313 |
15.814% (T-BILL 1MO + 11.500%) due 05/13/2031 ~ |  |  |  |  | 300 |  |  |  |  |  | 312 |
17.064% (T-BILL 1MO + 12.750%) due 05/13/2031 ~ |  |  |  |  | 300 |  |  |  |  |  | 311 |
Hestia Re Ltd. |
14.364% (T-BILL 1MO + 10.080%) due 04/22/2025 ~ |  |  |  |  | 939 |  |  |  |  |  | 852 |
Integrity Re Ltd. |
21.284% (T-BILL 1MO + 17.000%) due 06/08/2026 ~ |  |  |  |  | 400 |  |  |  |  |  | 432 |
27.284% (T-BILL 1MO + 23.000%) due 06/08/2026 ~ |  |  |  |  | 400 |  |  |  |  |  | 368 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Kennedy Wilson Europe Real Estate Ltd. |
3.250% due 11/12/2025 |  | EUR |  |  | 316 |  |  |  |  |  | 325 |
Long Walk Reinsurance Ltd. |
14.034% (T-BILL 3MO + 9.750%) due 01/30/2031 ~ |  | $ |  |  | 800 |  |  |  |  |  | 814 |
Polestar Re Ltd. |
14.784% (T-BILL 3MO + 10.500%) due 01/07/2028 ~ |  |  |  |  | 300 |  |  |  |  |  | 312 |
17.564% (T-BILL 3MO + 13.250%) due 01/07/2027 ~ |  |  |  |  | 800 |  |  |  |  |  | 834 |
Sanders Re Ltd. |
17.284% (T-BILL 3MO + 13.000%) due 04/09/2029 ~ |  |  |  |  | 1,815 |  |  |  |  |  | 1,782 |
Titanium 2l Bondco SARL |
6.250% due 01/14/2031 |  | EUR |  |  | 18,731 |  |  |  |  |  | 6,606 |
Torrey Pines Re Ltd. |
10.284% (T-BILL 1MO + 6.000%) due 06/07/2032 ~ |  | $ |  |  | 250 |  |  |  |  |  | 263 |
11.534% (T-BILL 1MO + 7.250%) due 06/07/2032 ~ |  |  |  |  | 250 |  |  |  |  |  | 258 |
Uniti Group LP |
6.000% due 01/15/2030 (h) |  |  |  |  | 8,400 |  |  |  |  |  | 7,386 |
10.500% due 02/15/2028 |  |  |  |  | 2,671 |  |  |  |  |  | 2,851 |
Ursa Re Ltd. |
13.564% (T-BILL 3MO + 9.250%) due 12/07/2028 ~ |  |  |  |  | 900 |  |  |  |  |  | 954 |
Veraison Re Ltd. |
16.816% (T-BILL 1MO + 12.532%) due 03/10/2031 ~ |  |  |  |  | 700 |  |  |  |  |  | 753 |
Winston RE Ltd. |
16.064% (T-BILL 3MO + 11.750%) due 02/26/2031 ~ |  |  |  |  | 700 |  |  |  |  |  | 723 |
Yosemite Re Ltd. |
14.879% (T-BILL 3MO + 10.595%) due 06/06/2025 ~ |  |  |  |  | 980 |  |  |  |  |  | 1,007 |
|  |  |  |  |  |  |  |  |  |  | 56,830 |
INDUSTRIALS 14.6% |
Altice France Holding SA |
10.500% due 05/15/2027 |  |  |  |  | 17,600 |  |  |  |  |  | 5,214 |
Altice France SA |
3.375% due 01/15/2028 |  | EUR |  |  | 3,600 |  |  |  |  |  | 2,833 |
4.125% due 01/15/2029 |  |  |  |  | 100 |  |  |  |  |  | 79 |
5.125% due 01/15/2029 |  | $ |  |  | 200 |  |  |  |  |  | 152 |
5.125% due 07/15/2029 |  |  |  |  | 3,500 |  |  |  |  |  | 2,625 |
5.500% due 01/15/2028 (h) |  |  |  |  | 1,600 |  |  |  |  |  | 1,186 |
5.500% due 10/15/2029 (h) |  |  |  |  | 2,300 |  |  |  |  |  | 1,734 |
8.125% due 02/01/2027 |  |  |  |  | 400 |  |  |  |  |  | 325 |
Carvana Co. (14.000% PIK) |
14.000% due 06/01/2031 (a)(h) |  |  |  |  | 2,410 |  |  |  |  |  | 2,764 |
DISH DBS Corp. |
5.250% due 12/01/2026 |  |  |  |  | 4,820 |  |  |  |  |  | 4,390 |
5.750% due 12/01/2028 |  |  |  |  | 17,600 |  |  |  |  |  | 15,081 |
Ecopetrol SA |
7.750% due 02/01/2032 |  |  |  |  | 3,400 |  |  |  |  |  | 3,302 |
8.375% due 01/19/2036 |  |  |  |  | 240 |  |  |  |  |  | 232 |
8.875% due 01/13/2033 (h) |  |  |  |  | 500 |  |  |  |  |  | 510 |
Flora Food Management BV |
6.875% due 07/02/2029 |  | EUR |  |  | 1,200 |  |  |  |  |  | 1,300 |
GN Bondco LLC |
9.500% due 10/15/2031 (h) |  | $ |  |  | 3,530 |  |  |  |  |  | 3,721 |
Intelsat Jackson Holdings SA |
6.500% due 03/15/2030 (h) |  |  |  |  | 6,800 |  |  |  |  |  | 6,289 |
JetBlue Airways Corp. |
9.875% due 09/20/2031 (h) |  |  |  |  | 8,630 |  |  |  |  |  | 9,178 |
Newfold Digital Holdings Group, Inc. |
6.000% due 02/15/2029 « |  |  |  |  | 4,100 |  |  |  |  |  | 2,501 |
11.750% due 10/15/2028 « |  |  |  |  | 765 |  |  |  |  |  | 673 |
Petroleos Mexicanos |
6.700% due 02/16/2032 (h) |  |  |  |  | 1,978 |  |  |  |  |  | 1,722 |
6.840% due 01/23/2030 (h) |  |  |  |  | 800 |  |  |  |  |  | 731 |
8.750% due 06/02/2029 (h) |  |  |  |  | 1,489 |  |  |  |  |  | 1,493 |
Prime Healthcare Services, Inc. |
9.375% due 09/01/2029 (h) |  |  |  |  | 1,500 |  |  |  |  |  | 1,461 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 59

Consolidated Schedule of Investments |  | PIMCO Access Income Fund |  | (Cont.) |  |  |  |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
ProFrac Holdings LLC |
11.555% (TSFR3M + 7.250%) due 01/23/2029 ~(h) |  | $ |  |  | 2,950 |  |  | $ |  |  | 3,053 |
Rivian Holdings LLC |
10.502% due 10/15/2026 •(h) |  |  |  |  | 3,200 |  |  |  |  |  | 3,223 |
Thames Water Utilities Finance PLC |
1.250% due 01/31/2032 |  | EUR |  |  | 100 |  |  |  |  |  | 77 |
2.625% due 01/24/2032 |  | GBP |  |  | 100 |  |  |  |  |  | 93 |
4.375% due 01/18/2031 |  | EUR |  |  | 100 |  |  |  |  |  | 80 |
5.125% due 09/28/2037 |  | GBP |  |  | 200 |  |  |  |  |  | 198 |
7.750% due 04/30/2044 |  |  |  |  | 400 |  |  |  |  |  | 419 |
9.750% due 04/30/2028 « |  |  |  |  | 249 |  |  |  |  |  | 291 |
U.S. Renal Care, Inc. |
10.625% due 06/28/2028 |  | $ |  |  | 4,470 |  |  |  |  |  | 3,833 |
Vale SA |
0.000% due 12/29/2049 ~(f) |  | BRL |  |  | 10,300 |  |  |  |  |  | 591 |
Venture Global LNG, Inc. |
9.500% due 02/01/2029 (h) |  | $ |  |  | 3,008 |  |  |  |  |  | 3,327 |
9.875% due 02/01/2032 (h) |  |  |  |  | 1,580 |  |  |  |  |  | 1,735 |
Viridien |
7.750% due 04/01/2027 |  | EUR |  |  | 3,133 |  |  |  |  |  | 3,246 |
8.750% due 04/01/2027 (h) |  | $ |  |  | 2,767 |  |  |  |  |  | 2,723 |
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK) |
10.500% due 11/15/2026 ^«(a)(b) |  |  | 7,105 |  |  |  |  |  | 5,868 |
Yinson Boronia Production BV |
8.947% due 07/31/2042 (h) |  |  |  |  | 1,300 |  |  |  |  |  | 1,358 |
|  |  |  |  |  |  |  |  |  |  | 99,611 |
UTILITIES 4.1% |
Oi SA (10.000% Cash or 7.500% Cash and 6.000% PIK) |
10.000% due 06/30/2027 (a)(h) |  |  |  |  | 14,995 |  |  |  |  |  | 13,509 |
Oi SA (8.500% PIK) |
8.500% due 12/31/2028 (a) |  |  |  |  | 32,671 |  |  |  |  |  | 3,635 |
Peru LNG SRL |
5.375% due 03/22/2030 |  |  |  |  | 9,701 |  |  |  |  |  | 8,946 |
Yinson Production Financial Services Pte. Ltd. |
9.625% due 05/03/2029 |  |  |  |  | 1,600 |  |  |  |  |  | 1,655 |
|  |  |  |  |  |  |  |  |  |  | 27,745 |
Total Corporate Bonds & Notes (Cost $221,372) |  |  | 184,186 |
U.S. GOVERNMENT AGENCIES 6.4% |
Freddie Mac |
4.500% due 02/25/2059 - 11/25/2061 ~(h) |  |  |  |  | 14,881 |  |  |  |  |  | 13,117 |
4.750% due 08/25/2058 ~(h) |  |  |  |  | 8,337 |  |  |  |  |  | 7,939 |
8.319% due 02/25/2042 •(h) |  |  |  |  | 1,900 |  |  |  |  |  | 1,995 |
9.319% due 02/25/2042 •(h) |  |  |  |  | 1,200 |  |  |  |  |  | 1,263 |
10.069% due 01/25/2034 •(h) |  |  |  |  | 900 |  |  |  |  |  | 1,045 |
11.669% due 01/25/2042 • |  |  |  |  | 2,000 |  |  |  |  |  | 2,141 |
12.069% due 10/25/2041 •(h) |  |  |  |  | 7,400 |  |  |  |  |  | 7,971 |
12.369% due 11/25/2041 •(h) |  |  |  |  | 6,229 |  |  |  |  |  | 6,756 |
13.069% due 02/25/2042 •(h) |  |  |  |  | 800 |  |  |  |  |  | 883 |
Total U.S. Government Agencies (Cost $41,888) |  |  | 43,110 |
NON-AGENCY MORTGAGE-BACKED SECURITIES 37.2% |
225 Liberty Street Trust |
4.649% due 02/10/2036 ~(h) |  |  |  |  | 14,239 |  |  |  |  |  | 11,613 |
245 Park Avenue Trust |
3.657% due 06/05/2037 ~(h) |  |  |  |  | 2,680 |  |  |  |  |  | 2,450 |
Ashford Hospitality Trust |
7.445% due 06/15/2035 • |  |  |  |  | 1,000 |  |  |  |  |  | 989 |
7.670% due 04/15/2035 •(h) |  |  |  |  | 14,536 |  |  |  |  |  | 14,429 |
BAMLL Commercial Mortgage Securities Trust |
7.022% due 03/15/2037 • |  |  |  |  | 2,000 |  |  |  |  |  | 1,978 |
7.222% due 03/15/2037 •(h) |  |  |  |  | 3,000 |  |  |  |  |  | 2,922 |
Banc of America Funding Trust |
6.500% due 07/25/2047 |  |  |  |  | 838 |  |  |  |  |  | 623 |
Barclays Commercial Mortgage Securities Trust |
3.688% due 02/15/2053 ~(h) |  |  |  |  | 4,785 |  |  |  |  |  | 3,140 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Barclays Commercial Real Estate Trust |
4.563% due 08/10/2033 ~(h) |  | $ |  |  | 5,370 |  |  | $ |  |  | 3,785 |
BCAP LLC Trust |
0.958% due 11/27/2036 •(h) |  |  |  |  | 38,346 |  |  |  |  |  | 8,084 |
3.990% due 04/25/2038 ~(h) |  |  |  |  | 3,211 |  |  |  |  |  | 2,484 |
Beast Mortgage Trust |
7.962% due 03/15/2036 •(h) |  |  |  |  | 6,750 |  |  |  |  |  | 3,857 |
8.962% due 03/15/2036 • |  |  |  |  | 2,500 |  |  |  |  |  | 1,254 |
9.898% due 02/15/2037 •(h) |  |  |  |  | 8,800 |  |  |  |  |  | 2,384 |
10.898% due 02/15/2037 • |  |  |  |  | 1,500 |  |  |  |  |  | 327 |
Benchmark Mortgage Trust |
3.440% due 08/15/2052 ~(h) |  |  |  |  | 9,600 |  |  |  |  |  | 9,175 |
Beneria Cowen & Pritzer Collateral Funding Corp. |
8.150% due 06/15/2038 •(h) |  |  |  |  | 5,500 |  |  |  |  |  | 1,691 |
BMO Mortgage Trust |
3.269% due 02/17/2055 ~(h) |  |  |  |  | 9,615 |  |  |  |  |  | 8,268 |
3.939% due 02/17/2055 ~(h) |  |  |  |  | 11,000 |  |  |  |  |  | 7,822 |
Braemar Hotels & Resorts Trust |
6.970% due 06/15/2035 •(h) |  |  |  |  | 8,500 |  |  |  |  |  | 8,404 |
Canada Square Funding PLC |
7.154% due 12/17/2057 ~ |  | GBP |  |  | 2,000 |  |  |  |  |  | 2,504 |
Colony Mortgage Capital Ltd. |
6.872% due 11/15/2038 •(h) |  | $ |  |  | 2,300 |  |  |  |  |  | 2,145 |
7.568% due 11/15/2038 •(h) |  |  |  |  | 3,400 |  |  |  |  |  | 2,980 |
COLT Mortgage Loan Trust |
4.714% due 03/25/2067 ~ |  |  |  |  | 7,200 |  |  |  |  |  | 6,488 |
Connecticut Avenue Securities Trust |
9.819% due 03/25/2042 •(h) |  |  |  |  | 2,000 |  |  |  |  |  | 2,152 |
10.569% due 10/25/2041 •(h) |  |  |  |  | 4,755 |  |  |  |  |  | 5,003 |
14.069% due 03/25/2042 •(h) |  |  |  |  | 5,200 |  |  |  |  |  | 5,830 |
Countrywide Home Loan Mortgage Pass-Through Trust |
6.500% due 01/25/2038 (h) |  |  |  |  | 14,401 |  |  |  |  |  | 6,924 |
Credit Suisse Mortgage Capital Mortgage-Backed Trust |
7.994% due 07/15/2032 •(h) |  |  |  |  | 12,000 |  |  |  |  |  | 11,731 |
DOLP Trust |
3.704% due 05/10/2041 ~(h) |  |  |  |  | 14,250 |  |  |  |  |  | 8,299 |
Extended Stay America Trust |
8.211% due 07/15/2038 •(h) |  |  |  |  | 10,279 |  |  |  |  |  | 10,350 |
GSMSC Resecuritization Trust |
5.312% due 11/26/2037 •(h) |  |  |  |  | 13,204 |  |  |  |  |  | 12,330 |
JP Morgan Chase Commercial Mortgage Securities Trust |
6.745% due 12/15/2031 •(h) |  |  |  |  | 5,211 |  |  |  |  |  | 5,016 |
6.952% due 06/15/2038 •(h) |  |  |  |  | 3,276 |  |  |  |  |  | 2,715 |
7.612% due 03/15/2036 •(h) |  |  |  |  | 2,000 |  |  |  |  |  | 942 |
8.152% due 06/15/2038 • |  |  |  |  | 250 |  |  |  |  |  | 156 |
8.362% due 03/15/2036 •(h) |  |  |  |  | 19,256 |  |  |  |  |  | 7,738 |
9.362% due 03/15/2036 • |  |  |  |  | 1,325 |  |  |  |  |  | 211 |
MRCD Mortgage Trust |
2.718% due 12/15/2036 (h) |  |  |  |  | 16,198 |  |  |  |  |  | 9,157 |
New Orleans Hotel Trust |
7.134% due 04/15/2032 •(h) |  |  |  |  | 7,900 |  |  |  |  |  | 7,444 |
New Residential Mortgage Loan Trust |
3.859% due 11/25/2059 ~ |  |  |  |  | 15,500 |  |  |  |  |  | 7,814 |
SFO Commercial Mortgage Trust |
6.911% due 05/15/2038 • |  |  |  |  | 340 |  |  |  |  |  | 325 |
7.411% due 05/15/2038 •(h) |  |  |  |  | 6,500 |  |  |  |  |  | 5,779 |
Stratton Hawksmoor PLC |
6.727% due 02/25/2053 • |  | GBP |  |  | 3,800 |  |  |  |  |  | 4,696 |
7.477% due 02/25/2053 • |  |  |  |  | 8,379 |  |  |  |  |  | 10,318 |
Uropa Securities PLC |
4.615% due 10/10/2040 • |  | EUR |  |  | 2,640 |  |  |  |  |  | 2,460 |
WaMu Mortgage Pass-Through Certificates Trust |
5.353% due 10/25/2045 •(h) |  | $ |  |  | 7,483 |  |  |  |  |  | 6,393 |
Wells Fargo Commercial Mortgage Trust |
3.860% due 09/15/2031 ~(h) |  |  |  |  | 1,500 |  |  |  |  |  | 1,448 |
4.928% due 12/15/2039 ~(h) |  |  |  |  | 8,600 |  |  |  |  |  | 7,430 |
Total Non-Agency Mortgage-Backed Securities (Cost $302,849) |  |  | 252,457 |
ASSET-BACKED SECURITIES 33.8% |
AUTOMOBILE ABS OTHER 0.9% |
Ally Bank Auto Credit-Linked Notes Trust |
6.315% due 05/17/2032 |  |  |  |  | 391 |  |  |  |  |  | 397 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Flagship Credit Auto Trust |
0.000% due 06/15/2029 «(e) |  | $ |  |  | 25 |  |  | $ |  |  | 312 |
Huntington Bank Auto Credit-Linked Notes Trust |
7.205% due 10/20/2032 • |  |  |  |  | 880 |  |  |  |  |  | 882 |
Santander Bank Auto Credit-Linked Notes |
6.110% due 06/15/2032 |  |  |  |  | 1,000 |  |  |  |  |  | 1,007 |
7.762% due 06/15/2032 |  |  |  |  | 1,000 |  |  |  |  |  | 1,011 |
10.171% due 06/15/2032 |  |  |  |  | 1,295 |  |  |  |  |  | 1,317 |
13.030% due 06/15/2032 |  |  |  |  | 1,500 |  |  |  |  |  | 1,516 |
|  |  |  |  |  |  |  |  |  |  | 6,442 |
HOME EQUITY OTHER 20.4% |
ACE Securities Corp. Home Equity Loan Trust |
4.873% due 04/25/2036 •(h) |  |  |  |  | 24,347 |  |  |  |  |  | 18,321 |
4.893% due 08/25/2036 •(h) |  |  |  |  | 21,042 |  |  |  |  |  | 4,805 |
Aegis Asset-Backed Securities Trust |
5.428% due 06/25/2035 •(h) |  |  |  |  | 4,500 |  |  |  |  |  | 1,280 |
Bear Stearns Asset-Backed Securities Trust |
5.503% due 07/25/2034 •(h) |  |  |  |  | 4,320 |  |  |  |  |  | 4,413 |
BNC Mortgage Loan Trust |
4.743% due 05/25/2037 •(h) |  |  |  |  | 16,250 |  |  |  |  |  | 13,360 |
Countrywide Asset-Backed Certificates Trust |
4.713% due 06/25/2047 •(h) |  |  |  |  | 14,977 |  |  |  |  |  | 12,456 |
4.828% due 06/25/2047 •(h) |  |  |  |  | 10,470 |  |  |  |  |  | 8,956 |
4.948% due 03/25/2037 •(h) |  |  |  |  | 11,266 |  |  |  |  |  | 11,082 |
5.423% due 08/25/2047 •(h) |  |  |  |  | 2,000 |  |  |  |  |  | 1,689 |
GSAMP Trust |
4.873% due 05/25/2046 •(h) |  |  |  |  | 10,680 |  |  |  |  |  | 8,660 |
5.398% due 07/25/2045 •(h) |  |  |  |  | 15,226 |  |  |  |  |  | 11,504 |
Home Equity Mortgage Loan Asset-Backed Trust |
5.368% due 10/25/2035 •(h) |  |  |  |  | 11,200 |  |  |  |  |  | 9,751 |
HSI Asset Securitization Corp. Trust |
5.263% due 12/25/2035 •(h) |  |  |  |  | 13,243 |  |  |  |  |  | 10,364 |
Long Beach Mortgage Loan Trust |
6.028% due 02/25/2035 •(h) |  |  |  |  | 10,158 |  |  |  |  |  | 8,554 |
Merrill Lynch Mortgage Investors Trust |
5.503% due 04/25/2036 •(h) |  |  |  |  | 5,976 |  |  |  |  |  | 4,992 |
Saxon Asset Securities Trust |
4.743% due 01/25/2047 •(h) |  |  |  |  | 1,711 |  |  |  |  |  | 1,624 |
Structured Asset Securities Corp. Mortgage Loan Trust |
5.878% due 02/25/2036 •(h) |  |  |  |  | 6,876 |  |  |  |  |  | 6,613 |
|  |  |  |  |  |  |  |  |  |  | 138,424 |
WHOLE LOAN COLLATERAL 5.2% |
First Franklin Mortgage Loan Trust |
4.763% due 10/25/2036 •(h) |  |  |  |  | 15,000 |  |  |  |  |  | 11,992 |
PRET LLC |
6.170% due 07/25/2051 þ(h) |  |  |  |  | 11,600 |  |  |  |  |  | 11,568 |
PRPM LLC |
6.291% due 02/25/2027 þ(h) |  |  |  |  | 3,000 |  |  |  |  |  | 2,990 |
Securitized Asset-Backed Receivables LLC Trust |
5.053% due 11/25/2035 •(h) |  |  |  |  | 5,607 |  |  |  |  |  | 4,622 |
Specialty Underwriting & Residential Finance Trust |
6.253% due 12/25/2035 •(h) |  |  |  |  | 4,650 |  |  |  |  |  | 4,278 |
|  |  |  |  |  |  |  |  |  |  | 35,450 |
OTHER ABS 7.3% |
College Avenue Student Loans LLC |
0.000% due 06/25/2054 «(e) |  |  |  |  | 5 |  |  |  |  |  | 2,597 |
6.610% due 06/25/2054 « |  |  |  |  | 635 |  |  |  |  |  | 635 |
8.660% due 06/25/2054 « |  |  |  |  | 914 |  |  |  |  |  | 939 |
Cologix Canadian Issuer LP |
7.740% due 01/25/2052 |  | CAD |  |  | 5,400 |  |  |  |  |  | 3,594 |
Deer Park CLO DAC |
0.000% due 10/15/2034 ~ |  | EUR |  |  | 4,000 |  |  |  |  |  | 2,654 |
Duke Funding Ltd. |
8.500% due 04/08/2039 •(h) |  | $ |  |  | 125,567 |  |  |  |  |  | 9,980 |
GreenSky Home Improvement Trust |
7.330% due 06/25/2059 |  |  |  |  | 500 |  |  |  |  |  | 513 |
LendingPoint Pass-Through Trust |
0.000% due 04/15/2028 «(e) |  |  |  |  | 7,600 |  |  |  |  |  | 773 |

60 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
0.000% due 05/15/2028 «(e) |  | $ |  |  | 7,554 |  |  | $ |  |  | 697 |
RR 1 Ltd. |
0.000% due 07/15/2117 ~ |  |  |  |  | 3,200 |  |  |  |  |  | 1,144 |
RR 17 Ltd. |
0.000% due 07/15/2034 ~ |  |  |  |  | 4,000 |  |  |  |  |  | 2,300 |
RR 7 Ltd. |
0.000% due 01/15/2120 ~ |  |  |  |  | 14,600 |  |  |  |  |  | 6,788 |
SMB Private Education Loan Trust |
0.000% due 11/16/2054 «(e) |  |  |  |  | 9 |  |  |  |  |  | 8,028 |
0.000% due 02/16/2055 «(e) |  |  |  |  | 5 |  |  |  |  |  | 4,784 |
5.950% due 02/16/2055 (h) |  |  |  |  | 4,280 |  |  |  |  |  | 4,123 |
|  |  |  |  |  |  |  |  |  |  | 49,549 |
Total Asset-Backed Securities (Cost $271,123) |  |  | 229,865 |
SOVEREIGN ISSUES 3.3% |
Egypt Government International Bond |
6.375% due 04/11/2031 |  | EUR |  |  | 1,800 |  |  |  |  |  | 1,649 |
El Salvador Government International Bond |
9.250% due 04/17/2030 |  | $ |  |  | 2,600 |  |  |  |  |  | 2,759 |
9.650% due 11/21/2054 |  |  |  |  | 1,500 |  |  |  |  |  | 1,584 |
Nigeria Government International Bond |
9.625% due 06/09/2031 |  |  |  |  | 300 |  |  |  |  |  | 300 |
10.375% due 12/09/2034 |  |  |  |  | 2,700 |  |  |  |  |  | 2,760 |
Russia Government International Bond |
5.625% due 04/04/2042 |  |  |  |  | 8,800 |  |  |  |  |  | 6,028 |
5.875% due 09/16/2043 |  |  |  |  | 200 |  |  |  |  |  | 137 |
Turkey Government International Bond |
49.430% (BISTREFI) due 09/06/2028 ~ |  | TRY |  |  | 240,100 |  |  |  |  |  | 6,716 |
50.485% (BISTREFI) due 05/17/2028 ~ |  |  |  |  | 27,900 |  |  |  |  |  | 779 |
Total Sovereign Issues (Cost $19,083) |  |  | 22,712 |
|  |  |  | SHARES |  |  |  |  |  |
COMMON STOCKS 10.8% |
COMMUNICATION SERVICES 1.9% |
Oi SA (c) |  |  |  |  | 6,837,091 |  |  |  |  |  | 1,483 |
Syniverse Holdings, Inc. «(g) |  |  | 11,328,017 |  |  |  |  |  | 11,207 |
|  |  |  |  |  |  |  |  |  |  | 12,690 |

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S) |
CONSUMER DISCRETIONARY 0.0% |
West Marine «(c)(g) |  |  |  |  | 8,371 |  |  | $ |  |  | 53 |
CONSUMER STAPLES 0.0% |
Steinhoff International Holdings NV «(c)(g) |  |  |  |  | 39,030,044 |  |  |  |  |  | 0 |
FINANCIALS 1.1% |
Banca Monte dei Paschi di Siena SpA |  |  |  |  | 1,073,500 |  |  |  |  |  | 7,568 |
MNEQ Holdings, Inc. «(c)(g) |  |  |  |  | 3,863 |  |  |  |  |  | 16 |
|  |  |  |  |  |  |  |  |  |  | 7,584 |
HEALTH CARE 4.8% |
Amsurg Equity «(c)(g) |  |  |  |  | 718,727 |  |  |  |  |  | 32,930 |
INDUSTRIALS 3.0% |
Clover Holdings, Inc. «(c)(g) |  |  |  |  | 9,785 |  |  |  |  |  | 201 |
Market Garden Dogwood LLC †«‡(g) |  |  |  |  | 19,000,000 |  |  |  |  |  | 20,175 |
|  |  |  |  |  |  |  |  |  |  | 20,376 |
Total Common Stocks (Cost $62,597) |  |  | 73,633 |
WARRANTS 0.0% |
CONSUMER DISCRETIONARY 0.0% |
West Marine - Exp. 09/08/2028 « |  |  |  |  | 14,259 |  |  |  |  |  | 0 |
Total Warrants (Cost $0) |  |  | 0 |
PREFERRED SECURITIES 0.5% |
BANKING & FINANCE 0.1% |
ADLER Group SA «(c) |  |  |  |  | 3,298,852 |  |  |  |  |  | 0 |
Stichting AK Rabobank Certificaten |
6.500% due 12/29/2049 þ(f) |  |  |  |  | 728,525 |  |  |  |  |  | 839 |
|  |  |  |  |  |  |  |  |  |  | 839 |

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S) |
INDUSTRIALS 0.4% |
SVB Financial Trust |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 11/07/2032 (e) |  |  |  |  | 19,600 |  |  | $ |  |  | 0 |
11.000% due 11/07/2032 |  |  |  |  | 4,403 |  |  |  |  |  | 2,202 |
|  |  |  |  |  |  |  |  |  |  | 2,202 |
Total Preferred Securities (Cost $3,531) |  |  | 3,041 |
|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  |  |
SHORT-TERM INSTRUMENTS 0.4% |
U.S. TREASURY BILLS 0.4% |
4.376% due 02/27/2025 - 03/06/2025 (d)(e)(k) |  | $ |  |  | 2,698 |  |  |  |  |  | 2,678 |
Total Short-Term Instruments (Cost $2,678) |  |  | 2,678 |
Total Investments in Securities (Cost $1,135,205) |  |  | 1,013,121 |
|  |  |  | SHARES |  |  |  |  |  |
INVESTMENTS IN AFFILIATES 15.7% |
SHORT-TERM INSTRUMENTS 15.7% |
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 15.7% |
PIMCO Short-Term Floating NAV Portfolio III |  |  | 10,983,926 |  |  |  |  |  | 106,950 |
Total Short-Term Instruments (Cost $106,903) |  |  | 106,950 |
Total Investments in Affiliates (Cost $106,903) |  |  | 106,950 |
Total Investments 164.9% (Cost $1,242,108) |  |  | $ |  |  | 1,120,071 |
Financial Derivative Instruments (i)(j) 0.3% (Cost or Premiums, net $14,305) |  |  |  |  |  | 1,994 |
Other Assets and Liabilities, net (65.2)% |  |  | (442,706 | )
Net Assets 100.0% |  |  | $ |  |  | 679,359 |

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

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

† | Represents co-investment made with Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 10, Related Party Transactions in the Notes to Financial Statements.

^ | Security is in default.

« | Security valued using significant unobservable inputs (Level 3).

µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ | Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

‡ | Insurance-Linked Investments.

(a) | Payment in-kind security.

(b) | Security is not accruing income as of the date of this report.

(c) | Security did not produce income within the last twelve months.

(d) | Coupon represents a weighted average yield to maturity.

(e) | Zero coupon security.

(f) | Perpetual maturity; date shown, if applicable, represents next contractual call date.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 61

Consolidated Schedule of Investments |  | PIMCO Access Income Fund |  | (Cont.) |  |  |  |

(g) RESTRICTED SECURITIES:

Issuer Description |  | Acquisition Date |  |  | Cost |  |  | Market Value |  |  | Market Value as Percentage of Net Assets |
Amsurg Equity |  |  | 11/02/2023 - 11/06/2023 |  |  | $ | 30,032 |  |  | $ | 32,930 |  |  |  | 4.85 | %
Clover Holdings, Inc. |  |  | 12/09/2024 |  |  |  | 147 |  |  |  | 201 |  |  |  | 0.03 |
Market Garden Dogwood LLC |  |  | 03/13/2024 |  |  |  | 19,000 |  |  |  | 20,175 |  |  |  | 2.97 |
MNEQ Holdings, Inc. |  |  | 03/16/2023 - 03/29/2023 |  |  |  | 43 |  |  |  | 16 |  |  |  | 0.00 |
Steinhoff International Holdings NV |  |  | 06/30/2023 - 10/30/2023 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0.00 |
Syniverse Holdings, Inc. |  |  | 05/12/2022 - 11/30/2024 |  |  |  | 11,162 |  |  |  | 11,207 |  |  |  | 1.65 |
West Marine |  |  | 09/12/2023 |  |  |  | 120 |  |  |  | 53 |  |  |  | 0.01 |
|  |  | $ | 60,504 |  |  | $ | 64,582 |  |  |  | 9.51 | %

BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:

Counterparty |  | Borrowing Rate (1) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (1) |  |  | Payable for Reverse Repurchase Agreements |
BOS |  |  | 5.660 | % |  |  | 01/03/2025 |  |  |  | 05/02/2025 |  |  |  | $ |  |  |  | (3,292 | ) |  | $ | (3,292 | )
|  |  | 5.710 |  |  |  | 12/05/2024 |  |  |  | 01/03/2025 |  |  |  |  |  |  |  | (3,371 | ) |  |  | (3,386 | )
BPS |  |  | 5.060 |  |  |  | 10/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (4,299 | ) |  |  | (4,351 | )
|  |  | 5.150 |  |  |  | 10/24/2024 |  |  |  | 01/24/2025 |  |  |  |  |  |  |  | (2,766 | ) |  |  | (2,793 | )
|  |  | 5.690 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  |  |  | (13,092 | ) |  |  | (13,187 | )
|  |  | 5.710 |  |  |  | 07/16/2024 |  |  |  | 01/14/2025 |  |  |  |  |  |  |  | (1,095 | ) |  |  | (1,127 | )
|  |  | 5.710 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  |  |  | (49,978 | ) |  |  | (50,569 | )
|  |  | 5.810 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  |  |  | (2,402 | ) |  |  | (2,431 | )
|  |  | 6.010 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  |  |  | (573 | ) |  |  | (578 | )
BRC |  |  | 2.500 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (1,416 | ) |  |  | (1,417 | )
|  |  | 5.660 |  |  |  | 12/03/2024 |  |  |  | 04/02/2025 |  |  |  |  |  |  |  | (4,285 | ) |  |  | (4,305 | )
|  |  | 5.710 |  |  |  | 12/09/2024 |  |  |  | 04/08/2025 |  |  |  |  |  |  |  | (4,039 | ) |  |  | (4,055 | )
|  |  | 5.710 |  |  |  | 12/20/2024 |  |  |  | 04/21/2025 |  |  |  |  |  |  |  | (26,613 | ) |  |  | (26,668 | )
|  |  | 5.760 |  |  |  | 12/18/2024 |  |  |  | 04/21/2025 |  |  |  |  |  |  |  | (4,577 | ) |  |  | (4,588 | )
|  |  | 5.760 |  |  |  | 12/20/2024 |  |  |  | 04/21/2025 |  |  |  |  |  |  |  | (6,383 | ) |  |  | (6,396 | )
|  |  | 5.840 |  |  |  | 09/23/2024 |  |  |  | 01/21/2025 |  |  |  |  |  |  |  | (2,082 | ) |  |  | (2,117 | )
|  |  | 5.930 |  |  |  | 10/08/2024 |  |  |  | 01/08/2025 |  |  |  |  |  |  |  | (5,919 | ) |  |  | (6,003 | )
BYR |  |  | 4.940 |  |  |  | 11/21/2024 |  |  |  | 02/21/2025 |  |  |  |  |  |  |  | (15,001 | ) |  |  | (15,090 | )
|  |  | 4.960 |  |  |  | 11/19/2024 |  |  |  | 02/19/2025 |  |  |  |  |  |  |  | (350 | ) |  |  | (352 | )
|  |  | 4.960 |  |  |  | 11/20/2024 |  |  |  | 02/20/2025 |  |  |  |  |  |  |  | (378 | ) |  |  | (381 | )
|  |  | 4.960 |  |  |  | 11/21/2024 |  |  |  | 02/21/2025 |  |  |  |  |  |  |  | (12,264 | ) |  |  | (12,336 | )
|  |  | 4.960 |  |  |  | 12/12/2024 |  |  |  | 02/21/2025 |  |  |  |  |  |  |  | (1,744 | ) |  |  | (1,749 | )
|  |  | 4.980 |  |  |  | 10/31/2024 |  |  |  | 01/09/2025 |  |  |  |  |  |  |  | (7,021 | ) |  |  | (7,083 | )
|  |  | 4.990 |  |  |  | 12/31/2024 |  |  |  | 02/21/2025 |  |  |  |  |  |  |  | (2,595 | ) |  |  | (2,596 | )
DBL |  |  | 5.556 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (9,412 | ) |  |  | (9,447 | )
|  |  | 5.663 |  |  |  | 12/20/2024 |  |  |  | 02/14/2025 |  |  |  |  |  |  |  | (7,813 | ) |  |  | (7,829 | )
|  |  | 5.956 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (7,264 | ) |  |  | (7,293 | )
|  |  | 6.056 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (8,619 | ) |  |  | (8,654 | )
DEU |  |  | 4.650 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (1,291 | ) |  |  | (1,293 | )
|  |  | 4.750 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (6,403 | ) |  |  | (6,414 | )
GLM |  |  | 5.613 |  |  |  | 10/29/2024 |  |  |  | 07/29/2025 |  |  |  |  |  |  |  | (3,903 | ) |  |  | (3,943 | )
|  |  | 6.521 |  |  |  | 05/24/2024 |  |  |  | 02/18/2025 |  |  |  |  |  |  |  | (5,105 | ) |  |  | (5,311 | )
IND |  |  | 5.110 |  |  |  | 12/24/2024 |  |  |  | 03/24/2025 |  |  |  |  |  |  |  | (1,566 | ) |  |  | (1,568 | )
MEI |  |  | 3.250 |  |  |  | 12/18/2024 |  |  |  | 01/10/2025 |  |  |  | EUR |  |  |  | (3,637 | ) |  |  | (3,773 | )
|  |  | 3.300 |  |  |  | 12/18/2024 |  |  |  | 01/10/2025 |  |  |  |  |  |  |  | (813 | ) |  |  | (843 | )
|  |  | 3.450 |  |  |  | 12/18/2024 |  |  |  | 01/10/2025 |  |  |  |  |  |  |  | (10,849 | ) |  |  | (11,254 | )
|  |  | 5.200 |  |  |  | 12/20/2024 |  |  |  | 03/20/2025 |  |  |  | GBP |  |  |  | (2,994 | ) |  |  | (3,756 | )
|  |  | 5.210 |  |  |  | 12/20/2024 |  |  |  | 03/20/2025 |  |  |  |  |  |  |  | (1,650 | ) |  |  | (2,069 | )
|  |  | 5.380 |  |  |  | 12/20/2024 |  |  |  | 02/20/2025 |  |  |  |  |  |  |  | (6,038 | ) |  |  | (7,574 | )
MSB |  |  | 3.513 |  |  |  | 12/18/2024 |  |  |  | 03/18/2025 |  |  |  | EUR |  |  |  | (1,858 | ) |  |  | (1,928 | )
|  |  | 5.560 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  |  | $ |  |  |  | (1,958 | ) |  |  | (1,965 | )
|  |  | 5.660 |  |  |  | 09/17/2024 |  |  |  | 03/17/2025 |  |  |  |  |  |  |  | (2,376 | ) |  |  | (2,419 | )
|  |  | 5.710 |  |  |  | 10/29/2024 |  |  |  | 04/28/2025 |  |  |  |  |  |  |  | (13,993 | ) |  |  | (14,147 | )
|  |  | 5.760 |  |  |  | 10/29/2024 |  |  |  | 04/28/2025 |  |  |  |  |  |  |  | (1,962 | ) |  |  | (1,984 | )
|  |  | 5.810 |  |  |  | 10/29/2024 |  |  |  | 04/28/2025 |  |  |  |  |  |  |  | (11,726 | ) |  |  | (11,857 | )
MZF |  |  | 5.410 |  |  |  | 12/17/2024 |  |  |  | 06/11/2025 |  |  |  |  |  |  |  | (70,875 | ) |  |  | (71,045 | )
RBC |  |  | 5.930 |  |  |  | 11/08/2024 |  |  |  | 05/06/2025 |  |  |  |  |  |  |  | (3,882 | ) |  |  | (3,918 | )
|  |  | 5.930 |  |  |  | 12/20/2024 |  |  |  | 06/20/2025 |  |  |  |  |  |  |  | (672 | ) |  |  | (674 | )
RTA |  |  | 5.110 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  |  |  | (5,197 | ) |  |  | (5,214 | )
|  |  | 5.160 |  |  |  | 12/19/2024 |  |  |  | 04/07/2025 |  |  |  |  |  |  |  | (1,724 | ) |  |  | (1,728 | )
|  |  | 5.610 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  |  |  | (1,943 | ) |  |  | (1,950 | )

62 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

Counterparty |  | Borrowing Rate (1) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (1) |  |  | Payable for Reverse Repurchase Agreements |
|  |  | 5.630 | % |  |  | 11/01/2024 |  |  |  | 05/01/2025 |  |  |  | $ |  |  |  | (1,196 | ) |  | $ | (1,208 | )
|  |  | 5.680 |  |  |  | 11/01/2024 |  |  |  | 05/01/2025 |  |  |  |  |  |  |  | (1,238 | ) |  |  | (1,250 | )
SOG |  |  | 4.600 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (1,283 | ) |  |  | (1,285 | )
|  |  | 5.170 |  |  |  | 10/08/2024 |  |  |  | 01/08/2025 |  |  |  |  |  |  |  | (967 | ) |  |  | (979 | )
|  |  | 5.170 |  |  |  | 10/24/2024 |  |  |  | 01/24/2025 |  |  |  |  |  |  |  | (1,378 | ) |  |  | (1,392 | )
|  |  | 5.560 |  |  |  | 11/07/2024 |  |  |  | 05/07/2025 |  |  |  |  |  |  |  | (755 | ) |  |  | (762 | )
|  |  | 5.610 |  |  |  | 11/07/2024 |  |  |  | 05/07/2025 |  |  |  |  |  |  |  | (5,040 | ) |  |  | (5,087 | )
|  |  | 5.610 |  |  |  | 11/21/2024 |  |  |  | 05/20/2025 |  |  |  |  |  |  |  | (3,030 | ) |  |  | (3,050 | )
UBS |  |  | 3.130 |  |  |  | 12/18/2024 |  |  |  | TBD | (2) |  |  | EUR |  |  |  | (438 | ) |  |  | (454 | )
|  |  | 3.150 |  |  |  | 12/18/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (1,489 | ) |  |  | (1,544 | )
|  |  | 3.200 |  |  |  | 12/18/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (1,756 | ) |  |  | (1,821 | )
|  |  | 3.231 |  |  |  | 12/06/2024 |  |  |  | 02/06/2025 |  |  |  |  |  |  |  | (704 | ) |  |  | (731 | )
|  |  | 5.630 |  |  |  | 12/05/2024 |  |  |  | 03/05/2025 |  |  |  | $ |  |  |  | (9,995 | ) |  |  | (10,039 | )
|  |  | 5.640 |  |  |  | 10/16/2024 |  |  |  | 04/16/2025 |  |  |  |  |  |  |  | (8,976 | ) |  |  | (9,085 | )
|  |  | 5.680 |  |  |  | 10/23/2024 |  |  |  | 01/23/2025 |  |  |  |  |  |  |  | (8,223 | ) |  |  | (8,315 | )
|  |  | 5.780 |  |  |  | 10/23/2024 |  |  |  | 01/23/2025 |  |  |  |  |  |  |  | (1,911 | ) |  |  | (1,933 | )
|  |  | 5.830 |  |  |  | 10/23/2024 |  |  |  | 01/23/2025 |  |  |  |  |  |  |  | (3,089 | ) |  |  | (3,124 | )
Total Reverse Repurchase Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (428,759 | )

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2024:

Counterparty |  | Repurchase Agreement Proceeds to be Received |  |  | Payable for Reverse Repurchase Agreements |  |  | Payable for Sale-Buyback Transactions |  |  | Total Borrowings and Other Financing Transactions |  |  | Collateral Pledged/(Received) |  |  | Net Exposure (3) |
Global/Master Repurchase Agreement |
BOS |  | $ | 0 |  |  | $ | (6,678 | ) |  | $ | 0 |  |  | $ | (6,678 | ) |  | $ | 4,121 |  |  | $ | (2,557 | )
BPS |  |  | 0 |  |  |  | (75,036 | ) |  |  | 0 |  |  |  | (75,036 | ) |  |  | 95,553 |  |  |  | 20,517 |
BRC |  |  | 0 |  |  |  | (55,549 | ) |  |  | 0 |  |  |  | (55,549 | ) |  |  | 74,401 |  |  |  | 18,852 |
BYR |  |  | 0 |  |  |  | (39,587 | ) |  |  | 0 |  |  |  | (39,587 | ) |  |  | 46,691 |  |  |  | 7,104 |
DBL |  |  | 0 |  |  |  | (33,223 | ) |  |  | 0 |  |  |  | (33,223 | ) |  |  | 45,002 |  |  |  | 11,779 |
DEU |  |  | 0 |  |  |  | (7,707 | ) |  |  | 0 |  |  |  | (7,707 | ) |  |  | 9,289 |  |  |  | 1,582 |
GLM |  |  | 0 |  |  |  | (9,254 | ) |  |  | 0 |  |  |  | (9,254 | ) |  |  | 12,617 |  |  |  | 3,363 |
IND |  |  | 0 |  |  |  | (1,568 | ) |  |  | 0 |  |  |  | (1,568 | ) |  |  | 1,811 |  |  |  | 243 |
MEI |  |  | 0 |  |  |  | (29,269 | ) |  |  | 0 |  |  |  | (29,269 | ) |  |  | 36,650 |  |  |  | 7,381 |
MSB |  |  | 0 |  |  |  | (34,300 | ) |  |  | 0 |  |  |  | (34,300 | ) |  |  | 49,682 |  |  |  | 15,382 |
MZF |  |  | 0 |  |  |  | (71,045 | ) |  |  | 0 |  |  |  | (71,045 | ) |  |  | 94,061 |  |  |  | 23,016 |
RBC |  |  | 0 |  |  |  | (4,592 | ) |  |  | 0 |  |  |  | (4,592 | ) |  |  | 6,875 |  |  |  | 2,283 |
RTA |  |  | 0 |  |  |  | (11,350 | ) |  |  | 0 |  |  |  | (11,350 | ) |  |  | 13,831 |  |  |  | 2,481 |
SOG |  |  | 0 |  |  |  | (12,555 | ) |  |  | 0 |  |  |  | (12,555 | ) |  |  | 16,946 |  |  |  | 4,391 |
UBS |  |  | 0 |  |  |  | (37,046 | ) |  |  | 0 |  |  |  | (37,046 | ) |  |  | 47,706 |  |  |  | 10,660 |
Total Borrowings and Other Financing Transactions |  | $ | 0 |  |  | $ | (428,759 | ) |  | $ | 0 |  |  |  |  |  |  |  |  |  |  |  |  |

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements

|  | Overnight and Continuous |  |  | Up to 30 days |  |  | 31-90 days |  |  | Greater Than 90 days |  |  | Total |
Reverse Repurchase Agreements |
Corporate Bonds & Notes |  | $ | 0 |  |  | $ | (28,117 | ) |  | $ | (38,423 | ) |  | $ | (19,626 | ) |  | $ | (86,166 | )
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | (16,119 | ) |  |  | (35,045 | ) |  |  | (126,250 | ) |  |  | (177,414 | )
Asset-Backed Securities |  |  | 0 |  |  |  | (9,886 | ) |  |  | (31,274 | ) |  |  | (118,452 | ) |  |  | (159,612 | )
Sovereign Issues |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (1,544 | ) |  |  | (1,544 | )
Preferred Securities |  |  | 0 |  |  |  | 0 |  |  |  | (731 | ) |  |  | 0 |  |  |  | (731 | )
Total Borrowings |  | $ | 0 |  |  | $ | (54,122 | ) |  | $ | (105,473 | ) |  | $ | (265,872 | ) |  | $ | (425,467 | )
Payable for reverse repurchase agreements (4) |  |  | $ | (425,467 | )

(h) | Securities with an aggregate market value of $556,591 and cash of $1,651 have been pledged as collateral under the terms of the above master agreements as of December 31, 2024.

(1) | The average amount of borrowings outstanding during the period ended December 31, 2024 was $(468,709) at a weighted average interest rate of 5.957%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 63

Consolidated Schedule of Investments |  | PIMCO Access Income Fund |  | (Cont.) |  |  |  |

(2) | Open maturity reverse repurchase agreement.

(3) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(4) | Unsettled reverse repurchase agreements liability of $(3,292) is outstanding at period end.

(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
SHORT FUTURES CONTRACTS

Description |  | Expiration Month |  |  | # of Contracts |  |  | Notional Amount |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Variation Margin |
| Asset |  |  | Liability |
3-Month SOFR Active Contract December Futures |  |  | 03/2025 |  |  |  | 67 |  |  | $ | (16,023 | ) |  | $ | 100 |  |  | $ | 0 |  |  | $ | 0 |
3-Month SOFR Active Contract December Futures |  |  | 03/2026 |  |  |  | 18 |  |  |  | (4,322 | ) |  |  | 81 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract June Futures |  |  | 09/2025 |  |  |  | 41 |  |  |  | (9,835 | ) |  |  | 113 |  |  |  | 1 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2025 |  |  |  | 44 |  |  |  | (10,541 | ) |  |  | 105 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2026 |  |  |  | 16 |  |  |  | (3,843 | ) |  |  | 70 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract September Futures |  |  | 12/2025 |  |  |  | 13 |  |  |  | (3,121 | ) |  |  | 59 |  |  |  | 0 |  |  |  | 0 |
Total Futures Contracts |  |  | $ | 528 |  |  | $ | 1 |  |  | $ | 0 |

SWAP AGREEMENTS:
INTEREST RATE SWAPS

Pay/Receive Floating Rate |  | Floating Rate Index |  | Fixed Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Market Value |  |  | Variation Margin |
| Asset |  |  | Liability |
Pay |  | 1-Day GBP-SONIO Compounded-OIS |  |  | 4.000 | % |  | Annual |  |  | 09/18/2029 |  |  |  | GBP |  |  |  | 1,700 |  |  | $ | 31 |  |  | $ | (42 | ) |  | $ | (11 | ) |  | $ | 5 |  |  | $ | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.350 |  |  | Annual |  |  | 01/17/2025 |  |  |  | $ |  |  |  | 16,200 |  |  |  | 2 |  |  |  | 473 |  |  |  | 475 |  |  |  | 2 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.300 |  |  | Annual |  |  | 01/17/2026 |  |  |  |  |  |  |  | 2,600 |  |  |  | 1 |  |  |  | 124 |  |  |  | 125 |  |  |  | 1 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 12/18/2027 |  |  |  |  |  |  |  | 239,300 |  |  |  | 2,405 |  |  |  | (4,587 | ) |  |  | (2,182 | ) |  |  | 0 |  |  |  | (89 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 12/18/2028 |  |  |  |  |  |  |  | 84,900 |  |  |  | 1,218 |  |  |  | (2,173 | ) |  |  | (955 | ) |  |  | 0 |  |  |  | (41 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 06/20/2029 |  |  |  |  |  |  |  | 1,400 |  |  |  | (26 | ) |  |  | 53 |  |  |  | 27 |  |  |  | 1 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 06/15/2052 |  |  |  |  |  |  |  | 25,600 |  |  |  | 6,320 |  |  |  | 3,590 |  |  |  | 9,910 |  |  |  | 32 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 12/21/2052 |  |  |  |  |  |  |  | 17,400 |  |  |  | 4,191 |  |  |  | 2,278 |  |  |  | 6,469 |  |  |  | 21 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.400 |  |  | Annual |  |  | 12/21/2052 |  |  |  |  |  |  |  | 22,900 |  |  |  | 40 |  |  |  | 2,152 |  |  |  | 2,192 |  |  |  | 28 |  |  |  | 0 |
Receive |  | 6-Month EUR-EURIBOR |  |  | 0.500 |  |  | Annual |  |  | 09/21/2052 |  |  |  | EUR |  |  |  | 7,800 |  |  |  | 676 |  |  |  | 2,183 |  |  |  | 2,859 |  |  |  | 0 |  |  |  | (27 | )
Receive (1) |  | 6-Month EUR-EURIBOR |  |  | 0.830 |  |  | Annual |  |  | 12/09/2052 |  |  |  |  |  |  |  | 22,900 |  |  |  | 313 |  |  |  | 892 |  |  |  | 1,205 |  |  |  | 0 |  |  |  | (27 | )
Total Swap Agreements |  |  |  |  |  |  |  |  |  |  | $ | 15,171 |  |  | $ | 4,943 |  |  | $ | 20,114 |  |  | $ | 90 |  |  | $ | (184 | )

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |
|  | Market Value |  |  | Variation Margin Asset |  |  | Total |  |  |  |  |  | Market Value |  |  | Variation Margin Liability |  |  | Total |
|  | Purchased Options |  |  | Futures |  |  | Swap Agreements |  |  |  |  |  | Written Options |  |  | Futures |  |  | Swap Agreements |
Total Exchange-Traded or Centrally Cleared |  | $ | 0 |  |  | $ | 1 |  |  | $ | 90 |  |  | $ | 91 |  |  |  |  |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (184 | ) |  | $ | (184 | )

Cash of $7,830 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024.

(1) | This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information

(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty |  | Settlement Month |  |  | Currency to be Delivered |  |  | Currency to be Received |  |  | Unrealized Appreciation/ (Depreciation) |
| Asset |  |  | Liability |
BOA |  |  | 02/2025 |  |  | HKD |  |  | 27,763 |  |  | $ |  |  | 3,573 |  |  | $ | 0 |  |  | $ | (4 | )
BPS |  |  | 01/2025 |  |  | $ |  |  | 2,421 |  |  | CAD |  |  | 3,479 |  |  |  | 0 |  |  |  | 0 |
|  |  | 05/2029 |  |  | KWD |  |  | 238 |  |  | $ |  |  | 820 |  |  |  | 19 |  |  |  | 0 |
|  |  | 07/2029 |  |  |  |  |  | 17 |  |  |  |  |  | 60 |  |  |  | 1 |  |  |  | 0 |

64 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

Counterparty |  | Settlement Month |  |  | Currency to be Delivered |  |  | Currency to be Received |  |  | Unrealized Appreciation/ (Depreciation) |
| Asset |  |  | Liability |
BRC |  |  | 01/2025 |  |  | CAD |  |  | 8,208 |  |  | $ |  |  | 5,830 |  |  | $ | 117 |  |  | $ | 0 |
|  |  | 01/2025 |  |  | TRY |  |  | 6,238 |  |  |  |  |  | 168 |  |  |  | 0 |  |  |  | (6 | )
|  |  | 01/2025 |  |  | $ |  |  | 700 |  |  | EUR |  |  | 670 |  |  |  | 0 |  |  |  | (5 | )
|  |  | 02/2025 |  |  | TRY |  |  | 3,991 |  |  | $ |  |  | 106 |  |  |  | 0 |  |  |  | (3 | )
|  |  | 02/2025 |  |  | $ |  |  | 2,046 |  |  | TRY |  |  | 78,569 |  |  |  | 103 |  |  |  | 0 |
|  |  | 03/2025 |  |  | TRY |  |  | 53,731 |  |  | $ |  |  | 1,395 |  |  |  | 0 |  |  |  | (18 | )
|  |  | 03/2025 |  |  | $ |  |  | 1,431 |  |  | TRY |  |  | 54,739 |  |  |  | 17 |  |  |  | 0 |
CBK |  |  | 01/2025 |  |  |  |  |  | 847 |  |  | EUR |  |  | 804 |  |  |  | 0 |  |  |  | (13 | )
JPM |  |  | 02/2025 |  |  |  |  |  | 1,219 |  |  | TRY |  |  | 49,116 |  |  |  | 127 |  |  |  | 0 |
|  |  | 05/2025 |  |  |  |  |  | 6,061 |  |  |  |  |  | 265,920 |  |  |  | 639 |  |  |  | 0 |
MBC |  |  | 01/2025 |  |  | EUR |  |  | 93,050 |  |  | $ |  |  | 98,039 |  |  |  | 1,607 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 399 |  |  | EUR |  |  | 383 |  |  |  | 0 |  |  |  | (2 | )
|  |  | 02/2025 |  |  | HKD |  |  | 24,210 |  |  | $ |  |  | 3,117 |  |  |  | 0 |  |  |  | (2 | )
SCX |  |  | 01/2025 |  |  | GBP |  |  | 3,855 |  |  |  |  |  | 4,892 |  |  |  | 67 |  |  |  | 0 |
UAG |  |  | 02/2025 |  |  | $ |  |  | 467 |  |  | TRY |  |  | 19,082 |  |  |  | 54 |  |  |  | 0 |
Total Forward Foreign Currency Contracts |  |  | $ | 2,751 |  |  | $ | (53 | )

SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION
(1)

Counterparty |  | Reference Entity |  | Fixed Receive Rate |  |  | Payment Frequency |  | Maturity Date |  | Implied Credit Spread at December 31, 2024 (2) |  |  | Notional Amount (3) |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value (4) |
| Asset |  |  | Liability |
BPS |  | Petroleos Mexicanos |  |  | 1.000 | % |  | Quarterly |  | 12/20/2028 |  |  | 4.056 | % |  | $ | 900 |  |  | $ | (174 | ) |  | $ | 81 |  |  | $ | 0 |  |  | $ | (93 | )
BRC |  | Egypt Government International Bond |  |  | 1.000 |  |  | Quarterly |  | 12/20/2028 |  |  | 5.351 |  |  |  | 3,000 |  |  |  | (521 | ) |  |  | 93 |  |  |  | 0 |  |  |  | (428 | )
|  | Egypt Government International Bond |  |  | 1.000 |  |  | Quarterly |  | 06/20/2029 |  |  | 5.581 |  |  |  | 800 |  |  |  | (171 | ) |  |  | 39 |  |  |  | 0 |  |  |  | (132 | )
|  |  | $ | (866 | ) |  | $ | 213 |  |  | $ | 0 |  |  | $ | (653 | )

TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS

Counterparty |  | Pay/Receive |  | Underlying Reference |  | Financing Rate |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value |
| Asset |  |  | Liability |
BPS |  | Pay |  | AP Core Holdings II, LLC |  | 1-Day USD-SOFR Compounded-OIS |  | Monthly |  |  | 01/10/2025 |  |  |  | 204 |  |  | $ | 0 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 0 |
BPS |  | Pay |  | Veritas US Inc. |  | 1-Day USD-SOFR Compounded-OIS |  | Monthly |  |  | 01/10/2025 |  |  |  | 38 |  |  |  | 0 |  |  |  | 34 |  |  |  | 34 |  |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0 |  |  | $ | 42 |  |  | $ | 42 |  |  | $ | 0 |
Total Swap Agreements |  |  | $ | (866 | ) |  | $ | 255 |  |  | $ | 42 |  |  | $ | (653 | )

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |  |  |  |  |  |  |  |  |  |
Counterparty |  | Forward Foreign Currency Contracts |  |  | Purchased Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  |  |  |  | Forward Foreign Currency Contracts |  |  | Written Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  | Net Market Value of OTC Derivatives |  |  | Collateral Pledged/ (Received) |  |  | Net Exposure (5) |
BOA |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  |  |  |  | $ | (4 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (4 | ) |  | $ | (4 | ) |  | $ | 0 |  |  | $ | (4 | )
BPS |  |  | 20 |  |  |  | 0 |  |  |  | 42 |  |  |  | 62 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (93 | ) |  |  | (93 | ) |  |  | (31 | ) |  |  | (280 | ) |  |  | (311 | )
BRC |  |  | 237 |  |  |  | 0 |  |  |  | 0 |  |  |  | 237 |  |  |  |  |  |  |  | (32 | ) |  |  | 0 |  |  |  | (560 | ) |  |  | (592 | ) |  |  | (355 | ) |  |  | 332 |  |  |  | (23 | )
CBK |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (13 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (13 | ) |  |  | (13 | ) |  |  | 0 |  |  |  | (13 | )
JPM |  |  | 766 |  |  |  | 0 |  |  |  | 0 |  |  |  | 766 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 766 |  |  |  | (660 | ) |  |  | 106 |
MBC |  |  | 1,607 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,607 |  |  |  |  |  |  |  | (4 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (4 | ) |  |  | 1,603 |  |  |  | (1,170 | ) |  |  | 433 |
SCX |  |  | 67 |  |  |  | 0 |  |  |  | 0 |  |  |  | 67 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 67 |  |  |  | 0 |  |  |  | 67 |
UAG |  |  | 54 |  |  |  | 0 |  |  |  | 0 |  |  |  | 54 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 54 |  |  |  | 0 |  |  |  | 54 |
Total Over the Counter |  | $ | 2,751 |  |  | $ | 0 |  |  | $ | 42 |  |  | $ | 2,793 |  |  |  |  |  |  | $ | (53 | ) |  | $ | 0 |  |  | $ | (653 | ) |  | $ | (706 | ) |  |  |  |  |  |  |  |  |  |  |  |

(k) | Securities with an aggregate market value of $332 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2024.

(1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 65

Consolidated Schedule of Investments |  | PIMCO Access Income Fund |  | (Cont.) |  |  |  |

(2) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1 |  |  | $ | 1 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 90 |  |  |  | 90 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 91 |  |  | $ | 91 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2,751 |  |  | $ | 0 |  |  | $ | 2,751 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 42 |  |  |  | 42 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2,751 |  |  | $ | 42 |  |  | $ | 2,793 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2,751 |  |  | $ | 133 |  |  | $ | 2,884 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |
Swap Agreements |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 184 |  |  | $ | 184 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 53 |  |  | $ | 0 |  |  | $ | 53 |
Swap Agreements |  |  | 0 |  |  |  | 653 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 653 |
|  | $ | 0 |  |  | $ | 653 |  |  | $ | 0 |  |  | $ | 53 |  |  | $ | 0 |  |  | $ | 706 |
|  | $ | 0 |  |  | $ | 653 |  |  | $ | 0 |  |  | $ | 53 |  |  | $ | 184 |  |  | $ | 890 |

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Net Realized Gain on Financial Derivative Instruments |
Exchange-traded or centrally cleared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 261 |  |  | $ | 261 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,268 |  |  |  | 6,268 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 6,529 |  |  | $ | 6,529 |
Over the counter |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5,037 |  |  | $ | 0 |  |  | $ | 5,037 |
Swap Agreements |  |  | 0 |  |  |  | 581 |  |  |  | 0 |  |  |  | 0 |  |  |  | 10 |  |  |  | 591 |
|  | $ | 0 |  |  | $ | 581 |  |  | $ | 0 |  |  | $ | 5,037 |  |  | $ | 10 |  |  | $ | 5,628 |
|  | $ | 0 |  |  | $ | 581 |  |  | $ | 0 |  |  | $ | 5,037 |  |  | $ | 6,539 |  |  | $ | 12,157 |

66 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (258 | ) |  | $ | (258 | )
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (5,625 | ) |  |  | (5,625 | )
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (5,883 | ) |  | $ | (5,883 | )
Over the counter |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 608 |  |  | $ | 0 |  |  | $ | 608 |
Swap Agreements |  |  | 0 |  |  |  | 139 |  |  |  | 0 |  |  |  | 0 |  |  |  | 442 |  |  |  | 581 |
|  | $ | 0 |  |  | $ | 139 |  |  | $ | 0 |  |  | $ | 608 |  |  | $ | 442 |  |  | $ | 1,189 |
|  | $ | 0 |  |  | $ | 139 |  |  | $ | 0 |  |  | $ | 608 |  |  | $ | (5,441 | ) |  | $ | (4,694 | )

FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 0 |  |  | $ | 108,475 |  |  | $ | 92,964 |  |  | $ | 201,439 |
Corporate Bonds & Notes |
Banking & Finance |  |  | 0 |  |  |  | 56,830 |  |  |  | 0 |  |  |  | 56,830 |
Industrials |  |  | 0 |  |  |  | 90,278 |  |  |  | 9,333 |  |  |  | 99,611 |
Utilities |  |  | 0 |  |  |  | 27,745 |  |  |  | 0 |  |  |  | 27,745 |
U.S. Government Agencies |  |  | 0 |  |  |  | 43,110 |  |  |  | 0 |  |  |  | 43,110 |
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | 252,457 |  |  |  | 0 |  |  |  | 252,457 |
Asset-Backed Securities |
Automobile ABS Other |  |  | 0 |  |  |  | 6,130 |  |  |  | 312 |  |  |  | 6,442 |
Home Equity Other |  |  | 0 |  |  |  | 138,424 |  |  |  | 0 |  |  |  | 138,424 |
Whole Loan Collateral |  |  | 0 |  |  |  | 35,450 |  |  |  | 0 |  |  |  | 35,450 |
Other ABS |  |  | 0 |  |  |  | 31,096 |  |  |  | 18,453 |  |  |  | 49,549 |
Sovereign Issues |  |  | 0 |  |  |  | 22,712 |  |  |  | 0 |  |  |  | 22,712 |
Common Stocks |
Communication Services |  |  | 1,483 |  |  |  | 0 |  |  |  | 11,207 |  |  |  | 12,690 |
Consumer Discretionary |  |  | 0 |  |  |  | 0 |  |  |  | 53 |  |  |  | 53 |
Financials |  |  | 7,568 |  |  |  | 0 |  |  |  | 16 |  |  |  | 7,584 |
Health Care |  |  | 0 |  |  |  | 0 |  |  |  | 32,930 |  |  |  | 32,930 |
Industrials |  |  | 0 |  |  |  | 0 |  |  |  | 20,376 |  |  |  | 20,376 |
Preferred Securities |
Banking & Finance |  |  | 0 |  |  |  | 839 |  |  |  | 0 |  |  |  | 839 |
Industrials |  |  | 0 |  |  |  | 2,202 |  |  |  | 0 |  |  |  | 2,202 |
Short-Term Instruments |
U.S. Treasury Bills |  |  | 0 |  |  |  | 2,678 |  |  |  | 0 |  |  |  | 2,678 |
|  | $ | 9,051 |  |  | $ | 818,426 |  |  | $ | 185,644 |  |  | $ | 1,013,121 |

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Investments in Affiliates, at Value |
Short-Term Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Central Funds Used for Cash Management Purposes |  | $ | 106,950 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 106,950 |
Total Investments |  | $ | 116,001 |  |  | $ | 818,426 |  |  | $ | 185,644 |  |  | $ | 1,120,071 |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |  |  | 0 |  |  |  | 91 |  |  |  | 0 |  |  |  | 91 |
Over the counter |  |  | 0 |  |  |  | 2,793 |  |  |  | 0 |  |  |  | 2,793 |
|  | $ | 0 |  |  | $ | 2,884 |  |  | $ | 0 |  |  | $ | 2,884 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |  |  | 0 |  |  |  | (184 | ) |  |  | 0 |  |  |  | (184 | )
Over the counter |  |  | 0 |  |  |  | (706 | ) |  |  | 0 |  |  |  | (706 | )
|  | $ | 0 |  |  | $ | (890 | ) |  | $ | 0 |  |  | $ | (890 | )
Total Financial Derivative Instruments |  | $ | 0 |  |  | $ | 1,994 |  |  | $ | 0 |  |  | $ | 1,994 |
Totals |  | $ | 116,001 |  |  | $ | 820,420 |  |  | $ | 185,644 |  |  | $ | 1,122,065 |

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2024:

Category and Subcategory |  | Beginning Balance at 06/30/2024 |  |  | 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 12/31/2024 |  |  | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024 (1) |
Investments in Securities, at Value |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Participations and Assignments |  | $ | 64,353 |  |  | $ | 32,653 |  |  | $ | (31,577 | ) |  | $ | 217 |  |  | $ | 250 |  |  | $ | 12,095 |  |  | $ | 28,542 |  |  | $ | (13,569 | ) |  | $ | 92,964 |  |  | $ | (577 | )
Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banking & Finance |  |  | 17,280 |  |  |  | 0 |  |  |  | (17,020 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (260 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Industrials |  |  | 6,466 |  |  |  | 301 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (608 | ) |  |  | 3,174 |  |  |  | 0 |  |  |  | 9,333 |  |  |  | (607 | )
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobile ABS Other |  |  | 923 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (611 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 312 |  |  |  | (608 | )
Other ABS |  |  | 17,515 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (637 | ) |  |  | 1,575 |  |  |  | 0 |  |  |  | 18,453 |  |  |  | (637 | )

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 67

Consolidated Schedule of Investments |  | PIMCO Access Income Fund |  | (Cont.) |  | December 31, 2024 |  | (Unaudited)

Category and Subcategory |  | Beginning Balance at 06/30/2024 |  |  | 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 12/31/2024 |  |  | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024 (1) |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communication Services (2) |  | $ | 10,191 |  |  | $ | 666 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 350 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 11,207 |  |  | $ | 350 |
Consumer Discretionary (3) |  |  | 53 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 53 |  |  |  | 0 |
Financials |  |  | 0 |  |  |  | 43 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (27 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 16 |  |  |  | (27 | )
Health Care |  |  | 35,580 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (2,650 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 32,930 |  |  |  | (2,650 | )
Industrials (4) |  |  | 18,732 |  |  |  | 147 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,497 |  |  |  | 0 |  |  |  | 0 |  |  |  | 20,376 |  |  |  | 1,497 |
Totals |  | $ | 171,093 |  |  | $ | 33,810 |  |  | $ | (48,597 | ) |  | $ | 217 |  |  | $ | 250 |  |  | $ | 9,149 |  |  | $ | 33,291 |  |  | $ | (13,569 | ) |  | $ | 185,644 |  |  | $ | (3,259 | )

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 12/31/2024 |  |  | Valuation Technique |  | Unobservable Inputs |  |  |  |  | (% Unless Noted Otherwise) |
| Input Value(s) |  |  | Weighted Average |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 99 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 13.750 |  |  |  | — |
|  |  | 37,061 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 5.270-25.430 |  |  |  | 9.248 |
|  |  | 242 |  |  | Expected Recovery |  | Recovery Rate |  |  |  |  |  |  | 15.419 |  |  |  | — |
|  |  | 2,126 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  |  |  | 82.000 |  |  |  | — |
|  |  | 361 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  |  |  | — |  |  |  | — |
|  |  | 8,393 |  |  | Proxy Pricing |  | Base Price |  |  |  |  |  |  | 98.286-100.000 |  |  |  | 99.663 |
|  |  | 4,474 |  |  | Recent Transaction |  | Purchase Price |  |  |  |  |  |  | 98.000-99.500 |  |  |  | 98.546 |
|  |  | 40,208 |  |  | Third Party Vendor |  | Broker Quote |  |  |  |  |  |  | 99.188-116.500 |  |  |  | 110.847 |
Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrials |  |  | 5,868 |  |  | Comparable Companies / Discounted Cash Flow |  | Revenue Multiple/Discount Rate |  |  | X/% |  |  |  | 1.000/9.750 |  |  |  | — |
|  |  | 2,501 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  |  |  | 61.000 |  |  |  | — |
|  |  | 964 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  |  |  | — |  |  |  | — |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobile ABS Other |  |  | 312 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 16.000 |  |  |  | — |
Other ABS |  |  | 18,453 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 6.720-15.000 |  |  |  | 12.860 |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communication Services |  |  | 11,207 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 12.280 |  |  |  | — |
Consumer Discretionary |  |  | 53 |  |  | Discounted Cash Flow/Comparable Companies |  | Discount Rate/Revenue Multiple |  |  | %/X |  |  |  | 20.750/0.500 |  |  |  | — |
Financials |  |  | 16 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  |  |  | — |  |  |  | — |
Health Care |  |  | 32,930 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 13.750 |  |  |  | — |
Industrials |  |  | 201 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  |  |  | — |  |  |  | — |
|  |  | 20,175 |  |  | Sum of the Parts |  | Discount Rate/Mortality Assumption |  |  |  |  |  |  | 15.323/2015 ANB VBT Mortality Table |  |  |  | — |
Total |  | $ | 185,644 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.

(2) | Sector type updated from Industrials to Communication Services since prior fiscal year end.

(3) | Sector type updated from Utilities to Consumer Discretionary since prior fiscal year end.

(4) | Sector type updated from Financials to Industrials since prior fiscal year end.

(5) | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

68 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

Consolidated Schedule of Investments |  | PIMCO Dynamic Income Fund |  |  |  | December 31, 2024 |  | (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
INVESTMENTS IN SECURITIES 132.8% |
LOAN PARTICIPATIONS AND ASSIGNMENTS 35.2% |
Advanz Pharma Corp. |
7.559% (EUR003M + 4.500%) due 10/17/2031 ~ |  | EUR |  |  | 3,700 |  |  | $ |  |  | 3,839 |
AI Silk Midco Ltd. |
8.101% (EUR006M + 4.750%) due 03/04/2031 ~ |  |  |  |  | 1,900 |  |  |  |  |  | 1,966 |
Aligned Data Centers International LP |
8.447% (TSFR3M + 3.500%) due 05/16/2028 «~ |  | $ |  |  | 30,300 |  |  |  |  |  | 30,181 |
Altice France SA |
8.679% (EUR003M + 0.055%) due 08/15/2028 ~ |  | EUR |  |  | 398 |  |  |  |  |  | 337 |
10.147% due 08/15/2028 ~ |  | $ |  |  | 52,675 |  |  |  |  |  | 42,443 |
AP Core Holdings LLC |
9.971% due 09/01/2027 ~ |  |  |  |  | 2,782 |  |  |  |  |  | 2,708 |
Applegreen Ireland |
7.363% (EUR003M + 2.970%) due 06/29/2026 «~ |  | EUR |  |  | 7,407 |  |  |  |  |  | 7,515 |
8.700% due 06/29/2026 « |  | GBP |  |  | 2,500 |  |  |  |  |  | 3,068 |
Barnes Group, Inc. |
TBD% due 12/10/2031 ~ |  | $ |  |  | 5,000 |  |  |  |  |  | 5,010 |
Central Parent LLC |
TBD% due 07/06/2029 ~ |  |  |  |  | 10,000 |  |  |  |  |  | 9,883 |
CIRCOR International, Inc. |
TBD% due 06/20/2029 «µ |  |  |  |  | 1,066 |  |  |  |  |  | 1,092 |
Clover Holdings 2 LLC |
TBD% due 11/01/2029 ~µ |  |  |  |  | 6,575 |  |  |  |  |  | 6,564 |
8.428% due 11/01/2031 ~ |  |  |  |  | 49,200 |  |  |  |  |  | 49,815 |
Comexposium |
4.414% (EUR003M + 2.970%) due 03/28/2025 «~ |  | EUR |  |  | 11,174 |  |  |  |  |  | 13,484 |
4.969% (EUR012M + 4.000%) due 03/28/2026 «~ |  |  |  |  | 83,116 |  |  |  |  |  | 100,301 |
CoreWeave Compute Acquisition Co. LLC |
TBD% (TSFR3M + 6.000%) due 05/16/2029 «~µ |  | $ |  |  | 79,200 |  |  |  |  |  | 79,413 |
14.213% due 06/30/2028 «~ |  |  |  |  | 20,562 |  |  |  |  |  | 21,713 |
Databricks, Inc. |
TBD% due 12/20/2030 «µ |  |  |  |  | 2,809 |  |  |  |  |  | 2,795 |
TBD% due 12/20/2030 « |  |  |  |  | 12,691 |  |  |  |  |  | 12,628 |
Diamond Sports Group LLC |
TBD% due 05/25/2026 «~ |  |  |  |  | 10,084 |  |  |  |  |  | 1,555 |
Encina Private Credit LLC |
TBD% due 11/30/2025 «µ |  |  |  |  | 1,810 |  |  |  |  |  | 1,778 |
Endure Digital, Inc. |
8.138% due 02/10/2028 «~ |  |  |  |  | 68,460 |  |  |  |  |  | 56,137 |
Envision Healthcare Corp. |
11.382% due 07/20/2026 «~ |  |  |  |  | 15,953 |  |  |  |  |  | 15,953 |
12.507% due 11/03/2028 ~ |  |  |  |  | 113,385 |  |  |  |  |  | 115,086 |
12.697% due 12/30/2027 ~ |  |  |  |  | 57,810 |  |  |  |  |  | 58,677 |
EP Purchaser LLC |
9.090% due 11/06/2028 ~ |  |  |  |  | 1,700 |  |  |  |  |  | 1,711 |
Espai Barca Fondo De Titulizacion |
TBD% (EUR006M + 0.000%) due 06/30/2028 «~ |  | EUR |  |  | 22,197 |  |  |  |  |  | 27,006 |
Finastra U.S.A., Inc. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 09/13/2029 «~µ |  | $ |  |  | 109 |  |  |  |  |  | 109 |
TBD% due 09/13/2029 «~ |  |  |  |  | 1,387 |  |  |  |  |  | 1,409 |
First Brands Group LLC |  |  |  |  |  |  |  |  |  |  |  |
9.847% due 03/30/2027 ~ |  |  |  |  | 8,253 |  |  |  |  |  | 7,756 |
Forward Air Corp. |  |  |  |  |  |  |  |  |  |  |  |
9.085% due 12/19/2030 ~ |  |  |  |  | 18,400 |  |  |  |  |  | 18,499 |
Galaxy U.S. Opco, Inc. |  |  |  |  |  |  |  |  |  |  |  |
9.335% due 04/29/2029 ~ |  |  |  |  | 24,474 |  |  |  |  |  | 21,873 |
Gateway Casinos & Entertainment Ltd. |
TBD% due 12/18/2030 |  |  |  |  | 67,816 |  |  |  |  |  | 68,971 |
GIP II Blue Holding LP |  |  |  |  |  |  |  |  |  |  |  |
8.107% due 09/29/2028 ~ |  |  |  |  | 2 |  |  |  |  |  | 2 |
Gray Television, Inc. |  |  |  |  |  |  |  |  |  |  |  |
9.803% due 06/04/2029 ~ |  |  |  |  | 12,104 |  |  |  |  |  | 11,486 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Harp Finco Ltd. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 01/30/2032 «µ |  | GBP |  |  | 19,324 |  |  | $ |  |  | 23,708 |
Hudson’s Bay Co. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 04/03/2026 |  | $ |  |  | 15,787 |  |  |  |  |  | 15,787 |
iHeartCommunications, Inc. |  |  |  |  |  |  |  |  |  |  |  |
7.687% due 05/01/2026 ~ |  |  |  |  | 3,648 |  |  |  |  |  | 3,261 |
7.721% due 05/01/2026 ~ |  |  |  |  | 12,311 |  |  |  |  |  | 10,993 |
Ivanti Software, Inc. |  |  |  |  |  |  |  |  |  |  |  |
9.121% due 12/01/2027 ~ |  |  |  |  | 87,420 |  |  |  |  |  | 71,685 |
J&J Ventures Gaming LLC |  |  |  |  |  |  |  |  |  |  |  |
9.471% due 04/26/2028 «~ |  |  |  |  | 9,370 |  |  |  |  |  | 9,452 |
Lealand Finance Co. BV |  |  |  |  |  |  |  |  |  |  |  |
7.471% due 06/30/2027 ~ |  |  |  |  | 385 |  |  |  |  |  | 197 |
8.472% due 12/31/2027 ~ |  |  |  |  | 6,411 |  |  |  |  |  | 2,581 |
LifeMiles Ltd. |  |  |  |  |  |  |  |  |  |  |  |
10.026% due 08/30/2026 ~ |  |  |  |  | 10,758 |  |  |  |  |  | 10,776 |
Lifepoint Health, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.406% due 05/17/2031 ~ |  |  |  |  | 25,583 |  |  |  |  |  | 25,706 |
Lumen Technologies, Inc. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 04/15/2030 ~ |  |  |  |  | 56,684 |  |  |  |  |  | 52,937 |
6.821% due 04/15/2029 ~ |  |  |  |  | 27,809 |  |  |  |  |  | 26,205 |
MH SUB I LLC |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 12/11/2031 ~ |  |  |  |  | 5,000 |  |  |  |  |  | 4,964 |
Modena Buyer LLC |  |  |  |  |  |  |  |  |  |  |  |
8.857% due 07/01/2031 ~ |  |  |  |  | 525 |  |  |  |  |  | 510 |
MPH Acquisition Holdings LLC |
9.026% due 09/01/2028 ~ |  |  |  |  | 9,377 |  |  |  |  |  | 8,094 |
Ocs Group Holdings Ltd. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 11/27/2031 «~ |  | GBP |  |  | 48,500 |  |  |  |  |  | 60,224 |
Poseidon Bidco SASU |  |  |  |  |  |  |  |  |  |  |  |
7.683% (EUR003M + 5.000%) due 03/13/2030 ~ |  | EUR |  |  | 76,460 |  |  |  |  |  | 51,722 |
Project Alpha Intermediate Holding, Inc. |
TBD% due 11/22/2032 ~ |  | $ |  |  | 3,500 |  |  |  |  |  | 3,557 |
7.579% due 10/28/2030 ~ |  |  |  |  | 2,294 |  |  |  |  |  | 2,312 |
Project Quasar Pledgco SLU |  |  |  |  |  |  |  |  |  |  |  |
6.137% (EUR001M + 3.250%) due 03/15/2026 «~ |  | EUR |  |  | 13,153 |  |  |  |  |  | 12,762 |
Promotora de Informaciones SA |
8.189% (EUR006M + 5.000%) due 06/30/2026 «~ |  |  |  |  | 5,200 |  |  |  |  |  | 5,386 |
8.439% (EUR003M + 5.220%) due 12/31/2026 ~ |  |  |  |  | 110,716 |  |  |  |  |  | 113,538 |
Promotora de Informaciones SA (5.000% PIK) |
5.000% (EUR003M + 2.970%) due 06/30/2027 ~(c) |  |  |  |  | 5,087 |  |  |  |  |  | 5,015 |
PURIS LLC |  |  |  |  |  |  |  |  |  |  |  |
9.075% (TSFR3M + 4.750%) due 06/30/2031 «~ |  | $ |  |  | 12,534 |  |  |  |  |  | 12,589 |
Quantum Bidco Ltd. |  |  |  |  |  |  |  |  |  |  |  |
10.727% due 01/31/2028 ~ |  | GBP |  |  | 15,500 |  |  |  |  |  | 19,380 |
Republic of Cote d’lvoire |  |  |  |  |  |  |  |  |  |  |  |
8.268% (EUR006M + 5.000%) due 03/19/2027 «~ |  | EUR |  |  | 500 |  |  |  |  |  | 523 |
Republic of Kenya |  |  |  |  |  |  |  |  |  |  |  |
9.849% (PRIME + 5.400%) due 05/12/2028 «~ |  | $ |  |  | 5,000 |  |  |  |  |  | 4,969 |
Sandisk Corp. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 12/13/2031 ~ |  |  |  |  | 5,000 |  |  |  |  |  | 4,923 |
SCUR-Alpha 1503 GmbH |  |  |  |  |  |  |  |  |  |  |  |
8.556% (EUR003M + 0.055%) due 03/29/2030 ~ |  | EUR |  |  | 16,200 |  |  |  |  |  | 16,562 |
10.085% due 03/29/2030 ~ |  | $ |  |  | 54,969 |  |  |  |  |  | 52,564 |
Softbank Vision Fund II |  |  |  |  |  |  |  |  |  |  |  |
6.000% due 12/23/2025 «~ |  |  |  |  | 26,327 |  |  |  |  |  | 25,989 |
Sophia LP |  |  |  |  |  |  |  |  |  |  |  |
9.107% due 11/15/2032 ~ |  |  |  |  | 2,100 |  |  |  |  |  | 2,146 |
Specialty Building Products Holdings LLC |
8.207% due 10/15/2028 ~ |  |  |  |  | 2,593 |  |  |  |  |  | 2,585 |
Steenbok Lux Finco 2 SARL |  |  |  |  |  |  |  |  |  |  |  |
8.077% (EUR006M + 5.500%) due 06/30/2026 ~ |  | EUR |  |  | 27,900 |  |  |  |  |  | 28,943 |
10.000% due 06/30/2026 |  |  |  |  | 53,376 |  |  |  |  |  | 9,966 |
10.000% due 06/30/2026 ~ |  |  |  |  | 236,186 |  |  |  |  |  | 79,168 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Subcalidora 2 SARL |  |  |  |  |  |  |  |  |  |  |  |
8.433% (EUR003M + 5.750%) due 08/14/2029 «~ |  | EUR |  |  | 52,304 |  |  | $ |  |  | 54,315 |
Sunseeker |  |  |  |  |  |  |  |  |  |  |  |
5.550% due 10/31/2028 « |  | $ |  |  | 7,171 |  |  |  |  |  | 7,034 |
Syniverse Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
11.329% due 05/13/2027 ~ |  |  |  |  | 111,056 |  |  |  |  |  | 111,531 |
Thames Water Utilities Ltd. |
TBD% due 11/30/2025 «~µ |  | GBP |  |  | 7,900 |  |  |  |  |  | 7,863 |
The Stepstone Group MidCo 2 GMBH |
TBD% due 12/04/2031 ~ |  | EUR |  |  | 59,100 |  |  |  |  |  | 60,626 |
TBD% due 12/04/2031 ~ |  | $ |  |  | 9,500 |  |  |  |  |  | 9,405 |
TransDigm, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.829% due 01/19/2032 ~ |  |  |  |  | 4,988 |  |  |  |  |  | 5,004 |
U.S. Renal Care, Inc. |  |  |  |  |  |  |  |  |  |  |  |
9.471% due 06/20/2028 ~ |  |  |  |  | 161,788 |  |  |  |  |  | 151,954 |
Unicorn Bay |  |  |  |  |  |  |  |  |  |  |  |
13.000% due 12/31/2026 « |  | HKD |  |  | 392,356 |  |  |  |  |  | 50,564 |
Upfield BV |  |  |  |  |  |  |  |  |  |  |  |
8.178% (EUR006M + 4.500%) due 01/03/2028 ~ |  | EUR |  |  | 1,900 |  |  |  |  |  | 1,973 |
Vantive Health LLC |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 07/23/2029 «µ |  | $ |  |  | 2,245 |  |  |  |  |  | 2,213 |
TBD% due 07/23/2031 « |  |  |  |  | 12,455 |  |  |  |  |  | 12,256 |
Veritas U.S., Inc. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 12/18/2027 |  |  |  |  | 675 |  |  |  |  |  | 679 |
TBD% due 12/09/2029 |  |  |  |  | 2,019 |  |  |  |  |  | 2,013 |
Veritiv Corp. |  |  |  |  |  |  |  |  |  |  |  |
8.829% due 11/30/2030 ~ |  |  |  |  | 1,297 |  |  |  |  |  | 1,302 |
Wesco Aircraft Holdings, Inc. |
13.153% (TSFR1M + 8.600%) due 02/01/2025 «~ |  |  |  |  | 50,319 |  |  |  |  |  | 53,868 |
Westmoreland Coal Co. |  |  |  |  |  |  |  |  |  |  |  |
8.000% due 03/15/2029 |  |  |  |  | 7,352 |  |  |  |  |  | 4,595 |
Zuora, Inc. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 12/13/2031 ~ |  |  |  |  | 5,000 |  |  |  |  |  | 4,987 |
Total Loan Participations and Assignments (Cost $2,243,436) |  |  | 2,126,624 |
CORPORATE BONDS & NOTES 26.7% |
BANKING & FINANCE 5.2% |
Adler Financing SARL |
4.250% due 12/31/2029 |  | EUR |  |  | 600 |  |  |  |  |  | 617 |
12.500% due 12/31/2028 |  |  |  |  | 38,757 |  |  |  |  |  | 41,520 |
ADLER Real Estate GmbH |  |  |  |  |  |  |  |  |  |  |  |
3.000% due 04/27/2026 |  |  |  |  | 25,200 |  |  |  |  |  | 24,995 |
Alamo Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
12.034% (T-BILL 1MO + 7.750%) due 06/07/2027 ~ |  | $ |  |  | 1,250 |  |  |  |  |  | 1,306 |
15.534% (T-BILL 1MO + 11.250%) due 06/08/2026 ~ |  |  | 1,300 |  |  |  |  |  | 1,379 |
Ambac Assurance Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.100% due 12/31/2099 (i) |  |  |  |  | 185 |  |  |  |  |  | 256 |
Armor Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.500% due 11/15/2029 (l) |  |  |  |  | 10,500 |  |  |  |  |  | 10,654 |
Armor RE Ltd. |  |  |  |  |  |  |  |  |  |  |  |
12.784% (T-BILL 3MO + 8.500%) due 01/07/2032 ~ |  |  |  |  | 600 |  |  |  |  |  | 600 |
14.534% (T-BILL 3MO + 10.250%) due 05/07/2031 ~ |  |  | 500 |  |  |  |  |  | 524 |
Banca Monte dei Paschi di Siena SpA |
8.000% due 01/22/2030 • |  | EUR |  |  | 3,471 |  |  |  |  |  | 3,607 |
Bayou Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
12.784% (T-BILL 1MO + 8.500%) due 04/30/2031 ~ |  | $ |  |  | 250 |  |  |  |  |  | 268 |
22.784% (T-BILL 1MO + 18.500%) due 04/30/2031 ~ |  |  | 250 |  |  |  |  |  | 286 |
BOI Finance BV |  |  |  |  |  |  |  |  |  |  |  |
7.500% due 02/16/2027 |  | EUR |  |  | 10,000 |  |  |  |  |  | 10,106 |
Bonanza RE Ltd. |  |  |  |  |  |  |  |  |  |  |  |
4.284% (T-BILL 3MO) due 01/08/2026 ~ |  | $ |  |  | 400 |  |  |  |  |  | 320 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 69

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

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Cape Lookout Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
12.314% (T-BILL 1MO + 8.000%) due 04/05/2027 ~ |  | $ |  |  | 6,500 |  |  | $ |  |  | 6,765 |
Charles River Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
11.064% due 05/10/2031 • |  |  |  |  | 250 |  |  |  |  |  | 257 |
CI Financial Corp. |  |  |  |  |  |  |  |  |  |  |  |
7.500% due 05/30/2029 (l) |  |  |  |  | 900 |  |  |  |  |  | 943 |
CIFI Holdings Group Co. Ltd. |  |  |  |  |  |  |  |  |  |  |  |
4.375% due 04/12/2027 ^(d) |  |  |  |  | 400 |  |  |  |  |  | 52 |
4.450% due 08/17/2026 ^(d) |  |  |  |  | 300 |  |  |  |  |  | 39 |
5.250% due 05/13/2026 ^(d) |  |  |  |  | 200 |  |  |  |  |  | 26 |
Claveau Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
21.564% (T-BILL 3MO + 17.250%) due 07/08/2028 ~ |  |  |  |  | 6,615 |  |  |  |  |  | 5,886 |
Corestate Capital Holding SA (10.000% Cash or 11.000% PIK) |
10.000% due 12/31/2026 (c) |  | EUR |  |  | 466 |  |  |  |  |  | 434 |
Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
8.000% due 12/31/2026 (c) |  |  |  |  | 318 |  |  |  |  |  | 133 |
Country Garden Holdings Co. Ltd. |
2.700% due 07/12/2026 ^(d) |  | $ |  |  | 200 |  |  |  |  |  | 21 |
3.125% due 10/22/2025 ^(d) |  |  |  |  | 1,200 |  |  |  |  |  | 119 |
3.875% due 10/22/2030 ^(d) |  |  |  |  | 800 |  |  |  |  |  | 84 |
4.800% due 08/06/2030 ^(d) |  |  |  |  | 200 |  |  |  |  |  | 21 |
6.150% due 09/17/2025 ^(d) |  |  |  |  | 1,000 |  |  |  |  |  | 105 |
Credit Suisse AG AT1 Claim |  |  |  |  | 5,060 |  |  |  |  |  | 633 |
East Lane Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
13.534% (T-BILL 3MO + 9.250%) due 03/31/2026 ~ |  |  |  |  | 1,100 |  |  |  |  |  | 1,105 |
Everglades Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
14.814% (T-BILL 1MO + 10.500%) due 05/13/2031 ~ |  |  |  |  | 4,260 |  |  |  |  |  | 4,441 |
15.814% (T-BILL 1MO + 11.500%) due 05/13/2031 ~ |  |  |  |  | 4,260 |  |  |  |  |  | 4,434 |
17.064% (T-BILL 1MO + 12.750%) due 05/13/2031 ~ |  |  |  |  | 4,260 |  |  |  |  |  | 4,416 |
Fairfax India Holdings Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.000% due 02/26/2028 (l) |  |  |  |  | 12,350 |  |  |  |  |  | 11,631 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
6.375% due 07/01/2034 (l) |  |  |  |  | 1,700 |  |  |  |  |  | 1,656 |
Hudson Pacific Properties LP |  |  |  |  |  |  |  |  |  |  |  |
3.950% due 11/01/2027 (l) |  |  |  |  | 200 |  |  |  |  |  | 174 |
5.950% due 02/15/2028 (l) |  |  |  |  | 200 |  |  |  |  |  | 171 |
Integrity Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
21.284% (T-BILL 1MO + 17.000%) due 06/08/2026 ~ |  |  |  |  | 3,200 |  |  |  |  |  | 3,458 |
27.284% (T-BILL 1MO + 23.000%) due 06/08/2026 ~ |  |  |  |  | 3,200 |  |  |  |  |  | 2,944 |
Jefferson Capital Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
6.000% due 08/15/2026 (l) |  |  |  |  | 5,293 |  |  |  |  |  | 5,303 |
Kennedy Wilson Europe Real Estate Ltd. |
3.250% due 11/12/2025 |  | EUR |  |  | 2,463 |  |  |  |  |  | 2,538 |
Long Walk Reinsurance Ltd. |  |  |  |  |  |  |  |  |  |  |  |
14.034% (T-BILL 3MO + 9.750%) due 01/30/2031 ~ |  | $ |  |  | 5,800 |  |  |  |  |  | 5,902 |
Longleaf Pine Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
21.784% (T-BILL 1MO + 17.500%) due 05/27/2031 ~ |  |  |  |  | 700 |  |  |  |  |  | 782 |
Nature Coast Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
14.314% (T-BILL 3MO + 10.000%) due 12/07/2030 ~ |  |  |  |  | 824 |  |  |  |  |  | 854 |
Orange Capital RE DAC |  |  |  |  |  |  |  |  |  |  |  |
3.532% (EUR003M + 0.500%) due 01/17/2029 ~ |  | EUR |  |  | 300 |  |  |  |  |  | 312 |
Palm RE Ltd. |  |  |  |  |  |  |  |  |  |  |  |
13.814% (T-BILL 1MO + 9.500%) due 06/09/2031 ~ |  | $ |  |  | 250 |  |  |  |  |  | 262 |
Panama Infrastructure Receivable Purchaser PLC |
0.000% due 04/05/2032 (g)(l) |  |  |  |  | 4,677 |  |  |  |  |  | 3,169 |
Polestar Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
14.784% (T-BILL 3MO + 10.500%) due 01/07/2028 ~ |  |  |  |  | 2,300 |  |  |  |  |  | 2,392 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
17.564% (T-BILL 3MO + 13.250%) due 01/07/2027 ~ |  | $ |  |  | 6,500 |  |  | $ |  |  | 6,773 |
PRA Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.875% due 01/31/2030 (l) |  |  |  |  | 1,100 |  |  |  |  |  | 1,141 |
Preferred Term Securities Ltd. |
5.037% (US0003M + 0.380%) due 09/23/2035 ~ |  |  |  |  | 14 |  |  |  |  |  | 14 |
Purple Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
13.284% (T-BILL 1MO + 9.000%) due 06/06/2031 ~ |  |  |  |  | 700 |  |  |  |  |  | 728 |
Quercus Re DAC |  |  |  |  |  |  |  |  |  |  |  |
11.056% (EUR003M + 8.000%) due 01/06/2031 ~ |  | EUR |  |  | 300 |  |  |  |  |  | 317 |
Sabine Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
12.534% (T-BILL 1MO + 8.250%) due 04/07/2031 ~ |  | $ |  |  | 300 |  |  |  |  |  | 310 |
Sanders Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
17.284% (T-BILL 3MO + 13.000%) due 04/09/2029 ~ |  |  |  |  | 11,610 |  |  |  |  |  | 11,397 |
Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
5.000% due 09/30/2026 (c) |  |  |  |  | 23 |  |  |  |  |  | 3 |
Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
5.250% due 09/30/2027 (c) |  |  |  |  | 23 |  |  |  |  |  | 3 |
Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
5.500% due 09/30/2027 (c) |  |  |  |  | 47 |  |  |  |  |  | 6 |
Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
5.750% due 09/30/2028 (c) |  |  |  |  | 70 |  |  |  |  |  | 8 |
Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
6.000% due 09/30/2029 (c) |  |  |  |  | 70 |  |  |  |  |  | 7 |
Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
6.250% due 09/30/2030 (c) |  |  |  |  | 33 |  |  |  |  |  | 3 |
Titanium 2l Bondco SARL |  |  |  |  |  |  |  |  |  |  |  |
6.250% due 01/14/2031 |  | EUR |  |  | 57,661 |  |  |  |  |  | 20,335 |
Torrey Pines Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
10.284% (T-BILL 1MO + 6.000%) due 06/07/2032 ~ |  | $ |  |  | 2,200 |  |  |  |  |  | 2,311 |
11.534% (T-BILL 1MO + 7.250%) due 06/07/2032 ~ |  |  |  |  | 1,300 |  |  |  |  |  | 1,344 |
13.284% (T-BILL 1MO + 9.000%) due 06/05/2031 ~ |  |  |  |  | 700 |  |  |  |  |  | 730 |
Uniti Group LP |  |  |  |  |  |  |  |  |  |  |  |
6.000% due 01/15/2030 (l) |  |  |  |  | 57,451 |  |  |  |  |  | 50,519 |
6.500% due 02/15/2029 (l) |  |  |  |  | 9,015 |  |  |  |  |  | 8,190 |
10.500% due 02/15/2028 (l) |  |  |  |  | 25,502 |  |  |  |  |  | 27,219 |
Ursa Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
13.564% (T-BILL 3MO + 9.250%) due 12/07/2028 ~ |  |  |  |  | 6,800 |  |  |  |  |  | 7,210 |
Veraison Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
16.816% (T-BILL 1MO + 12.532%) due 03/10/2031 ~ |  |  |  |  | 4,600 |  |  |  |  |  | 4,947 |
Voyager Aviation Holdings LLC |
8.500% due 05/09/2026 ^«(d) |  |  |  |  | 55,021 |  |  |  |  |  | 0 |
Windmill Re DAC |  |  |  |  |  |  |  |  |  |  |  |
8.488% (EUR003M + 5.250%) due 07/05/2028 ~ |  | EUR |  |  | 250 |  |  |  |  |  | 260 |
|  |  |  |  |  |  |  |  |  |  | 311,675 |
INDUSTRIALS 18.8% |
Altice France Holding SA |  |  |  |  |  |  |  |  |  |  |  |
8.000% due 05/15/2027 |  |  |  |  | 32,700 |  |  |  |  |  | 9,179 |
10.500% due 05/15/2027 |  | $ |  |  | 24,300 |  |  |  |  |  | 7,199 |
Altice France SA |  |  |  |  |  |  |  |  |  |  |  |
3.375% due 01/15/2028 |  | EUR |  |  | 19,400 |  |  |  |  |  | 15,268 |
4.250% due 10/15/2029 |  |  |  |  | 14,500 |  |  |  |  |  | 11,406 |
5.125% due 01/15/2029 |  | $ |  |  | 5,536 |  |  |  |  |  | 4,200 |
5.125% due 07/15/2029 |  |  |  |  | 53,064 |  |  |  |  |  | 39,795 |
5.500% due 01/15/2028 |  |  |  |  | 9,800 |  |  |  |  |  | 7,263 |
5.500% due 10/15/2029 |  |  |  |  | 18,459 |  |  |  |  |  | 13,918 |
8.125% due 02/01/2027 |  |  |  |  | 20,100 |  |  |  |  |  | 16,317 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
ams-OSRAM AG |  |  |  |  |  |  |  |  |  |  |  |
10.500% due 03/30/2029 |  | EUR |  |  | 12,700 |  |  | $ |  |  | 13,008 |
Carvana Co. (11.000% Cash or 13.000% PIK) |
11.000% due 06/01/2030 (c)(l) |  | $ |  |  | 6,919 |  |  |  |  |  | 7,262 |
Carvana Co. (14.000% PIK) |  |  |  |  |  |  |  |  |  |  |  |
14.000% due 06/01/2031 (c)(l) |  |  |  |  | 15,004 |  |  |  |  |  | 17,206 |
CVS Pass-Through Trust |  |  |  |  |  |  |  |  |  |  |  |
7.507% due 01/10/2032 (l) |  |  |  |  | 1,477 |  |  |  |  |  | 1,556 |
Deluxe Corp. |  |  |  |  |  |  |  |  |  |  |  |
8.125% due 09/15/2029 (l) |  |  |  |  | 300 |  |  |  |  |  | 305 |
Diebold Nixdorf, Inc. |  |  |  |  |  |  |  |  |  |  |  |
7.750% due 03/31/2030 (l) |  |  |  |  | 700 |  |  |  |  |  | 720 |
DISH DBS Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.250% due 12/01/2026 |  |  |  |  | 67,915 |  |  |  |  |  | 61,859 |
5.750% due 12/01/2028 |  |  |  |  | 91,806 |  |  |  |  |  | 78,666 |
Ecopetrol SA |  |  |  |  |  |  |  |  |  |  |  |
7.750% due 02/01/2032 |  |  |  |  | 19,100 |  |  |  |  |  | 18,551 |
8.375% due 01/19/2036 (l) |  |  |  |  | 1,890 |  |  |  |  |  | 1,824 |
8.875% due 01/13/2033 (l) |  |  |  |  | 3,500 |  |  |  |  |  | 3,569 |
Ellucian Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.500% due 12/01/2029 (l) |  |  |  |  | 1,900 |  |  |  |  |  | 1,906 |
Exela Intermediate LLC (5.750% Cash and 5.750% PIK) |
11.500% due 04/15/2026 (c) |  |  |  |  | 624 |  |  |  |  |  | 105 |
Flora Food Management BV |  |  |  |  |  |  |  |  |  |  |  |
6.875% due 07/02/2029 |  | EUR |  |  | 6,200 |  |  |  |  |  | 6,715 |
Gazprom PJSC Via Gaz Capital SA |
7.288% due 08/16/2037 |  | $ |  |  | 300 |  |  |  |  |  | 240 |
8.625% due 04/28/2034 |  |  |  |  | 1,081 |  |  |  |  |  | 838 |
GN Bondco LLC |  |  |  |  |  |  |  |  |  |  |  |
9.500% due 10/15/2031 (l) |  |  |  |  | 23,739 |  |  |  |  |  | 25,025 |
Goat Holdco LLC |  |  |  |  |  |  |  |  |  |  |  |
6.750% due 02/01/2032 |  |  |  |  | 3,000 |  |  |  |  |  | 2,974 |
IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) |
7.750% due 11/15/2030 (c) |  |  |  |  | 2,000 |  |  |  |  |  | 1,999 |
Intelsat Jackson Holdings SA |  |  |  |  |  |  |  |  |  |  |  |
6.500% due 03/15/2030 (l) |  |  |  |  | 91,639 |  |  |  |  |  | 84,754 |
Inter Media & Communication SpA |
6.750% due 02/09/2027 |  | EUR |  |  | 2,110 |  |  |  |  |  | 2,230 |
JetBlue Airways Corp. |  |  |  |  |  |  |  |  |  |  |  |
9.875% due 09/20/2031 (l) |  | $ |  |  | 69,923 |  |  |  |  |  | 74,366 |
LABL, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.625% due 10/01/2031 (l) |  |  |  |  | 585 |  |  |  |  |  | 542 |
Market Bidco Finco PLC |  |  |  |  |  |  |  |  |  |  |  |
4.750% due 11/04/2027 |  | EUR |  |  | 6,600 |  |  |  |  |  | 6,700 |
Newfold Digital Holdings Group, Inc. |
6.000% due 02/15/2029 « |  | $ |  |  | 37,300 |  |  |  |  |  | 22,753 |
11.750% due 10/15/2028 « |  |  |  |  | 13,109 |  |  |  |  |  | 11,536 |
Noble Finance LLC |  |  |  |  |  |  |  |  |  |  |  |
8.000% due 04/15/2030 (l) |  |  |  |  | 2,800 |  |  |  |  |  | 2,831 |
OneSky Flight LLC |  |  |  |  |  |  |  |  |  |  |  |
8.875% due 12/15/2029 (l) |  |  |  |  | 600 |  |  |  |  |  | 601 |
Petroleos Mexicanos |  |  |  |  |  |  |  |  |  |  |  |
6.700% due 02/16/2032 (l) |  |  |  |  | 14,345 |  |  |  |  |  | 12,490 |
6.840% due 01/23/2030 (l) |  |  |  |  | 6,700 |  |  |  |  |  | 6,125 |
8.750% due 06/02/2029 (l) |  |  |  |  | 11,420 |  |  |  |  |  | 11,450 |
Prime Healthcare Services, Inc. |
9.375% due 09/01/2029 (l) |  |  |  |  | 11,400 |  |  |  |  |  | 11,102 |
ProFrac Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
11.555% (TSFR3M + 7.250%) due 01/23/2029 ~(l) |  |  |  |  | 22,512 |  |  |  |  |  | 23,300 |
Rivian Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
10.502% due 10/15/2026 •(l) |  |  |  |  | 53,985 |  |  |  |  |  | 54,375 |
Russian Railways Via RZD Capital PLC |
7.487% due 03/25/2031 ^(d) |  | GBP |  |  | 200 |  |  |  |  |  | 175 |
TGS ASA |  |  |  |  |  |  |  |  |  |  |  |
8.500% due 01/15/2030 |  | $ |  |  | 1,400 |  |  |  |  |  | 1,438 |
Thames Water Utilities Finance PLC |
0.875% due 01/31/2028 |  | EUR |  |  | 900 |  |  |  |  |  | 690 |
1.250% due 01/31/2032 |  |  |  |  | 300 |  |  |  |  |  | 230 |
1.604% due 12/23/2027 |  | $ |  |  | 400 |  |  |  |  |  | 286 |
2.375% due 04/22/2040 |  | GBP |  |  | 100 |  |  |  |  |  | 92 |
2.625% due 01/24/2032 |  |  |  |  | 600 |  |  |  |  |  | 560 |
3.500% due 02/25/2028 |  |  |  |  | 300 |  |  |  |  |  | 288 |

70 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
4.000% due 04/18/2027 |  | EUR |  |  | 500 |  |  | $ |  |  | 397 |
4.375% due 01/18/2031 |  |  |  |  | 1,100 |  |  |  |  |  | 877 |
4.375% due 07/03/2034 |  | GBP |  |  | 900 |  |  |  |  |  | 871 |
4.625% due 06/04/2046 |  |  |  |  | 600 |  |  |  |  |  | 583 |
5.125% due 09/28/2037 |  |  |  |  | 300 |  |  |  |  |  | 296 |
5.500% due 02/11/2041 |  |  |  |  | 1,200 |  |  |  |  |  | 1,184 |
6.500% due 02/09/2032 |  |  |  |  | 400 |  |  |  |  |  | 404 |
7.125% due 04/30/2031 |  |  |  |  | 200 |  |  |  |  |  | 204 |
7.750% due 04/30/2044 |  |  |  |  | 400 |  |  |  |  |  | 419 |
9.750% due 04/30/2028 « |  |  |  |  | 4,468 |  |  |  |  |  | 5,230 |
Times Square Hotel Trust |  |  |  |  |  |  |  |  |  |  |  |
8.528% due 08/01/2026 |  | $ |  |  | 1,079 |  |  |  |  |  | 1,085 |
Toll Road Investors Partnership LP |
0.000% due 02/15/2043 (g)(l) |  |  |  |  | 21,049 |  |  |  |  |  | 6,209 |
Topaz Solar Farms LLC |  |  |  |  |  |  |  |  |  |  |  |
4.875% due 09/30/2039 (l) |  |  |  |  | 14,091 |  |  |  |  |  | 13,175 |
5.750% due 09/30/2039 (l) |  |  |  |  | 47,412 |  |  |  |  |  | 46,239 |
U.S. Renal Care, Inc. |  |  |  |  |  |  |  |  |  |  |  |
10.625% due 06/28/2028 (l) |  |  |  |  | 13,209 |  |  |  |  |  | 11,327 |
Vale SA |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 12/29/2049 ~(i) |  | BRL |  |  | 830,470 |  |  |  |  |  | 47,687 |
Venture Global LNG, Inc. |  |  |  |  |  |  |  |  |  |  |  |
9.500% due 02/01/2029 (l) |  | $ |  |  | 22,668 |  |  |  |  |  | 25,068 |
9.875% due 02/01/2032 (l) |  |  |  |  | 11,030 |  |  |  |  |  | 12,110 |
Veritiv Operating Co. |  |  |  |  |  |  |  |  |  |  |  |
10.500% due 11/30/2030 (l) |  |  |  |  | 600 |  |  |  |  |  | 647 |
Viridien |  |  |  |  |  |  |  |  |  |  |  |
7.750% due 04/01/2027 |  | EUR |  |  | 35,183 |  |  |  |  |  | 36,449 |
8.750% due 04/01/2027 (l) |  | $ |  |  | 43,214 |  |  |  |  |  | 42,535 |
Wesco Aircraft Holdings, Inc. |
10.500% due 11/15/2026 ^«(d) |  |  | 2,377 |  |  |  |  |  | 1,963 |
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK) |
10.500% due 11/15/2026 ^«(c)(d) |  |  | 202,913 |  |  |  |  |  | 167,574 |
Yellowstone Energy LP |  |  |  |  |  |  |  |  |  |  |  |
5.750% due 12/31/2026 « |  |  |  |  | 1,108 |  |  |  |  |  | 1,089 |
Yinson Boronia Production BV |
8.947% due 07/31/2042 (l) |  |  |  |  | 9,600 |  |  |  |  |  | 10,027 |
8.947% due 07/31/2042 |  |  |  |  | 690 |  |  |  |  |  | 721 |
YPF Energia Electrica SA |
7.875% due 10/16/2032 |  |  |  |  | 2,500 |  |  |  |  |  | 2,475 |
|  |  |  |  |  |  |  |  |  |  | 1,134,632 |
UTILITIES 2.7% |
Chile Electricity Lux MPC SARL |
5.580% due 10/20/2035 (l) |  |  |  |  | 2,600 |  |  |  |  |  | 2,530 |
FORESEA Holding SA |
7.500% due 06/15/2030 (l) |  |  |  |  | 2,711 |  |  |  |  |  | 2,613 |
Gazprom PJSC Via Gaz Finance PLC |
3.000% due 06/29/2027 |  |  |  |  | 200 |  |  |  |  |  | 127 |
NGD Holdings BV |
6.750% due 12/31/2026 |  |  |  |  | 4,729 |  |  |  |  |  | 3,736 |
Oi SA (10.000% Cash or 7.500% Cash and 6.000% PIK) |
10.000% due 06/30/2027 (c)(l) |  |  |  |  | 77,743 |  |  |  |  |  | 70,036 |
10.000% due 06/30/2027 (c) |  |  |  |  | 21,245 |  |  |  |  |  | 19,139 |
Oi SA (8.500% PIK) |
8.500% due 12/31/2028 (c) |  |  |  |  | 140,678 |  |  |  |  |  | 15,651 |
Peru LNG SRL |
5.375% due 03/22/2030 |  |  |  |  | 38,548 |  |  |  |  |  | 35,551 |
Tierra Mojada Luxembourg SARL |
5.750% due 12/01/2040 (l) |  |  |  |  | 7,805 |  |  |  |  |  | 7,149 |
Yinson Production Financial Services Pte. Ltd. |
9.625% due 05/03/2029 |  |  |  |  | 8,900 |  |  |  |  |  | 9,208 |
|  |  |  |  |  |  |  |  |  |  | 165,740 |
Total Corporate Bonds & Notes (Cost $1,838,731) |  |  |  |  |  | 1,612,047 |
CONVERTIBLE BONDS & NOTES 0.5% |
BANKING & FINANCE 0.1% |
Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
8.000% due 12/31/2026 (c) |  | EUR |  |  | 2,423 |  |  |  |  |  | 1,017 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
PennyMac Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.500% due 03/15/2026 (l) |  | $ |  |  | 7,700 |  |  | $ |  |  | 7,584 |
|  |  |  |  |  |  |  |  |  |  | 8,601 |
INDUSTRIALS 0.4% |
Multiplan Corp. (6.000% Cash or 7.000% PIK) |
6.000% due 10/15/2027 (c) |  |  |  |  | 33,700 |  |  |  |  |  | 22,748 |
Total Convertible Bonds & Notes (Cost $43,811) |  |  |  |  |  | 31,349 |
MUNICIPAL BONDS & NOTES 1.0% |
ARIZONA 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 |
7.375% due 10/01/2029 |  |  |  |  | 850 |  |  |  |  |  | 867 |
MICHIGAN 0.1% |  |  |  |  |  |  |  |  |  |  |  |
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 |
0.000% due 06/01/2046 (g) |  |  |  |  | 23,000 |  |  |  |  |  | 3,064 |
PUERTO RICO 0.4% |  |  |  |  |  |  |  |  |  |  |  |
Commonwealth of Puerto Rico Bonds, Series 2022 |
0.000% due 11/01/2051 |  |  |  |  | 36,543 |  |  |  |  |  | 22,702 |
WEST VIRGINIA 0.5% |  |  |  |  |  |  |  |  |  |  |  |
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
0.000% due 06/01/2047 (g) |  |  |  |  | 355,485 |  |  |  |  |  | 33,118 |
Total Municipal Bonds & Notes (Cost $64,877) |  |  |  |  |  | 59,751 |
U.S. GOVERNMENT AGENCIES 2.7% |
Fannie Mae |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 10/25/2042 •(l) |  |  |  |  | 1,015 |  |  |  |  |  | 790 |
1.040% due 08/25/2043 ~(a) |  |  |  |  | 16,919 |  |  |  |  |  | 626 |
1.237% due 07/25/2041 •(a)(l) |  |  |  |  | 1,476 |  |  |  |  |  | 120 |
1.317% due 08/25/2038 •(a) |  |  |  |  | 337 |  |  |  |  |  | 20 |
1.367% due 08/25/2049 •(a) |  |  |  |  | 145 |  |  |  |  |  | 14 |
1.367% due 07/25/2059 •(a)(l) |  |  |  |  | 5,853 |  |  |  |  |  | 594 |
1.387% due 10/25/2040 •(a)(l) |  |  |  |  | 1,437 |  |  |  |  |  | 73 |
1.467% due 02/25/2043 •(a)(l) |  |  |  |  | 1,313 |  |  |  |  |  | 128 |
1.667% due 12/25/2037 •(a) |  |  |  |  | 30 |  |  |  |  |  | 2 |
1.739% due 10/25/2060 ~(a) |  |  |  |  | 15,732 |  |  |  |  |  | 1,101 |
1.837% due 09/25/2037 •(a)(l) |  |  |  |  | 238 |  |  |  |  |  | 15 |
1.838% due 01/25/2041 • |  |  |  |  | 2,527 |  |  |  |  |  | 2,427 |
1.917% due 03/25/2040 •(a)(l) |  |  |  |  | 800 |  |  |  |  |  | 38 |
1.957% due 12/25/2036 •(a)(l) |  |  |  |  | 1,024 |  |  |  |  |  | 103 |
1.967% due 11/25/2036 •(a) |  |  |  |  | 34 |  |  |  |  |  | 1 |
2.037% due 06/25/2037 •(a) |  |  |  |  | 139 |  |  |  |  |  | 9 |
2.297% due 03/25/2038 •(a)(l) |  |  |  |  | 634 |  |  |  |  |  | 66 |
2.317% due 02/25/2038 •(a)(l) |  |  |  |  | 387 |  |  |  |  |  | 41 |
3.000% due 01/25/2042 (a) |  |  |  |  | 76 |  |  |  |  |  | 2 |
3.500% due 08/25/2032 - 06/25/2050 (a)(l) |  |  |  |  | 15,829 |  |  |  |  |  | 2,872 |
4.000% due 06/25/2050 (a)(l) |  |  |  |  | 1,962 |  |  |  |  |  | 390 |
4.500% due 04/25/2042 (a)(l) |  |  |  |  | 507 |  |  |  |  |  | 57 |
5.000% due 01/25/2048 (a)(l) |  |  |  |  | 3,762 |  |  |  |  |  | 776 |
Freddie Mac |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 11/15/2048 •(a) |  |  |  |  | 30,706 |  |  |  |  |  | 1,061 |
0.159% due 09/15/2041 •(l) |  |  |  |  | 602 |  |  |  |  |  | 516 |
0.700% due 11/25/2055 ~(a)(l) |  |  |  |  | 255,663 |  |  |  |  |  | 15,372 |
1.238% due 04/15/2039 •(a)(l) |  |  |  |  | 989 |  |  |  |  |  | 97 |
1.417% due 06/25/2050 •(a)(l) |  |  |  |  | 901 |  |  |  |  |  | 98 |
1.438% due 01/15/2047 •(a) |  |  |  |  | 224 |  |  |  |  |  | 23 |
1.467% due 05/25/2050 •(a) |  |  |  |  | 6,331 |  |  |  |  |  | 703 |
1.488% due 09/15/2042 •(a)(l) |  |  |  |  | 380 |  |  |  |  |  | 27 |
1.588% due 05/15/2037 •(a)(l) |  |  |  |  | 686 |  |  |  |  |  | 54 |
1.698% due 05/15/2037 •(a) |  |  |  |  | 38 |  |  |  |  |  | 3 |
1.731% due 01/25/2051 •(a) |  |  |  |  | 5,830 |  |  |  |  |  | 768 |
1.731% due 01/25/2051 •(a)(l) |  |  |  |  | 3,192 |  |  |  |  |  | 390 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
1.758% due 07/15/2036 •(a)(l) |  | $ |  |  | 838 |  |  | $ |  |  | 75 |
1.868% due 09/15/2036 •(a)(l) |  |  |  |  | 276 |  |  |  |  |  | 26 |
1.888% due 05/15/2041 •(a)(l) |  |  |  |  | 549 |  |  |  |  |  | 48 |
1.988% due 04/15/2036 •(a) |  |  |  |  | 134 |  |  |  |  |  | 10 |
2.010% due 11/25/2045 ~(a)(l) |  |  |  |  | 75,137 |  |  |  |  |  | 3,954 |
3.000% due 06/25/2050 (a)(l) |  |  |  |  | 10,417 |  |  |  |  |  | 1,838 |
3.068% due 09/15/2036 •(a)(l) |  |  |  |  | 439 |  |  |  |  |  | 57 |
3.104% due 10/25/2058 ~ |  |  |  |  | 2,133 |  |  |  |  |  | 859 |
3.161% due 05/25/2057 ~ |  |  |  |  | 4,125 |  |  |  |  |  | 1,642 |
3.500% due 07/25/2050 (a)(l) |  |  |  |  | 21,528 |  |  |  |  |  | 3,790 |
3.969% due 11/25/2059 ~ |  |  |  |  | 12,752 |  |  |  |  |  | 5,583 |
4.000% due 03/15/2027 (a) |  |  |  |  | 35 |  |  |  |  |  | 1 |
4.000% due 07/25/2050 (a)(l) |  |  |  |  | 16,888 |  |  |  |  |  | 3,734 |
4.248% due 05/25/2064 ~ |  |  |  |  | 3,998 |  |  |  |  |  | 1,853 |
4.250% due 09/25/2060 (l) |  |  |  |  | 1,800 |  |  |  |  |  | 1,682 |
4.250% due 03/25/2061 ~(l) |  |  |  |  | 700 |  |  |  |  |  | 623 |
4.500% due 11/25/2061 ~(l) |  |  |  |  | 3,900 |  |  |  |  |  | 3,172 |
5.000% due 05/25/2048 (a)(l) |  |  |  |  | 5,687 |  |  |  |  |  | 918 |
5.000% due 04/25/2062 ~ |  |  |  |  | 3,400 |  |  |  |  |  | 2,912 |
7.919% due 09/25/2041 •(l) |  |  |  |  | 6,000 |  |  |  |  |  | 6,186 |
8.319% due 02/25/2042 •(l) |  |  |  |  | 16,000 |  |  |  |  |  | 16,799 |
9.319% due 02/25/2042 - 01/25/2051 •(l) |  |  |  |  | 8,319 |  |  |  |  |  | 8,896 |
9.833% due 10/25/2029 •(l) |  |  |  |  | 8,600 |  |  |  |  |  | 9,293 |
9.916% due 03/25/2061 ~ |  |  |  |  | 490 |  |  |  |  |  | 273 |
10.069% due 01/25/2034 •(l) |  |  |  |  | 2,800 |  |  |  |  |  | 3,252 |
10.819% due 09/25/2041 •(l) |  |  |  |  | 6,400 |  |  |  |  |  | 6,725 |
11.569% due 12/25/2041 • |  |  |  |  | 500 |  |  |  |  |  | 535 |
11.669% due 01/25/2042 • |  |  |  |  | 3,800 |  |  |  |  |  | 4,068 |
12.069% due 10/25/2041 •(l) |  |  |  |  | 15,600 |  |  |  |  |  | 16,804 |
12.369% due 11/25/2041 • |  |  |  |  | 18,324 |  |  |  |  |  | 19,876 |
13.069% due 02/25/2042 •(l) |  |  |  |  | 2,350 |  |  |  |  |  | 2,593 |
13.245% due 09/25/2060 ~ |  |  |  |  | 1,584 |  |  |  |  |  | 1,145 |
16.004% due 11/25/2060 ~ |  |  |  |  | 1,186 |  |  |  |  |  | 850 |
Ginnie Mae |  |  |  |  |  |  |  |  |  |  |  |
1.615% due 12/20/2048 •(a)(l) |  |  |  |  | 2,463 |  |  |  |  |  | 208 |
1.635% due 08/20/2042 •(a)(l) |  |  |  |  | 1,266 |  |  |  |  |  | 119 |
1.765% due 12/20/2040 •(a)(l) |  |  |  |  | 808 |  |  |  |  |  | 40 |
2.500% due 09/20/2036 (a) |  |  |  |  | 37,225 |  |  |  |  |  | 3,109 |
3.500% due 06/20/2042 (a)(l) |  |  |  |  | 158 |  |  |  |  |  | 19 |
Total U.S. Government Agencies (Cost $172,018) |  |  |  |  |  | 162,944 |
NON-AGENCY MORTGAGE-BACKED SECURITIES 33.0% |
225 Liberty Street Trust |  |  |  |  |  |  |  |  |  |  |  |
4.649% due 02/10/2036 ~(l) |  |  |  |  | 7,541 |  |  |  |  |  | 6,277 |
245 Park Avenue Trust |  |  |  |  |  |  |  |  |  |  |  |
3.657% due 06/05/2037 ~ |  |  |  |  | 2,500 |  |  |  |  |  | 2,286 |
3.657% due 06/05/2037 ~(l) |  |  |  |  | 14,261 |  |  |  |  |  | 12,883 |
280 Park Avenue Mortgage Trust |
6.319% due 09/15/2034 •(l) |  |  |  |  | 12,600 |  |  |  |  |  | 12,085 |
7.610% due 09/15/2034 •(l) |  |  |  |  | 2,500 |  |  |  |  |  | 2,343 |
Adjustable Rate Mortgage Trust |
4.713% due 03/25/2036 •(l) |  |  |  |  | 2,893 |  |  |  |  |  | 1,684 |
4.753% due 03/25/2037 •(l) |  |  |  |  | 634 |  |  |  |  |  | 683 |
4.995% due 03/25/2037 ~(l) |  |  |  |  | 1,066 |  |  |  |  |  | 966 |
5.543% due 03/25/2036 ~(l) |  |  |  |  | 1,866 |  |  |  |  |  | 930 |
6.106% due 11/25/2037 ~(l) |  |  |  |  | 813 |  |  |  |  |  | 537 |
American Home Mortgage Assets Trust |
4.993% due 11/25/2035 • |  |  |  |  | 320 |  |  |  |  |  | 299 |
5.033% due 08/25/2037 •(l) |  |  |  |  | 6,080 |  |  |  |  |  | 5,396 |
American Home Mortgage Investment Trust |
4.993% due 03/25/2037 • |  |  |  |  | 2,495 |  |  |  |  |  | 960 |
5.053% due 09/25/2045 •(l) |  |  |  |  | 2,240 |  |  |  |  |  | 1,952 |
5.353% due 02/25/2044 •(l) |  |  |  |  | 7,381 |  |  |  |  |  | 6,827 |
6.600% due 01/25/2037 þ |  |  |  |  | 4,653 |  |  |  |  |  | 656 |
Anthracite Ltd. |  |  |  |  |  |  |  |  |  |  |  |
5.678% due 06/20/2041 |  |  |  |  | 2,021 |  |  |  |  |  | 0 |
ASG Resecuritization Trust |  |  |  |  |  |  |  |  |  |  |  |
3.690% due 01/28/2037 ~(l) |  |  |  |  | 7,624 |  |  |  |  |  | 6,351 |
6.000% due 06/28/2037 ~(l) |  |  |  |  | 24,525 |  |  |  |  |  | 11,504 |
Ashford Hospitality Trust |  |  |  |  |  |  |  |  |  |  |  |
5.970% due 04/15/2035 •(l) |  |  |  |  | 10,360 |  |  |  |  |  | 10,311 |
7.670% due 04/15/2035 •(l) |  |  |  |  | 10,939 |  |  |  |  |  | 10,858 |
Atrium Hotel Portfolio Trust |
6.345% due 12/15/2036 •(l) |  |  |  |  | 1,840 |  |  |  |  |  | 1,777 |
6.645% due 12/15/2036 •(l) |  |  |  |  | 8,800 |  |  |  |  |  | 8,375 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 71

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

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Avon Finance PLC |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 12/28/2049 (b)(g) |  | GBP |  |  | 11,488 |  |  | $ |  |  | 11,605 |
0.000% due 12/28/2049 (a) |  |  |  |  | 9,500 |  |  |  |  |  | 6 |
8.226% due 12/28/2049 • |  |  |  |  | 11,241 |  |  |  |  |  | 14,103 |
8.476% due 12/28/2049 • |  |  |  |  | 8,564 |  |  |  |  |  | 10,647 |
8.726% due 12/28/2049 • |  |  |  |  | 10,705 |  |  |  |  |  | 11,091 |
BAMLL Commercial Mortgage Securities Trust |
2.627% due 01/15/2032 (l) |  | $ |  |  | 18,810 |  |  |  |  |  | 15,726 |
6.662% due 03/15/2037 • |  |  |  |  | 7,579 |  |  |  |  |  | 7,569 |
6.762% due 03/15/2037 •(l) |  |  |  |  | 14,228 |  |  |  |  |  | 14,162 |
Banc of America Alternative Loan Trust |
2.187% due 06/25/2037 •(a) |  |  |  |  | 282 |  |  |  |  |  | 28 |
4.813% due 06/25/2037 • |  |  |  |  | 263 |  |  |  |  |  | 189 |
6.000% due 06/25/2037 |  |  |  |  | 87 |  |  |  |  |  | 73 |
6.000% due 06/25/2046 |  |  |  |  | 38 |  |  |  |  |  | 32 |
6.000% due 07/25/2046 (l) |  |  |  |  | 590 |  |  |  |  |  | 498 |
Banc of America Funding Trust |
0.000% due 06/26/2035 ~(l) |  |  |  |  | 1,491 |  |  |  |  |  | 1,464 |
0.000% due 11/26/2036 ~(l) |  |  |  |  | 24,911 |  |  |  |  |  | 8,475 |
2.903% due 12/20/2034 ~ |  |  |  |  | 198 |  |  |  |  |  | 139 |
3.515% due 05/26/2036 ~ |  |  |  |  | 4,645 |  |  |  |  |  | 3,778 |
3.792% due 08/25/2047 ~(l) |  |  |  |  | 2,167 |  |  |  |  |  | 1,791 |
4.473% due 01/20/2047 ~ |  |  |  |  | 71 |  |  |  |  |  | 60 |
4.493% due 09/20/2037 ~ |  |  |  |  | 327 |  |  |  |  |  | 254 |
4.615% due 03/20/2036 ~(l) |  |  |  |  | 729 |  |  |  |  |  | 605 |
4.624% due 10/20/2046 ~ |  |  |  |  | 257 |  |  |  |  |  | 213 |
4.830% due 09/20/2047 ~ |  |  |  |  | 136 |  |  |  |  |  | 117 |
4.873% due 04/25/2037 •(l) |  |  |  |  | 856 |  |  |  |  |  | 724 |
4.905% due 04/20/2047 •(l) |  |  |  |  | 4,198 |  |  |  |  |  | 3,322 |
5.044% due 01/25/2035 ~ |  |  |  |  | 81 |  |  |  |  |  | 79 |
5.160% due 02/20/2035 •(l) |  |  |  |  | 2,429 |  |  |  |  |  | 2,326 |
5.862% due 09/20/2046 ~(l) |  |  |  |  | 651 |  |  |  |  |  | 632 |
5.983% due 04/20/2035 ~(l) |  |  |  |  | 843 |  |  |  |  |  | 771 |
6.000% due 10/25/2037 (l) |  |  |  |  | 2,618 |  |  |  |  |  | 2,219 |
6.619% due 07/26/2036 ~(l) |  |  |  |  | 8,354 |  |  |  |  |  | 2,527 |
6.639% due 12/20/2036 ~ |  |  |  |  | 20 |  |  |  |  |  | 20 |
Banc of America Mortgage Trust |
5.750% due 10/25/2036 (l) |  |  |  |  | 535 |  |  |  |  |  | 441 |
5.750% due 05/25/2037 |  |  |  |  | 546 |  |  |  |  |  | 411 |
5.832% due 01/25/2036 ~ |  |  |  |  | 89 |  |  |  |  |  | 85 |
6.000% due 10/25/2036 |  |  |  |  | 65 |  |  |  |  |  | 54 |
7.497% due 10/20/2046 ~ |  |  |  |  | 16 |  |  |  |  |  | 14 |
Barclays Commercial Mortgage Securities Trust |
7.644% due 10/15/2037 •(l) |  |  |  |  | 2,600 |  |  |  |  |  | 2,581 |
8.245% due 07/15/2037 • |  |  |  |  | 2,600 |  |  |  |  |  | 2,190 |
Barclays Commercial Real Estate Trust |
4.563% due 08/10/2033 ~ |  |  |  |  | 7,790 |  |  |  |  |  | 6,459 |
Bayview Commercial Asset Trust |
4.783% due 03/25/2037 •(l) |  |  |  |  | 110 |  |  |  |  |  | 104 |
BCAP LLC Trust |  |  |  |  |  |  |  |  |  |  |  |
2.427% due 02/26/2037 ~(l) |  |  |  |  | 7,312 |  |  |  |  |  | 5,774 |
3.687% due 04/26/2037 ~(l) |  |  |  |  | 5,698 |  |  |  |  |  | 4,786 |
3.959% due 07/26/2036 ~ |  |  |  |  | 364 |  |  |  |  |  | 318 |
4.254% due 05/26/2037 ~ |  |  |  |  | 1,432 |  |  |  |  |  | 1,254 |
4.461% due 05/26/2036 •(l) |  |  |  |  | 3,159 |  |  |  |  |  | 2,622 |
4.477% due 02/26/2047 •(l) |  |  |  |  | 10,161 |  |  |  |  |  | 8,078 |
4.538% due 10/26/2037 ~ |  |  |  |  | 4,306 |  |  |  |  |  | 2,722 |
4.556% due 03/26/2037 ~(l) |  |  |  |  | 693 |  |  |  |  |  | 557 |
4.675% due 02/26/2036 ~(l) |  |  |  |  | 2,277 |  |  |  |  |  | 1,532 |
5.023% due 03/27/2037 ~(l) |  |  |  |  | 4,078 |  |  |  |  |  | 3,428 |
5.202% due 05/26/2035 •(l) |  |  |  |  | 4,235 |  |  |  |  |  | 3,767 |
5.325% due 01/26/2036 ~(l) |  |  |  |  | 22,352 |  |  |  |  |  | 6,587 |
5.500% due 12/26/2035 ~(l) |  |  |  |  | 8,055 |  |  |  |  |  | 4,921 |
5.732% due 06/26/2036 ~(l) |  |  |  |  | 1,941 |  |  |  |  |  | 1,609 |
5.798% due 11/26/2035 ~(l) |  |  |  |  | 1,988 |  |  |  |  |  | 1,698 |
6.000% due 06/26/2037 ~(l) |  |  |  |  | 1,337 |  |  |  |  |  | 1,187 |
6.000% due 08/26/2037 ~(l) |  |  |  |  | 2,053 |  |  |  |  |  | 1,575 |
6.000% due 10/26/2037 ~(l) |  |  |  |  | 1,521 |  |  |  |  |  | 1,023 |
6.312% due 07/26/2035 ~ |  |  |  |  | 369 |  |  |  |  |  | 300 |
6.920% due 07/26/2045 ~(l) |  |  |  |  | 2,273 |  |  |  |  |  | 2,161 |
Bear Stearns Adjustable Rate Mortgage Trust |
4.395% due 08/25/2047 ~ |  |  |  |  | 107 |  |  |  |  |  | 92 |
4.432% due 06/25/2047 ~(l) |  |  |  |  | 1,219 |  |  |  |  |  | 1,098 |
4.765% due 02/25/2036 ~ |  |  |  |  | 260 |  |  |  |  |  | 236 |
6.900% due 09/25/2034 ~ |  |  |  |  | 23 |  |  |  |  |  | 23 |
6.948% due 10/25/2036 ~ |  |  |  |  | 30 |  |  |  |  |  | 29 |
7.323% due 09/25/2034 ~ |  |  |  |  | 11 |  |  |  |  |  | 10 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Bear Stearns ALT-A Trust |
4.061% due 05/25/2036 ~ |  | $ |  |  | 184 |  |  | $ |  |  | 168 |
4.151% due 04/25/2037 ~(l) |  |  |  |  | 3,471 |  |  |  |  |  | 2,410 |
4.375% due 11/25/2035 ~(l) |  |  |  |  | 8,298 |  |  |  |  |  | 4,546 |
4.406% due 04/25/2035 ~ |  |  |  |  | 102 |  |  |  |  |  | 91 |
4.408% due 11/25/2036 ~ |  |  |  |  | 1,410 |  |  |  |  |  | 592 |
4.550% due 07/25/2035 ~ |  |  |  |  | 185 |  |  |  |  |  | 130 |
4.563% due 08/25/2036 ~ |  |  |  |  | 277 |  |  |  |  |  | 130 |
4.699% due 03/25/2036 ~(l) |  |  |  |  | 981 |  |  |  |  |  | 571 |
4.705% due 05/25/2036 ~ |  |  |  |  | 6,342 |  |  |  |  |  | 2,681 |
4.747% due 07/25/2036 ~(l) |  |  |  |  | 45,888 |  |  |  |  |  | 20,182 |
4.773% due 06/25/2046 •(l) |  |  |  |  | 1,014 |  |  |  |  |  | 903 |
4.781% due 12/25/2046 ~(l) |  |  |  |  | 3,068 |  |  |  |  |  | 1,531 |
4.793% due 08/25/2036 •(l) |  |  |  |  | 12,948 |  |  |  |  |  | 11,830 |
4.828% due 08/25/2046 ~(l) |  |  |  |  | 3,737 |  |  |  |  |  | 2,567 |
4.853% due 02/25/2034 •(l) |  |  |  |  | 1,613 |  |  |  |  |  | 1,474 |
4.916% due 11/25/2035 ~ |  |  |  |  | 23 |  |  |  |  |  | 15 |
4.953% due 01/25/2036 •(l) |  |  |  |  | 2,927 |  |  |  |  |  | 2,738 |
5.025% due 05/25/2035 ~ |  |  |  |  | 88 |  |  |  |  |  | 84 |
5.042% due 09/25/2035 ~(l) |  |  |  |  | 7,189 |  |  |  |  |  | 2,428 |
5.578% due 01/25/2035 •(l) |  |  |  |  | 754 |  |  |  |  |  | 705 |
5.578% due 03/25/2035 •(l) |  |  |  |  | 5,708 |  |  |  |  |  | 4,804 |
7.125% due 09/25/2034 ~ |  |  |  |  | 168 |  |  |  |  |  | 160 |
Bear Stearns Asset-Backed Securities Trust |
6.000% due 12/25/2035 |  |  |  |  | 232 |  |  |  |  |  | 129 |
6.500% due 03/25/2037 þ(l) |  |  |  |  | 8,884 |  |  |  |  |  | 7,668 |
Beast Mortgage Trust |
6.148% due 02/15/2037 •(l) |  |  |  |  | 3,300 |  |  |  |  |  | 2,203 |
7.962% due 03/15/2036 •(l) |  |  |  |  | 6,000 |  |  |  |  |  | 3,429 |
Benchmark Mortgage Trust |
2.994% due 04/15/2054 ~ |  |  |  |  | 200 |  |  |  |  |  | 127 |
3.294% due 12/15/2062 ~ |  |  |  |  | 700 |  |  |  |  |  | 37 |
3.899% due 03/15/2062 ~(l) |  |  |  |  | 13,630 |  |  |  |  |  | 9,751 |
Beneria Cowen & Pritzer Collateral Funding Corp. |
8.150% due 06/15/2038 •(l) |  |  |  |  | 11,850 |  |  |  |  |  | 3,643 |
BIG Commercial Mortgage Trust |
6.737% due 02/15/2039 •(l) |  |  |  |  | 485 |  |  |  |  |  | 485 |
BMO Mortgage Trust |
3.269% due 02/17/2055 ~(l) |  |  |  |  | 7,850 |  |  |  |  |  | 6,750 |
Braemar Hotels & Resorts Trust |
6.370% due 06/15/2035 •(l) |  |  |  |  | 6,500 |  |  |  |  |  | 6,432 |
6.970% due 06/15/2035 •(l) |  |  |  |  | 11,000 |  |  |  |  |  | 10,876 |
Bridgegate Funding PLC |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 10/16/2062 ~ |  | GBP |  |  | 60,757 |  |  |  |  |  | 51,702 |
0.000% due 10/16/2062 (g) |  |  |  |  | 5,795 |  |  |  |  |  | 0 |
10.813% due 10/16/2062 ~ |  |  |  |  | 23,983 |  |  |  |  |  | 29,879 |
13.807% due 10/16/2062 • |  |  |  |  | 11,991 |  |  |  |  |  | 17,148 |
BSREP Commercial Mortgage Trust |
5.462% due 08/15/2038 •(l) |  | $ |  |  | 6,823 |  |  |  |  |  | 6,359 |
5.862% due 08/15/2038 •(l) |  |  |  |  | 474 |  |  |  |  |  | 420 |
BX Trust |  |  |  |  |  |  |  |  |  |  |  |
6.361% due 11/15/2038 •(l) |  |  |  |  | 19,373 |  |  |  |  |  | 19,343 |
6.708% due 11/15/2038 •(l) |  |  |  |  | 6,710 |  |  |  |  |  | 6,701 |
6.756% due 10/15/2036 •(l) |  |  |  |  | 12,000 |  |  |  |  |  | 11,971 |
6.861% due 04/15/2034 •(l) |  |  |  |  | 6,000 |  |  |  |  |  | 5,352 |
6.861% due 02/15/2038 •(l) |  |  |  |  | 1,996 |  |  |  |  |  | 1,923 |
6.939% due 10/15/2026 •(l) |  |  |  |  | 1,212 |  |  |  |  |  | 1,203 |
7.598% due 04/15/2034 • |  |  |  |  | 4,000 |  |  |  |  |  | 3,465 |
CALI Mortgage Trust |  |  |  |  |  |  |  |  |  |  |  |
3.957% due 03/10/2039 (l) |  |  |  |  | 24,500 |  |  |  |  |  | 22,032 |
4.158% due 03/10/2039 |  |  |  |  | 960 |  |  |  |  |  | 820 |
CBA Commercial Small Balance Commercial Mortgage |
6.040% due 01/25/2039 þ |  |  |  |  | 232 |  |  |  |  |  | 216 |
CD Mortgage Trust |  |  |  |  |  |  |  |  |  |  |  |
5.688% due 10/15/2048 (l) |  |  |  |  | 1,195 |  |  |  |  |  | 1,100 |
Chase Mortgage Finance Trust |
4.587% due 01/25/2036 ~(l) |  |  |  |  | 2,654 |  |  |  |  |  | 2,385 |
5.095% due 03/25/2037 ~(l) |  |  |  |  | 856 |  |  |  |  |  | 819 |
6.000% due 03/25/2037 |  |  |  |  | 503 |  |  |  |  |  | 268 |
Citigroup Commercial Mortgage Trust |
3.790% due 12/15/2072 ~ |  |  |  |  | 1,511 |  |  |  |  |  | 230 |
5.410% due 12/10/2049 ~ |  |  |  |  | 755 |  |  |  |  |  | 305 |
Citigroup Global Markets Mortgage Securities |
6.500% due 02/25/2029 |  |  |  |  | 97 |  |  |  |  |  | 95 |
Citigroup Mortgage Loan Trust |
0.000% due 08/25/2037 ~ |  |  |  |  | 1,630 |  |  |  |  |  | 61 |
3.918% due 07/25/2036 ~(l) |  |  |  |  | 1,785 |  |  |  |  |  | 1,030 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
4.849% due 04/25/2037 ~ |  | $ |  |  | 245 |  |  | $ |  |  | 214 |
4.873% due 03/25/2037 ~ |  |  |  |  | 1,645 |  |  |  |  |  | 1,443 |
4.959% due 09/25/2037 ~(l) |  |  |  |  | 2,479 |  |  |  |  |  | 2,263 |
5.131% due 03/25/2037 ~ |  |  |  |  | 419 |  |  |  |  |  | 394 |
5.170% due 10/25/2035 ~(l) |  |  |  |  | 641 |  |  |  |  |  | 596 |
5.497% due 08/25/2034 ~ |  |  |  |  | 5,140 |  |  |  |  |  | 4,740 |
5.500% due 11/25/2035 |  |  |  |  | 175 |  |  |  |  |  | 158 |
5.500% due 12/25/2035 (l) |  |  |  |  | 1,909 |  |  |  |  |  | 947 |
5.654% due 02/25/2036 ~(l) |  |  |  |  | 3,769 |  |  |  |  |  | 3,546 |
6.000% due 07/25/2036 (l) |  |  |  |  | 3,914 |  |  |  |  |  | 1,883 |
6.300% due 03/25/2036 • |  |  |  |  | 74 |  |  |  |  |  | 72 |
6.500% due 09/25/2036 |  |  |  |  | 815 |  |  |  |  |  | 416 |
6.524% due 03/25/2037 ~ |  |  |  |  | 154 |  |  |  |  |  | 155 |
Colony Mortgage Capital Ltd. |
6.523% due 11/15/2038 •(l) |  |  |  |  | 2,020 |  |  |  |  |  | 1,932 |
6.872% due 11/15/2038 •(l) |  |  |  |  | 8,005 |  |  |  |  |  | 7,465 |
7.568% due 11/15/2038 •(l) |  |  |  |  | 15,475 |  |  |  |  |  | 13,562 |
8.264% due 11/15/2038 •(l) |  |  |  |  | 24,000 |  |  |  |  |  | 20,546 |
COLT Mortgage Loan Trust |  |  |  |  |  |  |  |  |  |  |  |
4.714% due 03/25/2067 ~(l) |  |  |  |  | 4,900 |  |  |  |  |  | 4,416 |
Commercial Mortgage Trust |  |  |  |  |  |  |  |  |  |  |  |
2.819% due 01/10/2039 (l) |  |  |  |  | 9,131 |  |  |  |  |  | 8,393 |
8.662% due 12/15/2038 •(l) |  |  |  |  | 10,004 |  |  |  |  |  | 8,468 |
9.512% due 12/15/2038 •(l) |  |  |  |  | 5,000 |  |  |  |  |  | 4,078 |
10.512% due 12/15/2038 • |  |  |  |  | 3,360 |  |  |  |  |  | 2,643 |
Connecticut Avenue Securities Trust |
7.319% due 12/25/2041 •(l) |  |  |  |  | 2,600 |  |  |  |  |  | 2,665 |
9.819% due 03/25/2042 •(l) |  |  |  |  | 1,400 |  |  |  |  |  | 1,507 |
10.069% due 12/25/2041 •(l) |  |  |  |  | 5,966 |  |  |  |  |  | 6,254 |
10.569% due 10/25/2041 •(l) |  |  |  |  | 16,801 |  |  |  |  |  | 17,675 |
10.569% due 12/25/2041 • |  |  |  |  | 500 |  |  |  |  |  | 527 |
10.919% due 05/25/2042 •(l) |  |  |  |  | 550 |  |  |  |  |  | 608 |
14.069% due 03/25/2042 •(l) |  |  |  |  | 3,400 |  |  |  |  |  | 3,812 |
15.169% due 05/25/2042 •(l) |  |  |  |  | 600 |  |  |  |  |  | 699 |
Countrywide Alternative Loan Resecuritization Trust |
7.000% due 01/25/2037 |  |  |  |  | 5,061 |  |  |  |  |  | 881 |
Countrywide Alternative Loan Trust |
0.826% due 12/25/2035 ~(a) |  |  |  |  | 7,259 |  |  |  |  |  | 298 |
1.797% due 12/25/2035 ~(a) |  |  |  |  | 2,692 |  |  |  |  |  | 195 |
2.697% due 07/25/2036 •(a) |  |  |  |  | 6,554 |  |  |  |  |  | 937 |
4.447% due 06/25/2037 ~ |  |  |  |  | 67 |  |  |  |  |  | 57 |
4.675% due 03/20/2047 • |  |  |  |  | 349 |  |  |  |  |  | 292 |
4.703% due 06/25/2037 • |  |  |  |  | 479 |  |  |  |  |  | 392 |
4.803% due 05/25/2036 •(l) |  |  |  |  | 1,158 |  |  |  |  |  | 306 |
4.803% due 08/25/2036 • |  |  |  |  | 747 |  |  |  |  |  | 300 |
4.813% due 05/25/2036 •(l) |  |  |  |  | 6,310 |  |  |  |  |  | 5,825 |
4.833% due 09/25/2046 •(l) |  |  |  |  | 4,830 |  |  |  |  |  | 4,389 |
4.873% due 08/25/2047 •(l) |  |  |  |  | 731 |  |  |  |  |  | 607 |
4.893% due 05/25/2047 •(l) |  |  |  |  | 3,435 |  |  |  |  |  | 2,561 |
4.913% due 03/25/2036 •(l) |  |  |  |  | 6,560 |  |  |  |  |  | 6,427 |
4.953% due 06/25/2037 •(l) |  |  |  |  | 5,086 |  |  |  |  |  | 4,065 |
4.973% due 07/25/2036 •(l) |  |  |  |  | 7,054 |  |  |  |  |  | 5,943 |
5.085% due 11/20/2035 • |  |  |  |  | 59 |  |  |  |  |  | 54 |
5.133% due 09/25/2035 •(l) |  |  |  |  | 2,413 |  |  |  |  |  | 1,597 |
5.133% due 10/25/2046 • |  |  |  |  | 84 |  |  |  |  |  | 61 |
5.153% due 10/25/2035 • |  |  |  |  | 413 |  |  |  |  |  | 252 |
5.394% due 05/25/2036 ~(l) |  |  |  |  | 2,199 |  |  |  |  |  | 2,020 |
5.500% due 07/25/2035 |  |  |  |  | 702 |  |  |  |  |  | 348 |
5.500% due 10/25/2035 |  |  |  |  | 101 |  |  |  |  |  | 67 |
5.500% due 11/25/2035 (l) |  |  |  |  | 1,310 |  |  |  |  |  | 766 |
5.500% due 11/25/2035 |  |  |  |  | 1,378 |  |  |  |  |  | 767 |
5.500% due 12/25/2035 |  |  |  |  | 702 |  |  |  |  |  | 358 |
5.500% due 01/25/2036 |  |  |  |  | 55 |  |  |  |  |  | 52 |
5.500% due 02/25/2036 |  |  |  |  | 816 |  |  |  |  |  | 472 |
5.500% due 02/25/2036 (l) |  |  |  |  | 711 |  |  |  |  |  | 479 |
5.500% due 05/25/2036 (l) |  |  |  |  | 3,016 |  |  |  |  |  | 2,435 |
5.500% due 04/25/2037 (l) |  |  |  |  | 1,458 |  |  |  |  |  | 723 |
5.500% due 12/27/2049 |  |  |  |  | 14 |  |  |  |  |  | 12 |
5.675% due 11/25/2046 •(l) |  |  |  |  | 2,078 |  |  |  |  |  | 1,829 |
5.750% due 01/25/2036 |  |  |  |  | 125 |  |  |  |  |  | 63 |
5.750% due 05/25/2036 |  |  |  |  | 142 |  |  |  |  |  | 53 |
5.750% due 01/25/2037 (l) |  |  |  |  | 7,358 |  |  |  |  |  | 3,604 |
5.750% due 04/25/2037 (l) |  |  |  |  | 882 |  |  |  |  |  | 722 |
5.913% due 11/25/2035 •(l) |  |  |  |  | 7,007 |  |  |  |  |  | 6,462 |
6.000% due 03/25/2035 |  |  |  |  | 282 |  |  |  |  |  | 126 |
6.000% due 11/25/2035 |  |  |  |  | 315 |  |  |  |  |  | 47 |
6.000% due 04/25/2036 |  |  |  |  | 631 |  |  |  |  |  | 297 |
6.000% due 08/25/2036 |  |  |  |  | 217 |  |  |  |  |  | 113 |
6.000% due 11/25/2036 |  |  |  |  | 206 |  |  |  |  |  | 110 |
6.000% due 12/25/2036 |  |  |  |  | 672 |  |  |  |  |  | 267 |

72 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
6.000% due 01/25/2037 (l) |  | $ |  |  | 727 |  |  | $ |  |  | 429 |
6.000% due 01/25/2037 |  |  |  |  | 557 |  |  |  |  |  | 457 |
6.000% due 02/25/2037 |  |  |  |  | 2,107 |  |  |  |  |  | 804 |
6.000% due 03/25/2037 |  |  |  |  | 2,424 |  |  |  |  |  | 909 |
6.000% due 03/25/2037 (l) |  |  |  |  | 7,868 |  |  |  |  |  | 2,951 |
6.000% due 04/25/2037 (l) |  |  |  |  | 8,748 |  |  |  |  |  | 3,929 |
6.000% due 09/25/2037 (l) |  |  |  |  | 7,433 |  |  |  |  |  | 2,507 |
6.135% due 07/20/2035 •(l) |  |  |  |  | 3,876 |  |  |  |  |  | 3,480 |
6.250% due 12/25/2036 • |  |  |  |  | 496 |  |  |  |  |  | 204 |
6.500% due 06/25/2036 |  |  |  |  | 340 |  |  |  |  |  | 156 |
6.500% due 11/25/2036 (l) |  |  |  |  | 8,378 |  |  |  |  |  | 2,587 |
7.554% due 07/25/2035 • |  |  |  |  | 51 |  |  |  |  |  | 43 |
12.281% due 05/25/2037 • |  |  |  |  | 658 |  |  |  |  |  | 501 |
Countrywide Asset-Backed Certificates Trust |
4.933% due 04/25/2036 • |  |  |  |  | 315 |  |  |  |  |  | 277 |
Countrywide Home Loan Mortgage Pass-Through Trust |
3.780% due 06/20/2035 ~ |  |  |  |  | 2 |  |  |  |  |  | 2 |
3.803% due 03/25/2037 ~(l) |  |  |  |  | 2,787 |  |  |  |  |  | 2,250 |
4.597% due 05/20/2036 ~(l) |  |  |  |  | 376 |  |  |  |  |  | 344 |
4.620% due 11/20/2035 ~(l) |  |  |  |  | 4,195 |  |  |  |  |  | 3,808 |
5.000% due 11/25/2035 |  |  |  |  | 20 |  |  |  |  |  | 7 |
5.014% due 08/20/2035 ~ |  |  |  |  | 20 |  |  |  |  |  | 19 |
5.053% due 03/25/2035 • |  |  |  |  | 146 |  |  |  |  |  | 90 |
5.133% due 03/25/2036 • |  |  |  |  | 37 |  |  |  |  |  | 7 |
5.190% due 11/25/2035 ~(l) |  |  |  |  | 730 |  |  |  |  |  | 598 |
5.321% due 09/25/2047 ~(l) |  |  |  |  | 1,588 |  |  |  |  |  | 1,236 |
5.443% due 09/20/2036 ~(l) |  |  |  |  | 1,614 |  |  |  |  |  | 1,423 |
5.500% due 12/25/2034 |  |  |  |  | 40 |  |  |  |  |  | 39 |
5.500% due 08/25/2035 |  |  |  |  | 29 |  |  |  |  |  | 15 |
5.500% due 11/25/2035 |  |  |  |  | 24 |  |  |  |  |  | 12 |
5.864% due 06/25/2047 ~(l) |  |  |  |  | 1,069 |  |  |  |  |  | 1,037 |
6.000% due 07/25/2037 |  |  |  |  | 141 |  |  |  |  |  | 63 |
6.000% due 08/25/2037 (l) |  |  |  |  | 2,968 |  |  |  |  |  | 1,232 |
6.000% due 08/25/2037 |  |  |  |  | 1 |  |  |  |  |  | 1 |
6.323% due 03/25/2046 •(l) |  |  |  |  | 15,161 |  |  |  |  |  | 10,966 |
Credit Suisse Commercial Mortgage Trust |
5.551% due 01/15/2049 ~(l) |  |  |  |  | 10,300 |  |  |  |  |  | 8,049 |
Credit Suisse First Boston Mortgage Securities Corp. |
6.000% due 01/25/2036 |  |  |  |  | 235 |  |  |  |  |  | 138 |
7.500% due 05/25/2032 |  |  |  |  | 580 |  |  |  |  |  | 598 |
Credit Suisse Mortgage Capital Certificates |
4.062% due 05/26/2036 ~(l) |  |  |  |  | 2,377 |  |  |  |  |  | 1,987 |
4.451% due 09/26/2047 ~(l) |  |  |  |  | 15,330 |  |  |  |  |  | 6,793 |
4.473% due 12/29/2037 ~(l) |  |  |  |  | 2,775 |  |  |  |  |  | 1,446 |
7.000% due 08/27/2036 |  |  |  |  | 2,931 |  |  |  |  |  | 1,540 |
Credit Suisse Mortgage Capital Mortgage-Backed Trust |
1.871% due 02/27/2047 ~(l) |  |  |  |  | 30,565 |  |  |  |  |  | 11,337 |
3.704% due 08/15/2037 ~(l) |  |  |  |  | 7,296 |  |  |  |  |  | 7,075 |
3.778% due 11/10/2032 ~ |  |  |  |  | 2,500 |  |  |  |  |  | 499 |
4.187% due 05/27/2036 ~(l) |  |  |  |  | 1,072 |  |  |  |  |  | 862 |
4.388% due 04/28/2037 ~ |  |  |  |  | 1,498 |  |  |  |  |  | 1,362 |
4.845% due 10/26/2036 ~(l) |  |  |  |  | 8,476 |  |  |  |  |  | 7,804 |
4.968% due 04/26/2035 ~(l) |  |  |  |  | 6,250 |  |  |  |  |  | 5,640 |
5.027% due 07/26/2037 ~(l) |  |  |  |  | 5,054 |  |  |  |  |  | 4,478 |
5.053% due 07/25/2036 • |  |  |  |  | 406 |  |  |  |  |  | 67 |
5.314% due 06/25/2036 ~(l) |  |  |  |  | 2,622 |  |  |  |  |  | 2,351 |
5.750% due 05/26/2037 (l) |  |  |  |  | 10,329 |  |  |  |  |  | 4,795 |
5.912% due 07/15/2038 • |  |  |  |  | 1,000 |  |  |  |  |  | 893 |
6.000% due 07/25/2036 |  |  |  |  | 1,669 |  |  |  |  |  | 804 |
6.396% due 04/25/2036 þ(l) |  |  |  |  | 4,225 |  |  |  |  |  | 2,185 |
6.500% due 05/25/2036 |  |  |  |  | 2,662 |  |  |  |  |  | 890 |
6.500% due 07/26/2036 (l) |  |  |  |  | 11,467 |  |  |  |  |  | 2,643 |
6.594% due 07/15/2032 •(l) |  |  |  |  | 3,121 |  |  |  |  |  | 3,064 |
7.000% due 08/26/2036 (l) |  |  |  |  | 14,223 |  |  |  |  |  | 2,621 |
7.412% due 07/15/2038 •(l) |  |  |  |  | 15,850 |  |  |  |  |  | 7,183 |
7.994% due 07/15/2032 •(l) |  |  |  |  | 7,454 |  |  |  |  |  | 7,287 |
8.412% due 07/15/2038 •(l) |  |  |  |  | 13,700 |  |  |  |  |  | 3,607 |
9.044% due 07/15/2032 •(l) |  |  |  |  | 15,000 |  |  |  |  |  | 14,700 |
10.044% due 07/15/2032 • |  |  |  |  | 4,000 |  |  |  |  |  | 3,765 |
20.382% due 11/27/2037 •(l) |  |  |  |  | 8,532 |  |  |  |  |  | 7,197 |
21.454% due 11/25/2037 •(l) |  |  |  |  | 6,643 |  |  |  |  |  | 5,535 |
DBGS Mortgage Trust |
5.290% due 06/15/2033 •(l) |  |  |  |  | 1,100 |  |  |  |  |  | 1,028 |
5.475% due 06/15/2033 •(l) |  |  |  |  | 1,600 |  |  |  |  |  | 1,420 |
5.907% due 10/15/2036 •(l) |  |  |  |  | 1,000 |  |  |  |  |  | 986 |
7.662% due 10/15/2036 • |  |  |  |  | 26,404 |  |  |  |  |  | 19,166 |
DBWF Mortgage Trust |
3.791% due 12/10/2036 (l) |  |  |  |  | 17,961 |  |  |  |  |  | 17,126 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
4.603% due 02/25/2047 • |  | $ |  |  | 296 |  |  | $ |  |  | 169 |
5.500% due 12/25/2035 |  |  |  |  | 415 |  |  |  |  |  | 344 |
Deutsche ALT-B Securities, Inc. Mortgage Loan Trust |
4.753% due 04/25/2037 •(l) |  |  |  |  | 3,396 |  |  |  |  |  | 2,362 |
6.250% due 07/25/2036 ~ |  |  |  |  | 33 |  |  |  |  |  | 28 |
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust |
5.500% due 09/25/2033 |  |  |  |  | 56 |  |  |  |  |  | 55 |
DOLP Trust |
3.704% due 05/10/2041 ~(l) |  |  |  |  | 29,000 |  |  |  |  |  | 19,919 |
Downey Savings & Loan Association Mortgage Loan Trust |
4.661% due 04/19/2047 • |  |  |  |  | 196 |  |  |  |  |  | 184 |
Ellington Financial Mortgage Trust |
0.000% due 02/25/2068 ~(a) |  |  |  |  | 244,746 |  |  |  |  |  | 3,113 |
0.250% due 02/25/2068 ~(a) |  |  |  |  | 244,746 |  |  |  |  |  | 583 |
6.796% due 02/25/2068 ~(l) |  |  |  |  | 7,689 |  |  |  |  |  | 7,384 |
6.796% due 02/25/2068 ~ |  |  |  |  | 22,284 |  |  |  |  |  | 20,117 |
Eurosail PLC |
0.000% due 06/13/2045 ~ |  | GBP |  |  | 6 |  |  |  |  |  | 702 |
3.728% due 03/13/2045 • |  | EUR |  |  | 7,067 |  |  |  |  |  | 6,475 |
6.096% (BP0003M + 1.250%) due 06/13/2045 ~ |  | GBP |  |  | 14,072 |  |  |  |  |  | 15,413 |
6.446% due 09/13/2045 • |  |  |  |  | 15,554 |  |  |  |  |  | 18,040 |
6.596% (BP0003M + 1.750%) due 06/13/2045 ~ |  |  |  |  | 8,667 |  |  |  |  |  | 8,855 |
7.096% due 09/13/2045 • |  |  |  |  | 11,113 |  |  |  |  |  | 12,284 |
8.346% (BP0003M + 3.500%) due 06/13/2045 ~ |  |  |  |  | 3,082 |  |  |  |  |  | 2,943 |
8.696% due 09/13/2045 • |  |  |  |  | 9,266 |  |  |  |  |  | 11,673 |
Extended Stay America Trust |
8.211% due 07/15/2038 •(l) |  | $ |  |  | 40,428 |  |  |  |  |  | 40,708 |
First Horizon Alternative Mortgage Securities Trust |
0.000% due 12/26/2049 (g) |  |  |  |  | 2 |  |  |  |  |  | 0 |
2.647% due 11/25/2036 •(a) |  |  |  |  | 718 |  |  |  |  |  | 72 |
4.787% due 02/25/2036 ~ |  |  |  |  | 24 |  |  |  |  |  | 17 |
5.391% due 05/25/2036 ~ |  |  |  |  | 386 |  |  |  |  |  | 322 |
5.679% due 11/25/2036 ~ |  |  |  |  | 364 |  |  |  |  |  | 252 |
5.988% due 08/25/2035 ~ |  |  |  |  | 62 |  |  |  |  |  | 5 |
6.250% due 11/25/2036 |  |  |  |  | 54 |  |  |  |  |  | 15 |
First Horizon Mortgage Pass-Through Trust |
3.875% due 07/25/2037 ~ |  |  |  |  | 8 |  |  |  |  |  | 4 |
5.164% due 05/25/2037 ~ |  |  |  |  | 2,248 |  |  |  |  |  | 950 |
5.191% due 01/25/2037 ~ |  |  |  |  | 187 |  |  |  |  |  | 98 |
5.500% due 08/25/2037 |  |  |  |  | 213 |  |  |  |  |  | 72 |
GC Pastor Hipotecario FTA |
3.009% due 06/21/2046 • |  | EUR |  |  | 13,506 |  |  |  |  |  | 12,817 |
GMAC Mortgage Corp. Loan Trust |
3.778% due 07/19/2035 ~ |  | $ |  |  | 16 |  |  |  |  |  | 13 |
GreenPoint Mortgage Funding Trust |
4.813% due 01/25/2037 • |  |  |  |  | 459 |  |  |  |  |  | 409 |
4.853% due 12/25/2046 •(l) |  |  |  |  | 2,260 |  |  |  |  |  | 2,114 |
GS Mortgage Securities Corp. Trust |
5.644% due 07/15/2035 • |  |  |  |  | 1,298 |  |  |  |  |  | 979 |
7.244% due 11/15/2032 •(l) |  |  |  |  | 10,358 |  |  |  |  |  | 10,283 |
GS Mortgage Securities Trust |
0.432% due 08/10/2043 ~(a) |  |  |  |  | 983 |  |  |  |  |  | 2 |
GS Mortgage-Backed Securities Trust |
0.000% due 07/25/2059 ~(a) |  |  |  |  | 230,343 |  |  |  |  |  | 2,041 |
3.806% due 07/25/2059 ~(l) |  |  |  |  | 20,073 |  |  |  |  |  | 13,250 |
GSC Capital Corp. Mortgage Trust |
4.813% due 05/25/2036 •(l) |  |  |  |  | 941 |  |  |  |  |  | 888 |
GSR Mortgage Loan Trust |
4.743% due 01/25/2036 ~ |  |  |  |  | 249 |  |  |  |  |  | 222 |
4.903% due 07/25/2037 • |  |  |  |  | 229 |  |  |  |  |  | 53 |
5.578% due 12/25/2034 ~ |  |  |  |  | 7 |  |  |  |  |  | 7 |
6.000% due 09/25/2034 |  |  |  |  | 236 |  |  |  |  |  | 233 |
6.500% due 08/25/2036 • |  |  |  |  | 594 |  |  |  |  |  | 173 |
6.959% due 11/25/2035 ~ |  |  |  |  | 115 |  |  |  |  |  | 61 |
HarborView Mortgage Loan Trust |
4.058% due 08/19/2036 ~ |  |  |  |  | 37 |  |  |  |  |  | 31 |
4.861% due 02/19/2046 •(l) |  |  |  |  | 635 |  |  |  |  |  | 576 |
4.890% due 01/19/2036 •(l) |  |  |  |  | 3,947 |  |  |  |  |  | 2,390 |
4.901% due 11/19/2036 •(l) |  |  |  |  | 494 |  |  |  |  |  | 445 |
4.955% due 06/19/2045 • |  |  |  |  | 903 |  |  |  |  |  | 405 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
4.961% due 03/19/2036 •(l) |  | $ |  |  | 6,303 |  |  | $ |  |  | 5,624 |
5.041% due 06/19/2034 • |  |  |  |  | 62 |  |  |  |  |  | 56 |
5.121% due 01/19/2035 • |  |  |  |  | 98 |  |  |  |  |  | 80 |
5.460% due 06/20/2035 •(l) |  |  |  |  | 3,430 |  |  |  |  |  | 3,054 |
5.835% due 06/20/2035 • |  |  |  |  | 792 |  |  |  |  |  | 693 |
Hilton USA Trust |
2.828% due 11/05/2035 |  |  |  |  | 1,000 |  |  |  |  |  | 781 |
HomeBanc Mortgage Trust |
4.679% due 04/25/2037 ~(l) |  |  |  |  | 2,054 |  |  |  |  |  | 1,827 |
4.953% due 03/25/2035 •(l) |  |  |  |  | 3,043 |  |  |  |  |  | 2,456 |
HSI Asset Loan Obligation Trust |
6.000% due 06/25/2037 (l) |  |  |  |  | 1,933 |  |  |  |  |  | 1,668 |
IM Pastor Fondo de Titluzacion Hipotecaria |
2.979% due 03/22/2043 • |  | EUR |  |  | 10,694 |  |  |  |  |  | 9,743 |
2.979% due 03/22/2044 • |  |  |  |  | 17,776 |  |  |  |  |  | 16,450 |
Impac CMB Trust |
4.973% due 11/25/2035 • |  | $ |  |  | 79 |  |  |  |  |  | 69 |
5.173% due 10/25/2034 • |  |  |  |  | 34 |  |  |  |  |  | 33 |
Impac Secured Assets Trust |
4.673% due 05/25/2037 • |  |  |  |  | 2 |  |  |  |  |  | 1 |
5.313% due 03/25/2036 •(l) |  |  |  |  | 854 |  |  |  |  |  | 694 |
IndyMac IMSC Mortgage Loan Trust |
4.116% due 06/25/2037 ~(l) |  |  |  |  | 2,605 |  |  |  |  |  | 1,636 |
IndyMac INDA Mortgage Loan Trust |
3.045% due 03/25/2037 ~ |  |  |  |  | 14 |  |  |  |  |  | 11 |
4.368% due 12/25/2036 ~ |  |  |  |  | 386 |  |  |  |  |  | 301 |
IndyMac INDX Mortgage Loan Trust |
3.202% due 06/25/2037 ~ |  |  |  |  | 125 |  |  |  |  |  | 99 |
3.251% due 02/25/2035 ~ |  |  |  |  | 193 |  |  |  |  |  | 169 |
3.427% due 05/25/2037 ~(l) |  |  |  |  | 1,445 |  |  |  |  |  | 1,141 |
4.123% due 11/25/2036 ~(l) |  |  |  |  | 498 |  |  |  |  |  | 458 |
4.159% due 11/25/2035 ~(l) |  |  |  |  | 2,104 |  |  |  |  |  | 1,948 |
4.195% due 06/25/2036 ~(l) |  |  |  |  | 495 |  |  |  |  |  | 430 |
4.853% due 11/25/2046 •(l) |  |  |  |  | 3,078 |  |  |  |  |  | 2,725 |
4.873% due 11/25/2036 • |  |  |  |  | 90 |  |  |  |  |  | 83 |
4.913% due 04/25/2035 • |  |  |  |  | 30 |  |  |  |  |  | 27 |
4.953% due 02/25/2037 •(l) |  |  |  |  | 1,933 |  |  |  |  |  | 1,249 |
5.053% due 07/25/2036 • |  |  |  |  | 302 |  |  |  |  |  | 201 |
5.253% due 08/25/2034 • |  |  |  |  | 96 |  |  |  |  |  | 86 |
5.313% due 09/25/2034 • |  |  |  |  | 173 |  |  |  |  |  | 149 |
Jefferies Resecuritization Trust |
6.000% due 12/26/2036 ~ |  |  |  |  | 3,446 |  |  |  |  |  | 896 |
JP Morgan Alternative Loan Trust |
4.316% due 05/25/2036 ~ |  |  |  |  | 536 |  |  |  |  |  | 301 |
4.853% due 06/25/2037 •(l) |  |  |  |  | 21,223 |  |  |  |  |  | 7,686 |
4.995% due 11/25/2036 ~ |  |  |  |  | 45 |  |  |  |  |  | 54 |
5.332% due 06/27/2037 •(l) |  |  |  |  | 4,309 |  |  |  |  |  | 2,766 |
5.500% due 11/25/2036 ~ |  |  |  |  | 8 |  |  |  |  |  | 3 |
6.000% due 12/25/2035 |  |  |  |  | 497 |  |  |  |  |  | 329 |
6.106% due 06/27/2037 ~(l) |  |  |  |  | 13,051 |  |  |  |  |  | 6,165 |
6.460% due 12/25/2036 þ(l) |  |  |  |  | 1,437 |  |  |  |  |  | 1,437 |
JP Morgan Chase Commercial Mortgage Securities Trust |
2.287% due 03/05/2042 (l) |  |  |  |  | 2,210 |  |  |  |  |  | 1,959 |
3.861% due 12/05/2038 ~ |  |  |  |  | 2,850 |  |  |  |  |  | 405 |
4.128% due 07/05/2031 (l) |  |  |  |  | 3,360 |  |  |  |  |  | 3,134 |
4.248% due 07/05/2033 (l) |  |  |  |  | 6,360 |  |  |  |  |  | 5,975 |
4.379% due 07/05/2031 (l) |  |  |  |  | 13,293 |  |  |  |  |  | 10,894 |
4.994% due 04/15/2037 •(l) |  |  |  |  | 976 |  |  |  |  |  | 956 |
5.504% due 04/15/2037 •(l) |  |  |  |  | 1,464 |  |  |  |  |  | 1,419 |
6.015% due 07/05/2033 •(l) |  |  |  |  | 3,000 |  |  |  |  |  | 2,702 |
6.061% due 12/15/2036 •(l) |  |  |  |  | 7,905 |  |  |  |  |  | 2,531 |
6.262% due 03/15/2036 •(l) |  |  |  |  | 7,900 |  |  |  |  |  | 5,993 |
6.511% due 12/15/2036 • |  |  |  |  | 3,030 |  |  |  |  |  | 171 |
6.602% due 06/15/2038 •(l) |  |  |  |  | 2,000 |  |  |  |  |  | 1,708 |
6.745% due 02/15/2035 • |  |  |  |  | 699 |  |  |  |  |  | 677 |
7.235% due 10/05/2040 (l) |  |  |  |  | 1,000 |  |  |  |  |  | 1,047 |
7.261% due 12/15/2036 • |  |  |  |  | 4,800 |  |  |  |  |  | 76 |
7.695% due 02/15/2035 •(l) |  |  |  |  | 13,987 |  |  |  |  |  | 13,550 |
8.177% due 11/15/2038 •(l) |  |  |  |  | 9,000 |  |  |  |  |  | 8,926 |
8.927% due 11/15/2038 • |  |  |  |  | 1,500 |  |  |  |  |  | 1,472 |
9.922% due 11/15/2038 •(l) |  |  |  |  | 22,700 |  |  |  |  |  | 22,206 |
JP Morgan Mortgage Trust |
4.510% due 05/25/2036 ~ |  |  |  |  | 162 |  |  |  |  |  | 132 |
4.629% due 10/25/2036 ~ |  |  |  |  | 11 |  |  |  |  |  | 8 |
4.757% due 06/25/2037 ~(l) |  |  |  |  | 1,438 |  |  |  |  |  | 1,096 |
5.072% due 10/25/2036 ~ |  |  |  |  | 252 |  |  |  |  |  | 144 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 73

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

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
5.633% due 07/25/2035 ~ |  | $ |  |  | 13 |  |  | $ |  |  | 12 |
6.000% due 08/25/2037 |  |  |  |  | 330 |  |  |  |  |  | 148 |
JP Morgan Resecuritization Trust |
6.000% due 09/26/2036 ~(l) |  |  |  |  | 933 |  |  |  |  |  | 721 |
6.500% due 04/26/2036 ~ |  |  |  |  | 3,825 |  |  |  |  |  | 1,073 |
7.613% due 03/21/2037 ~ |  |  |  |  | 220 |  |  |  |  |  | 209 |
Lansdowne Mortgage Securities PLC |
3.821% due 09/16/2048 • |  | EUR |  |  | 4,850 |  |  |  |  |  | 4,668 |
3.941% due 06/15/2045 • |  |  |  |  | 900 |  |  |  |  |  | 760 |
Lavender Trust |
6.000% due 11/26/2036 (l) |  | $ |  |  | 5,668 |  |  |  |  |  | 5,268 |
6.250% due 10/26/2036 (l) |  |  |  |  | 3,408 |  |  |  |  |  | 1,573 |
Lehman Mortgage Trust |
5.757% due 04/25/2036 ~ |  |  |  |  | 167 |  |  |  |  |  | 105 |
6.000% due 08/25/2036 |  |  |  |  | 423 |  |  |  |  |  | 320 |
6.000% due 09/25/2036 |  |  |  |  | 327 |  |  |  |  |  | 153 |
6.000% due 05/25/2037 |  |  |  |  | 8 |  |  |  |  |  | 8 |
6.000% due 01/25/2038 |  |  |  |  | 310 |  |  |  |  |  | 296 |
6.500% due 09/25/2037 |  |  |  |  | 3,133 |  |  |  |  |  | 972 |
7.250% due 09/25/2037 |  |  |  |  | 31,066 |  |  |  |  |  | 7,717 |
Lehman XS Trust |
5.013% due 07/25/2037 •(l) |  |  |  |  | 22,501 |  |  |  |  |  | 15,613 |
5.453% due 07/25/2047 •(l) |  |  |  |  | 3,348 |  |  |  |  |  | 2,999 |
5.602% due 08/25/2047 • |  |  |  |  | 196 |  |  |  |  |  | 160 |
MASTR Adjustable Rate Mortgages Trust |
4.476% due 10/25/2034 ~ |  |  |  |  | 163 |  |  |  |  |  | 147 |
5.133% due 05/25/2047 •(l) |  |  |  |  | 6,765 |  |  |  |  |  | 5,482 |
MASTR Alternative Loan Trust |
4.803% due 03/25/2036 •(l) |  |  |  |  | 19,917 |  |  |  |  |  | 1,903 |
4.853% due 03/25/2036 •(l) |  |  |  |  | 26,326 |  |  |  |  |  | 2,547 |
7.000% due 10/25/2047 |  |  |  |  | 10,521 |  |  |  |  |  | 4,164 |
Merrill Lynch Alternative Note Asset Trust |
6.000% due 05/25/2037 (l) |  |  |  |  | 2,155 |  |  |  |  |  | 1,626 |
Merrill Lynch Mortgage Investors Trust |
4.273% due 03/25/2036 ~(l) |  |  |  |  | 5,350 |  |  |  |  |  | 2,595 |
5.200% due 05/25/2036 ~(l) |  |  |  |  | 844 |  |  |  |  |  | 785 |
MF1 LLC |
8.617% due 12/15/2034 • |  |  |  |  | 2,750 |  |  |  |  |  | 2,638 |
MF1 Ltd. |
7.217% due 12/15/2034 • |  |  |  |  | 475 |  |  |  |  |  | 462 |
MFA Trust |
4.039% due 04/25/2065 ~(l) |  |  |  |  | 14,456 |  |  |  |  |  | 13,354 |
Mill City Mortgage Loan Trust |
0.000% due 08/25/2058 ~(a) |  |  |  |  | 47,884 |  |  |  |  |  | 219 |
0.000% due 08/25/2058 ~ |  |  |  |  | 47,884 |  |  |  |  |  | 3 |
0.000% due 08/25/2059 ~(a) |  |  |  |  | 31,093 |  |  |  |  |  | 684 |
0.000% due 04/25/2066 ~(a) |  |  |  |  | 69,457 |  |  |  |  |  | 316 |
0.010% due 04/25/2066 (a) |  |  |  |  | 69,457 |  |  |  |  |  | 17 |
0.080% due 08/25/2059 ~(a) |  |  |  |  | 27,684 |  |  |  |  |  | 152 |
0.127% due 04/25/2066 ~ |  |  |  |  | 2,459 |  |  |  |  |  | 1,098 |
3.045% due 04/25/2066 ~(l) |  |  |  |  | 3,615 |  |  |  |  |  | 2,398 |
3.045% due 04/25/2066 ~ |  |  |  |  | 6,520 |  |  |  |  |  | 3,722 |
3.250% due 08/25/2058 ~ |  |  |  |  | 2,759 |  |  |  |  |  | 1,768 |
3.250% due 08/25/2059 ~(l) |  |  |  |  | 3,063 |  |  |  |  |  | 2,451 |
3.250% due 08/25/2059 ~ |  |  |  |  | 2,924 |  |  |  |  |  | 2,062 |
3.688% due 08/25/2058 ~ |  |  |  |  | 5,365 |  |  |  |  |  | 2,983 |
3.885% due 08/25/2059 ~ |  |  |  |  | 5,596 |  |  |  |  |  | 3,150 |
Morgan Stanley Capital Trust |
3.912% due 09/09/2032 (l) |  |  |  |  | 25,312 |  |  |  |  |  | 22,366 |
5.462% due 12/15/2036 •(l) |  |  |  |  | 6,246 |  |  |  |  |  | 5,179 |
6.012% due 12/15/2036 • |  |  |  |  | 453 |  |  |  |  |  | 80 |
6.756% due 12/15/2036 •(l) |  |  |  |  | 18,590 |  |  |  |  |  | 850 |
6.895% due 11/15/2034 •(l) |  |  |  |  | 6,183 |  |  |  |  |  | 5,965 |
8.707% due 12/15/2038 •(l) |  |  |  |  | 18,000 |  |  |  |  |  | 14,563 |
9.606% due 12/15/2038 •(l) |  |  |  |  | 19,500 |  |  |  |  |  | 15,336 |
Morgan Stanley Mortgage Capital Holdings Trust |
3.740% due 09/13/2039 ~(l) |  |  |  |  | 1,780 |  |  |  |  |  | 1,370 |
Morgan Stanley Mortgage Loan Trust |
4.693% due 05/25/2036 ~ |  |  |  |  | 1,347 |  |  |  |  |  | 549 |
4.763% due 01/25/2035 • |  |  |  |  | 231 |  |  |  |  |  | 215 |
4.793% due 05/25/2036 • |  |  |  |  | 140 |  |  |  |  |  | 26 |
5.715% due 07/25/2035 ~ |  |  |  |  | 425 |  |  |  |  |  | 352 |
5.750% due 12/25/2035 |  |  |  |  | 153 |  |  |  |  |  | 100 |
5.962% due 06/25/2036 ~ |  |  |  |  | 1,746 |  |  |  |  |  | 491 |
6.000% due 08/25/2037 |  |  |  |  | 136 |  |  |  |  |  | 47 |
6.885% due 01/25/2035 ~ |  |  |  |  | 134 |  |  |  |  |  | 115 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Morgan Stanley Re-REMIC Trust |
2.476% due 03/26/2037 þ(l) |  | $ |  |  | 1,075 |  |  | $ |  |  | 1,075 |
4.591% due 02/26/2037 •(l) |  |  |  |  | 1,735 |  |  |  |  |  | 1,575 |
5.633% due 07/26/2035 ~(l) |  |  |  |  | 3,984 |  |  |  |  |  | 3,877 |
5.701% due 06/26/2035 ~(l) |  |  |  |  | 9,545 |  |  |  |  |  | 7,053 |
6.000% due 04/26/2036 (l) |  |  |  |  | 6,144 |  |  |  |  |  | 6,151 |
6.844% due 09/26/2035 ~(l) |  |  |  |  | 342 |  |  |  |  |  | 326 |
Morgan Stanley Residential Mortgage Loan Trust |
0.375% due 12/25/2068 ~(a) |  |  |  |  | 225,664 |  |  |  |  |  | 934 |
1.560% due 12/25/2068 (a) |  |  |  |  | 225,664 |  |  |  |  |  | 5,803 |
7.923% due 12/25/2068 ~ |  |  |  |  | 4,006 |  |  |  |  |  | 3,762 |
Mortgage Equity Conversion Asset Trust |
4.000% due 07/25/2060 |  |  |  |  | 1,440 |  |  |  |  |  | 1,342 |
Mortgage Funding PLC |
8.046% due 03/13/2046 • |  | GBP |  |  | 1,000 |  |  |  |  |  | 1,254 |
MRCD Mortgage Trust |
4.250% due 12/15/2036 ~(l) |  | $ |  |  | 3,700 |  |  |  |  |  | 369 |
MSDB Trust |
3.316% due 07/11/2039 ~(l) |  |  |  |  | 21,938 |  |  |  |  |  | 20,196 |
Natixis Commercial Mortgage Securities Trust |
4.058% due 04/10/2037 ~(l) |  |  |  |  | 5,880 |  |  |  |  |  | 2,613 |
New Orleans Hotel Trust |
6.034% due 04/15/2032 • |  |  |  |  | 1,200 |  |  |  |  |  | 1,149 |
6.484% due 04/15/2032 •(l) |  |  |  |  | 13,642 |  |  |  |  |  | 12,921 |
New Residential Mortgage Loan Trust |
0.250% due 09/25/2064 ~(a) |  |  |  |  | 630,188 |  |  |  |  |  | 2,931 |
2.343% due 09/25/2064 ~(a) |  |  |  |  | 630,188 |  |  |  |  |  | 22,116 |
3.859% due 11/25/2059 ~ |  |  |  |  | 8,300 |  |  |  |  |  | 4,184 |
7.714% due 09/25/2064 ~ |  |  |  |  | 16,143 |  |  |  |  |  | 14,211 |
New York Mortgage Trust |
5.250% due 07/25/2062 þ(l) |  |  |  |  | 12,496 |  |  |  |  |  | 12,422 |
6.558% due 08/25/2061 þ |  |  |  |  | 1,022 |  |  |  |  |  | 994 |
Newgate Funding PLC |
4.136% due 12/15/2050 • |  | EUR |  |  | 916 |  |  |  |  |  | 912 |
4.386% due 12/15/2050 • |  |  |  |  | 1,750 |  |  |  |  |  | 1,701 |
Nomura Asset Acceptance Corp. Alternative Loan Trust |
4.773% due 10/25/2036 •(l) |  | $ |  |  | 874 |  |  |  |  |  | 711 |
Nomura Resecuritization Trust |
4.852% due 09/26/2035 ~(l) |  |  |  |  | 3,170 |  |  |  |  |  | 2,721 |
NovaStar Mortgage Funding Trust |
0.446% due 09/25/2046 • |  |  |  |  | 118 |  |  |  |  |  | 107 |
NYO Commercial Mortgage Trust |
5.607% due 11/15/2038 •(l) |  |  |  |  | 2,000 |  |  |  |  |  | 1,963 |
6.057% due 12/15/2038 •(l) |  |  |  |  | 2,200 |  |  |  |  |  | 2,132 |
Prime Mortgage Trust |
4.803% due 06/25/2036 •(l) |  |  |  |  | 1,189 |  |  |  |  |  | 846 |
7.000% due 07/25/2034 |  |  |  |  | 36 |  |  |  |  |  | 32 |
RBSSP Resecuritization Trust |
5.312% due 05/26/2037 ~(l) |  |  |  |  | 2,745 |  |  |  |  |  | 1,468 |
5.618% due 09/26/2035 ~(l) |  |  |  |  | 2,975 |  |  |  |  |  | 1,615 |
6.000% due 03/26/2036 ~(l) |  |  |  |  | 3,374 |  |  |  |  |  | 1,724 |
6.000% due 06/26/2037 ~ |  |  |  |  | 334 |  |  |  |  |  | 288 |
6.836% due 07/26/2045 ~(l) |  |  |  |  | 8,399 |  |  |  |  |  | 8,177 |
Regal Trust |
1.723% due 09/29/2031 • |  |  |  |  | 1 |  |  |  |  |  | 1 |
Residential Accredit Loans, Inc. Trust |
4.753% due 02/25/2037 • |  |  |  |  | 277 |  |  |  |  |  | 241 |
4.813% due 07/25/2036 •(l) |  |  |  |  | 7,775 |  |  |  |  |  | 2,659 |
4.833% due 05/25/2037 •(l) |  |  |  |  | 6,194 |  |  |  |  |  | 5,651 |
4.873% due 06/25/2037 •(l) |  |  |  |  | 608 |  |  |  |  |  | 529 |
5.500% due 04/25/2037 |  |  |  |  | 39 |  |  |  |  |  | 30 |
5.825% due 01/25/2046 •(l) |  |  |  |  | 2,653 |  |  |  |  |  | 2,114 |
6.000% due 08/25/2035 (l) |  |  |  |  | 500 |  |  |  |  |  | 432 |
6.000% due 12/25/2035 (l) |  |  |  |  | 1,010 |  |  |  |  |  | 850 |
6.000% due 06/25/2036 |  |  |  |  | 128 |  |  |  |  |  | 102 |
6.000% due 09/25/2036 (l) |  |  |  |  | 2,826 |  |  |  |  |  | 1,139 |
6.000% due 11/25/2036 (l) |  |  |  |  | 1,289 |  |  |  |  |  | 999 |
6.000% due 01/25/2037 |  |  |  |  | 191 |  |  |  |  |  | 148 |
6.250% due 02/25/2037 (l) |  |  |  |  | 1,865 |  |  |  |  |  | 1,497 |
6.500% due 09/25/2037 (l) |  |  |  |  | 675 |  |  |  |  |  | 544 |
7.000% due 10/25/2037 (l) |  |  |  |  | 4,085 |  |  |  |  |  | 3,169 |
Residential Asset Mortgage Products Trust |
8.000% due 05/25/2032 |  |  |  |  | 236 |  |  |  |  |  | 154 |
Residential Asset Securitization Trust |
5.500% due 07/25/2035 |  |  |  |  | 550 |  |  |  |  |  | 318 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
6.000% due 02/25/2037 |  | $ |  |  | 167 |  |  | $ |  |  | 66 |
6.000% due 03/25/2037 |  |  |  |  | 2,801 |  |  |  |  |  | 862 |
6.000% due 07/25/2037 (l) |  |  |  |  | 6,206 |  |  |  |  |  | 2,302 |
6.250% due 08/25/2037 |  |  |  |  | 4,040 |  |  |  |  |  | 953 |
Residential Funding Mortgage Securities, Inc. Trust |
5.850% due 11/25/2035 |  |  |  |  | 46 |  |  |  |  |  | 33 |
5.988% due 07/27/2037 ~ |  |  |  |  | 98 |  |  |  |  |  | 80 |
6.000% due 04/25/2037 |  |  |  |  | 364 |  |  |  |  |  | 279 |
6.000% due 06/25/2037 |  |  |  |  | 145 |  |  |  |  |  | 112 |
RiverView HECM Trust |  |  |  |  |  |  |  |  |  |  |  |
4.760% due 05/25/2047 • |  |  |  |  | 2,537 |  |  |  |  |  | 2,235 |
Sequoia Mortgage Trust |
4.155% due 01/20/2038 ~ |  |  |  |  | 71 |  |  |  |  |  | 56 |
5.225% due 07/20/2036 • |  |  |  |  | 90 |  |  |  |  |  | 18 |
5.685% due 10/20/2027 • |  |  |  |  | 83 |  |  |  |  |  | 69 |
6.164% due 02/20/2034 • |  |  |  |  | 106 |  |  |  |  |  | 95 |
7.235% due 09/20/2032 ~ |  |  |  |  | 168 |  |  |  |  |  | 161 |
SFO Commercial Mortgage Trust |
5.661% due 05/15/2038 •(l) |  |  |  |  | 18,150 |  |  |  |  |  | 17,727 |
6.011% due 05/15/2038 •(l) |  |  |  |  | 2,120 |  |  |  |  |  | 2,040 |
6.311% due 05/15/2038 •(l) |  |  |  |  | 1,760 |  |  |  |  |  | 1,685 |
SG Commercial Mortgage Securities Trust |
4.509% due 02/15/2041 ~(l) |  |  |  |  | 9,000 |  |  |  |  |  | 6,996 |
SMRT Commercial Mortgage Trust |
7.098% due 01/15/2039 •(l) |  |  |  |  | 30,200 |  |  |  |  |  | 28,999 |
Soho Trust |
2.697% due 08/10/2038 ~ |  |  |  |  | 8,886 |  |  |  |  |  | 6,125 |
Starwood Mortgage Residential Trust |
3.935% due 11/25/2066 ~ |  |  |  |  | 500 |  |  |  |  |  | 341 |
Starwood Mortgage Trust |
7.562% due 04/15/2034 •(l) |  |  |  |  | 13,424 |  |  |  |  |  | 13,105 |
8.562% due 04/15/2034 • |  |  |  |  | 6,612 |  |  |  |  |  | 6,426 |
Stratton Hawksmoor PLC |
6.727% due 02/25/2053 • |  | GBP |  |  | 1,967 |  |  |  |  |  | 2,431 |
7.477% due 02/25/2053 • |  |  |  |  | 4,300 |  |  |  |  |  | 5,295 |
Stratton Mortgage Funding PLC |
0.000% due 06/28/2050 (b)(g) |  |  |  |  | 3,433 |  |  |  |  |  | 3,082 |
0.000% due 06/28/2050 (g) |  |  |  |  | 0 |  |  |  |  |  | 292 |
0.000% due 06/20/2060 (b)(g) |  |  |  |  | 3,784 |  |  |  |  |  | 3,358 |
0.000% due 06/20/2060 (g) |  |  |  |  | 0 |  |  |  |  |  | 1,774 |
8.725% due 06/20/2060 • |  |  |  |  | 378 |  |  |  |  |  | 435 |
8.726% due 06/28/2050 • |  |  |  |  | 125 |  |  |  |  |  | 154 |
9.725% due 06/20/2060 • |  |  |  |  | 378 |  |  |  |  |  | 443 |
9.726% due 06/28/2050 • |  |  |  |  | 291 |  |  |  |  |  | 349 |
Structured Adjustable Rate Mortgage Loan Trust |
4.063% due 02/25/2037 ~(l) |  | $ |  |  | 4,604 |  |  |  |  |  | 3,094 |
4.529% due 01/25/2036 ~ |  |  |  |  | 537 |  |  |  |  |  | 298 |
4.783% due 04/25/2047 ~ |  |  |  |  | 1,012 |  |  |  |  |  | 464 |
5.138% due 08/25/2036 ~ |  |  |  |  | 2,255 |  |  |  |  |  | 426 |
Structured Asset Mortgage Investments Trust |
4.793% due 03/25/2037 • |  |  |  |  | 801 |  |  |  |  |  | 147 |
4.833% due 07/25/2046 •(l) |  |  |  |  | 8,127 |  |  |  |  |  | 5,749 |
4.873% due 05/25/2036 •(l) |  |  |  |  | 1,330 |  |  |  |  |  | 896 |
4.873% due 08/25/2036 •(l) |  |  |  |  | 670 |  |  |  |  |  | 544 |
4.913% due 05/25/2045 • |  |  |  |  | 46 |  |  |  |  |  | 41 |
5.211% due 02/25/2036 ~ |  |  |  |  | 2,646 |  |  |  |  |  | 1,186 |
Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
5.572% due 01/25/2034 ~ |  |  |  |  | 60 |  |  |  |  |  | 59 |
SunTrust Adjustable Rate Mortgage Loan Trust |
6.369% due 02/25/2037 ~(l) |  |  |  |  | 891 |  |  |  |  |  | 798 |
SunTrust Alternative Loan Trust |
2.697% due 04/25/2036 •(a) |  |  |  |  | 3,891 |  |  |  |  |  | 474 |
TBW Mortgage-Backed Trust |
6.000% due 07/25/2036 |  |  |  |  | 204 |  |  |  |  |  | 71 |
6.500% due 07/25/2036 (l) |  |  |  |  | 18,435 |  |  |  |  |  | 4,228 |
TDA Mixto Fondo de Titulizacion de Activos |
2.905% due 12/28/2050 • |  | EUR |  |  | 5,114 |  |  |  |  |  | 4,741 |
3.272% due 10/28/2050 • |  |  |  |  | 7,591 |  |  |  |  |  | 4,123 |
TTAN |
6.912% due 03/15/2038 •(l) |  | $ |  |  | 8,503 |  |  |  |  |  | 8,511 |
VASA Trust |
5.412% due 07/15/2039 •(l) |  |  |  |  | 1,000 |  |  |  |  |  | 953 |
8.412% due 07/15/2039 • |  |  |  |  | 4,435 |  |  |  |  |  | 2,954 |
Verus Securitization Trust |
7.818% due 06/25/2069 ~ |  |  |  |  | 1,000 |  |  |  |  |  | 980 |

74 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
VNDO Mortgage Trust |
3.903% due 01/10/2035 ~(l) |  | $ |  |  | 4,814 |  |  | $ |  |  | 4,495 |
Waikiki Beach Hotel Trust |
6.725% due 12/15/2033 •(l) |  |  |  |  | 19,450 |  |  |  |  |  | 19,232 |
7.375% due 12/15/2033 •(l) |  |  |  |  | 20,500 |  |  |  |  |  | 19,998 |
WaMu Mortgage Pass-Through Certificates Trust |
3.824% due 03/25/2037 ~ |  |  |  |  | 210 |  |  |  |  |  | 169 |
4.060% due 02/25/2037 ~(l) |  |  |  |  | 1,404 |  |  |  |  |  | 1,182 |
4.079% due 03/25/2037 ~(l) |  |  |  |  | 1,401 |  |  |  |  |  | 1,224 |
4.219% due 06/25/2037 ~(l) |  |  |  |  | 563 |  |  |  |  |  | 485 |
4.328% due 11/25/2036 ~ |  |  |  |  | 90 |  |  |  |  |  | 77 |
4.445% due 07/25/2037 ~(l) |  |  |  |  | 825 |  |  |  |  |  | 655 |
4.486% due 07/25/2037 ~ |  |  |  |  | 447 |  |  |  |  |  | 402 |
4.993% due 07/25/2045 • |  |  |  |  | 82 |  |  |  |  |  | 79 |
5.076% due 08/25/2036 ~(l) |  |  |  |  | 831 |  |  |  |  |  | 760 |
5.293% due 06/25/2044 • |  |  |  |  | 70 |  |  |  |  |  | 66 |
5.575% due 06/25/2047 • |  |  |  |  | 1,317 |  |  |  |  |  | 1,040 |
5.623% due 07/25/2047 • |  |  |  |  | 351 |  |  |  |  |  | 290 |
5.635% due 07/25/2047 •(l) |  |  |  |  | 10,060 |  |  |  |  |  | 8,207 |
5.659% due 03/25/2033 ~ |  |  |  |  | 19 |  |  |  |  |  | 18 |
5.705% due 10/25/2046 • |  |  |  |  | 195 |  |  |  |  |  | 164 |
5.873% due 07/25/2046 •(l) |  |  |  |  | 2,049 |  |  |  |  |  | 1,811 |
Warwick Finance Residential Mortgages PLC |
0.000% due 12/21/2049 (g) |  | GBP |  |  | 0 |  |  |  |  |  | 1,842 |
7.376% due 12/21/2049 • |  |  |  |  | 646 |  |  |  |  |  | 805 |
7.876% due 12/21/2049 • |  |  |  |  | 646 |  |  |  |  |  | 798 |
Washington Mutual Mortgage Pass-Through Certificates Trust |
2.542% due 06/25/2046 •(l) |  | $ |  |  | 4,925 |  |  |  |  |  | 2,704 |
3.725% due 06/25/2033 ~ |  |  |  |  | 61 |  |  |  |  |  | 55 |
4.933% due 01/25/2047 •(l) |  |  |  |  | 6,596 |  |  |  |  |  | 5,828 |
5.053% due 07/25/2036 •(l) |  |  |  |  | 2,814 |  |  |  |  |  | 2,038 |
5.675% due 10/25/2046 • |  |  |  |  | 231 |  |  |  |  |  | 194 |
5.750% due 11/25/2035 (l) |  |  |  |  | 699 |  |  |  |  |  | 626 |
6.000% due 04/25/2037 (l) |  |  |  |  | 1,119 |  |  |  |  |  | 976 |
6.467% due 05/25/2036 þ(l) |  |  |  |  | 3,065 |  |  |  |  |  | 2,606 |
Wells Fargo Alternative Loan Trust |
5.750% due 07/25/2037 |  |  |  |  | 158 |  |  |  |  |  | 133 |
7.099% due 07/25/2037 ~(l) |  |  |  |  | 1,099 |  |  |  |  |  | 1,002 |
Wells Fargo Commercial Mortgage Trust |
4.557% due 09/15/2031 ~(l) |  |  |  |  | 27,000 |  |  |  |  |  | 26,164 |
Wells Fargo Mortgage Loan Trust |
4.534% due 03/27/2037 ~(l) |  |  |  |  | 3,106 |  |  |  |  |  | 1,831 |
6.152% due 04/27/2036 ~(l) |  |  |  |  | 2,696 |  |  |  |  |  | 2,541 |
Wells Fargo Mortgage-Backed Securities Trust |
6.000% due 06/25/2037 |  |  |  |  | 46 |  |  |  |  |  | 41 |
7.395% due 10/25/2036 ~ |  |  |  |  | 4 |  |  |  |  |  | 3 |
7.475% due 09/25/2036 ~ |  |  |  |  | 3 |  |  |  |  |  | 3 |
Worldwide Plaza Trust |
3.596% due 11/10/2036 ~ |  |  |  |  | 8,000 |  |  |  |  |  | 791 |
WSTN Trust |
0.341% due 07/05/2037 ~(a) |  |  |  |  | 515,000 |  |  |  |  |  | 3,085 |
7.690% due 07/05/2037 ~(l) |  |  |  |  | 11,200 |  |  |  |  |  | 11,415 |
8.455% due 07/05/2037 ~(l) |  |  |  |  | 11,200 |  |  |  |  |  | 11,467 |
9.835% due 07/05/2037 ~(l) |  |  |  |  | 9,010 |  |  |  |  |  | 9,098 |
Total Non-Agency Mortgage-Backed Securities (Cost $2,159,297) |  |  | 1,995,182 |
ASSET-BACKED SECURITIES 20.5% |
AUTOMOBILE ABS OTHER 0.5% |
Ally Bank Auto Credit-Linked Notes Trust |
6.315% due 05/17/2032 |  |  |  |  | 391 |  |  |  |  |  | 397 |
6.678% due 09/15/2032 |  |  |  |  | 560 |  |  |  |  |  | 561 |
11.395% due 09/15/2032 |  |  |  |  | 840 |  |  |  |  |  | 842 |
Exeter Automobile Receivables Trust |
0.000% due 07/15/2033 «(g)(l) |  |  | 27 |  |  |  |  |  | 14,533 |
0.000% due 12/15/2033 «(g) |  |  |  |  | 25 |  |  |  |  |  | 2,072 |
Flagship Credit Auto Trust |
0.000% due 12/15/2027 «(g) |  |  |  |  | 9 |  |  |  |  |  | 415 |
0.000% due 06/15/2029 «(g) |  |  |  |  | 3 |  |  |  |  |  | 0 |
GLS Auto Select Receivables Trust |
5.640% due 08/15/2030 (l) |  |  |  |  | 800 |  |  |  |  |  | 806 |
5.920% due 08/15/2030 |  |  |  |  | 1,000 |  |  |  |  |  | 1,010 |
Huntington Bank Auto Credit-Linked Notes Trust |
6.153% due 05/20/2032 |  |  |  |  | 1,150 |  |  |  |  |  | 1,163 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
7.205% due 10/20/2032 • |  | $ |  |  | 1,111 |  |  | $ |  |  | 1,114 |
8.605% due 10/20/2032 • |  |  |  |  | 648 |  |  |  |  |  | 653 |
12.105% due 10/20/2032 • |  |  |  |  | 695 |  |  |  |  |  | 697 |
Santander Bank Auto Credit-Linked Notes |
6.110% due 06/15/2032 |  |  |  |  | 1,800 |  |  |  |  |  | 1,812 |
7.762% due 06/15/2032 |  |  |  |  | 1,400 |  |  |  |  |  | 1,415 |
10.171% due 06/15/2032 |  |  |  |  | 2,995 |  |  |  |  |  | 3,046 |
13.030% due 06/15/2032 |  |  |  |  | 2,600 |  |  |  |  |  | 2,628 |
|  |  |  |  |  |  |  |  |  |  | 33,164 |
HOME EQUITY OTHER 9.1% |
ABFC Trust |
4.753% due 10/25/2036 •(l) |  |  |  |  | 126 |  |  |  |  |  | 139 |
5.013% due 10/25/2033 • |  |  |  |  | 139 |  |  |  |  |  | 135 |
5.503% due 03/25/2034 • |  |  |  |  | 427 |  |  |  |  |  | 410 |
ACE Securities Corp. Home Equity Loan Trust |
4.673% due 12/25/2036 •(l) |  |  |  |  | 20,905 |  |  |  |  |  | 5,312 |
5.413% due 08/25/2035 •(l) |  |  |  |  | 5,096 |  |  |  |  |  | 4,125 |
5.548% due 07/25/2035 •(l) |  |  |  |  | 17,938 |  |  |  |  |  | 16,448 |
Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates |
6.553% due 09/25/2034 •(l) |  |  |  |  | 740 |  |  |  |  |  | 665 |
AmeriCredit Automobile Receivables Trust |
7.303% due 08/25/2032 • |  |  |  |  | 192 |  |  |  |  |  | 192 |
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
3.342% due 09/25/2032 •(l) |  |  |  |  | 1,148 |  |  |  |  |  | 1,006 |
6.178% due 05/25/2034 • |  |  |  |  | 150 |  |  |  |  |  | 146 |
6.178% due 08/25/2035 •(l) |  |  |  |  | 6,352 |  |  |  |  |  | 5,996 |
Argent Securities Trust |
4.603% due 09/25/2036 •(l) |  |  |  |  | 7,413 |  |  |  |  |  | 2,383 |
4.653% due 06/25/2036 •(l) |  |  |  |  | 6,400 |  |  |  |  |  | 1,728 |
4.693% due 04/25/2036 • |  |  |  |  | 1,006 |  |  |  |  |  | 316 |
4.753% due 06/25/2036 • |  |  |  |  | 3,603 |  |  |  |  |  | 973 |
4.833% due 03/25/2036 •(l) |  |  |  |  | 9,776 |  |  |  |  |  | 5,300 |
Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
5.143% due 11/25/2035 •(l) |  |  |  |  | 29,851 |  |  |  |  |  | 25,727 |
5.213% due 02/25/2036 •(l) |  |  |  |  | 19,918 |  |  |  |  |  | 15,681 |
Bear Stearns Asset-Backed Securities Trust |
3.014% due 09/25/2034 • |  |  |  |  | 98 |  |  |  |  |  | 97 |
4.593% due 12/25/2036 •(l) |  |  |  |  | 8,024 |  |  |  |  |  | 7,818 |
5.953% due 10/27/2032 • |  |  |  |  | 1 |  |  |  |  |  | 4 |
Carrington Mortgage Loan Trust |
4.533% due 03/25/2035 • |  |  |  |  | 551 |  |  |  |  |  | 438 |
4.873% due 12/26/2036 •(l) |  |  |  |  | 13,201 |  |  |  |  |  | 11,006 |
Citigroup Mortgage Loan Trust |
4.653% due 05/25/2037 • |  |  |  |  | 403 |  |  |  |  |  | 262 |
4.753% due 12/25/2036 •(l) |  |  |  |  | 16,452 |  |  |  |  |  | 5,966 |
4.773% due 09/25/2036 •(l) |  |  |  |  | 10,058 |  |  |  |  |  | 7,572 |
4.773% due 12/25/2036 •(l) |  |  |  |  | 10,704 |  |  |  |  |  | 5,812 |
4.893% due 12/25/2036 •(l) |  |  |  |  | 12,054 |  |  |  |  |  | 4,371 |
Countrywide Asset-Backed Certificates Trust |
4.132% due 02/25/2036 ~ |  |  |  |  | 1 |  |  |  |  |  | 1 |
4.393% due 10/25/2032 ~(l) |  |  |  |  | 1,162 |  |  |  |  |  | 1,206 |
4.733% due 03/25/2037 •(l) |  |  |  |  | 10,503 |  |  |  |  |  | 9,515 |
4.843% due 01/25/2046 •(l) |  |  |  |  | 35,989 |  |  |  |  |  | 27,763 |
4.853% due 06/25/2037 •(l) |  |  |  |  | 16,657 |  |  |  |  |  | 16,935 |
4.933% due 03/25/2036 •(l) |  |  |  |  | 13,498 |  |  |  |  |  | 12,081 |
4.933% due 05/25/2036 •(l) |  |  |  |  | 3,617 |  |  |  |  |  | 3,031 |
4.953% due 11/25/2047 •(l) |  |  |  |  | 3,494 |  |  |  |  |  | 3,171 |
5.038% due 04/25/2036 •(l) |  |  |  |  | 8,762 |  |  |  |  |  | 8,079 |
5.133% due 12/25/2036 • |  |  |  |  | 260 |  |  |  |  |  | 207 |
5.353% due 03/25/2047 •(l) |  |  |  |  | 898 |  |  |  |  |  | 685 |
5.553% due 05/25/2047 •(l) |  |  |  |  | 4,544 |  |  |  |  |  | 3,651 |
5.623% due 04/25/2036 •(l) |  |  |  |  | 9,649 |  |  |  |  |  | 8,403 |
6.478% due 11/25/2035 •(l) |  |  |  |  | 6,263 |  |  |  |  |  | 4,490 |
6.867% due 09/25/2046 þ(l) |  |  |  |  | 6,151 |  |  |  |  |  | 4,172 |
Credit Suisse First Boston Mortgage Securities Corp. |
5.503% due 02/25/2031 •(l) |  |  |  |  | 610 |  |  |  |  |  | 592 |
CSAB Mortgage-Backed Trust |
5.500% due 05/25/2037 (l) |  |  |  |  | 1,822 |  |  |  |  |  | 1,215 |
EMC Mortgage Loan Trust |
7.828% due 04/25/2042 •(l) |  |  |  |  | 1,281 |  |  |  |  |  | 1,250 |
Encore Credit Receivables Trust |
5.143% due 07/25/2035 • |  |  |  |  | 294 |  |  |  |  |  | 285 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Fieldstone Mortgage Investment Trust |
4.793% due 07/25/2036 •(l) |  | $ |  |  | 4,031 |  |  | $ |  |  | 1,998 |
Fremont Home Loan Trust |
4.603% due 01/25/2037 • |  |  |  |  | 2,735 |  |  |  |  |  | 1,228 |
4.933% due 02/25/2037 • |  |  |  |  | 1,089 |  |  |  |  |  | 349 |
GMAC Mortgage Corp. Loan Trust |
6.749% due 12/25/2037 þ(l) |  |  |  |  | 547 |  |  |  |  |  | 529 |
GSAMP Trust |
4.513% due 01/25/2037 •(l) |  |  |  |  | 2,424 |  |  |  |  |  | 1,434 |
4.543% due 01/25/2037 • |  |  |  |  | 723 |  |  |  |  |  | 428 |
4.593% due 12/25/2036 • |  |  |  |  | 764 |  |  |  |  |  | 404 |
4.653% due 11/25/2036 • |  |  |  |  | 3,221 |  |  |  |  |  | 1,532 |
4.703% due 12/25/2036 •(l) |  |  |  |  | 3,567 |  |  |  |  |  | 1,746 |
4.773% due 04/25/2036 • |  |  |  |  | 398 |  |  |  |  |  | 258 |
4.993% due 04/25/2036 •(l) |  |  |  |  | 14,191 |  |  |  |  |  | 9,356 |
6.103% due 10/25/2034 • |  |  |  |  | 97 |  |  |  |  |  | 99 |
Home Equity Mortgage Loan Asset-Backed Trust |
4.613% due 11/25/2036 •(l) |  |  |  |  | 2,702 |  |  |  |  |  | 2,409 |
4.693% due 04/25/2037 •(l) |  |  |  |  | 15,878 |  |  |  |  |  | 10,654 |
4.773% due 04/25/2037 •(l) |  |  |  |  | 2,302 |  |  |  |  |  | 1,996 |
5.046% due 12/25/2031 þ |  |  |  |  | 467 |  |  |  |  |  | 313 |
HSI Asset Securitization Corp. Trust |
4.643% due 01/25/2037 •(l) |  |  |  |  | 26,804 |  |  |  |  |  | 18,854 |
4.673% due 12/25/2036 • |  |  |  |  | 19,373 |  |  |  |  |  | 5,308 |
4.773% due 10/25/2036 •(l) |  |  |  |  | 6,365 |  |  |  |  |  | 2,173 |
4.793% due 12/25/2036 •(l) |  |  |  |  | 11,866 |  |  |  |  |  | 3,115 |
IXIS Real Estate Capital Trust |
5.428% due 09/25/2035 •(l) |  |  |  |  | 1,780 |  |  |  |  |  | 1,828 |
JP Morgan Mortgage Acquisition Trust |
4.613% due 08/25/2036 • |  |  |  |  | 5 |  |  |  |  |  | 2 |
4.753% due 07/25/2036 • |  |  |  |  | 2,561 |  |  |  |  |  | 1,091 |
4.773% due 07/25/2036 • |  |  |  |  | 938 |  |  |  |  |  | 258 |
5.462% due 09/25/2029 þ(l) |  |  |  |  | 2,353 |  |  |  |  |  | 1,381 |
5.888% due 10/25/2036 þ(l) |  |  |  |  | 6,447 |  |  |  |  |  | 3,782 |
Lehman ABS Mortgage Loan Trust |
4.543% due 06/25/2037 •(l) |  |  |  |  | 3,253 |  |  |  |  |  | 2,143 |
Long Beach Mortgage Loan Trust |
4.833% due 02/25/2036 •(l) |  |  |  |  | 16,613 |  |  |  |  |  | 13,973 |
4.993% due 05/25/2046 •(l) |  |  |  |  | 7,885 |  |  |  |  |  | 2,386 |
5.158% due 11/25/2035 •(l) |  |  |  |  | 52,850 |  |  |  |  |  | 48,782 |
MASTR Asset-Backed Securities Trust |
4.673% due 08/25/2036 • |  |  |  |  | 2,607 |  |  |  |  |  | 967 |
4.753% due 03/25/2036 •(l) |  |  |  |  | 4,721 |  |  |  |  |  | 2,788 |
4.793% due 06/25/2036 •(l) |  |  |  |  | 3,463 |  |  |  |  |  | 3,133 |
4.813% due 02/25/2036 •(l) |  |  |  |  | 5,836 |  |  |  |  |  | 2,113 |
4.933% due 06/25/2036 • |  |  |  |  | 2,510 |  |  |  |  |  | 882 |
4.993% due 12/25/2035 •(l) |  |  |  |  | 14,613 |  |  |  |  |  | 12,169 |
5.023% due 01/25/2036 • |  |  |  |  | 126 |  |  |  |  |  | 125 |
Morgan Stanley ABS Capital, Inc. Trust |
4.523% due 10/25/2036 • |  |  |  |  | 1,345 |  |  |  |  |  | 585 |
4.553% due 11/25/2036 • |  |  |  |  | 1,126 |  |  |  |  |  | 629 |
4.573% due 09/25/2036 • |  |  |  |  | 3,132 |  |  |  |  |  | 1,061 |
4.593% due 10/25/2036 •(l) |  |  |  |  | 6,995 |  |  |  |  |  | 3,041 |
4.603% due 11/25/2036 •(l) |  |  |  |  | 12,273 |  |  |  |  |  | 6,858 |
4.673% due 10/25/2036 •(l) |  |  |  |  | 3,371 |  |  |  |  |  | 1,465 |
4.753% due 06/25/2036 •(l) |  |  |  |  | 4,343 |  |  |  |  |  | 2,193 |
4.753% due 06/25/2036 • |  |  |  |  | 450 |  |  |  |  |  | 379 |
4.753% due 09/25/2036 •(l) |  |  |  |  | 6,293 |  |  |  |  |  | 2,131 |
4.783% due 02/25/2037 •(l) |  |  |  |  | 4,228 |  |  |  |  |  | 1,837 |
4.813% due 03/25/2036 • |  |  |  |  | 10 |  |  |  |  |  | 8 |
5.488% due 01/25/2035 •(l) |  |  |  |  | 6,379 |  |  |  |  |  | 5,687 |
6.403% due 05/25/2034 • |  |  |  |  | 29 |  |  |  |  |  | 42 |
Morgan Stanley Home Equity Loan Trust |
4.683% due 04/25/2037 •(l) |  |  |  |  | 20,248 |  |  |  |  |  | 10,394 |
New Century Home Equity Loan Trust |
7.453% due 01/25/2033 • |  |  |  |  | 178 |  |  |  |  |  | 149 |
Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
5.013% due 07/25/2036 •(l) |  |  |  |  | 3,500 |  |  |  |  |  | 2,875 |
5.113% due 10/25/2036 • |  |  |  |  | 4,093 |  |  |  |  |  | 901 |
NovaStar Mortgage Funding Trust |
4.793% due 11/25/2036 • |  |  |  |  | 1,021 |  |  |  |  |  | 308 |
Option One Mortgage Loan Trust |
4.583% due 07/25/2037 •(l) |  |  |  |  | 18,658 |  |  |  |  |  | 11,826 |
4.593% due 01/25/2037 • |  |  |  |  | 243 |  |  |  |  |  | 154 |
4.593% due 01/25/2037 •(l) |  |  |  |  | 7,244 |  |  |  |  |  | 4,190 |
4.673% due 01/25/2037 • |  |  |  |  | 1,477 |  |  |  |  |  | 854 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 75

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

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
4.703% due 03/25/2037 • |  | $ |  |  | 463 |  |  | $ |  |  | 228 |
4.783% due 04/25/2037 •(l) |  |  |  |  | 1,896 |  |  |  |  |  | 905 |
5.662% due 01/25/2037 þ |  |  |  |  | 1 |  |  |  |  |  | 1 |
Ownit Mortgage Loan Trust |
3.130% due 10/25/2035 þ(l) |  |  |  |  | 3,359 |  |  |  |  |  | 1,838 |
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
6.328% due 10/25/2034 •(l) |  |  |  |  | 1,195 |  |  |  |  |  | 1,042 |
RAAC Trust |
7.078% due 05/25/2046 •(l) |  |  |  |  | 17,151 |  |  |  |  |  | 16,570 |
Renaissance Home Equity Loan Trust |
5.612% due 04/25/2037 þ |  |  |  |  | 3,152 |  |  |  |  |  | 785 |
Residential Asset Mortgage Products Trust |
5.203% due 04/25/2034 •(l) |  |  |  |  | 1,022 |  |  |  |  |  | 1,015 |
5.323% due 04/25/2034 •(l) |  |  |  |  | 336 |  |  |  |  |  | 337 |
6.028% due 04/25/2034 •(l) |  |  |  |  | 1,025 |  |  |  |  |  | 1,002 |
6.433% due 04/25/2034 •(l) |  |  |  |  | 1,738 |  |  |  |  |  | 1,760 |
Residential Asset Securities Corp. Trust |
4.713% due 11/25/2036 •(l) |  |  |  |  | 3,870 |  |  |  |  |  | 3,551 |
4.793% due 10/25/2036 •(l) |  |  |  |  | 2,435 |  |  |  |  |  | 2,226 |
4.933% due 08/25/2036 •(l) |  |  |  |  | 8,079 |  |  |  |  |  | 7,061 |
4.948% due 04/25/2036 •(l) |  |  |  |  | 6,175 |  |  |  |  |  | 5,049 |
5.113% due 12/25/2035 •(l) |  |  |  |  | 6,307 |  |  |  |  |  | 5,398 |
Saxon Asset Securities Trust |
0.916% due 03/25/2035 •(l) |  |  |  |  | 5,096 |  |  |  |  |  | 2,748 |
1.079% due 11/25/2035 •(l) |  |  |  |  | 5,547 |  |  |  |  |  | 3,775 |
Securitized Asset-Backed Receivables LLC Trust |
4.733% due 07/25/2036 •(l) |  |  |  |  | 11,367 |  |  |  |  |  | 9,377 |
4.773% due 07/25/2036 • |  |  |  |  | 2,570 |  |  |  |  |  | 891 |
4.913% due 02/25/2037 • |  |  |  |  | 212 |  |  |  |  |  | 89 |
5.128% due 01/25/2035 • |  |  |  |  | 6 |  |  |  |  |  | 5 |
Soundview Home Loan Trust |
4.603% due 06/25/2037 •(l) |  |  |  |  | 2,073 |  |  |  |  |  | 1,368 |
4.733% due 06/25/2037 •(l) |  |  |  |  | 5,123 |  |  |  |  |  | 3,380 |
4.813% due 02/25/2037 •(l) |  |  |  |  | 6,782 |  |  |  |  |  | 1,848 |
4.973% due 02/25/2037 •(l) |  |  |  |  | 7,870 |  |  |  |  |  | 2,152 |
5.403% due 10/25/2037 •(l) |  |  |  |  | 3,791 |  |  |  |  |  | 2,870 |
5.553% due 09/25/2037 •(l) |  |  |  |  | 1,426 |  |  |  |  |  | 1,160 |
Structured Asset Securities Corp. |
10.453% due 05/25/2032 •(l) |  |  |  |  | 4,201 |  |  |  |  |  | 3,761 |
UCFC Home Equity Loan Trust |
7.750% due 04/15/2030 ~ |  |  |  |  | 295 |  |  |  |  |  | 292 |
Wells Fargo Home Equity Asset-Backed Securities Trust |
4.858% due 01/25/2037 • |  |  |  |  | 9,503 |  |  |  |  |  | 9,210 |
|  |  |  |  |  |  |  |  |  |  | 548,007 |
HOME EQUITY SEQUENTIAL 0.0% |
JP Morgan Mortgage Acquisition Trust |
4.643% due 03/25/2047 • |  |  |  |  | 31 |  |  |  |  |  | 31 |
MANUFACTURING HOUSE ABS OTHER 0.4% |
Access Financial Manufactured Housing Contract Trust |
7.650% due 05/15/2049 |  |  |  |  | 200 |  |  |  |  |  | 1 |
Conseco Finance Securitizations Corp. |
8.060% due 09/01/2029 ~ |  |  |  |  | 2,914 |  |  |  |  |  | 450 |
9.163% due 03/01/2033 ~(l) |  |  |  |  | 8,904 |  |  |  |  |  | 8,861 |
9.546% due 12/01/2033 ~(l) |  |  |  |  | 5,228 |  |  |  |  |  | 5,042 |
Greenpoint Manufactured Housing |
9.230% due 12/15/2029 ~(l) |  |  |  |  | 4,943 |  |  |  |  |  | 4,919 |
Mid-State Capital Corp. Trust |
6.742% due 10/15/2040 |  |  |  |  | 2,052 |  |  |  |  |  | 2,074 |
Oakwood Mortgage Investors, Inc. |
8.490% due 10/15/2030 |  |  |  |  | 1,151 |  |  |  |  |  | 1,092 |
|  |  |  |  |  |  |  |  |  |  | 22,439 |
MANUFACTURING HOUSE SEQUENTIAL 0.1% |
Bombardier Capital Mortgage Securitization Corp. |
7.830% due 06/15/2030 ~ |  |  |  |  | 3,549 |  |  |  |  |  | 306 |
Conseco Finance Corp. |
6.530% due 02/01/2031 ~ |  |  |  |  | 325 |  |  |  |  |  | 285 |
7.060% due 02/01/2031 ~ |  |  |  |  | 1,413 |  |  |  |  |  | 1,254 |
7.500% due 03/01/2030 ~ |  |  |  |  | 5,970 |  |  |  |  |  | 1,719 |
Conseco Finance Securitizations Corp. |
7.770% due 09/01/2031 þ |  |  |  |  | 218 |  |  |  |  |  | 220 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
7.960% due 05/01/2031 |  | $ |  |  | 1,457 |  |  | $ |  |  | 319 |
8.260% due 12/01/2030 ~(l) |  |  |  |  | 4,584 |  |  |  |  |  | 890 |
8.850% due 12/01/2030 ~(l) |  |  |  |  | 5,630 |  |  |  |  |  | 802 |
Oakwood Mortgage Investors, Inc. |
7.840% due 11/15/2029 ~ |  |  |  |  | 678 |  |  |  |  |  | 685 |
|  |  |  |  |  |  |  |  |  |  | 6,480 |
WHOLE LOAN COLLATERAL 1.1% |
Bear Stearns Asset-Backed Securities Trust |
4.913% due 10/25/2036 ~ |  |  |  |  | 114 |  |  |  |  |  | 88 |
5.287% due 07/25/2036 ~ |  |  |  |  | 14 |  |  |  |  |  | 14 |
5.368% due 10/25/2036 ~ |  |  |  |  | 2,323 |  |  |  |  |  | 1,035 |
Citigroup Mortgage Loan Trust |
4.271% due 05/25/2036 þ |  |  |  |  | 2,387 |  |  |  |  |  | 859 |
4.520% due 03/25/2036 þ |  |  |  |  | 1,340 |  |  |  |  |  | 628 |
5.153% due 11/25/2046 •(l) |  |  |  |  | 4,267 |  |  |  |  |  | 3,554 |
First Franklin Mortgage Loan Trust |
5.023% due 02/25/2036 •(l) |  |  |  |  | 5,500 |  |  |  |  |  | 5,129 |
5.398% due 09/25/2035 •(l) |  |  |  |  | 5,832 |  |  |  |  |  | 5,276 |
5.428% due 05/25/2036 •(l) |  |  |  |  | 15,112 |  |  |  |  |  | 13,681 |
GSAMP Trust |
6.328% due 06/25/2034 •(l) |  |  |  |  | 1,253 |  |  |  |  |  | 1,148 |
Lehman XS Trust |
4.296% due 05/25/2037 ~(l) |  |  |  |  | 5,803 |  |  |  |  |  | 4,760 |
6.670% due 06/24/2046 þ |  |  |  |  | 164 |  |  |  |  |  | 172 |
PRET LLC |
3.721% due 07/25/2051 þ |  |  |  |  | 1,222 |  |  |  |  |  | 1,202 |
3.844% due 07/25/2051 þ |  |  |  |  | 2,937 |  |  |  |  |  | 2,815 |
6.170% due 07/25/2051 þ(l) |  |  |  |  | 2,100 |  |  |  |  |  | 2,094 |
7.967% due 09/25/2051 þ(l) |  |  |  |  | 3,991 |  |  |  |  |  | 3,927 |
PRPM LLC |
6.291% due 02/25/2027 þ |  |  |  |  | 1,000 |  |  |  |  |  | 997 |
Residential Asset Mortgage Products Trust |
4.899% due 08/25/2033 • |  |  |  |  | 310 |  |  |  |  |  | 306 |
Securitized Asset-Backed Receivables LLC Trust |
4.953% due 05/25/2036 •(l) |  |  |  |  | 14,372 |  |  |  |  |  | 7,338 |
5.053% due 11/25/2035 •(l) |  |  |  |  | 9,277 |  |  |  |  |  | 7,647 |
5.113% due 08/25/2035 •(l) |  |  |  |  | 1,425 |  |  |  |  |  | 1,074 |
Specialty Underwriting & Residential Finance Trust |
3.836% due 02/25/2037 þ |  |  |  |  | 2,392 |  |  |  |  |  | 788 |
4.055% due 06/25/2037 • |  |  |  |  | 2,871 |  |  |  |  |  | 1,419 |
5.153% due 03/25/2037 • |  |  |  |  | 267 |  |  |  |  |  | 143 |
|  |  |  |  |  |  |  |  |  |  | 66,094 |
OTHER ABS 9.3% |
510 Loan Acquisition Trust |
8.107% due 09/25/2060 þ(l) |  |  |  |  | 13,213 |  |  |  |  |  | 13,186 |
ABSLT DE 2024 LLC |
1.000% due 05/20/2033 «~ |  |  |  |  | 57,200 |  |  |  |  |  | 57,686 |
Acacia CDO Ltd. |
8.850% due 11/08/2039 •(l) |  |  |  |  | 8,674 |  |  |  |  |  | 1,963 |
ACHV ABS Trust |
5.010% due 12/26/2031 |  |  |  |  | 76 |  |  |  |  |  | 76 |
Adagio CLO DAC |
0.000% due 04/30/2031 ~ |  | EUR |  |  | 1,800 |  |  |  |  |  | 535 |
AIM Aviation Finance Ltd. |
6.213% due 02/15/2040 þ(l) |  | $ |  |  | 1,048 |  |  |  |  |  | 970 |
Apex Credit CLO Ltd. |
0.000% due 10/20/2034 ~ |  |  |  |  | 20,050 |  |  |  |  |  | 11,690 |
Banco Bilbao Vizcaya Argentaria |
3.489% due 03/22/2046 • |  | EUR |  |  | 416 |  |  |  |  |  | 136 |
Carlyle Global Market Strategies CLO Ltd. |
0.000% due 04/17/2031 ~ |  | $ |  |  | 2,900 |  |  |  |  |  | 244 |
CIFC Funding Ltd. |
0.000% due 04/24/2030 ~ |  |  |  |  | 3,390 |  |  |  |  |  | 880 |
College Avenue Student Loans LLC |
0.000% due 06/25/2054 «(g) |  |  |  |  | 21 |  |  |  |  |  | 10,824 |
6.610% due 06/25/2054 « |  |  |  |  | 2,647 |  |  |  |  |  | 2,646 |
8.660% due 06/25/2054 « |  |  |  |  | 3,811 |  |  |  |  |  | 3,918 |
Cologix Canadian Issuer LP |
7.740% due 01/25/2052 |  | CAD |  |  | 2,000 |  |  |  |  |  | 1,331 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Cork Street CLO DAC |
0.000% due 11/27/2028 ~ |  | EUR |  |  | 1,401 |  |  | $ |  |  | 258 |
Coronado CDO Ltd. |
6.000% due 09/04/2038 (l) |  | $ |  |  | 3,665 |  |  |  |  |  | 1,200 |
6.226% due 09/04/2038 •(l) |  |  |  |  | 23,135 |  |  |  |  |  | 7,078 |
Credit-Based Asset Servicing & Securitization CBO Ltd. |
8.000% due 09/06/2041 • |  |  |  |  | 98,373 |  |  |  |  |  | 532 |
Duke Funding Ltd. |
8.500% due 04/08/2039 •(l) |  |  |  |  | 7,546 |  |  |  |  |  | 600 |
ECAF Ltd. |  |  |  |  |  |  |  |  |  |  |  |
3.473% due 06/15/2040 (l) |  |  |  |  | 903 |  |  |  |  |  | 673 |
4.947% due 06/15/2040 (l) |  |  |  |  | 5,979 |  |  |  |  |  | 4,574 |
Euromax ABS PLC |
3.372% due 11/10/2095 • |  | EUR |  |  | 2,666 |  |  |  |  |  | 2,686 |
FAB U.K. Ltd. |
0.000% due 12/06/2045 ~ |  | GBP |  |  | 15,488 |  |  |  |  |  | 4,520 |
FREED ABS Trust |
0.000% due 09/20/2027 «(g) |  | $ |  |  | 10 |  |  |  |  |  | 137 |
Glacier Funding CDO Ltd. |
8.270% due 08/04/2035 •(l) |  |  |  |  | 31,282 |  |  |  |  |  | 2,960 |
GreenSky Home Improvement Trust |
5.870% due 06/25/2059 |  |  |  |  | 500 |  |  |  |  |  | 506 |
6.360% due 06/25/2059 |  |  |  |  | 500 |  |  |  |  |  | 509 |
7.330% due 06/25/2059 |  |  |  |  | 900 |  |  |  |  |  | 924 |
8.750% due 10/27/2059 |  |  |  |  | 500 |  |  |  |  |  | 509 |
Hillcrest CDO Ltd. |
5.540% due 12/10/2039 •(l) |  |  |  |  | 32,573 |  |  |  |  |  | 5,087 |
Hout Bay Corp. |
4.422% due 07/05/2041 • |  |  |  |  | 109,166 |  |  |  |  |  | 18,197 |
4.622% due 07/05/2041 • |  |  |  |  | 4,871 |  |  |  |  |  | 5 |
4.752% due 07/05/2041 • |  |  |  |  | 1,690 |  |  |  |  |  | 0 |
KGS-Alpha SBA COOF Trust |
1.040% due 04/25/2038 «~(a) |  |  |  |  | 569 |  |  |  |  |  | 12 |
Labrador Aviation Finance Ltd. |
4.300% due 01/15/2042 (l) |  |  |  |  | 2,601 |  |  |  |  |  | 2,518 |
Lendingpoint Asset Securitization Trust |
5.990% due 10/15/2029 |  |  |  |  | 975 |  |  |  |  |  | 920 |
LendingPoint Pass-Through Trust |
0.000% due 03/15/2028 «(g) |  |  |  |  | 1,400 |  |  |  |  |  | 127 |
0.000% due 04/15/2028 «(g) |  |  |  |  | 1,700 |  |  |  |  |  | 173 |
Madison Park Funding Ltd. |
0.000% due 07/27/2047 ~(l) |  |  |  |  | 5,600 |  |  |  |  |  | 2,215 |
MAN GLG U.S. CLO Ltd. |
0.000% due 07/15/2034 ~ |  |  |  |  | 6,450 |  |  |  |  |  | 3,861 |
Marble Point CLO Ltd. |
0.000% due 01/22/2052 ~ |  |  |  |  | 17,150 |  |  |  |  |  | 9,489 |
Margate Funding Ltd. |
8.080% due 12/04/2044 •(l) |  |  |  |  | 17,556 |  |  |  |  |  | 4,362 |
8.350% due 12/04/2044 ^•(d) |  |  |  |  | 4,126 |  |  |  |  |  | 55 |
Marlette Funding Trust |
0.000% due 07/16/2029 «(g) |  |  |  |  | 16 |  |  |  |  |  | 25 |
0.000% due 09/17/2029 «(g) |  |  |  |  | 35 |  |  |  |  |  | 71 |
0.000% due 03/15/2030 «(g) |  |  |  |  | 33 |  |  |  |  |  | 327 |
0.000% due 09/16/2030 «(g) |  |  |  |  | 9 |  |  |  |  |  | 292 |
National Collegiate Commutation Trust |
0.000% due 03/25/2038 •(l) |  |  |  |  | 135,030 |  |  |  |  |  | 25,679 |
OCP CLO Ltd. |
0.000% due 07/20/2037 «~ |  |  |  |  | 11 |  |  |  |  |  | 5,243 |
Orient Point CDO Ltd. |
5.124% due 10/03/2045 • |  |  |  |  | 391,989 |  |  |  |  |  | 113,958 |
Pagaya AI Debt Selection Trust |
0.000% due 04/15/2032 «~ |  |  |  |  | 700 |  |  |  |  |  | 594 |
3.270% due 05/15/2029 |  |  |  |  | 698 |  |  |  |  |  | 664 |
5.162% due 04/15/2032 « |  |  |  |  | 1,020 |  |  |  |  |  | 1,021 |
5.617% due 04/15/2032 « |  |  |  |  | 780 |  |  |  |  |  | 781 |
5.823% due 04/15/2032 « |  |  |  |  | 450 |  |  |  |  |  | 449 |
6.261% due 04/15/2032 « |  |  |  |  | 470 |  |  |  |  |  | 469 |
8.491% due 06/16/2031 |  |  |  |  | 5,998 |  |  |  |  |  | 6,122 |
10.273% due 04/15/2032 « |  |  |  |  | 580 |  |  |  |  |  | 578 |
Palisades CDO Ltd. |
8.950% due 07/22/2039 •(l) |  |  |  |  | 6,540 |  |  |  |  |  | 2,682 |
Putnam Structured Product Funding Ltd. |
1.584% due 10/15/2038 •(l) |  |  |  |  | 711 |  |  |  |  |  | 426 |

76 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Rockford Tower CLO Ltd. |
0.000% due 10/15/2029 ~(l) |  | $ |  |  | 11,667 |  |  | $ |  |  | 3,496 |
0.000% due 10/20/2030 ~ |  |  |  |  | 4,967 |  |  |  |  |  | 1,384 |
0.000% due 10/20/2031 ~ |  |  |  |  | 4,967 |  |  |  |  |  | 1,280 |
0.000% due 04/20/2034 ~(l) |  |  |  |  | 22,000 |  |  |  |  |  | 10,619 |
Segovia European CLO DAC |
0.000% due 04/15/2035 ~ |  | EUR |  |  | 1,400 |  |  |  |  |  | 612 |
SLM Student Loan EDC Repackaging Trust |
0.000% due 10/28/2029 «(g)(l) |  | $ |  |  | 36 |  |  |  |  |  | 15,647 |
SLM Student Loan Trust |
0.000% due 01/25/2042 «(g) |  |  |  |  | 31 |  |  |  |  |  | 7,315 |
SMB Private Education Loan Trust |
0.000% due 10/15/2048 «(g) |  |  |  |  | 8 |  |  |  |  |  | 2,124 |
0.000% due 09/15/2054 «(g)(l) |  |  | 40,270 |  |  |  |  |  | 48,339 |
0.000% due 11/16/2054 «(g) |  |  |  |  | 5 |  |  |  |  |  | 4,799 |
0.000% due 02/16/2055 «(g) |  |  |  |  | 9 |  |  |  |  |  | 9,230 |
5.950% due 02/16/2055 (l) |  |  |  |  | 8,370 |  |  |  |  |  | 8,063 |
SoFi Professional Loan Program LLC |
0.000% due 09/25/2040 «(g) |  |  |  |  | 14,219 |  |  |  |  |  | 1,255 |
Soloso CDO Ltd. |
5.171% due 10/07/2037 • |  |  |  |  | 17,418 |  |  |  |  |  | 13,238 |
South Coast Funding Ltd. |
0.454% due 01/06/2041 •(l) |  |  |  |  | 168,529 |  |  |  |  |  | 30,435 |
0.454% due 01/06/2041 • |  |  |  |  | 48 |  |  |  |  |  | 9 |
Start Ltd. |
4.089% due 03/15/2044 |  |  |  |  | 548 |  |  |  |  |  | 540 |
Stream Innovations Trust |
6.270% due 07/15/2044 |  |  |  |  | 409 |  |  |  |  |  | 420 |
Taberna Preferred Funding Ltd. |
5.196% due 08/05/2036 • |  |  |  |  | 2,540 |  |  |  |  |  | 2,299 |
5.196% due 08/05/2036 •(l) |  |  |  |  | 10,218 |  |  |  |  |  | 9,247 |
Talon Funding Ltd. |
8.240% due 06/05/2035 • |  |  |  |  | 676 |  |  |  |  |  | 89 |
Tropic CDO Ltd. |
5.238% due 07/15/2036 • |  |  |  |  | 3,306 |  |  |  |  |  | 3,165 |
Verde CDO Ltd. |
5.081% due 10/05/2045 •(l) |  |  |  |  | 240,688 |  |  |  |  |  | 49,473 |
|  |  |  |  |  |  |  |  |  |  | 563,231 |
Total Asset-Backed Securities (Cost $1,815,899) |  |  |  |  |  | 1,239,446 |
SOVEREIGN ISSUES 4.2% |
Argentina Government International Bond |
0.750% due 07/09/2030 þ |  |  |  |  | 30,420 |  |  |  |  |  | 22,151 |
1.000% due 07/09/2029 (l) |  |  |  |  | 5,302 |  |  |  |  |  | 4,318 |
3.500% due 07/09/2041 þ(l) |  |  |  |  | 17,060 |  |  |  |  |  | 10,697 |
4.125% due 07/09/2035 þ(l) |  |  |  |  | 13,800 |  |  |  |  |  | 9,191 |
4.125% due 07/09/2035 þ |  |  |  |  | 21,344 |  |  |  |  |  | 13,718 |
4.125% due 07/09/2046 þ |  |  |  |  | 230 |  |  |  |  |  | 153 |
5.000% due 01/09/2038 þ(l) |  |  |  |  | 76,360 |  |  |  |  |  | 53,529 |
Dominican Republic International Bond |
10.750% due 06/01/2036 |  | DOP |  |  | 165,400 |  |  |  |  |  | 2,922 |
Ecuador Government International Bond |
6.900% due 07/31/2030 þ |  | $ |  |  | 2,186 |  |  |  |  |  | 1,530 |
Egypt Government International Bond |
6.375% due 04/11/2031 |  | EUR |  |  | 13,100 |  |  |  |  |  | 12,001 |
El Salvador Government International Bond |
9.250% due 04/17/2030 |  | $ |  |  | 20,000 |  |  |  |  |  | 21,225 |
9.650% due 11/21/2054 |  |  |  |  | 9,200 |  |  |  |  |  | 9,715 |
Ghana Government International Bond |
0.000% due 07/03/2026 (g)(l) |  |  | 364 |  |  |  |  |  | 341 |
0.000% due 01/03/2030 (g)(l) |  |  | 670 |  |  |  |  |  | 520 |
5.000% due 07/03/2029 þ(l) |  |  |  |  | 2,756 |  |  |  |  |  | 2,386 |
5.000% due 07/03/2035 þ(l) |  |  |  |  | 3,963 |  |  |  |  |  | 2,798 |
Nigeria Government International Bond |
9.625% due 06/09/2031 |  |  |  |  | 500 |  |  |  |  |  | 500 |
10.375% due 12/09/2034 |  |  |  |  | 5,600 |  |  |  |  |  | 5,725 |
Peru Government International Bond |
5.350% due 08/12/2040 |  | PEN |  |  | 100 |  |  |  |  |  | 22 |
5.400% due 08/12/2034 |  |  |  |  | 1 |  |  |  |  |  | 0 |
6.150% due 08/12/2032 |  |  |  |  | 5 |  |  |  |  |  | 1 |
6.900% due 08/12/2037 |  |  |  |  | 15 |  |  |  |  |  | 4 |
6.950% due 08/12/2031 |  |  |  |  | 5 |  |  |  |  |  | 1 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Romania Government International Bond |
5.125% due 09/24/2031 |  | EUR |  |  | 3,090 |  |  | $ |  |  | 3,131 |
5.250% due 05/30/2032 |  |  |  |  | 200 |  |  |  |  |  | 202 |
5.375% due 03/22/2031 |  |  |  |  | 2,620 |  |  |  |  |  | 2,717 |
5.625% due 02/22/2036 |  |  |  |  | 1,060 |  |  |  |  |  | 1,056 |
5.625% due 05/30/2037 |  |  |  |  | 3,200 |  |  |  |  |  | 3,182 |
6.375% due 09/18/2033 |  |  |  |  | 3,000 |  |  |  |  |  | 3,241 |
Russia Government International Bond |
5.100% due 03/28/2035 « |  | $ |  |  | 600 |  |  |  |  |  | 0 |
5.625% due 04/04/2042 |  |  |  |  | 10,200 |  |  |  |  |  | 6,987 |
5.875% due 09/16/2043 |  |  |  |  | 200 |  |  |  |  |  | 137 |
Turkey Government International Bond |
49.430% (BISTREFI) due 09/06/2028 ~ |  | TRY |  |  | 1,484,300 |  |  |  |  |  | 41,521 |
50.485% (BISTREFI) due 05/20/2026 ~ |  |  |  |  | 1,700 |  |  |  |  |  | 49 |
50.485% (BISTREFI) due 08/19/2026 ~ |  |  |  |  | 1,300 |  |  |  |  |  | 37 |
50.485% (BISTREFI) due 05/17/2028 ~ |  |  |  |  | 276,200 |  |  |  |  |  | 7,708 |
Ukraine Government International Bond |
0.000% due 02/01/2030 þ(h) |  | $ |  |  | 605 |  |  |  |  |  | 330 |
0.000% due 02/01/2034 þ(h) |  |  | 2,262 |  |  |  |  |  | 942 |
0.000% due 02/01/2035 þ(h) |  |  | 1,912 |  |  |  |  |  | 1,135 |
0.000% due 02/01/2036 þ(h) |  |  | 1,593 |  |  |  |  |  | 938 |
1.750% due 02/01/2034 þ |  |  |  |  | 3,223 |  |  |  |  |  | 1,821 |
1.750% due 02/01/2035 þ |  |  |  |  | 3,879 |  |  |  |  |  | 2,148 |
1.750% due 02/01/2036 þ |  |  |  |  | 3,980 |  |  |  |  |  | 2,164 |
Venezuela Government International Bond |
6.000% due 06/30/2049 ^ |  |  |  |  | 590 |  |  |  |  |  | 71 |
9.250% due 09/15/2027 ^(d) |  |  | 734 |  |  |  |  |  | 118 |
Total Sovereign Issues (Cost $226,291) |  |  | 253,083 |
|  |  |  | SHARES |  |  |  |  |  |
COMMON STOCKS 3.7% |
COMMUNICATION SERVICES 1.8% |
Clear Channel Outdoor Holdings, Inc. (e) |  |  |  |  | 4,853,248 |  |  |  |  |  | 6,649 |
iHeartMedia, Inc. ‘A’ (e) |  |  |  |  | 2,021,190 |  |  |  |  |  | 4,002 |
Oi SA |  |  |  |  | 24,221,572 |  |  |  |  |  | 0 |
Promotora de Informaciones SA ‘A’ (e) |  |  | 4,079,279 |  |  |  |  |  | 1,272 |
Syniverse Holdings, Inc. «(j) |  |  |  |  | 20,866,719 |  |  |  |  |  | 20,645 |
Windstream Units «(e) |  |  |  |  | 3,155,914 |  |  |  |  |  | 76,667 |
|  |  |  |  |  |  |  |  |  |  | 109,235 |
CONSUMER DISCRETIONARY 0.0% |
Caesars Entertainment, Inc. (e) |  |  |  |  | 2 |  |  |  |  |  | 0 |
Desarrolladora Homex SAB de CV (e) |  |  |  |  | 719,113 |  |  |  |  |  | 0 |
West Marine «(e)(j) |  |  |  |  | 43,000 |  |  |  |  |  | 272 |
|  |  |  |  |  |  |  |  |  |  | 272 |
CONSUMER STAPLES 0.0% |
Steinhoff International Holdings NV «(e)(j) |  |  |  |  | 299,163,217 |  |  |  |  |  | 0 |
FINANCIALS 1.7% |
Banca Monte dei Paschi di Siena SpA |  |  |  |  | 6,139,000 |  |  |  |  |  | 43,280 |
Corestate Capital Holding SA «(e)(j) |  |  |  |  | 843,935 |  |  |  |  |  | 0 |
Intelsat Emergence SA «(j) |  |  | 1,755,353 |  |  |  |  |  | 57,971 |
MNEQ Holdings, Inc. «(e)(j) |  |  | 25,645 |  |  |  |  |  | 103 |
UBS Group AG |  |  |  |  | 12,342 |  |  |  |  |  | 377 |
|  |  |  |  |  |  |  |  |  |  | 101,731 |

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S) |
INDUSTRIALS 0.2% |
Clover Holdings, Inc. «(e)(j) |  |  |  |  | 44,666 |  |  | $ |  |  | 916 |
Forsea Holding SA « |  |  |  |  | 263,557 |  |  |  |  |  | 6,622 |
Mcdermott International Ltd. (e) |  |  |  |  | 585,421 |  |  |  |  |  | 70 |
Westmoreland Mining Holdings «(e)(j) |  |  |  |  | 238,883 |  |  |  |  |  | 269 |
Westmoreland Mining LLC «(e)(j) |  |  |  |  | 240,987 |  |  |  |  |  | 843 |
|  |  |  |  |  |  |  |  |  |  | 8,720 |
Total Common Stocks (Cost $270,063) |  |  | 219,958 |
WARRANTS 0.4% |
COMMUNICATION SERVICES 0.4% |
Windstream Holdings II LLC - Exp. 10/25/2059 « |  |  |  |  | 2,075,974 |  |  |  |  |  | 26,988 |
CONSUMER DISCRETIONARY 0.0% |
West Marine - Exp. 09/08/2028 « |  |  | 5,580 |  |  |  |  |  | 0 |
FINANCIALS 0.0% |
Intelsat Emergence SA - Exp. 02/17/2027 « |  |  |  |  | 13,833 |  |  |  |  |  | 26 |
Total Warrants (Cost $70,487) |  |  | 27,014 |
PREFERRED SECURITIES 1.0% |
BANKING & FINANCE 0.8% |
ADLER Group SA «(e) |  |  |  |  | 10,224,514 |  |  |  |  |  | 0 |
AGFC Capital Trust |  |  |  |  |  |  |  |  |  |  |  |
6.668% (US0003M + 1.750%) due 01/15/2067 ~(l) |  |  |  |  | 35,500,000 |  |  |  |  |  | 25,144 |
American AgCredit Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.250% due 06/15/2026 •(i) |  |  |  |  | 10,000,000 |  |  |  |  |  | 9,870 |
Capital Farm Credit ACA |  |  |  |  |  |  |  |  |  |  |  |
5.000% due 03/15/2026 •(i)(l) |  |  |  |  | 4,300,000 |  |  |  |  |  | 4,283 |
Compeer Financial ACA |  |  |  |  |  |  |  |  |  |  |  |
4.875% due 08/15/2026 •(i)(l) |  |  |  |  | 1,900,000 |  |  |  |  |  | 1,853 |
OCP CLO Ltd. |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 04/26/2036 «~ |  |  |  |  | 2,600 |  |  |  |  |  | 1,392 |
Stichting AK Rabobank Certificaten |
6.500% due 12/29/2049 þ(i) |  |  |  |  | 5,253,700 |  |  |  |  |  | 6,048 |
|  |  |  |  |  |  |  |  |  |  | 48,590 |
INDUSTRIALS 0.2% |
SVB Financial Trust |  |  |  |  |  |  |  |  |  |  |  |
0.000% due 11/07/2032 (g) |  |  |  |  | 167,720 |  |  |  |  |  | 3 |
11.000% due 11/07/2032 |  |  |  |  | 29,233 |  |  |  |  |  | 14,617 |
|  |  |  |  |  |  |  |  |  |  | 14,620 |
Total Preferred Securities (Cost $65,746) |  |  | 63,210 |
REAL ESTATE INVESTMENT TRUSTS 0.5% |
REAL ESTATE 0.5% |
Uniti Group, Inc. |  |  |  |  | 1,591,211 |  |  |  |  |  | 8,751 |
VICI Properties, Inc. |  |  |  |  | 711,293 |  |  |  |  |  | 20,777 |
Total Real Estate Investment Trusts (Cost $18,729) |  |  | 29,528 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 77

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

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
SHORT-TERM INSTRUMENTS 3.4% |
REPURCHASE AGREEMENTS (k) 2.8% |
|  |  |  |  |  |  |  | $ |  |  | 166,689 |
U.S. TREASURY BILLS 0.6% |
4.531% due 01/16/2025 - 03/06/2025 (f)(g)(l)(o) |  | $ |  |  | 34,705 |  |  |  |  |  | 34,573 |
Total Short-Term Instruments (Cost $201,256) |  |  | 201,262 |
Total Investments in Securities (Cost $9,190,641) |  |  | 8,021,398 |

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S) |
INVESTMENTS IN AFFILIATES 19.1% |
COMMON STOCKS 5.3% |
AFFILIATED INVESTMENTS 5.3% |
Amsurg Equity «(e)(j) |  |  |  |  | 3,517,243 |  |  | $ |  |  | 161,149 |
Market Garden Dogwood LLC †«‡(j) |  |  |  |  | 147,000,000 |  |  |  |  |  | 156,095 |
Oi SA |  |  |  |  | 24,221,572 |  |  |  |  |  | 5,253 |
Sierra Hamilton Holder LLC «(e)(j) |  |  |  |  | 30,337,712 |  |  |  |  |  | 3 |
|  |  |  |  |  |  |  |  |  |  | 322,500 |
Total Common Stocks (Cost $301,659) |  |  | 322,500 |

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S) |
SHORT-TERM INSTRUMENTS 13.8% |
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 13.8% |
PIMCO Short-Term Floating NAV Portfolio III |  |  |  |  | 85,933,941 |  |  | $ |  |  | 836,739 |
Total Short-Term Instruments (Cost $836,058) |  |  | 836,739 |
Total Investments in Affiliates (Cost $1,137,717) |  |  | 1,159,239 |
Total Investments 151.9% (Cost $10,328,358) |  |  | $ |  |  | 9,180,637 |
Financial Derivative Instruments (m)(n) 0.2% (Cost or Premiums, net $39,693) |  |  |  |  |  | 9,806 |
Other Assets and Liabilities, net (52.1)% |  |  | (3,145,842 | )
Net Assets 100.0% |  |  | $ |  |  | 6,044,601 |

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

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

† | Represents co-investment made with Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 10, Related Party Transactions in the Notes to Financial Statements.

^ | Security is in default.

« | Security valued using significant unobservable inputs (Level 3).

µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ | Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

‡ | Insurance-Linked Investments.

(a) | Security is an Interest Only (“IO”) or IO Strip.

(b) | Principal only security.

(c) | Payment in-kind security.

(d) | Security is not accruing income as of the date of this report.

(e) | Security did not produce income within the last twelve months.

(f) | Coupon represents a weighted average yield to maturity.

(g) | Zero coupon security.

(h) | Security becomes interest bearing at a future date.

(i) | Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) RESTRICTED SECURITIES:

Issuer Description |  | Acquisition Date |  |  | Cost |  |  | Market Value |  |  | Market Value as Percentage of Net Assets |
Amsurg Equity |  |  | 11/02/2023 - 11/06/2023 |  |  | $ | 146,968 |  |  | $ | 161,149 |  |  |  | 2.67 | %
Clover Holdings, Inc. |  |  | 12/09/2024 |  |  |  | 670 |  |  |  | 916 |  |  |  | 0.02 |
Corestate Capital Holding SA |  |  | 08/22/2023 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0.00 |
Intelsat Emergence SA |  |  | 06/19/2017 - 02/23/2024 |  |  |  | 114,056 |  |  |  | 57,971 |  |  |  | 0.96 |
Market Garden Dogwood LLC |  |  | 03/13/2024 |  |  |  | 147,000 |  |  |  | 156,095 |  |  |  | 2.58 |
MNEQ Holdings, Inc. |  |  | 03/16/2023 - 03/29/2023 |  |  |  | 285 |  |  |  | 103 |  |  |  | 0.00 |
Sierra Hamilton Holder LLC |  |  | 07/31/2017 |  |  |  | 7,690 |  |  |  | 3 |  |  |  | 0.00 |
Steinhoff International Holdings NV |  |  | 06/30/2023 - 10/30/2023 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0.00 |
Syniverse Holdings, Inc. |  |  | 05/12/2022 - 11/30/2024 |  |  |  | 20,560 |  |  |  | 20,645 |  |  |  | 0.34 |
West Marine |  |  | 09/12/2023 |  |  |  | 618 |  |  |  | 272 |  |  |  | 0.00 |
Westmoreland Mining Holdings |  |  | 12/08/2014 - 03/26/2019 |  |  |  | 6,949 |  |  |  | 269 |  |  |  | 0.00 |
Westmoreland Mining LLC |  |  | 06/30/2023 |  |  |  | 1,596 |  |  |  | 843 |  |  |  | 0.02 |
|  |  | $ | 446,392 |  |  | $ | 398,266 |  |  |  | 6.59 | %

78 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS
(k) REPURCHASE AGREEMENTS:

Counterparty |  | Lending Rate |  |  | Settlement Date |  |  | Maturity Date |  |  | Principal Amount |  |  | Collateralized By |  | Collateral (Received) |  |  | Repurchase Agreements, at Value |  |  | Repurchase Agreement Proceeds to be Received (1) |
JPS |  |  | 4.570 | % |  |  | 07/30/2024 |  |  |  | TBD | (2) |  | $ | 166,689 |  |  | U.S. Treasury Bonds 1.375% - 3.875% due 08/15/2040 - 11/15/2040 |  | $ | (163,216 | ) |  | $ | 166,689 |  |  | $ | 170,275 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Cash |  |  | (8,304 | ) |  |  |  |  |  |  |  |
Total Repurchase Agreements |  |  |  |  | $ | (171,520 | ) |  | $ | 166,689 |  |  | $ | 170,275 |

REVERSE REPURCHASE AGREEMENTS:

Counterparty |  | Borrowing Rate (3) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (3) |  |  | Payable for Reverse Repurchase Agreements |
BMO |  |  | 4.860 | % |  |  | 11/20/2024 |  |  |  | 01/21/2025 |  |  | $ |  |  | (314 | ) |  | $ | (316 | )
BNY |  |  | 5.560 |  |  |  | 10/09/2024 |  |  |  | 04/08/2025 |  |  |  |  |  | (86,497 | ) |  |  | (87,688 | )
|  |  | 5.560 |  |  |  | 11/12/2024 |  |  |  | 05/12/2025 |  |  |  |  |  | (52,102 | ) |  |  | (52,529 | )
|  |  | 5.560 |  |  |  | 12/06/2024 |  |  |  | 06/06/2025 |  |  |  |  |  | (3,711 | ) |  |  | (3,727 | )
|  |  | 5.560 |  |  |  | 12/11/2024 |  |  |  | 06/11/2025 |  |  |  |  |  | (21,111 | ) |  |  | (21,185 | )
BOM |  |  | 5.020 |  |  |  | 12/09/2024 |  |  |  | 01/09/2025 |  |  |  |  |  | (3,354 | ) |  |  | (3,365 | )
BOS |  |  | 5.460 |  |  |  | 12/05/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (11,161 | ) |  |  | (11,209 | )
|  |  | 5.460 |  |  |  | 01/03/2025 |  |  |  | 05/02/2025 |  |  |  |  |  | (11,156 | ) |  |  | (11,156 | )
|  |  | 5.510 |  |  |  | 12/05/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (16,266 | ) |  |  | (16,337 | )
|  |  | 5.510 |  |  |  | 01/03/2025 |  |  |  | 05/02/2025 |  |  |  |  |  | (16,266 | ) |  |  | (16,266 | )
|  |  | 5.560 |  |  |  | 12/05/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (18,418 | ) |  |  | (18,499 | )
|  |  | 5.560 |  |  |  | 01/03/2025 |  |  |  | 05/02/2025 |  |  |  |  |  | (18,400 | ) |  |  | (18,400 | )
|  |  | 5.610 |  |  |  | 01/03/2025 |  |  |  | 05/02/2025 |  |  |  |  |  | (4,106 | ) |  |  | (4,106 | )
|  |  | 5.660 |  |  |  | 12/05/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (4,093 | ) |  |  | (4,111 | )
|  |  | 5.660 |  |  |  | 01/03/2025 |  |  |  | 05/02/2025 |  |  |  |  |  | (6,471 | ) |  |  | (6,471 | )
|  |  | 5.710 |  |  |  | 12/05/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (6,627 | ) |  |  | (6,656 | )
BPG |  |  | 5.040 |  |  |  | 12/31/2024 |  |  |  | 03/10/2025 |  |  |  |  |  | (2,712 | ) |  |  | (2,713 | )
BPS |  |  | 3.050 |  |  |  | 12/18/2024 |  |  |  | TBD | (4) |  | EUR |  |  | (4,742 | ) |  |  | (4,918 | )
|  |  | 3.210 |  |  |  | 12/18/2024 |  |  |  | TBD | (4) |  |  |  |  | (11,587 | ) |  |  | (12,019 | )
|  |  | 3.233 |  |  |  | 12/06/2024 |  |  |  | 02/06/2025 |  |  |  |  |  | (193 | ) |  |  | (200 | )
|  |  | 5.040 |  |  |  | 11/15/2024 |  |  |  | 02/13/2025 |  |  | $ |  |  | (31,362 | ) |  |  | (31,572 | )
|  |  | 5.040 |  |  |  | 12/10/2024 |  |  |  | 03/10/2025 |  |  |  |  |  | (33,995 | ) |  |  | (34,105 | )
|  |  | 5.060 |  |  |  | 10/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (23,156 | ) |  |  | (23,439 | )
|  |  | 5.150 |  |  |  | 10/24/2024 |  |  |  | 01/24/2025 |  |  |  |  |  | (31,504 | ) |  |  | (31,819 | )
|  |  | 5.170 |  |  |  | 10/29/2024 |  |  |  | 01/29/2025 |  |  |  |  |  | (1,074 | ) |  |  | (1,084 | )
|  |  | 5.210 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  | (17,770 | ) |  |  | (17,888 | )
|  |  | 5.364 |  |  |  | 11/20/2024 |  |  |  | 03/20/2025 |  |  | GBP |  |  | (7,324 | ) |  |  | (9,227 | )
|  |  | 5.410 |  |  |  | 10/18/2024 |  |  |  | 04/16/2025 |  |  | $ |  |  | (4,905 | ) |  |  | (4,964 | )
|  |  | 5.560 |  |  |  | 10/18/2024 |  |  |  | 04/16/2025 |  |  |  |  |  | (2,129 | ) |  |  | (2,155 | )
|  |  | 5.690 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  | (38,666 | ) |  |  | (38,947 | )
|  |  | 5.710 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  | (117,413 | ) |  |  | (118,781 | )
|  |  | 5.710 |  |  |  | 11/22/2024 |  |  |  | 04/22/2025 |  |  |  |  |  | (27,635 | ) |  |  | (27,818 | )
|  |  | 5.810 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  | (11,622 | ) |  |  | (11,758 | )
|  |  | 5.810 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  | (2,134 | ) |  |  | (2,150 | )
|  |  | 6.010 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  | (7,786 | ) |  |  | (7,877 | )
|  |  | 6.010 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  | (1,684 | ) |  |  | (1,697 | )
BRC |  |  | 2.500 |  |  |  | 12/20/2024 |  |  |  | TBD | (4) |  |  |  |  | (9,224 | ) |  |  | (9,232 | )
|  |  | 3.080 |  |  |  | 12/18/2024 |  |  |  | TBD | (4) |  | EUR |  |  | (942 | ) |  |  | (978 | )
|  |  | 4.600 |  |  |  | 12/20/2024 |  |  |  | TBD | (4) |  | $ |  |  | (1,137 | ) |  |  | (1,139 | )
|  |  | 5.150 |  |  |  | 12/16/2024 |  |  |  | 03/17/2025 |  |  |  |  |  | (18,745 | ) |  |  | (18,791 | )
|  |  | 5.300 |  |  |  | 01/03/2025 |  |  |  | 04/03/2025 |  |  |  |  |  | (345 | ) |  |  | (345 | )
|  |  | 5.570 |  |  |  | 11/04/2024 |  |  |  | 02/03/2025 |  |  |  |  |  | (1,400 | ) |  |  | (1,413 | )
|  |  | 5.650 |  |  |  | 09/27/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (362 | ) |  |  | (368 | )
|  |  | 5.660 |  |  |  | 12/20/2024 |  |  |  | 04/21/2025 |  |  |  |  |  | (24,817 | ) |  |  | (24,869 | )
|  |  | 5.710 |  |  |  | 12/20/2024 |  |  |  | 04/21/2025 |  |  |  |  |  | (27,308 | ) |  |  | (27,366 | )
|  |  | 5.720 |  |  |  | 11/26/2024 |  |  |  | 02/26/2025 |  |  |  |  |  | (12,585 | ) |  |  | (12,659 | )
|  |  | 5.760 |  |  |  | 12/03/2024 |  |  |  | 04/02/2025 |  |  |  |  |  | (2,915 | ) |  |  | (2,929 | )
|  |  | 5.760 |  |  |  | 12/18/2024 |  |  |  | 04/21/2025 |  |  |  |  |  | (8,807 | ) |  |  | (8,829 | )
|  |  | 5.780 |  |  |  | 10/09/2024 |  |  |  | 01/10/2025 |  |  |  |  |  | (18,765 | ) |  |  | (19,021 | )
|  |  | 5.790 |  |  |  | 10/29/2024 |  |  |  | 01/29/2025 |  |  |  |  |  | (3,283 | ) |  |  | (3,317 | )
|  |  | 5.810 |  |  |  | 12/20/2024 |  |  |  | 04/21/2025 |  |  |  |  |  | (1,668 | ) |  |  | (1,672 | )
|  |  | 5.820 |  |  |  | 11/04/2024 |  |  |  | 02/03/2025 |  |  |  |  |  | (4,028 | ) |  |  | (4,066 | )
|  |  | 5.877 |  |  |  | 10/17/2024 |  |  |  | 01/17/2025 |  |  | GBP |  |  | (16,788 | ) |  |  | (21,283 | )

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 79

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

Counterparty |  | Borrowing Rate (3) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (3) |  |  | Payable for Reverse Repurchase Agreements |
|  |  | 5.890 | % |  |  | 09/09/2024 |  |  |  | 03/10/2025 |  |  | $ |  |  | (14,381 | ) |  | $ | (14,651 | )
|  |  | 6.000 |  |  |  | 08/26/2024 |  |  |  | 02/26/2025 |  |  |  |  |  | (7,537 | ) |  |  | (7,699 | )
|  |  | 6.180 |  |  |  | 08/21/2024 |  |  |  | 02/21/2025 |  |  |  |  |  | (6,735 | ) |  |  | (6,889 | )
|  |  | 6.370 |  |  |  | 08/05/2024 |  |  |  | 02/05/2025 |  |  |  |  |  | (1,253 | ) |  |  | (1,286 | )
|  |  | 6.370 |  |  |  | 11/13/2024 |  |  |  | 02/13/2025 |  |  |  |  |  | (19,777 | ) |  |  | (19,952 | )
BYR |  |  | 4.940 |  |  |  | 11/21/2024 |  |  |  | 02/21/2025 |  |  |  |  |  | (20,606 | ) |  |  | (20,727 | )
|  |  | 4.960 |  |  |  | 10/09/2024 |  |  |  | 01/10/2025 |  |  |  |  |  | (4,059 | ) |  |  | (4,110 | )
|  |  | 4.960 |  |  |  | 11/19/2024 |  |  |  | 02/19/2025 |  |  |  |  |  | (18,600 | ) |  |  | (18,716 | )
|  |  | 4.960 |  |  |  | 11/20/2024 |  |  |  | 02/20/2025 |  |  |  |  |  | (3,810 | ) |  |  | (3,833 | )
|  |  | 4.960 |  |  |  | 11/21/2024 |  |  |  | 02/21/2025 |  |  |  |  |  | (11,548 | ) |  |  | (11,616 | )
|  |  | 4.960 |  |  |  | 12/17/2024 |  |  |  | 03/18/2025 |  |  |  |  |  | (2,217 | ) |  |  | (2,222 | )
|  |  | 4.980 |  |  |  | 12/06/2024 |  |  |  | 01/09/2025 |  |  |  |  |  | (48,269 | ) |  |  | (48,453 | )
CDC |  |  | 4.920 |  |  |  | 12/17/2024 |  |  |  | 02/19/2025 |  |  |  |  |  | (1,676 | ) |  |  | (1,680 | )
|  |  | 5.010 |  |  |  | 12/16/2024 |  |  |  | 04/15/2025 |  |  |  |  |  | (18,250 | ) |  |  | (18,294 | )
|  |  | 5.010 |  |  |  | 12/17/2024 |  |  |  | 04/15/2025 |  |  |  |  |  | (270 | ) |  |  | (271 | )
|  |  | 5.010 |  |  |  | 12/23/2024 |  |  |  | 04/22/2025 |  |  |  |  |  | (33,075 | ) |  |  | (33,120 | )
|  |  | 5.010 |  |  |  | 12/24/2024 |  |  |  | 04/15/2025 |  |  |  |  |  | (85 | ) |  |  | (85 | )
|  |  | 5.010 |  |  |  | 12/30/2024 |  |  |  | 04/15/2025 |  |  |  |  |  | (276 | ) |  |  | (276 | )
|  |  | 5.030 |  |  |  | 10/23/2024 |  |  |  | 01/23/2025 |  |  |  |  |  | (1,509 | ) |  |  | (1,524 | )
|  |  | 5.030 |  |  |  | 12/17/2024 |  |  |  | 01/23/2025 |  |  |  |  |  | (1,769 | ) |  |  | (1,773 | )
|  |  | 5.080 |  |  |  | 01/02/2025 |  |  |  | 04/15/2025 |  |  |  |  |  | (523 | ) |  |  | (523 | )
|  |  | 5.130 |  |  |  | 10/28/2024 |  |  |  | 01/27/2025 |  |  |  |  |  | (16,188 | ) |  |  | (16,341 | )
|  |  | 5.130 |  |  |  | 11/19/2024 |  |  |  | 01/27/2025 |  |  |  |  |  | (643 | ) |  |  | (647 | )
|  |  | 5.130 |  |  |  | 11/22/2024 |  |  |  | 01/27/2025 |  |  |  |  |  | (478 | ) |  |  | (481 | )
|  |  | 5.130 |  |  |  | 12/05/2024 |  |  |  | 01/27/2025 |  |  |  |  |  | (4,444 | ) |  |  | (4,462 | )
|  |  | 5.130 |  |  |  | 12/17/2024 |  |  |  | 01/27/2025 |  |  |  |  |  | (466 | ) |  |  | (467 | )
|  |  | 5.130 |  |  |  | 12/24/2024 |  |  |  | 01/27/2025 |  |  |  |  |  | (85 | ) |  |  | (85 | )
|  |  | 5.130 |  |  |  | 12/30/2024 |  |  |  | 01/27/2025 |  |  |  |  |  | (768 | ) |  |  | (768 | )
|  |  | 5.130 |  |  |  | 01/02/2025 |  |  |  | 01/27/2025 |  |  |  |  |  | (525 | ) |  |  | (525 | )
|  |  | 5.210 |  |  |  | 12/09/2024 |  |  |  | 04/08/2025 |  |  |  |  |  | (363 | ) |  |  | (364 | )
|  |  | 5.220 |  |  |  | 10/01/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (5,120 | ) |  |  | (5,189 | )
|  |  | 5.220 |  |  |  | 12/17/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (372 | ) |  |  | (373 | )
|  |  | 5.310 |  |  |  | 11/08/2024 |  |  |  | 03/07/2025 |  |  |  |  |  | (4,977 | ) |  |  | (5,020 | )
|  |  | 5.310 |  |  |  | 12/09/2024 |  |  |  | 04/08/2025 |  |  |  |  |  | (8,436 | ) |  |  | (8,467 | )
|  |  | 5.340 |  |  |  | 11/12/2024 |  |  |  | 02/12/2025 |  |  |  |  |  | (3,129 | ) |  |  | (3,153 | )
|  |  | 5.410 |  |  |  | 11/08/2024 |  |  |  | 03/07/2025 |  |  |  |  |  | (401 | ) |  |  | (405 | )
|  |  | 5.410 |  |  |  | 12/09/2024 |  |  |  | 04/08/2025 |  |  |  |  |  | (13,070 | ) |  |  | (13,118 | )
|  |  | 5.480 |  |  |  | 11/07/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (3,896 | ) |  |  | (3,929 | )
|  |  | 5.510 |  |  |  | 12/09/2024 |  |  |  | 04/08/2025 |  |  |  |  |  | (1,485 | ) |  |  | (1,491 | )
|  |  | 5.780 |  |  |  | 11/07/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (2,863 | ) |  |  | (2,889 | )
CIB |  |  | 5.050 |  |  |  | 12/19/2024 |  |  |  | 01/14/2025 |  |  |  |  |  | (406 | ) |  |  | (407 | )
DBL |  |  | 3.546 |  |  |  | 09/07/2023 |  |  |  | TBD | (4) |  | EUR |  |  | (12,578 | ) |  |  | (13,818 | )
|  |  | 5.156 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  | $ |  |  | (11,336 | ) |  |  | (11,375 | )
|  |  | 5.206 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (3,472 | ) |  |  | (3,484 | )
|  |  | 5.256 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (6,308 | ) |  |  | (6,331 | )
|  |  | 5.285 |  |  |  | 11/08/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (2,728 | ) |  |  | (2,750 | )
|  |  | 5.306 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (1,651 | ) |  |  | (1,657 | )
|  |  | 5.406 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (2,479 | ) |  |  | (2,488 | )
|  |  | 5.556 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (11,325 | ) |  |  | (11,367 | )
|  |  | 5.606 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (22,569 | ) |  |  | (22,654 | )
|  |  | 5.613 |  |  |  | 12/20/2024 |  |  |  | 02/14/2025 |  |  |  |  |  | (3,995 | ) |  |  | (4,004 | )
|  |  | 5.756 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (5,429 | ) |  |  | (5,450 | )
|  |  | 5.806 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (18,260 | ) |  |  | (18,331 | )
|  |  | 5.881 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (1,780 | ) |  |  | (1,787 | )
|  |  | 5.931 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (1,658 | ) |  |  | (1,664 | )
|  |  | 5.956 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (12,576 | ) |  |  | (12,626 | )
|  |  | 5.981 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (10,219 | ) |  |  | (10,259 | )
|  |  | 6.006 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (88,923 | ) |  |  | (89,279 | )
|  |  | 6.056 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (3,215 | ) |  |  | (3,228 | )
|  |  | 6.081 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (12,089 | ) |  |  | (12,138 | )
|  |  | 6.086 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (8,194 | ) |  |  | (8,227 | )
|  |  | 6.106 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (14,731 | ) |  |  | (14,791 | )
|  |  | 6.156 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (30,082 | ) |  |  | (30,205 | )
|  |  | 6.181 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (3,386 | ) |  |  | (3,400 | )
DEU |  |  | 4.650 |  |  |  | 12/20/2024 |  |  |  | TBD | (4) |  |  |  |  | (9,537 | ) |  |  | (9,553 | )
|  |  | 4.820 |  |  |  | 12/20/2024 |  |  |  | TBD | (4) |  |  |  |  | (13,260 | ) |  |  | (13,283 | )
|  |  | 4.820 |  |  |  | 12/24/2024 |  |  |  | TBD | (4) |  |  |  |  | (6,084 | ) |  |  | (6,092 | )
|  |  | 5.090 |  |  |  | 11/13/2024 |  |  |  | 02/13/2025 |  |  |  |  |  | (10,490 | ) |  |  | (10,564 | )
|  |  | 5.160 |  |  |  | 12/31/2024 |  |  |  | 02/20/2025 |  |  |  |  |  | (20,387 | ) |  |  | (20,390 | )
|  |  | 5.300 |  |  |  | 10/28/2024 |  |  |  | 01/28/2025 |  |  |  |  |  | (9,826 | ) |  |  | (9,922 | )

80 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

Counterparty |  | Borrowing Rate (3) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (3) |  |  | Payable for Reverse Repurchase Agreements |
GLM |  |  | 5.220 | % |  |  | 09/27/2024 |  |  |  | 06/24/2025 |  |  | $ |  |  | (108,620 | ) |  | $ | (110,147 | )
|  |  | 5.270 |  |  |  | 09/27/2024 |  |  |  | 06/24/2025 |  |  |  |  |  | (7,158 | ) |  |  | (7,260 | )
|  |  | 5.320 |  |  |  | 09/27/2024 |  |  |  | 06/24/2025 |  |  |  |  |  | (4,128 | ) |  |  | (4,187 | )
|  |  | 5.470 |  |  |  | 09/27/2024 |  |  |  | 06/24/2025 |  |  |  |  |  | (2,677 | ) |  |  | (2,717 | )
|  |  | 5.563 |  |  |  | 10/29/2024 |  |  |  | 07/29/2025 |  |  |  |  |  | (63,461 | ) |  |  | (64,098 | )
|  |  | 5.613 |  |  |  | 10/29/2024 |  |  |  | 07/29/2025 |  |  |  |  |  | (8,399 | ) |  |  | (8,484 | )
|  |  | 5.663 |  |  |  | 10/29/2024 |  |  |  | 07/29/2025 |  |  |  |  |  | (2,902 | ) |  |  | (2,931 | )
IND |  |  | 4.910 |  |  |  | 12/17/2024 |  |  |  | 03/17/2025 |  |  |  |  |  | (99 | ) |  |  | (100 | )
|  |  | 5.040 |  |  |  | 11/26/2024 |  |  |  | 02/25/2025 |  |  |  |  |  | (149 | ) |  |  | (149 | )
|  |  | 5.170 |  |  |  | 11/08/2024 |  |  |  | 02/10/2025 |  |  |  |  |  | (1,540 | ) |  |  | (1,552 | )
|  |  | 5.180 |  |  |  | 09/09/2024 |  |  |  | 03/06/2025 |  |  |  |  |  | (3,178 | ) |  |  | (3,230 | )
|  |  | 5.210 |  |  |  | 12/06/2024 |  |  |  | 03/06/2025 |  |  |  |  |  | (1,765 | ) |  |  | (1,772 | )
|  |  | 5.220 |  |  |  | 11/08/2024 |  |  |  | 02/10/2025 |  |  |  |  |  | (555 | ) |  |  | (559 | )
|  |  | 5.220 |  |  |  | 11/25/2024 |  |  |  | 04/25/2025 |  |  |  |  |  | (710 | ) |  |  | (714 | )
|  |  | 5.230 |  |  |  | 11/25/2024 |  |  |  | 02/25/2025 |  |  |  |  |  | (14,513 | ) |  |  | (14,593 | )
|  |  | 5.260 |  |  |  | 12/06/2024 |  |  |  | 03/06/2025 |  |  |  |  |  | (1,599 | ) |  |  | (1,605 | )
|  |  | 5.300 |  |  |  | 09/09/2024 |  |  |  | 03/06/2025 |  |  |  |  |  | (3,133 | ) |  |  | (3,186 | )
|  |  | 5.330 |  |  |  | 11/04/2024 |  |  |  | 01/31/2025 |  |  |  |  |  | (1,758 | ) |  |  | (1,773 | )
JML |  |  | 4.750 |  |  |  | 12/20/2024 |  |  |  | 01/31/2025 |  |  |  |  |  | (51,109 | ) |  |  | (51,196 | )
|  |  | 5.500 |  |  |  | 12/20/2024 |  |  |  | 01/31/2025 |  |  |  |  |  | (200 | ) |  |  | (200 | )
|  |  | 5.648 |  |  |  | 12/20/2024 |  |  |  | 03/20/2025 |  |  | GBP |  |  | (11,327 | ) |  |  | (14,208 | )
JPS |  |  | 5.280 |  |  |  | 11/07/2024 |  |  |  | 02/07/2025 |  |  | $ |  |  | (1,596 | ) |  |  | (1,609 | )
|  |  | 5.530 |  |  |  | 11/07/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (1,517 | ) |  |  | (1,531 | )
|  |  | 5.600 |  |  |  | 10/02/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (5,547 | ) |  |  | (5,626 | )
|  |  | 5.630 |  |  |  | 11/07/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (1,904 | ) |  |  | (1,921 | )
|  |  | 5.700 |  |  |  | 10/02/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (5,766 | ) |  |  | (5,850 | )
|  |  | 5.730 |  |  |  | 11/07/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (4,889 | ) |  |  | (4,933 | )
|  |  | 5.750 |  |  |  | 10/02/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (3,751 | ) |  |  | (3,806 | )
|  |  | 5.800 |  |  |  | 10/02/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (1,905 | ) |  |  | (1,933 | )
|  |  | 5.900 |  |  |  | 10/02/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (3,732 | ) |  |  | (3,788 | )
|  |  | 5.950 |  |  |  | 10/02/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (5,818 | ) |  |  | (5,907 | )
MBC |  |  | 5.400 |  |  |  | 11/27/2024 |  |  |  | 03/27/2025 |  |  | GBP |  |  | (10,696 | ) |  |  | (13,462 | )
|  |  | 5.450 |  |  |  | 11/27/2024 |  |  |  | 03/27/2025 |  |  |  |  |  | (6,921 | ) |  |  | (8,712 | )
MEI |  |  | 3.300 |  |  |  | 12/18/2024 |  |  |  | 01/10/2025 |  |  | EUR |  |  | (488 | ) |  |  | (506 | )
|  |  | 3.360 |  |  |  | 12/20/2024 |  |  |  | 03/20/2025 |  |  |  |  |  | (2,054 | ) |  |  | (2,130 | )
|  |  | 3.500 |  |  |  | 12/05/2024 |  |  |  | 03/04/2025 |  |  |  |  |  | (4,707 | ) |  |  | (4,889 | )
|  |  | 5.200 |  |  |  | 12/20/2024 |  |  |  | 03/20/2025 |  |  | GBP |  |  | (1,550 | ) |  |  | (1,944 | )
|  |  | 5.260 |  |  |  | 12/18/2024 |  |  |  | 03/18/2025 |  |  |  |  |  | (802 | ) |  |  | (1,006 | )
|  |  | 5.380 |  |  |  | 12/20/2024 |  |  |  | 02/20/2025 |  |  |  |  |  | (3,128 | ) |  |  | (3,924 | )
MSB |  |  | 5.282 |  |  |  | 11/20/2024 |  |  |  | 03/20/2025 |  |  |  |  |  | (4,793 | ) |  |  | (6,038 | )
|  |  | 5.312 |  |  |  | 11/20/2024 |  |  |  | 03/20/2025 |  |  |  |  |  | (5,941 | ) |  |  | (7,485 | )
|  |  | 5.342 |  |  |  | 11/20/2024 |  |  |  | 03/20/2025 |  |  |  |  |  | (6,508 | ) |  |  | (8,199 | )
|  |  | 5.360 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  | $ |  |  | (3,579 | ) |  |  | (3,592 | )
|  |  | 5.434 |  |  |  | 12/20/2024 |  |  |  | 06/20/2025 |  |  | GBP |  |  | (8,696 | ) |  |  | (10,907 | )
|  |  | 5.460 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  | $ |  |  | (3,993 | ) |  |  | (4,007 | )
|  |  | 5.560 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  |  |  |  | (5,063 | ) |  |  | (5,082 | )
|  |  | 5.660 |  |  |  | 09/17/2024 |  |  |  | 03/17/2025 |  |  |  |  |  | (27,883 | ) |  |  | (28,382 | )
|  |  | 5.710 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  |  |  |  | (48,554 | ) |  |  | (48,743 | )
|  |  | 5.760 |  |  |  | 09/17/2024 |  |  |  | 03/17/2025 |  |  |  |  |  | (14,691 | ) |  |  | (14,954 | )
|  |  | 5.760 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  |  |  |  | (19,862 | ) |  |  | (19,940 | )
|  |  | 5.785 |  |  |  | 07/19/2024 |  |  |  | 01/20/2025 |  |  | GBP |  |  | (17,470 | ) |  |  | (22,468 | )
MYI |  |  | 2.000 |  |  |  | 12/20/2024 |  |  |  | TBD | (4) |  | $ |  |  | (10,713 | ) |  |  | (10,720 | )
MZF |  |  | 5.410 |  |  |  | 12/17/2024 |  |  |  | 06/11/2025 |  |  |  |  |  | (58,979 | ) |  |  | (59,121 | )
|  |  | 5.610 |  |  |  | 12/17/2024 |  |  |  | 06/11/2025 |  |  |  |  |  | (454 | ) |  |  | (455 | )
NOM |  |  | 4.200 |  |  |  | 12/20/2024 |  |  |  | TBD | (4) |  |  |  |  | (4,634 | ) |  |  | (4,641 | )
|  |  | 4.750 |  |  |  | 12/20/2024 |  |  |  | TBD | (4) |  |  |  |  | (3,457 | ) |  |  | (3,463 | )
RBC |  |  | 5.880 |  |  |  | 12/20/2024 |  |  |  | 06/20/2025 |  |  |  |  |  | (2,428 | ) |  |  | (2,434 | )
|  |  | 5.930 |  |  |  | 11/08/2024 |  |  |  | 05/06/2025 |  |  |  |  |  | (2,538 | ) |  |  | (2,562 | )
|  |  | 5.930 |  |  |  | 12/20/2024 |  |  |  | 06/20/2025 |  |  |  |  |  | (2,092 | ) |  |  | (2,096 | )
RCE |  |  | 3.100 |  |  |  | 12/20/2024 |  |  |  | 03/20/2025 |  |  | EUR |  |  | (14,177 | ) |  |  | (14,702 | )
|  |  | 3.200 |  |  |  | 12/18/2024 |  |  |  | TBD | (4) |  |  |  |  | (3,591 | ) |  |  | (3,724 | )
|  |  | 3.966 |  |  |  | 11/05/2024 |  |  |  | 05/05/2025 |  |  |  |  |  | (2,490 | ) |  |  | (2,597 | )
RCY |  |  | 5.060 |  |  |  | 12/06/2024 |  |  |  | 01/06/2025 |  |  | $ |  |  | (11,476 | ) |  |  | (11,519 | )
RTA |  |  | 5.130 |  |  |  | 12/20/2024 |  |  |  | 03/19/2025 |  |  |  |  |  | (23,734 | ) |  |  | (23,776 | )
|  |  | 5.330 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  | (26,439 | ) |  |  | (26,531 | )
|  |  | 5.580 |  |  |  | 12/18/2024 |  |  |  | 04/17/2025 |  |  |  |  |  | (2,967 | ) |  |  | (2,974 | )
|  |  | 5.660 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  | (12,572 | ) |  |  | (12,618 | )
|  |  | 5.670 |  |  |  | 11/01/2024 |  |  |  | 05/01/2025 |  |  |  |  |  | (29,706 | ) |  |  | (30,005 | )
|  |  | 5.680 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  | (24,382 | ) |  |  | (24,472 | )
|  |  | 5.730 |  |  |  | 10/08/2024 |  |  |  | 01/07/2025 |  |  |  |  |  | (6,215 | ) |  |  | (6,305 | )

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 81

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

Counterparty |  | Borrowing Rate (3) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (3) |  |  | Payable for Reverse Repurchase Agreements |
|  |  | 5.730 | % |  |  | 12/20/2024 |  |  |  | 06/18/2025 |  |  | $ |  |  | (14,105 | ) |  | $ | (14,134 | )
|  |  | 5.730 |  |  |  | 12/24/2024 |  |  |  | 02/07/2025 |  |  |  |  |  | (5,088 | ) |  |  | (5,095 | )
|  |  | 5.750 |  |  |  | 11/01/2024 |  |  |  | 05/01/2025 |  |  |  |  |  | (8,154 | ) |  |  | (8,236 | )
|  |  | 5.760 |  |  |  | 11/01/2024 |  |  |  | 05/01/2025 |  |  |  |  |  | (21,556 | ) |  |  | (21,773 | )
|  |  | 5.780 |  |  |  | 11/01/2024 |  |  |  | 05/01/2025 |  |  |  |  |  | (5,512 | ) |  |  | (5,567 | )
|  |  | 5.860 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  | (4,988 | ) |  |  | (5,007 | )
SBI |  |  | 5.826 |  |  |  | 10/25/2024 |  |  |  | 04/28/2025 |  |  |  |  |  | (25,815 | ) |  |  | (26,104 | )
|  |  | 5.876 |  |  |  | 10/25/2024 |  |  |  | 04/28/2025 |  |  |  |  |  | (24,876 | ) |  |  | (25,156 | )
|  |  | 5.926 |  |  |  | 10/25/2024 |  |  |  | 04/28/2025 |  |  |  |  |  | (5,312 | ) |  |  | (5,372 | )
|  |  | 5.976 |  |  |  | 10/25/2024 |  |  |  | 04/28/2025 |  |  |  |  |  | (2,931 | ) |  |  | (2,965 | )
SOG |  |  | 4.600 |  |  |  | 12/20/2024 |  |  |  | TBD | (4) |  |  |  |  | (26,241 | ) |  |  | (26,284 | )
|  |  | 4.870 |  |  |  | 12/18/2024 |  |  |  | 03/18/2025 |  |  |  |  |  | (2,047 | ) |  |  | (2,051 | )
|  |  | 5.030 |  |  |  | 10/29/2024 |  |  |  | 01/29/2025 |  |  |  |  |  | (2,750 | ) |  |  | (2,775 | )
|  |  | 5.050 |  |  |  | 10/08/2024 |  |  |  | 01/08/2025 |  |  |  |  |  | (897 | ) |  |  | (907 | )
|  |  | 5.100 |  |  |  | 12/27/2024 |  |  |  | 01/09/2025 |  |  |  |  |  | (2,374 | ) |  |  | (2,376 | )
|  |  | 5.140 |  |  |  | 09/30/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (1,885 | ) |  |  | (1,911 | )
|  |  | 5.170 |  |  |  | 10/24/2024 |  |  |  | 01/24/2025 |  |  |  |  |  | (11,438 | ) |  |  | (11,553 | )
|  |  | 5.170 |  |  |  | 11/15/2024 |  |  |  | 01/24/2025 |  |  |  |  |  | (640 | ) |  |  | (645 | )
|  |  | 5.170 |  |  |  | 12/16/2024 |  |  |  | 01/08/2025 |  |  |  |  |  | (261 | ) |  |  | (262 | )
|  |  | 5.190 |  |  |  | 10/15/2024 |  |  |  | 01/15/2025 |  |  |  |  |  | (21,121 | ) |  |  | (21,362 | )
|  |  | 5.220 |  |  |  | 10/09/2024 |  |  |  | 01/09/2025 |  |  |  |  |  | (43,486 | ) |  |  | (44,022 | )
|  |  | 5.220 |  |  |  | 12/17/2024 |  |  |  | 01/09/2025 |  |  |  |  |  | (1,382 | ) |  |  | (1,385 | )
|  |  | 5.360 |  |  |  | 10/18/2024 |  |  |  | 04/17/2025 |  |  |  |  |  | (9,814 | ) |  |  | (9,930 | )
|  |  | 5.610 |  |  |  | 10/16/2024 |  |  |  | 04/16/2025 |  |  |  |  |  | (4,989 | ) |  |  | (5,053 | )
|  |  | 5.610 |  |  |  | 10/18/2024 |  |  |  | 04/17/2025 |  |  |  |  |  | (3,862 | ) |  |  | (3,907 | )
|  |  | 5.610 |  |  |  | 11/07/2024 |  |  |  | 05/07/2025 |  |  |  |  |  | (24,585 | ) |  |  | (24,808 | )
|  |  | 5.610 |  |  |  | 12/12/2024 |  |  |  | 06/13/2025 |  |  |  |  |  | (3,940 | ) |  |  | (3,953 | )
|  |  | 5.660 |  |  |  | 10/16/2024 |  |  |  | 04/16/2025 |  |  |  |  |  | (24,971 | ) |  |  | (25,291 | )
|  |  | 5.710 |  |  |  | 09/13/2024 |  |  |  | 03/13/2025 |  |  |  |  |  | (5,059 | ) |  |  | (5,152 | )
UBS |  |  | 3.070 |  |  |  | 12/18/2024 |  |  |  | TBD | (4) |  | EUR |  |  | (5,610 | ) |  |  | (5,818 | )
|  |  | 3.130 |  |  |  | 12/18/2024 |  |  |  | TBD | (4) |  |  |  |  | (11,790 | ) |  |  | (12,229 | )
|  |  | 3.150 |  |  |  | 12/18/2024 |  |  |  | TBD | (4) |  |  |  |  | (8,700 | ) |  |  | (9,024 | )
|  |  | 3.180 |  |  |  | 12/18/2024 |  |  |  | TBD | (4) |  |  |  |  | (5,703 | ) |  |  | (5,916 | )
|  |  | 3.200 |  |  |  | 12/18/2024 |  |  |  | TBD | (4) |  |  |  |  | (8,567 | ) |  |  | (8,886 | )
|  |  | 3.402 |  |  |  | 12/20/2024 |  |  |  | 03/20/2025 |  |  |  |  |  | (257 | ) |  |  | (267 | )
|  |  | 3.427 |  |  |  | 12/06/2024 |  |  |  | 03/06/2025 |  |  |  |  |  | (14,263 | ) |  |  | (14,813 | )
|  |  | 3.552 |  |  |  | 12/20/2024 |  |  |  | 03/20/2025 |  |  |  |  |  | (3,951 | ) |  |  | (4,097 | )
|  |  | 5.170 |  |  |  | 10/02/2024 |  |  |  | 01/03/2025 |  |  | $ |  |  | (35,320 | ) |  |  | (35,786 | )
|  |  | 5.170 |  |  |  | 11/20/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (2,221 | ) |  |  | (2,235 | )
|  |  | 5.271 |  |  |  | 12/06/2024 |  |  |  | 03/06/2025 |  |  | GBP |  |  | (2,232 | ) |  |  | (2,805 | )
|  |  | 5.520 |  |  |  | 11/01/2024 |  |  |  | 04/30/2025 |  |  | $ |  |  | (15,590 | ) |  |  | (15,739 | )
|  |  | 5.630 |  |  |  | 10/29/2024 |  |  |  | 04/29/2025 |  |  |  |  |  | (47,024 | ) |  |  | (47,502 | )
|  |  | 5.640 |  |  |  | 10/16/2024 |  |  |  | 04/16/2025 |  |  |  |  |  | (3,187 | ) |  |  | (3,226 | )
|  |  | 5.760 |  |  |  | 10/02/2024 |  |  |  | 01/03/2025 |  |  |  |  |  | (41,269 | ) |  |  | (41,876 | )
WFS |  |  | 5.030 |  |  |  | 12/17/2024 |  |  |  | 03/17/2025 |  |  |  |  |  | (5,778 | ) |  |  | (5,791 | )
|  |  | 5.080 |  |  |  | 12/17/2024 |  |  |  | 03/17/2025 |  |  |  |  |  | (26,038 | ) |  |  | (26,096 | )
|  |  | 5.130 |  |  |  | 12/17/2024 |  |  |  | 03/17/2025 |  |  |  |  |  | (18,745 | ) |  |  | (18,787 | )
Total Reverse Repurchase Agreements |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,839,406 | )

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2024:

Counterparty |  | Repurchase Agreement Proceeds to be Received (1) |  |  | Payable for Reverse Repurchase Agreements |  |  | Payable for Sale-Buyback Transactions |  |  | Total Borrowings and Other Financing Transactions |  |  | Collateral Pledged/(Received) |  |  | Net Exposure (5) |
Global/Master Repurchase Agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BMO |  | $ | 0 |  |  | $ | (316 | ) |  | $ | 0 |  |  | $ | (316 | ) |  | $ | 323 |  |  | $ | 7 |
BNY |  |  | 0 |  |  |  | (165,129 | ) |  |  | 0 |  |  |  | (165,129 | ) |  |  | 214,936 |  |  |  | 49,807 |
BOM |  |  | 0 |  |  |  | (3,365 | ) |  |  | 0 |  |  |  | (3,365 | ) |  |  | 4,123 |  |  |  | 758 |
BOS |  |  | 0 |  |  |  | (113,211 | ) |  |  | 0 |  |  |  | (113,211 | ) |  |  | 69,923 |  |  |  | (43,288 | )
BPG |  |  | 0 |  |  |  | (2,713 | ) |  |  | 0 |  |  |  | (2,713 | ) |  |  | 0 |  |  |  | (2,713 | )
BPS |  |  | 0 |  |  |  | (382,418 | ) |  |  | 0 |  |  |  | (382,418 | ) |  |  | 481,242 |  |  |  | 98,824 |
BRC |  |  | 0 |  |  |  | (208,754 | ) |  |  | 0 |  |  |  | (208,754 | ) |  |  | 283,260 |  |  |  | 74,506 |
BYR |  |  | 0 |  |  |  | (109,677 | ) |  |  | 0 |  |  |  | (109,677 | ) |  |  | 128,320 |  |  |  | 18,643 |
CDC |  |  | 0 |  |  |  | (125,720 | ) |  |  | 0 |  |  |  | (125,720 | ) |  |  | 149,454 |  |  |  | 23,734 |
CIB |  |  | 0 |  |  |  | (407 | ) |  |  | 0 |  |  |  | (407 | ) |  |  | 495 |  |  |  | 88 |

82 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

Counterparty |  | Repurchase Agreement Proceeds to be Received (1) |  |  | Payable for Reverse Repurchase Agreements |  |  | Payable for Sale-Buyback Transactions |  |  | Total Borrowings and Other Financing Transactions |  |  | Collateral Pledged/(Received) |  |  | Net Exposure (5) |
DBL |  | $ | 0 |  |  | $ | (291,313 | ) |  | $ | 0 |  |  | $ | (291,313 | ) |  | $ | 392,907 |  |  | $ | 101,594 |
DEU |  |  | 0 |  |  |  | (69,804 | ) |  |  | 0 |  |  |  | (69,804 | ) |  |  | 78,666 |  |  |  | 8,862 |
GLM |  |  | 0 |  |  |  | (199,824 | ) |  |  | 0 |  |  |  | (199,824 | ) |  |  | 235,125 |  |  |  | 35,301 |
IND |  |  | 0 |  |  |  | (29,233 | ) |  |  | 0 |  |  |  | (29,233 | ) |  |  | 33,926 |  |  |  | 4,693 |
JML |  |  | 0 |  |  |  | (65,604 | ) |  |  | 0 |  |  |  | (65,604 | ) |  |  | 80,048 |  |  |  | 14,444 |
JPS |  |  | 170,275 |  |  |  | (36,904 | ) |  |  | 0 |  |  |  | 133,371 |  |  |  | (127,255 | ) |  |  | 6,116 |
MBC |  |  | 0 |  |  |  | (22,174 | ) |  |  | 0 |  |  |  | (22,174 | ) |  |  | 27,332 |  |  |  | 5,158 |
MEI |  |  | 0 |  |  |  | (14,399 | ) |  |  | 0 |  |  |  | (14,399 | ) |  |  | 19,016 |  |  |  | 4,617 |
MSB |  |  | 0 |  |  |  | (179,797 | ) |  |  | 0 |  |  |  | (179,797 | ) |  |  | 246,077 |  |  |  | 66,280 |
MYI |  |  | 0 |  |  |  | (10,720 | ) |  |  | 0 |  |  |  | (10,720 | ) |  |  | 10,541 |  |  |  | (179 | )
MZF |  |  | 0 |  |  |  | (59,576 | ) |  |  | 0 |  |  |  | (59,576 | ) |  |  | 80,394 |  |  |  | 20,818 |
NOM |  |  | 0 |  |  |  | (8,104 | ) |  |  | 0 |  |  |  | (8,104 | ) |  |  | 9,380 |  |  |  | 1,276 |
RBC |  |  | 0 |  |  |  | (7,092 | ) |  |  | 0 |  |  |  | (7,092 | ) |  |  | 10,579 |  |  |  | 3,487 |
RCE |  |  | 0 |  |  |  | (21,023 | ) |  |  | 0 |  |  |  | (21,023 | ) |  |  | 24,015 |  |  |  | 2,992 |
RCY |  |  | 0 |  |  |  | (11,519 | ) |  |  | 0 |  |  |  | (11,519 | ) |  |  | 13,422 |  |  |  | 1,903 |
RTA |  |  | 0 |  |  |  | (186,493 | ) |  |  | 0 |  |  |  | (186,493 | ) |  |  | 235,420 |  |  |  | 48,927 |
SBI |  |  | 0 |  |  |  | (59,597 | ) |  |  | 0 |  |  |  | (59,597 | ) |  |  | 80,613 |  |  |  | 21,016 |
SOG |  |  | 0 |  |  |  | (193,627 | ) |  |  | 0 |  |  |  | (193,627 | ) |  |  | 238,090 |  |  |  | 44,463 |
UBS |  |  | 0 |  |  |  | (210,219 | ) |  |  | 0 |  |  |  | (210,219 | ) |  |  | 257,131 |  |  |  | 46,912 |
WFS |  |  | 0 |  |  |  | (50,674 | ) |  |  | 0 |  |  |  | (50,674 | ) |  |  | 58,627 |  |  |  | 7,953 |
Total Borrowings and Other Financing Transactions |  | $ | 170,275 |  |  | $ | (2,839,406 | ) |  | $ | 0 |  |  |  |  |  |  |  |  |  |  |  |  |

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements

|  | Overnight and Continuous |  |  | Up to 30 days |  |  | 31-90 days |  |  | Greater Than 90 days |  |  | Total |
Reverse Repurchase Agreements |
Corporate Bonds & Notes |  | $ | 0 |  |  | $ | (241,889 | ) |  | $ | (210,869 | ) |  | $ | (189,474 | ) |  | $ | (642,232 | )
Convertible Bonds & Notes |  |  | 0 |  |  |  | (6,305 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (6,305 | )
U.S. Government Agencies |  |  | 0 |  |  |  | (15,291 | ) |  |  | (13,349 | ) |  |  | (6,710 | ) |  |  | (35,350 | )
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | (103,226 | ) |  |  | (298,974 | ) |  |  | (727,897 | ) |  |  | (1,130,097 | )
Asset-Backed Securities |  |  | 0 |  |  |  | (91,579 | ) |  |  | (299,441 | ) |  |  | (452,631 | ) |  |  | (843,651 | )
Sovereign Issues |  |  | 0 |  |  |  | 0 |  |  |  | (69,018 | ) |  |  | (25,062 | ) |  |  | (94,080 | )
Preferred Securities |  |  | 0 |  |  |  | (11,651 | ) |  |  | (5,575 | ) |  |  | (12,674 | ) |  |  | (29,900 | )
Total Borrowings |  | $ | 0 |  |  | $ | (469,941 | ) |  | $ | (897,226 | ) |  | $ | (1,414,448 | ) |  | $ | (2,781,615 | )
Payable for reverse repurchase agreements (6) |  |  | $ | (2,781,615 | )

(l) | Securities with an aggregate market value of $3,486,393 and cash of $32,215 have been pledged as collateral under the terms of the above master agreements as of December 31, 2024.

(1) | Includes accrued interest.

(2) | Open maturity repurchase agreement.

(3) | The average amount of borrowings outstanding during the period ended December 31, 2024 was $(3,031,198) at a weighted average interest rate of 5.846%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(4) | Open maturity reverse repurchase agreement.

(5) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(6) | Unsettled reverse repurchase agreements liability of $(57,791) is outstanding at period end.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 83

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

(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
SHORT FUTURES CONTRACTS

Description |  | Expiration Month |  |  | # of Contracts |  |  | Notional Amount |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Variation Margin |
| Asset |  |  | Liability |
3-Month SOFR Active Contract December Futures |  |  | 03/2025 |  |  |  | 510 |  |  | $ |  |  |  |  | (121,963 | ) |  | $ | 579 |  |  | $ | 0 |  |  | $ | (3 | )
3-Month SOFR Active Contract December Futures |  |  | 03/2026 |  |  |  | 102 |  |  |  |  |  |  |  | (24,494 | ) |  |  | 456 |  |  |  | 1 |  |  |  | 0 |
3-Month SOFR Active Contract June Futures |  |  | 09/2025 |  |  |  | 287 |  |  |  |  |  |  |  | (68,848 | ) |  |  | 705 |  |  |  | 4 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2025 |  |  |  | 315 |  |  |  |  |  |  |  | (75,462 | ) |  |  | 667 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2026 |  |  |  | 95 |  |  |  |  |  |  |  | (22,815 | ) |  |  | 417 |  |  |  | 1 |  |  |  | 0 |
3-Month SOFR Active Contract September Futures |  |  | 12/2025 |  |  |  | 76 |  |  |  |  |  |  |  | (18,244 | ) |  |  | 346 |  |  |  | 2 |  |  |  | 0 |
Total Futures Contracts |  |  |  |  |  |  | $ | 3,170 |  |  | $ | 8 |  |  | $ | (3 | )

SWAP AGREEMENTS:
INTEREST RATE SWAPS

Pay/Receive Floating Rate |  | Floating Rate Index |  | Fixed Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Market Value |  |  | Variation Margin |
| Asset |  |  | Liability |
Pay |  | 1-Day GBP-SONIO Compounded-OIS |  |  | 4.000 | % |  | Annual |  |  | 09/18/2029 |  |  |  | GBP |  |  |  | 162,300 |  |  | $ | 2,756 |  |  | $ | (3,799 | ) |  | $ | (1,043 | ) |  | $ | 447 |  |  | $ | 0 |
Receive |  | 1-Day GBP-SONIO Compounded-OIS |  |  | 0.500 |  |  | Annual |  |  | 09/16/2030 |  |  |  |  |  |  |  | 27,000 |  |  |  | 335 |  |  |  | 6,072 |  |  |  | 6,407 |  |  |  | 0 |  |  |  | (68 | )
Receive |  | 1-Day GBP-SONIO Compounded-OIS |  |  | 0.750 |  |  | Annual |  |  | 09/21/2052 |  |  |  |  |  |  |  | 28,300 |  |  |  | (2,278 | ) |  |  | 22,690 |  |  |  | 20,412 |  |  |  | 0 |  |  |  | (81 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.350 |  |  | Annual |  |  | 01/17/2025 |  |  |  | $ |  |  |  | 94,800 |  |  |  | 10 |  |  |  | 2,773 |  |  |  | 2,783 |  |  |  | 13 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.300 |  |  | Annual |  |  | 01/17/2026 |  |  |  |  |  |  |  | 15,100 |  |  |  | 7 |  |  |  | 719 |  |  |  | 726 |  |  |  | 3 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 12/18/2026 |  |  |  |  |  |  |  | 1,244,900 |  |  |  | 6,094 |  |  |  | (14,454 | ) |  |  | (8,360 | ) |  |  | 0 |  |  |  | (188 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.360 |  |  | Semi-Annual |  |  | 02/15/2027 |  |  |  |  |  |  |  | 13,450 |  |  |  | (2 | ) |  |  | 836 |  |  |  | 834 |  |  |  | 5 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 12/18/2027 |  |  |  |  |  |  |  | 1,348,200 |  |  |  | 13,042 |  |  |  | (25,318 | ) |  |  | (12,276 | ) |  |  | 0 |  |  |  | (488 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 0.500 |  |  | Semi-Annual |  |  | 06/16/2028 |  |  |  |  |  |  |  | 660 |  |  |  | (31 | ) |  |  | (51 | ) |  |  | (82 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 12/18/2028 |  |  |  |  |  |  |  | 196,000 |  |  |  | 2,649 |  |  |  | (4,853 | ) |  |  | (2,204 | ) |  |  | 0 |  |  |  | (95 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 06/20/2029 |  |  |  |  |  |  |  | 123,500 |  |  |  | (2,337 | ) |  |  | 4,731 |  |  |  | 2,394 |  |  |  | 59 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 12/18/2029 |  |  |  |  |  |  |  | 275,200 |  |  |  | 4,155 |  |  |  | (7,863 | ) |  |  | (3,708 | ) |  |  | 0 |  |  |  | (118 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.500 |  |  | Annual |  |  | 12/15/2031 |  |  |  |  |  |  |  | 98,500 |  |  |  | (2,199 | ) |  |  | 17,527 |  |  |  | 15,328 |  |  |  | 100 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Semi-Annual |  |  | 12/15/2031 |  |  |  |  |  |  |  | 16,600 |  |  |  | (225 | ) |  |  | 2,823 |  |  |  | 2,598 |  |  |  | 20 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.000 |  |  | Annual |  |  | 12/21/2032 |  |  |  |  |  |  |  | 88,000 |  |  |  | 10,651 |  |  |  | 1,726 |  |  |  | 12,377 |  |  |  | 103 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  | Annual |  |  | 12/18/2034 |  |  |  |  |  |  |  | 1,300 |  |  |  | 28 |  |  |  | (64 | ) |  |  | (36 | ) |  |  | 0 |  |  |  | (2 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.850 |  |  | Annual |  |  | 12/21/2038 |  |  |  |  |  |  |  | 108,200 |  |  |  | 418 |  |  |  | 2,725 |  |  |  | 3,143 |  |  |  | 176 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.750 |  |  | Semi-Annual |  |  | 03/20/2043 |  |  |  |  |  |  |  | 1,300 |  |  |  | (4 | ) |  |  | 270 |  |  |  | 266 |  |  |  | 2 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.750 |  |  | Semi-Annual |  |  | 12/16/2045 |  |  |  |  |  |  |  | 3,800 |  |  |  | (44 | ) |  |  | 910 |  |  |  | 866 |  |  |  | 5 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.500 |  |  | Semi-Annual |  |  | 06/20/2048 |  |  |  |  |  |  |  | 3,100 |  |  |  | 256 |  |  |  | 601 |  |  |  | 857 |  |  |  | 4 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 2.250 |  |  | Semi-Annual |  |  | 03/12/2050 |  |  |  |  |  |  |  | 20,500 |  |  |  | (367 | ) |  |  | 6,882 |  |  |  | 6,515 |  |  |  | 25 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 06/15/2052 |  |  |  |  |  |  |  | 68,000 |  |  |  | 16,788 |  |  |  | 9,534 |  |  |  | 26,322 |  |  |  | 85 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  | Annual |  |  | 12/21/2052 |  |  |  |  |  |  |  | 45,800 |  |  |  | 11,031 |  |  |  | 5,997 |  |  |  | 17,028 |  |  |  | 57 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.500 |  |  | Annual |  |  | 12/21/2052 |  |  |  |  |  |  |  | 92,160 |  |  |  | 786 |  |  |  | 6,559 |  |  |  | 7,345 |  |  |  | 113 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.157 |  |  | Maturity |  |  | 01/02/2025 |  |  |  | BRL |  |  |  | 7,800 |  |  |  | 0 |  |  |  | (37 | ) |  |  | (37 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.177 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 5,200 |  |  |  | 0 |  |  |  | (24 | ) |  |  | (24 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.367 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 6,400 |  |  |  | 0 |  |  |  | (25 | ) |  |  | (25 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.018 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 17,400 |  |  |  | 0 |  |  |  | (21 | ) |  |  | (21 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.098 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 28,900 |  |  |  | 0 |  |  |  | (25 | ) |  |  | (25 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.158 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 14,600 |  |  |  | 0 |  |  |  | (9 | ) |  |  | (9 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.163 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 14,300 |  |  |  | 0 |  |  |  | (9 | ) |  |  | (9 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.178 |  |  | Maturity |  |  | 01/02/2025 |  |  |  |  |  |  |  | 29,100 |  |  |  | 0 |  |  |  | (16 | ) |  |  | (16 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.250 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 9,400 |  |  |  | 0 |  |  |  | (134 | ) |  |  | (134 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.275 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 4,700 |  |  |  | 0 |  |  |  | (66 | ) |  |  | (66 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.290 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 4,700 |  |  |  | 0 |  |  |  | (66 | ) |  |  | (66 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.731 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 2,400 |  |  |  | 0 |  |  |  | (27 | ) |  |  | (27 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.746 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 10,500 |  |  |  | 0 |  |  |  | (119 | ) |  |  | (119 | ) |  |  | 0 |  |  |  | 0 |
Receive |  | 1-Year BRL-CDI |  |  | 11.823 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 599,100 |  |  |  | 0 |  |  |  | 6,258 |  |  |  | 6,258 |  |  |  | 3 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 11.901 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 25,100 |  |  |  | 0 |  |  |  | (262 | ) |  |  | (262 | ) |  |  | 0 |  |  |  | 0 |
Pay |  | 1-Year BRL-CDI |  |  | 12.047 |  |  | Maturity |  |  | 01/04/2027 |  |  |  |  |  |  |  | 437,000 |  |  |  | 0 |  |  |  | (4,203 | ) |  |  | (4,203 | ) |  |  | 0 |  |  |  | (3 | )
Receive (1) |  | 3-Month EUR-EURIBOR |  |  | 2.250 |  |  | Annual |  |  | 03/19/2055 |  |  |  | EUR |  |  |  | 14,749 |  |  |  | 71 |  |  |  | (422 | ) |  |  | (351 | ) |  |  | 0 |  |  |  | (71 | )
Receive |  | 6-Month EUR-EURIBOR |  |  | 0.150 |  |  | Annual |  |  | 03/18/2030 |  |  |  |  |  |  |  | 20,400 |  |  |  | 373 |  |  |  | 2,348 |  |  |  | 2,721 |  |  |  | 0 |  |  |  | (46 | )
Receive |  | 6-Month EUR-EURIBOR |  |  | 0.150 |  |  | Annual |  |  | 06/17/2030 |  |  |  |  |  |  |  | 1,200 |  |  |  | (1 | ) |  |  | 135 |  |  |  | 134 |  |  |  | 0 |  |  |  | (2 | )
Receive |  | 6-Month EUR-EURIBOR |  |  | 0.250 |  |  | Annual |  |  | 03/18/2050 |  |  |  |  |  |  |  | 2,500 |  |  |  | 139 |  |  |  | 865 |  |  |  | 1,004 |  |  |  | 0 |  |  |  | (8 | )
Receive |  | 6-Month EUR-EURIBOR |  |  | 0.500 |  |  | Annual |  |  | 06/17/2050 |  |  |  |  |  |  |  | 500 |  |  |  | (16 | ) |  |  | 188 |  |  |  | 172 |  |  |  | 0 |  |  |  | (1 | )
Receive |  | 6-Month EUR-EURIBOR |  |  | 0.500 |  |  | Annual |  |  | 09/21/2052 |  |  |  |  |  |  |  | 34,600 |  |  |  | 2,992 |  |  |  | 9,692 |  |  |  | 12,684 |  |  |  | 0 |  |  |  | (118 | )
Receive (1) |  | 6-Month EUR-EURIBOR |  |  | 0.830 |  |  | Annual |  |  | 12/09/2052 |  |  |  |  |  |  |  | 143,700 |  |  |  | 1,990 |  |  |  | 5,571 |  |  |  | 7,561 |  |  |  | 0 |  |  |  | (167 | )
Total Swap Agreements |  |  |  |  |  |  | $ | 67,067 |  |  | $ | 56,565 |  |  | $ | 123,632 |  |  | $ | 1,220 |  |  | $ | (1,456 | )

84 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |
|  | Market Value |  |  | Variation Margin Asset |  |  | Total |  |  |  |  |  | Market Value |  |  | Variation Margin Liability |  |  | Total |
|  | Purchased Options |  |  | Futures |  |  | Swap Agreements |  |  |  |  |  | Written Options |  |  | Futures |  |  | Swap Agreements |
Total Exchange-Traded or Centrally Cleared |  | $ | 0 |  |  | $ | 8 |  |  | $ | 1,220 |  |  | $ | 1,228 |  |  |  |  |  |  | $ | 0 |  |  | $ | (3) |  |  | $ | (1,456) |  |  | $ | (1,459) |

Cash of $64,065 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024.

(1) | This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty |  | Settlement Month |  |  | Currency to be Delivered |  |  | Currency to be Received |  |  | Unrealized Appreciation/ (Depreciation) |
| Asset |  |  | Liability |
BOA |  |  | 01/2025 |  |  | CNH |  |  | 971 |  |  | $ |  |  | 133 |  |  | $ | 1 |  |  | $ | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 1,416 |  |  | GBP |  |  | 1,111 |  |  |  | 0 |  |  |  | (26 | )
|  |  | 02/2025 |  |  | HKD |  |  | 202,222 |  |  | $ |  |  | 26,026 |  |  |  | 0 |  |  |  | (26 | )
|  |  | 02/2025 |  |  | $ |  |  | 5,349 |  |  | TRY |  |  | 199,368 |  |  |  | 36 |  |  |  | 0 |
BPS |  |  | 01/2025 |  |  | BRL |  |  | 23,827 |  |  | $ |  |  | 4,239 |  |  |  | 382 |  |  |  | 0 |
|  |  | 01/2025 |  |  | CNH |  |  | 11,997 |  |  |  |  |  | 1,655 |  |  |  | 20 |  |  |  | 0 |
|  |  | 01/2025 |  |  | CZK |  |  | 12,141 |  |  |  |  |  | 510 |  |  |  | 11 |  |  |  | 0 |
|  |  | 01/2025 |  |  | EUR |  |  | 9,700 |  |  |  |  |  | 10,229 |  |  |  | 176 |  |  |  | 0 |
|  |  | 01/2025 |  |  | IDR |  |  | 1,121,722 |  |  |  |  |  | 69 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 01/2025 |  |  | $ |  |  | 3,848 |  |  | BRL |  |  | 23,827 |  |  |  | 9 |  |  |  | 0 |
|  |  | 01/2025 |  |  |  |  |  | 15,315 |  |  | CAD |  |  | 22,008 |  |  |  | 2 |  |  |  | 0 |
|  |  | 01/2025 |  |  |  |  |  | 702 |  |  | CNH |  |  | 5,125 |  |  |  | 0 |  |  |  | (4 | )
|  |  | 01/2025 |  |  |  |  |  | 13,352 |  |  | EUR |  |  | 12,735 |  |  |  | 0 |  |  |  | (155 | )
|  |  | 01/2025 |  |  |  |  |  | 71 |  |  | IDR |  |  | 1,118,694 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 01/2025 |  |  |  |  |  | 363 |  |  | PLN |  |  | 1,479 |  |  |  | 0 |  |  |  | (5 | )
|  |  | 02/2025 |  |  | CNH |  |  | 6,304 |  |  | $ |  |  | 870 |  |  |  | 10 |  |  |  | 0 |
|  |  | 03/2025 |  |  | $ |  |  | 69 |  |  | IDR |  |  | 1,125,122 |  |  |  | 1 |  |  |  | 0 |
|  |  | 05/2025 |  |  | CNH |  |  | 7,126 |  |  | $ |  |  | 982 |  |  |  | 6 |  |  |  | 0 |
|  |  | 05/2029 |  |  | KWD |  |  | 1,047 |  |  |  |  |  | 3,600 |  |  |  | 85 |  |  |  | 0 |
|  |  | 07/2029 |  |  |  |  |  | 128 |  |  |  |  |  | 440 |  |  |  | 11 |  |  |  | 0 |
BRC |  |  | 01/2025 |  |  | CAD |  |  | 17,836 |  |  |  |  |  | 12,668 |  |  |  | 254 |  |  |  | 0 |
|  |  | 01/2025 |  |  | GBP |  |  | 121,021 |  |  |  |  |  | 152,350 |  |  |  | 860 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 8,873 |  |  | EUR |  |  | 8,401 |  |  |  | 0 |  |  |  | (166 | )
|  |  | 01/2025 |  |  |  |  |  | 1,402 |  |  | GBP |  |  | 1,107 |  |  |  | 0 |  |  |  | (16 | )
|  |  | 01/2025 |  |  |  |  |  | 12,346 |  |  | TRY |  |  | 464,884 |  |  |  | 630 |  |  |  | 0 |
|  |  | 02/2025 |  |  | TRY |  |  | 57,757 |  |  | $ |  |  | 1,523 |  |  |  | 0 |  |  |  | (33 | )
|  |  | 02/2025 |  |  | $ |  |  | 18,916 |  |  | TRY |  |  | 717,175 |  |  |  | 474 |  |  |  | 0 |
|  |  | 03/2025 |  |  | TRY |  |  | 172,677 |  |  | $ |  |  | 4,482 |  |  |  | 0 |  |  |  | (57 | )
|  |  | 03/2025 |  |  | $ |  |  | 58,494 |  |  | TRY |  |  | 2,230,201 |  |  |  | 799 |  |  |  | 0 |
BSH |  |  | 01/2025 |  |  |  |  |  | 2,285 |  |  | GBP |  |  | 1,791 |  |  |  | 0 |  |  |  | (43 | )
CBK |  |  | 01/2025 |  |  | CNH |  |  | 202 |  |  | $ |  |  | 28 |  |  |  | 0 |  |  |  | 0 |
|  |  | 01/2025 |  |  | DOP |  |  | 25,062 |  |  |  |  |  | 413 |  |  |  | 4 |  |  |  | 0 |
|  |  | 01/2025 |  |  | EUR |  |  | 4,719 |  |  |  |  |  | 4,960 |  |  |  | 69 |  |  |  | 0 |
|  |  | 01/2025 |  |  | IDR |  |  | 1,366,177 |  |  |  |  |  | 85 |  |  |  | 0 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 83 |  |  | IDR |  |  | 1,304,100 |  |  |  | 0 |  |  |  | (2 | )
|  |  | 02/2025 |  |  | DOP |  |  | 57,207 |  |  | $ |  |  | 940 |  |  |  | 8 |  |  |  | 0 |
|  |  | 03/2025 |  |  | $ |  |  | 85 |  |  | IDR |  |  | 1,370,195 |  |  |  | 0 |  |  |  | 0 |
DUB |  |  | 01/2025 |  |  |  |  |  | 142 |  |  | PLN |  |  | 582 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 02/2025 |  |  |  |  |  | 839 |  |  | MXN |  |  | 16,979 |  |  |  | 0 |  |  |  | (31 | )
FAR |  |  | 01/2025 |  |  | AUD |  |  | 444 |  |  | $ |  |  | 288 |  |  |  | 13 |  |  |  | 0 |
|  |  | 01/2025 |  |  | BRL |  |  | 23,905 |  |  |  |  |  | 3,861 |  |  |  | 0 |  |  |  | (9 | )
|  |  | 01/2025 |  |  | $ |  |  | 3,885 |  |  | BRL |  |  | 23,905 |  |  |  | 0 |  |  |  | (16 | )
|  |  | 02/2025 |  |  | BRL |  |  | 24,032 |  |  | $ |  |  | 3,885 |  |  |  | 18 |  |  |  | 0 |
GLM |  |  | 01/2025 |  |  | DOP |  |  | 28,908 |  |  |  |  |  | 475 |  |  |  | 3 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 51 |  |  | IDR |  |  | 812,484 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 01/2025 |  |  |  |  |  | 162 |  |  | PLN |  |  | 662 |  |  |  | 0 |  |  |  | (2 | )
JPM |  |  | 01/2025 |  |  | CNH |  |  | 10,461 |  |  | $ |  |  | 1,446 |  |  |  | 21 |  |  |  | 0 |
|  |  | 01/2025 |  |  | HUF |  |  | 193,620 |  |  |  |  |  | 496 |  |  |  | 9 |  |  |  | 0 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 85

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

Counterparty |  | Settlement Month |  |  | Currency to be Delivered |  |  | Currency to be Received |  |  | Unrealized Appreciation/ (Depreciation) |
| Asset |  |  | Liability |
|  |  | 01/2025 |  |  | TRY |  |  | 82,415 |  |  | $ |  |  | 2,309 |  |  | $ | 0 |  |  | $ | (15 | )
|  |  | 01/2025 |  |  | $ |  |  | 12 |  |  | IDR |  |  | 193,798 |  |  |  | 0 |  |  |  | 0 |
|  |  | 01/2025 |  |  |  |  |  | 174 |  |  | PLN |  |  | 708 |  |  |  | 0 |  |  |  | (2 | )
|  |  | 01/2025 |  |  |  |  |  | 2,309 |  |  | TRY |  |  | 83,196 |  |  |  | 16 |  |  |  | 0 |
|  |  | 02/2025 |  |  |  |  |  | 1,873 |  |  |  |  |  | 75,436 |  |  |  | 195 |  |  |  | 0 |
|  |  | 05/2025 |  |  |  |  |  | 11,257 |  |  |  |  |  | 495,222 |  |  |  | 1,217 |  |  |  | 0 |
MBC |  |  | 01/2025 |  |  | CNH |  |  | 2,140 |  |  | $ |  |  | 294 |  |  |  | 2 |  |  |  | 0 |
|  |  | 01/2025 |  |  | EUR |  |  | 30,475 |  |  |  |  |  | 32,059 |  |  |  | 477 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 369 |  |  | CNH |  |  | 2,690 |  |  |  | 0 |  |  |  | (2 | )
|  |  | 01/2025 |  |  |  |  |  | 1,769 |  |  | EUR |  |  | 1,682 |  |  |  | 0 |  |  |  | (26 | )
|  |  | 01/2025 |  |  |  |  |  | 99 |  |  | PLN |  |  | 404 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 02/2025 |  |  | HKD |  |  | 176,346 |  |  | $ |  |  | 22,705 |  |  |  | 0 |  |  |  | (13 | )
|  |  | 05/2025 |  |  | CNH |  |  | 4,721 |  |  |  |  |  | 651 |  |  |  | 5 |  |  |  | 0 |
MYI |  |  | 01/2025 |  |  | $ |  |  | 69 |  |  | IDR |  |  | 1,084,007 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 01/2025 |  |  |  |  |  | 77 |  |  | PLN |  |  | 315 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 02/2025 |  |  | TRY |  |  | 668 |  |  | $ |  |  | 18 |  |  |  | 0 |  |  |  | 0 |
RBC |  |  | 03/2025 |  |  | $ |  |  | 880 |  |  | MXN |  |  | 18,021 |  |  |  | 0 |  |  |  | (26 | )
SCX |  |  | 01/2025 |  |  | CNH |  |  | 5,190 |  |  | $ |  |  | 718 |  |  |  | 11 |  |  |  | 0 |
|  |  | 01/2025 |  |  | EUR |  |  | 716,077 |  |  |  |  |  | 755,388 |  |  |  | 13,284 |  |  |  | 0 |
|  |  | 01/2025 |  |  | GBP |  |  | 2,754 |  |  |  |  |  | 3,495 |  |  |  | 48 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 92 |  |  | IDR |  |  | 1,448,146 |  |  |  | 0 |  |  |  | (2 | )
|  |  | 05/2025 |  |  | CNH |  |  | 4,242 |  |  | $ |  |  | 588 |  |  |  | 8 |  |  |  | 0 |
SOG |  |  | 01/2025 |  |  | $ |  |  | 370 |  |  | PLN |  |  | 1,503 |  |  |  | 0 |  |  |  | (6 | )
UAG |  |  | 01/2025 |  |  | GBP |  |  | 1,042 |  |  | $ |  |  | 1,318 |  |  |  | 14 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 181 |  |  | PLN |  |  | 736 |  |  |  | 0 |  |  |  | (3 | )
|  |  | 02/2025 |  |  |  |  |  | 717 |  |  | TRY |  |  | 29,296 |  |  |  | 83 |  |  |  | 0 |
Total Forward Foreign Currency Contracts |  |  | $ | 19,272 |  |  | $ | (693 | )

SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION
(1)

Counterparty |  | Reference Entity |  | Fixed Receive Rate |  |  | Payment Frequency |  |  | Maturity Date |  |  | Implied Credit Spread at December 31, 2024 (2) |  |  | Notional Amount (3) |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value (4) |
| Asset |  |  | Liability |
BPS |  | Petroleos Mexicanos |  |  | 1.000 | % |  |  | Quarterly |  |  |  | 12/20/2028 |  |  |  | 4.056 | % |  |  | $ |  |  |  | 3,000 |  |  | $ | (580 | ) |  | $ | 271 |  |  | $ | 0 |  |  | $ | (309 | )
BRC |  | Egypt Government International Bond |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 12/20/2028 |  |  |  | 5.351 |  |  |  |  |  |  |  | 22,600 |  |  |  | (3,907 | ) |  |  | 680 |  |  |  | 0 |  |  |  | (3,227 | )
|  | Egypt Government International Bond |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 06/20/2029 |  |  |  | 5.581 |  |  |  |  |  |  |  | 6,900 |  |  |  | (1,476 | ) |  |  | 342 |  |  |  | 0 |  |  |  | (1,134 | )
DUB |  | Eskom « |  |  | 4.650 |  |  |  | Quarterly |  |  |  | 06/30/2029 |  |  |  | 0.068 |  |  |  |  |  |  |  | 22,100 |  |  |  | 0 |  |  |  | 1,518 |  |  |  | 1,518 |  |  |  | 0 |
GST |  | Eutelsat SA |  |  | 5.000 |  |  |  | Quarterly |  |  |  | 12/20/2025 |  |  |  | 10.025 |  |  |  | EUR |  |  |  | 400 |  |  |  | (18 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (18 | )
MYC |  | Petroleos Mexicanos |  |  | 1.000 |  |  |  | Quarterly |  |  |  | 12/20/2028 |  |  |  | 4.056 |  |  |  | $ |  |  |  | 3,700 |  |  |  | (722 | ) |  |  | 341 |  |  |  | 0 |  |  |  | (381 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,703 | ) |  | $ | 3,152 |  |  | $ | 1,518 |  |  | $ | (5,069 | )

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

Counterparty |  | Index/Tranches |  | Fixed Receive Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount (3) |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value (4) |
| Asset |  |  | Liability |
FBF |  | ABX.HE.AA.6-2 Index « |  |  | 0.170 | % |  | Monthly |  |  | 05/25/2046 |  |  | $ |  |  |  |  | 21,472 |  |  | $ | (19,113 | ) |  | $ | 15,480 |  |  | $ | 0 |  |  | $ | (3,633 | )
GST |  | ABX.HE.AA.6-1 Index « |  |  | 0.320 |  |  | Monthly |  |  | 07/25/2045 |  |  |  |  |  |  |  | 4,165 |  |  |  | (829 | ) |  |  | 519 |  |  |  | 0 |  |  |  | (310 | )
|  | ABX.HE.PENAAA.7-1 Index « |  |  | 0.090 |  |  | Monthly |  |  | 08/25/2037 |  |  |  |  |  |  |  | 1,197 |  |  |  | (754 | ) |  |  | 735 |  |  |  | 0 |  |  |  | (19 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (20,696 | ) |  | $ | 16,734 |  |  | $ | 0 |  |  | $ | (3,962 | )

86 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS

Counterparty |  | Pay/Receive |  | Underlying Reference |  | Financing Rate |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value |
| Asset |  |  | Liability |
BPS |  | Pay |  | AP Core Holdings II, LLC |  | 1-Day USD-SOFR Compounded-OIS |  | Monthly |  |  | 01/10/2025 |  |  |  | 225 |  |  |  | 0 |  |  |  | 16 |  |  |  | 16 |  |  |  | 0 |
BPS |  | Pay |  | AP Core Holdings II, LLC |  | 1-Day USD-SOFR Compounded-OIS |  | Monthly |  |  | 01/10/2025 |  |  |  | 240 |  |  |  | 0 |  |  |  | 129 |  |  |  | 129 |  |  |  | 0 |
BPS |  | Pay |  | Veritas US Inc. |  | 1-Day USD-SOFR Compounded-OIS |  | Monthly |  |  | 01/10/2025 |  |  |  | 1,608 |  |  |  | 0 |  |  |  | 1,559 |  |  |  | 1,559 |  |  |  | 0 |
|  |  | $ | 0 |  |  | $ | 1,704 |  |  | $ | 1,704 |  |  | $ | 0 |

TOTAL RETURN SWAPS ON SECURITIES

Counterparty |  | Pay/Receive (5) |  | Underlying Reference |  | # of Shares |  | Financing Rate |  | Payment Frequency |  | Maturity Date |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value |
| Asset |  |  | Liability |
MYC |  | Receive (5) |  | United States Treasury Inflation Indexed Bonds « |  | N/A |  | 0.000% |  | Maturity |  | 01/28/2036 |  |  | CNY |  |  |  | 59,900 |  |  | $ | 25 |  |  | $ | (2,758 | ) |  | $ | 0 |  |  | $ | (2,733 | )
Total Swap Agreements |  |  |  |  |  |  | $ | (27,374 | ) |  | $ | 18,832 |  |  | $ | 3,222 |  |  | $ | (11,764 | )

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |  |  |  |  |  |  |  |  |  |
Counterparty |  | Forward Foreign Currency Contracts |  |  | Purchased Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  |  |  |  | Forward Foreign Currency Contracts |  |  | Written Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  | Net Market Value of OTC Derivatives |  |  | Collateral Pledged/ (Received) |  |  | Net Exposure (6) |
BOA |  | $ | 37 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 37 |  |  |  |  |  |  | $ | (52 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (52 | ) |  | $ | (15 | ) |  | $ | 0 |  |  | $ | (15 | )
BPS |  |  | 713 |  |  |  | 0 |  |  |  | 1,704 |  |  |  | 2,417 |  |  |  |  |  |  |  | (166 | ) |  |  | 0 |  |  |  | (309 | ) |  |  | (475 | ) |  |  | 1,942 |  |  |  | (5,810 | ) |  |  | (3,868 | )
BRC |  |  | 3,017 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,017 |  |  |  |  |  |  |  | (272 | ) |  |  | 0 |  |  |  | (4,361 | ) |  |  | (4,633 | ) |  |  | (1,616 | ) |  |  | 2,093 |  |  |  | 477 |
BSH |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (43 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (43 | ) |  |  | (43 | ) |  |  | 0 |  |  |  | (43 | )
CBK |  |  | 81 |  |  |  | 0 |  |  |  | 0 |  |  |  | 81 |  |  |  |  |  |  |  | (2 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (2 | ) |  |  | 79 |  |  |  | (12 | ) |  |  | 67 |
DUB |  |  | 0 |  |  |  | 0 |  |  |  | 1,518 |  |  |  | 1,518 |  |  |  |  |  |  |  | (32 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (32 | ) |  |  | 1,486 |  |  |  | (1,500 | ) |  |  | (14 | )
FAR |  |  | 31 |  |  |  | 0 |  |  |  | 0 |  |  |  | 31 |  |  |  |  |  |  |  | (25 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (25 | ) |  |  | 6 |  |  |  | 0 |  |  |  | 6 |
FBF |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (3,633 | ) |  |  | (3,633 | ) |  |  | (3,633 | ) |  |  | 3,119 |  |  |  | (514 | )
GLM |  |  | 3 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3 |  |  |  |  |  |  |  | (3 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (3 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
GST |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (347 | ) |  |  | (347 | ) |  |  | (347 | ) |  |  | 565 |  |  |  | 218 |
JPM |  |  | 1,458 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,458 |  |  |  |  |  |  |  | (17 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (17 | ) |  |  | 1,441 |  |  |  | (1,240 | ) |  |  | 201 |
MBC |  |  | 484 |  |  |  | 0 |  |  |  | 0 |  |  |  | 484 |  |  |  |  |  |  |  | (42 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (42 | ) |  |  | 442 |  |  |  | (130 | ) |  |  | 312 |
MYC |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (3,114 | ) |  |  | (3,114 | ) |  |  | (3,114 | ) |  |  | 3,081 |  |  |  | (33 | )
MYI |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (2 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (2 | ) |  |  | (2 | ) |  |  | 0 |  |  |  | (2 | )
RBC |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (26 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (26 | ) |  |  | (26 | ) |  |  | 0 |  |  |  | (26 | )
SCX |  |  | 13,351 |  |  |  | 0 |  |  |  | 0 |  |  |  | 13,351 |  |  |  |  |  |  |  | (2 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (2 | ) |  |  | 13,349 |  |  |  | (11,700 | ) |  |  | 1,649 |
SOG |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (6 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (6 | ) |  |  | (6 | ) |  |  | 0 |  |  |  | (6 | )
UAG |  |  | 97 |  |  |  | 0 |  |  |  | 0 |  |  |  | 97 |  |  |  |  |  |  |  | (3 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (3 | ) |  |  | 94 |  |  |  | 0 |  |  |  | 94 |
Total Over the Counter |  | $ | 19,272 |  |  | $ | 0 |  |  | $ | 3,222 |  |  | $ | 22,494 |  |  |  |  |  |  | $ | (693 | ) |  | $ | 0 |  |  | $ | (11,764 | ) |  | $ | (12,457 | ) |  |  |  |  |  |  |  |  |  |  |  |

(o) | Securities with an aggregate market value of $8,858 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2024.

(1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 87

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

(5) | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

(6) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 8 |  |  | $ | 8 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,220 |  |  |  | 1,220 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,228 |  |  | $ | 1,228 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 19,272 |  |  | $ | 0 |  |  | $ | 19,272 |
Swap Agreements |  |  | 0 |  |  |  | 3,222 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,222 |
|  | $ | 0 |  |  | $ | 3,222 |  |  | $ | 0 |  |  | $ | 19,272 |  |  | $ | 0 |  |  | $ | 22,494 |
|  | $ | 0 |  |  | $ | 3,222 |  |  | $ | 0 |  |  | $ | 19,272 |  |  | $ | 1,228 |  |  | $ | 23,722 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3 |  |  | $ | 3 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,456 |  |  |  | 1,456 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,459 |  |  | $ | 1,459 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 693 |  |  | $ | 0 |  |  | $ | 693 |
Swap Agreements |  |  | 0 |  |  |  | 9,031 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,733 |  |  |  | 11,764 |
|  | $ | 0 |  |  | $ | 9,031 |  |  | $ | 0 |  |  | $ | 693 |  |  | $ | 2,733 |  |  | $ | 12,457 |
|  | $ | 0 |  |  | $ | 9,031 |  |  | $ | 0 |  |  | $ | 693 |  |  | $ | 4,192 |  |  | $ | 13,916 |

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Net Realized Gain on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,501 |  |  | $ | 1,501 |
Swap Agreements |  |  | 0 |  |  |  | 37 |  |  |  | 0 |  |  |  | 0 |  |  |  | 45,388 |  |  |  | 45,425 |
|  | $ | 0 |  |  | $ | 37 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 46,889 |  |  | $ | 46,926 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 48,024 |  |  | $ | 0 |  |  | $ | 48,024 |
Swap Agreements |  |  | 0 |  |  |  | 8,417 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,067 |  |  |  | 9,484 |
|  | $ | 0 |  |  | $ | 8,417 |  |  | $ | 0 |  |  | $ | 48,024 |  |  | $ | 1,067 |  |  | $ | 57,508 |
|  | $ | 0 |  |  | $ | 8,454 |  |  | $ | 0 |  |  | $ | 48,024 |  |  | $ | 47,956 |  |  | $ | 104,434 |
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (1,309 | ) |  | $ | (1,309 | )
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (42,707 | ) |  |  | (42,707 | )
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (44,016 | ) |  | $ | (44,016 | )
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3,608 |  |  | $ | 0 |  |  | $ | 3,608 |
Swap Agreements |  |  | 0 |  |  |  | 264 |  |  |  | 0 |  |  |  | 0 |  |  |  | (926 | ) |  |  | (662 | )
|  | $ | 0 |  |  | $ | 264 |  |  | $ | 0 |  |  | $ | 3,608 |  |  | $ | (926 | ) |  | $ | 2,946 |
|  | $ | 0 |  |  | $ | 264 |  |  | $ | 0 |  |  | $ | 3,608 |  |  | $ | (44,942 | ) |  | $ | (41,070 | )

88 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 15,787 |  |  | $ | 1,390,985 |  |  | $ | 719,852 |  |  | $ | 2,126,624 |
Corporate Bonds & Notes |
Banking & Finance |  |  | 0 |  |  |  | 311,675 |  |  |  | 0 |  |  |  | 311,675 |
Industrials |  |  | 0 |  |  |  | 924,487 |  |  |  | 210,145 |  |  |  | 1,134,632 |
Utilities |  |  | 0 |  |  |  | 165,740 |  |  |  | 0 |  |  |  | 165,740 |
Convertible Bonds & Notes |
Banking & Finance |  |  | 0 |  |  |  | 8,601 |  |  |  | 0 |  |  |  | 8,601 |
Industrials |  |  | 0 |  |  |  | 22,748 |  |  |  | 0 |  |  |  | 22,748 |
Municipal Bonds & Notes |
Arizona |  |  | 0 |  |  |  | 867 |  |  |  | 0 |  |  |  | 867 |
Michigan |  |  | 0 |  |  |  | 3,064 |  |  |  | 0 |  |  |  | 3,064 |
Puerto Rico |  |  | 0 |  |  |  | 22,702 |  |  |  | 0 |  |  |  | 22,702 |
West Virginia |  |  | 0 |  |  |  | 33,118 |  |  |  | 0 |  |  |  | 33,118 |
U.S. Government Agencies |  |  | 0 |  |  |  | 162,944 |  |  |  | 0 |  |  |  | 162,944 |
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | 1,995,182 |  |  |  | 0 |  |  |  | 1,995,182 |
Asset-Backed Securities |
Automobile ABS Other |  |  | 0 |  |  |  | 16,144 |  |  |  | 17,020 |  |  |  | 33,164 |
Home Equity Other |  |  | 0 |  |  |  | 548,007 |  |  |  | 0 |  |  |  | 548,007 |
Home Equity Sequential |  |  | 0 |  |  |  | 31 |  |  |  | 0 |  |  |  | 31 |
Manufacturing House ABS Other |  |  | 0 |  |  |  | 22,439 |  |  |  | 0 |  |  |  | 22,439 |
Manufacturing House Sequential |  |  | 0 |  |  |  | 6,480 |  |  |  | 0 |  |  |  | 6,480 |
Whole Loan Collateral |  |  | 0 |  |  |  | 66,094 |  |  |  | 0 |  |  |  | 66,094 |
Other ABS |  |  | 0 |  |  |  | 389,149 |  |  |  | 174,082 |  |  |  | 563,231 |
Sovereign Issues |  |  | 0 |  |  |  | 253,083 |  |  |  | 0 |  |  |  | 253,083 |
Common Stocks |
Communication Services |  |  | 11,923 |  |  |  | 0 |  |  |  | 97,312 |  |  |  | 109,235 |
Consumer Discretionary |  |  | 0 |  |  |  | 0 |  |  |  | 272 |  |  |  | 272 |
Financials |  |  | 43,657 |  |  |  | 0 |  |  |  | 58,074 |  |  |  | 101,731 |
Industrials |  |  | 70 |  |  |  | 0 |  |  |  | 8,650 |  |  |  | 8,720 |
Warrants |
Communication Services |  |  | 0 |  |  |  | 0 |  |  |  | 26,988 |  |  |  | 26,988 |
Financials |  |  | 0 |  |  |  | 0 |  |  |  | 26 |  |  |  | 26 |
Preferred Securities |
Banking & Finance |  |  | 0 |  |  |  | 47,198 |  |  |  | 1,392 |  |  |  | 48,590 |
Industrials |  |  | 0 |  |  |  | 14,620 |  |  |  | 0 |  |  |  | 14,620 |

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Real Estate Investment Trusts |
Real Estate |  | $ | 29,528 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 29,528 |
Loan Participations and Assignments |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Short-Term Instruments |
Repurchase Agreements |  |  | 0 |  |  |  | 166,689 |  |  |  | 0 |  |  |  | 166,689 |
U.S. Treasury Bills |  |  | 0 |  |  |  | 34,573 |  |  |  | 0 |  |  |  | 34,573 |
|  | $ | 100,965 |  |  | $ | 6,606,620 |  |  | $ | 1,313,813 |  |  | $ | 8,021,398 |
Investments in Affiliates, at Value |
Common Stocks |
Affiliated Investments |  |  | 5,253 |  |  |  | 0 |  |  |  | 317,247 |  |  |  | 322,500 |
Short-Term Instruments |
Central Funds Used for Cash Management Purposes |  |  | 836,739 |  |  |  | 0 |  |  |  | 0 |  |  |  | 836,739 |
|  | $ | 841,992 |  |  | $ | 0 |  |  | $ | 317,247 |  |  | $ | 1,159,239 |
Total Investments |  | $ | 942,957 |  |  | $ | 6,606,620 |  |  | $ | 1,631,060 |  |  | $ | 9,180,637 |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |  |  | 0 |  |  |  | 1,228 |  |  |  | 0 |  |  |  | 1,228 |
Over the counter |  |  | 0 |  |  |  | 20,976 |  |  |  | 1,518 |  |  |  | 22,494 |
|  | $ | 0 |  |  | $ | 22,204 |  |  | $ | 1,518 |  |  | $ | 23,722 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |  |  | 0 |  |  |  | (1,459 | ) |  |  | 0 |  |  |  | (1,459 | )
Over the counter |  |  | 0 |  |  |  | (5,762 | ) |  |  | (6,695 | ) |  |  | (12,457 | )
|  | $ | 0 |  |  | $ | (7,221 | ) |  | $ | (6,695 | ) |  | $ | (13,916 | )
Total Financial Derivative Instruments |  | $ | 0 |  |  | $ | 14,983 |  |  | $ | (5,177 | ) |  | $ | 9,806 |
Totals |  | $ | 942,957 |  |  | $ | 6,621,603 |  |  | $ | 1,625,883 |  |  | $ | 9,190,443 |

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2024:

Category and Subcategory |  | Beginning Balance at 06/30/2024 |  |  | Net Purchases (1) |  |  | Net Sales/ Settlements (1) |  |  | Accrued Discounts/ (Premiums) |  |  | Realized Gain/(Loss) |  |  | Net Change in Unrealized Appreciation/ (Depreciation) (2) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Ending Balance at 12/31/2024 |  |  | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024 (2) |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 568,000 |  |  | $ | 326,425 |  |  | $ | (226,486 | ) |  | $ | 1,290 |  |  | $ | 3,513 |  |  | $ | 34,267 |  |  | $ | 127,930 |  |  | $ | (115,087 | ) |  | $ | 719,852 |  |  | $ | (5,971 | )
Corporate Bonds & Notes |
Banking & Finance |  |  | 61,252 |  |  |  | 0 |  |  |  | (63,025 | ) |  |  | 0 |  |  |  | 571 |  |  |  | 1,462 |  |  |  | 0 |  |  |  | (260 | ) |  |  | 0 |  |  |  | (6,258 | )
Industrials |  |  | 188,223 |  |  |  | 5,571 |  |  |  | (511 | ) |  |  | (207 | ) |  |  | 0 |  |  |  | (17,220 | ) |  |  | 34,289 |  |  |  | 0 |  |  |  | 210,145 |  |  |  | (17,228 | )
Non-Agency Mortgage-Backed Securities |  |  | 8,463 |  |  |  | 25 |  |  |  | (992 | ) |  |  | 75 |  |  |  | 65 |  |  |  | 247 |  |  |  | 0 |  |  |  | (7,883 | ) |  |  | 0 |  |  |  | 0 |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobile ABS Other |  |  | 25,825 |  |  |  | 0 |  |  |  | (303 | ) |  |  | 18 |  |  |  | 38 |  |  |  | (6,889 | ) |  |  | 0 |  |  |  | (1,669 | ) |  |  | 17,020 |  |  |  | (2,925 | )
Other ABS |  |  | 109,196 |  |  |  | 61,580 |  |  |  | (3,072 | ) |  |  | 107 |  |  |  | (1,724 | ) |  |  | (3,392 | ) |  |  | 11,807 |  |  |  | (420 | ) |  |  | 174,082 |  |  |  | (6,900 | )
Common Stocks |
Consumer Discretionary (4) |  |  | 272 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 272 |  |  |  | 0 |
Communication Services (3)(4) |  |  | 71,603 |  |  |  | 1,227 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 24,482 |  |  |  | 0 |  |  |  | 0 |  |  |  | 97,312 |  |  |  | 24,482 |
Energy |  |  | 3,964 |  |  |  | 0 |  |  |  | (4,288 | ) |  |  | 0 |  |  |  | 4,008 |  |  |  | (3,684 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Financials |  |  | 65,286 |  |  |  | 285 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (7,497 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 58,074 |  |  |  | (7,497 | )
Industrials |  |  | 7,740 |  |  |  | 670 |  |  |  | (14 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 254 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,650 |  |  |  | 254 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 89

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

Category and Subcategory |  | Beginning Balance at 06/30/2024 |  |  | Net Purchases (1) |  |  | Net Sales/ Settlements (1) |  |  | Accrued Discounts/ (Premiums) |  |  | Realized Gain/(Loss) |  |  | Net Change in Unrealized Appreciation/ (Depreciation) (2) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Ending Balance at 12/31/2024 |  |  | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024 (2) |
Warrants |
Communication Services |  | $ | 0 |  |  | $ | 26,988 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 26,988 |  |  | $ | 0 |
Financials |  |  | 34 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (8 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 26 |  |  |  | (8 | )
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banking & Finance |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,392 |  |  |  | 0 |  |  |  | 1,392 |  |  |  | 0 |
Industrials |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (32,003 | ) |  |  | 32,003 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
|  | $ | 1,109,858 |  |  | $ | 422,771 |  |  | $ | (298,691 | ) |  | $ | 1,283 |  |  | $ | (25,532 | ) |  | $ | 54,025 |  |  | $ | 175,418 |  |  | $ | (125,319 | ) |  | $ | 1,313,813 |  |  | $ | (22,051 | )
Investments in Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |
Affiliated Investments |  | $ | 400,499 |  |  | $ | 0 |  |  | $ | (83,406 | ) |  | $ | 0 |  |  | $ | 64,031 |  |  | $ | (63,877 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 317,247 |  |  | $ | (1,799 | )
Financial Derivative Instruments - Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over the counter |  | $ | 1,705 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (187 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,518 |  |  | $ | (187 | )
Financial Derivative Instruments - Liabilities |
Over the counter |  | $ | (6,737 | ) |  | $ | 5,353 |  |  | $ | (1,121 | ) |  | $ | 0 |  |  | $ | 1,554 |  |  | $ | (5,744 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (6,695 | ) |  | $ | (80 | )
Totals |  | $ | 1,505,325 |  |  | $ | 428,124 |  |  | $ | (383,218 | ) |  | $ | 1,283 |  |  | $ | 40,053 |  |  | $ | (15,783 | ) |  | $ | 175,418 |  |  | $ | (125,319 | ) |  | $ | 1,625,883 |  |  | $ | (24,117 | )

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 12/31/2024 |  |  | Valuation Technique |  | Unobservable Inputs |  |  |  | (% Unless Noted Otherwise) |
| Input Value(s) |  |  | Weighted Average |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 15,952 |  |  | Comparable Companies |  | EBITDA Multiple |  | X |  |  | 13.750 |  |  |  | — |
|  |  | 12,762 |  |  | Discounted Cash Flow / Indicative Market Quotation |  | Discount Rate / Broker Quote |  |  |  |  | 7.1174 / 90.000 |  |  |  | — |
|  |  | 288,127 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  | 5.270-25.430 |  |  |  | 11.913 |
|  |  | 1,555 |  |  | Expected Recovery |  | Recovery Rate |  |  |  |  | 15.419 |  |  |  | — |
|  |  | 56,137 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  | 82.000 |  |  |  | — |
|  |  | 10,658 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  | — |  |  |  | — |
|  |  | 65,033 |  |  | Proxy Pricing |  | Base Price |  |  |  |  | 98.286-100.000 |  |  |  | 99.624 |
|  |  | 41,304 |  |  | Recent Transaction |  | Purchase Price |  |  |  |  | 98.000-99.500 |  |  |  | 98.624 |
|  |  | 228,324 |  |  | Third Party Vendor |  | Broker Quote |  |  |  |  | 99.188-116.500 |  |  |  | 108.068 |
Corporate Bonds & Notes |
Industrials |  |  | 169,537 |  |  | Comparable Companies / Discounted Cash Flow |  | Revenue Multiple/Discount Rate |  | X/% |  |  | 1.000 |  |  |  | — |
|  |  | 1,089 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  | 7.148 |  |  |  | — |
|  |  | 22,753 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  | 61.000 |  |  |  | — |
|  |  | 16,766 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  | — |  |  |  | — |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |
Other ABS |  |  | 17,019 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  | 12.291-16.000 |  |  |  | 12.833 |
|  |  | 107,262 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  | 6.720-25.000 |  |  |  | 12.846 |
|  |  | 5,836 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  | — |  |  |  | — |
|  |  | 3,299 |  |  | Proxy Pricing |  | Base Price |  |  |  |  | 99.833-100.000 |  |  |  | 99.947 |
|  |  | 57,686 |  |  | Recent Transaction |  | Purchase Price |  |  |  |  | 100.850 |  |  |  | — |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communication Services |  |  | 76,667 |  |  | Comparable Companies |  | EBITDA Multiple |  | X |  |  | 4.640 |  |  |  | — |
|  |  | 20,645 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  | 12.280 |  |  |  | — |
Consumer Discretionary |  |  | 272 |  |  | Discounted Cash Flow/Comparable Companies |  | Discount Rate/Revenue multiple |  | %/X |  |  | 20.750/0.500 |  |  |  | — |
Financials |  |  | 57,971 |  |  | Comparable Companies |  | EBITDA Multiple |  | X |  |  | 4.600 |  |  |  | — |
|  |  | 103 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  | — |  |  |  | — |
Industrials |  |  | 7,734 |  |  | Indicative Market Quotation |  | Broker Quote |  | $ |  |  | 1.130-25.125 |  |  |  | 2.927 |
|  |  | 916 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  | — |  |  |  | — |
Warrants |  |  |  |  |  |  |  |  |  |  |  |
Communication Services |  |  | 26,988 |  |  | Recent Transaction |  | Purchase Price |  |  |  |  | 13.000 |  |  |  | — |
Financials |  |  | 26 |  |  | Option Pricing Model |  | Volatility |  |  |  |  | 32.500 |  |  |  | — |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |
Banking & Finance |  |  | 1,392 |  |  | Other Valuation Techniques (5) |  | — |  |  |  |  | — |  |  |  | — |

90 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

Category and Subcategory |  | Ending Balance at 12/31/2024 |  |  | Valuation Technique |  | Unobservable Inputs |  |  |  |  | (% Unless Noted Otherwise) |
| Input Value(s) |  |  | Weighted Average |
Investments in Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  |  |  |
Affiliated Investments |  | $ | 161,149 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 13.750 |  |  |  | — |
|  |  | 3 |  |  | Expected Recovery |  | Price |  |  | $ |  |  |  | 0.000 | (6) |  |  | — |
|  |  | 156,095 |  |  | Sum of the Parts |  | Discount Rate/Mortality Assumption |  |  |  |  |  |  | 15.323/2015 ANB VBT Mortality Table |  |  |  | — |
Financial Derivative Instruments - Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over the counter |  |  | 1,518 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  |  |  | 6.830 |  |  |  | — |
Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over the counter |  |  | (6,695 | ) |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  |  |  | (33.30) |  |  |  | — |
Total |  | $ | 1,625,883 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

(2) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.

(3) | Sector type updated from Utilities to Communication Services since prior fiscal year end.

(4) | Sector type updated from Industrials to Communication Services and Consumer Discretionary since prior fiscal year end.

(5) | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

(5) | Input Value is 0.0001.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 91

Consolidated Schedule of Investments |  | PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  |

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 144.3%
LOAN PARTICIPATIONS AND ASSIGNMENTS 31.8%
Aligned Data Centers International LP
8.447% (TSFR3M + 3.500%) due 05/16/2028 «~ |  | $ |  |  | 8,100 |  |  | $ |  | 8,068
Altice France SA |  |  |  |  |  |  |  |  |  |
8.679% (EUR003M + 0.055%) due 08/15/2028 ~ |  | EUR |  |  | 99 |  |  |  |  | 84
10.147% due 08/15/2028 ~ |  | $ |  |  | 5,771 |  |  |  |  | 4,650
Clover Holdings 2 LLC
TBD% due 11/01/2029 ~µ |  |  |  |  | 1,808 |  |  |  |  | 1,805
8.428% due 11/01/2031 ~ |  |  |  |  | 13,500 |  |  |  |  | 13,669
Comexposium |  |  |  |  |  |  |  |  |  |
4.969% (EUR012M + 4.000%) due 03/28/2026 «~ |  | EUR |  |  | 38,951 |  |  |  |  | 47,004
CoreWeave Compute Acquisition Co. LLC
TBD% (TSFR3M + 6.000%) due 05/16/2029 «~µ |  | $ |  |  | 21,900 |  |  |  |  | 21,959
Databricks, Inc. |  |  |  |  |  |  |  |  |  |
TBD% due 12/20/2030 «µ |  |  |  |  | 852 |  |  |  |  | 848
TBD% due 12/20/2030 « |  |  |  |  | 3,848 |  |  |  |  | 3,829
Diamond Sports Group LLC |  |  |  |  |  |  |  |  |  |
TBD% due 05/25/2026 «~ |  |  |  |  | 3,812 |  |  |  |  | 588
Endure Digital, Inc. |  |  |  |  |  |  |  |  |  |
8.138% due 02/10/2028 «~ |  |  |  |  | 5,984 |  |  |  |  | 4,907
Envision Healthcare Corp. |  |  |  |  |  |  |  |  |  |
12.507% due 11/03/2028 ~ |  |  |  |  | 31,021 |  |  |  |  | 31,486
Espai Barca Fondo De Titulizacion
TBD% (EUR006M + 0.000%) due 06/30/2028 «~ |  | EUR |  |  | 6,882 |  |  |  |  | 8,373
First Brands Group LLC |  |  |  |  |  |  |  |  |  |
9.847% due 03/30/2027 ~ |  | $ |  |  | 2,457 |  |  |  |  | 2,308
Forward Air Corp. |  |  |  |  |  |  |  |  |  |
9.085% due 12/19/2030 ~ |  |  |  |  | 2,400 |  |  |  |  | 2,413
Galaxy U.S. Opco, Inc. |  |  |  |  |  |  |  |  |  |
9.335% due 04/29/2029 ~ |  |  |  |  | 4,781 |  |  |  |  | 4,273
Gateway Casinos & Entertainment Ltd.
TBD% due 12/18/2030 |  |  |  |  | 34,340 |  |  |  |  | 34,925
Gray Television, Inc. |  |  |  |  |  |  |  |  |  |
9.803% due 06/04/2029 ~ |  |  |  |  | 2,786 |  |  |  |  | 2,644
Harp Finco Ltd. |  |  |  |  |  |  |  |  |  |
TBD% due 01/30/2032 «µ |  | GBP |  |  | 5,325 |  |  |  |  | 6,533
iHeartCommunications, Inc. |  |  |  |  |  |  |  |  |  |
7.687% due 05/01/2026 ~ |  | $ |  |  | 2,000 |  |  |  |  | 1,788
7.721% due 05/01/2026 ~ |  |  |  |  | 5,047 |  |  |  |  | 4,507
Ivanti Software, Inc. |  |  |  |  |  |  |  |  |  |
9.121% due 12/01/2027 ~ |  |  |  |  | 11,111 |  |  |  |  | 9,111
J&J Ventures Gaming LLC |  |  |  |  |  |  |  |  |  |
9.471% due 04/26/2028 «~ |  |  |  |  | 2,590 |  |  |  |  | 2,613
LifeMiles Ltd. |  |  |  |  |  |  |  |  |  |
10.026% due 08/30/2026 ~ |  |  |  |  | 2,496 |  |  |  |  | 2,501
Lifepoint Health, Inc. |  |  |  |  |  |  |  |  |  |
8.406% due 05/17/2031 ~ |  |  |  |  | 4,207 |  |  |  |  | 4,227
MPH Acquisition Holdings LLC |  |  |  |  |  |  |  |  |  |
9.026% due 09/01/2028 ~ |  |  |  |  | 2,658 |  |  |  |  | 2,294
Obol France 3 SAS |  |  |  |  |  |  |  |  |  |
8.058% (TSFR3M + 4.750%) due 12/31/2028 ~ |  | EUR |  |  | 6,135 |  |  |  |  | 6,138
Ocs Group Holdings Ltd. |  |  |  |  |  |  |  |  |  |
TBD% due 11/27/2031 «~ |  | GBP |  |  | 13,000 |  |  |  |  | 16,142
Poseidon Bidco SASU |  |  |  |  |  |  |  |  |  |
7.683% (EUR003M + 5.000%) due 03/13/2030 ~ |  | EUR |  |  | 3,900 |  |  |  |  | 2,638
Project Quasar Pledgco SLU
6.137% (EUR001M + 3.250%) due 03/15/2026 «~ |  |  |  |  | 7,608 |  |  |  |  | 7,381
Promotora de Informaciones SA
8.439% (EUR003M + 5.220%) due 12/31/2026 ~ |  |  |  |  | 29,650 |  |  |  |  | 30,406
Promotora de Informaciones SA (5.000% PIK)
5.000% (EUR003M + 2.970%) due 06/30/2027 ~(b) |  |  |  |  | 2,494 |  |  |  |  | 2,459

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S)
PURIS LLC
9.075% (TSFR3M + 4.750%) due 06/30/2031 «~ |  | $ |  |  | 3,488 |  |  | $ |  | 3,503
Quantum Bidco Ltd. |  |  |  |  |  |  |  |  |  |
10.727% due 01/31/2028 ~ |  | GBP |  |  | 19,000 |  |  |  |  | 23,756
Republic of Cote d’lvoire |  |  |  |  |  |  |  |  |  |
8.268% (EUR006M + 5.000%) due 03/19/2027 «~ |  | EUR |  |  | 500 |  |  |  |  | 524
Republic of Kenya |  |  |  |  |  |  |  |  |  |
9.849% (PRIME + 5.400%) due 05/12/2028 «~ |  | $ |  |  | 5,000 |  |  |  |  | 4,969
SCUR-Alpha 1503 GmbH |  |  |  |  |  |  |  |  |  |
8.556% (EUR003M + 0.055%) due 03/29/2030 ~ |  | EUR |  |  | 5,200 |  |  |  |  | 5,316
10.085% due 03/29/2030 ~ |  | $ |  |  | 7,861 |  |  |  |  | 7,517
Softbank Vision Fund II |  |  |  |  |  |  |  |  |  |
6.000% due 12/23/2025 «~ |  |  |  |  | 18,785 |  |  |  |  | 18,545
Steenbok Lux Finco 2 SARL |  |  |  |  |  |  |  |  |  |
8.077% (EUR006M + 5.500%) due 06/30/2026 ~ |  | EUR |  |  | 5,226 |  |  |  |  | 5,421
10.000% due 06/30/2026 |  |  |  |  | 11,444 |  |  |  |  | 2,137
10.000% due 06/30/2026 ~ |  |  |  |  | 65,523 |  |  |  |  | 21,564
Subcalidora 2 SARL |  |  |  |  |  |  |  |  |  |
8.433% (EUR003M + 5.750%) due 08/14/2029 «~ |  |  |  |  | 14,400 |  |  |  |  | 14,954
Sunseeker |  |  |  |  |  |  |  |  |  |
5.550% due 10/31/2028 « |  | $ |  |  | 6,361 |  |  |  |  | 6,239
Syniverse Holdings, Inc. |  |  |  |  |  |  |  |  |  |
11.329% due 05/13/2027 ~ |  |  |  |  | 2,705 |  |  |  |  | 2,716
Thames Water Utilities Ltd. |  |  |  |  |  |  |  |  |  |
TBD% due 11/30/2025 «~µ |  | GBP |  |  | 2,300 |  |  |  |  | 2,289
The Stepstone Group MidCo 2 GMBH
TBD% due 12/04/2031 ~ |  | EUR |  |  | 16,400 |  |  |  |  | 16,823
TBD% due 12/04/2031 ~ |  | $ |  |  | 3,100 |  |  |  |  | 3,069
U.S. Renal Care, Inc. |  |  |  |  |  |  |  |  |  |
9.471% due 06/20/2028 ~ |  |  |  |  | 41,392 |  |  |  |  | 38,876
Unicorn Bay |  |  |  |  |  |  |  |  |  |
13.000% due 12/31/2026 « |  | HKD |  |  | 117,654 |  |  |  |  | 15,162
Vantive Health LLC |  |  |  |  |  |  |  |  |  |
TBD% due 07/23/2029 «µ |  | $ |  |  | 596 |  |  |  |  | 587
TBD% due 07/23/2031 « |  |  |  |  | 3,304 |  |  |  |  | 3,252
Veritas U.S., Inc. |  |  |  |  |  |  |  |  |  |
TBD% due 12/18/2027 |  |  |  |  | 556 |  |  |  |  | 560
TBD% due 12/09/2029 |  |  |  |  | 1,248 |  |  |  |  | 1,244
Wesco Aircraft Holdings, Inc. |  |  |  |  |  |  |  |  |  |
13.153% (TSFR1M + 8.600%) due 02/01/2025 «~ |  |  |  |  | 20,573 |  |  |  |  | 22,024
Total Loan Participations and Assignments (Cost $546,717) |  |  |  |  | 513,618
CORPORATE BONDS & NOTES 29.6%
BANKING & FINANCE 8.4%
Adler Financing SARL |  |  |  |  |  |  |  |  |  |
12.500% due 12/31/2028 |  | EUR |  |  | 13,602 |  |  |  |  | 14,571
ADLER Real Estate GmbH |  |  |  |  |  |  |  |  |  |
3.000% due 04/27/2026 |  |  |  |  | 15,900 |  |  |  |  | 15,771
Alamo Re Ltd. |  |  |  |  |  |  |  |  |  |
12.034% (T-BILL 1MO + 7.750%) due 06/07/2027 ~ |  | $ |  |  | 550 |  |  |  |  | 575
15.534% (T-BILL 1MO + 11.250%) due 06/08/2026 ~ |  |  |  |  | 250 |  |  |  |  | 265
Armor Holdco, Inc. |  |  |  |  |  |  |  |  |  |
8.500% due 11/15/2029 (j) |  |  |  |  | 2,800 |  |  |  |  | 2,841
Armor RE Ltd. |  |  |  |  |  |  |  |  |  |
12.784% (T-BILL 3MO + 8.500%) due 01/07/2032 ~ |  |  |  |  | 250 |  |  |  |  | 250
14.534% (T-BILL 3MO + 10.250%) due 05/07/2031 ~ |  |  |  |  | 250 |  |  |  |  | 262
Cape Lookout Re Ltd. |  |  |  |  |  |  |  |  |  |
12.314% (T-BILL 1MO + 8.000%) due 04/05/2027 ~ |  |  |  |  | 1,800 |  |  |  |  | 1,873
Claveau Re Ltd. |  |  |  |  |  |  |  |  |  |
21.564% (T-BILL 3MO + 17.250%) due 07/08/2028 ~ |  |  |  |  | 2,646 |  |  |  |  | 2,354

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S)
Corestate Capital Holding SA (10.000% Cash or 11.000% PIK)
10.000% due 12/31/2026 (b) |  | EUR |  |  | 349 |  |  | $ |  | 326
Credit Suisse AG AT1 Claim |  | $ |  |  | 800 |  |  |  |  | 100
East Lane Re Ltd. |  |  |  |  |  |  |  |  |  |
13.534% (T-BILL 3MO + 9.250%) due 03/31/2026 ~ |  |  |  |  | 300 |  |  |  |  | 301
Everglades Re Ltd. |  |  |  |  |  |  |  |  |  |
14.814% (T-BILL 1MO + 10.500%) due 05/13/2031 ~ |  |  |  |  | 500 |  |  |  |  | 521
15.814% (T-BILL 1MO + 11.500%) due 05/13/2031 ~ |  |  |  |  | 500 |  |  |  |  | 520
17.064% (T-BILL 1MO + 12.750%) due 05/13/2031 ~ |  |  |  |  | 500 |  |  |  |  | 518
Fairfax India Holdings Corp. |  |  |  |  |  |  |  |  |  |
5.000% due 02/26/2028 (j) |  |  |  |  | 18,350 |  |  |  |  | 17,281
Hestia Re Ltd. |  |  |  |  |  |  |  |  |  |
14.364% (T-BILL 1MO + 10.080%) due 04/22/2025 ~ |  |  |  |  | 2,347 |  |  |  |  | 2,129
Integrity Re Ltd. |  |  |  |  |  |  |  |  |  |
21.284% (T-BILL 1MO + 17.000%) due 06/08/2026 ~ |  |  |  |  | 900 |  |  |  |  | 973
27.284% (T-BILL 1MO + 23.000%) due 06/08/2026 ~ |  |  |  |  | 900 |  |  |  |  | 828
Kennedy Wilson Europe Real Estate Ltd.
3.250% due 11/12/2025 |  | EUR |  |  | 1,100 |  |  |  |  | 1,134
Long Walk Reinsurance Ltd. |  |  |  |  |  |  |  |  |  |
14.034% (T-BILL 3MO + 9.750%) due 01/30/2031 ~ |  | $ |  |  | 1,700 |  |  |  |  | 1,730
Longleaf Pine Re Ltd. |  |  |  |  |  |  |  |  |  |
21.784% (T-BILL 1MO + 17.500%) due 05/27/2031 ~ |  |  |  |  | 280 |  |  |  |  | 313
Polestar Re Ltd. |  |  |  |  |  |  |  |  |  |
14.784% (T-BILL 3MO + 10.500%) due 01/07/2028 ~ |  |  |  |  | 600 |  |  |  |  | 624
17.564% (T-BILL 3MO + 13.250%) due 01/07/2027 ~ |  |  |  |  | 1,800 |  |  |  |  | 1,875
Purple Re Ltd. |  |  |  |  |  |  |  |  |  |
13.284% (T-BILL 1MO + 9.000%) due 06/06/2031 ~ |  |  |  |  | 300 |  |  |  |  | 312
Quercus Re DAC |  |  |  |  |  |  |  |  |  |
11.056% (EUR003M + 8.000%) due 01/06/2031 ~ |  | EUR |  |  | 250 |  |  |  |  | 264
Sanders Re Ltd. |  |  |  |  |  |  |  |  |  |
17.284% (T-BILL 3MO + 13.000%) due 04/09/2029 ~ |  | $ |  |  | 4,164 |  |  |  |  | 4,088
Titanium 2l Bondco SARL |  |  |  |  |  |  |  |  |  |
6.250% due 01/14/2031 |  | EUR |  |  | 20,125 |  |  |  |  | 7,098
Torrey Pines Re Ltd. |  |  |  |  |  |  |  |  |  |
10.284% (T-BILL 1MO + 6.000%) due 06/07/2032 ~ |  | $ |  |  | 400 |  |  |  |  | 420
11.534% (T-BILL 1MO + 7.250%) due 06/07/2032 ~ |  |  |  |  | 300 |  |  |  |  | 310
13.284% (T-BILL 1MO + 9.000%) due 06/05/2031 ~ |  |  |  |  | 300 |  |  |  |  | 313
Uniti Group LP
6.000% due 01/15/2030 (j) |  |  |  |  | 21,202 |  |  |  |  | 18,644
6.500% due 02/15/2029 (j) |  |  |  |  | 26,904 |  |  |  |  | 24,441
10.500% due 02/15/2028 (j) |  |  |  |  | 6,343 |  |  |  |  | 6,770
Ursa Re Ltd.
13.564% (T-BILL 3MO + 9.250%) due 12/07/2028 ~ |  |  |  |  | 2,000 |  |  |  |  | 2,121
Veraison Re Ltd.
16.816% (T-BILL 1MO + 12.532%) due 03/10/2031 ~ |  |  |  |  | 1,600 |  |  |  |  | 1,721
Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(c) |  |  |  |  | 22,146 |  |  |  |  | 0
Winston RE Ltd.
14.564% (T-BILL 3MO + 10.250%) due 02/26/2031 ~ |  |  |  |  | 250 |  |  |  |  | 263
16.064% (T-BILL 3MO + 11.750%) due 02/26/2031 ~ |  |  |  |  | 1,400 |  |  |  |  | 1,446
|  |  |  |  |  |  |  |  |  | 136,146

92 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S)
INDUSTRIALS 18.0% |  |  |  |  |  |  |  |  |  |
Altice France Holding SA
8.000% due 05/15/2027 |  | EUR |  |  | 13,000 |  |  | $ |  | 3,649
10.500% due 05/15/2027 |  | $ |  |  | 11,400 |  |  |  |  | 3,377
Altice France SA
3.375% due 01/15/2028 |  | EUR |  |  | 8,500 |  |  |  |  | 6,689
5.125% due 01/15/2029 |  | $ |  |  | 400 |  |  |  |  | 303
5.125% due 07/15/2029 |  |  |  |  | 6,421 |  |  |  |  | 4,815
5.500% due 01/15/2028 |  |  |  |  | 3,800 |  |  |  |  | 2,816
5.500% due 10/15/2029 (j) |  |  |  |  | 3,000 |  |  |  |  | 2,262
8.125% due 02/01/2027 (j) |  |  |  |  | 1,900 |  |  |  |  | 1,542
Carvana Co. (14.000% PIK)
14.000% due 06/01/2031 (b)(j) |  |  |  |  | 5,872 |  |  |  |  | 6,734
DISH DBS Corp.
5.250% due 12/01/2026 |  |  |  |  | 19,900 |  |  |  |  | 18,125
5.750% due 12/01/2028 |  |  |  |  | 13,400 |  |  |  |  | 11,482
Ecopetrol SA
7.750% due 02/01/2032 |  |  |  |  | 8,200 |  |  |  |  | 7,964
8.375% due 01/19/2036 (j) |  |  |  |  | 520 |  |  |  |  | 502
8.875% due 01/13/2033 (j) |  |  |  |  | 1,000 |  |  |  |  | 1,020
Flora Food Management BV
6.875% due 07/02/2029 |  | EUR |  |  | 3,000 |  |  |  |  | 3,249
GN Bondco LLC
9.500% due 10/15/2031 (j) |  | $ |  |  | 8,670 |  |  |  |  | 9,140
Intelsat Jackson Holdings SA
6.500% due 03/15/2030 (j) |  |  |  |  | 19,222 |  |  |  |  | 17,778
JetBlue Airways Corp.
9.875% due 09/20/2031 (j) |  |  |  |  | 20,304 |  |  |  |  | 21,594
Market Bidco Finco PLC
4.750% due 11/04/2027 |  | EUR |  |  | 2,300 |  |  |  |  | 2,335
Newfold Digital Holdings Group, Inc.
6.000% due 02/15/2029 « |  | $ |  |  | 12,400 |  |  |  |  | 7,564
11.750% due 10/15/2028 « |  |  |  |  | 610 |  |  |  |  | 537
Petroleos Mexicanos
6.700% due 02/16/2032 (j) |  |  |  |  | 4,206 |  |  |  |  | 3,662
6.840% due 01/23/2030 (j) |  |  |  |  | 2,000 |  |  |  |  | 1,829
8.750% due 06/02/2029 (j) |  |  |  |  | 3,253 |  |  |  |  | 3,261
Prime Healthcare Services, Inc.
9.375% due 09/01/2029 (j) |  |  |  |  | 3,600 |  |  |  |  | 3,506
ProFrac Holdings LLC
11.555% (TSFR3M + 7.250%) due 01/23/2029 ~(j) |  |  |  |  | 6,347 |  |  |  |  | 6,569
Rivian Holdings LLC
10.502% due 10/15/2026 •(j) |  |  |  |  | 6,800 |  |  |  |  | 6,849
Thames Water Utilities Finance PLC
0.875% due 01/31/2028 |  | EUR |  |  | 100 |  |  |  |  | 77
1.250% due 01/31/2032 |  |  |  |  | 200 |  |  |  |  | 154
2.625% due 01/24/2032 |  | GBP |  |  | 370 |  |  |  |  | 345
4.375% due 07/03/2034 |  |  |  |  | 200 |  |  |  |  | 194
5.125% due 09/28/2037 |  |  |  |  | 200 |  |  |  |  | 198
7.750% due 04/30/2044 |  |  |  |  | 300 |  |  |  |  | 315
9.750% due 04/30/2028 « |  |  |  |  | 1,041 |  |  |  |  | 1,219
Times Square Hotel Trust
8.528% due 08/01/2026 |  | $ |  |  | 225 |  |  |  |  | 226
Turkish Airlines Pass-Through Trust
4.200% due 09/15/2028 |  |  |  |  | 167 |  |  |  |  | 163
U.S. Renal Care, Inc.
10.625% due 06/28/2028 |  |  |  |  | 7,141 |  |  |  |  | 6,123
Vale SA
0.000% due 12/29/2049 ~(h) |  | BRL |  |  | 340,000 |  |  |  |  | 19,523
Venture Global LNG, Inc.
9.500% due 02/01/2029 (j) |  | $ |  |  | 6,414 |  |  |  |  | 7,093
9.875% due 02/01/2032 (j) |  |  |  |  | 3,250 |  |  |  |  | 3,568
Viridien
7.750% due 04/01/2027 |  | EUR |  |  | 3,800 |  |  |  |  | 3,937
8.750% due 04/01/2027 (j) |  | $ |  |  | 15,553 |  |  |  |  | 15,309
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)
10.500% due 11/15/2026 ^«(b)(c) |  |  |  |  | 83,934 |  |  |  |  | 69,316
Yinson Boronia Production BV
8.947% due 07/31/2042 (j) |  |  |  |  | 2,900 |  |  |  |  | 3,029
|  |  |  |  |  |  |  |  |  | 289,942

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S)
UTILITIES 3.2%
Gazprom PJSC Via Gaz Finance PLC
3.000% due 06/29/2027 |  | $ |  |  | 200 |  |  | $ |  | 127
NGD Holdings BV
6.750% due 12/31/2026 |  |  |  |  | 982 |  |  |  |  | 776
Oi SA (10.000% Cash or 7.500% Cash and 6.000% PIK)
10.000% due 06/30/2027 (b)(j) |  |  |  |  | 29,126 |  |  |  |  | 26,239
Oi SA (8.500% PIK)
8.500% due 12/31/2028 (b) |  |  |  |  | 63,038 |  |  |  |  | 7,013
Peru LNG SRL
5.375% due 03/22/2030 |  |  |  |  | 15,240 |  |  |  |  | 14,055
Yinson Production Financial Services Pte. Ltd.
9.625% due 05/03/2029 |  |  |  |  | 3,800 |  |  |  |  | 3,932
|  |  |  |  |  |  |  |  |  | 52,142
Total Corporate Bonds & Notes (Cost $581,109) |  | 478,230
CONVERTIBLE BONDS & NOTES 1.7%
BANKING & FINANCE 1.5%
Corestate Capital Holding SA (8.000% Cash or 9.000% PIK)
8.000% due 12/31/2026 (b) |  | EUR |  |  | 1,787 |  |  |  |  | 749
PennyMac Corp.
5.500% due 03/15/2026 (j) |  | $ |  |  | 24,225 |  |  |  |  | 23,862
|  |  |  |  |  |  |  |  |  | 24,611
INDUSTRIALS 0.2%
DISH Network Corp.
3.375% due 08/15/2026 |  |  |  |  | 3,700 |  |  |  |  | 3,099
Total Convertible Bonds & Notes (Cost $29,979) |  | 27,710
MUNICIPAL BONDS & NOTES 0.4%
PUERTO RICO 0.3%
Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2051 |  |  |  |  | 6,738 |  |  |  |  | 4,186
WEST VIRGINIA 0.1%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (f) |  |  |  |  | 25,000 |  |  |  |  | 2,329
Total Municipal Bonds & Notes (Cost $6,841) |  | 6,515
U.S. GOVERNMENT AGENCIES 6.4%
Fannie Mae
2.500% due 04/25/2049 - 02/25/2050 (a)(j) |  |  |  |  | 19,934 |  |  |  |  | 2,877
3.000% due 12/25/2032 - 01/25/2051 (a)(j) |  |  |  |  | 11,377 |  |  |  |  | 1,780
3.500% due 05/25/2030 (a)(j) |  |  |  |  | 2,805 |  |  |  |  | 136
4.000% due 09/25/2051 (a)(j) |  |  |  |  | 22,144 |  |  |  |  | 4,818
5.000% due 08/25/2043 (a)(j) |  |  |  |  | 2,271 |  |  |  |  | 432
Freddie Mac
1.288% due 07/15/2042 •(a)(j) |  |  |  |  | 1,556 |  |  |  |  | 141
1.488% due 03/15/2043 - 11/15/2047 •(a)(j) |  |  |  |  | 7,472 |  |  |  |  | 671
2.000% due 11/25/2050 - 01/25/2051 (a)(j) |  |  |  |  | 17,673 |  |  |  |  | 1,896
2.663% due 06/25/2057 ~(a) |  |  |  |  | 5,513 |  |  |  |  | 995
3.000% due 11/25/2050 - 09/25/2051 (a)(j) |  |  |  |  | 41,474 |  |  |  |  | 6,371
3.161% due 05/25/2057 ~(j) |  |  |  |  | 18,168 |  |  |  |  | 7,233
3.500% due 04/25/2041 (a)(j) |  |  |  |  | 7,335 |  |  |  |  | 884
4.000% due 11/25/2048 - 06/25/2051 (a)(j) |  |  |  |  | 12,555 |  |  |  |  | 2,480
4.250% due 09/25/2060 (j) |  |  |  |  | 7,547 |  |  |  |  | 7,054
4.250% due 03/25/2061 ~(j) |  |  |  |  | 3,263 |  |  |  |  | 2,903
4.500% due 12/25/2050 (a)(j) |  |  |  |  | 3,880 |  |  |  |  | 976

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S)
9.319% due 02/25/2042 - 01/25/2051 •(j) |  | $ |  |  | 3,500 |  |  | $ |  | 3,756
10.069% due 01/25/2034 •(j) |  |  |  |  | 4,000 |  |  |  |  | 4,646
11.669% due 01/25/2042 • |  |  |  |  | 4,800 |  |  |  |  | 5,139
12.069% due 10/25/2041 •(j) |  |  |  |  | 23,500 |  |  |  |  | 25,313
12.369% due 11/25/2041 •(j) |  |  |  |  | 14,300 |  |  |  |  | 15,511
13.069% due 02/25/2042 •(j) |  |  |  |  | 1,200 |  |  |  |  | 1,324
13.245% due 09/25/2060 ~(j) |  |  |  |  | 4,208 |  |  |  |  | 3,040
16.004% due 11/25/2060 ~(j) |  |  |  |  | 5,483 |  |  |  |  | 3,933
Total U.S. Government Agencies (Cost $104,873) |  | 104,309
NON-AGENCY MORTGAGE-BACKED SECURITIES 34.8%
280 Park Avenue Mortgage Trust
7.610% due 09/15/2034 •(j) |  |  | 4,750 |  |  |  |  | 4,451
Adjustable Rate Mortgage Trust
4.930% due 02/25/2036 ~(j) |  |  | 6,052 |  |  |  |  | 3,830
4.930% due 02/25/2036 ~ |  |  |  |  | 1,012 |  |  |  |  | 634
Ashford Hospitality Trust
6.670% due 04/15/2035 •(j) |  |  | 2,500 |  |  |  |  | 2,482
7.670% due 04/15/2035 •(j) |  |  |  |  | 8,700 |  |  |  |  | 8,636
Atrium Hotel Portfolio Trust
7.745% due 12/15/2036 •(j) |  |  | 1,111 |  |  |  |  | 1,047
Banc of America Funding Trust
4.693% due 06/26/2036 •(j) |  |  | 2,945 |  |  |  |  | 2,397
5.750% due 05/26/2036 |  |  |  |  | 267 |  |  |  |  | 156
10.304% due 09/26/2036 ~(j) |  |  |  |  | 4,254 |  |  |  |  | 3,070
Barclays Commercial Mortgage Securities Trust
3.688% due 02/15/2053 ~(j) |  |  | 15,650 |  |  |  |  | 11,642
8.245% due 07/15/2037 •(j) |  |  |  |  | 2,100 |  |  |  |  | 1,769
Barclays Commercial Real Estate Trust
4.563% due 08/10/2033 ~(j) |  |  | 16,650 |  |  |  |  | 11,737
Bear Stearns Commercial Mortgage Securities Trust
5.566% due 01/12/2045 ~ |  |  | 28 |  |  |  |  | 27
Beast Mortgage Trust
7.962% due 03/15/2036 •(j) |  |  | 5,750 |  |  |  |  | 3,286
8.962% due 03/15/2036 •(j) |  |  |  |  | 7,125 |  |  |  |  | 3,575
Beneria Cowen & Pritzer Collateral Funding Corp.
7.004% due 06/15/2038 •(j) |  |  | 10,000 |  |  |  |  | 5,103
8.150% due 06/15/2038 •(j) |  |  |  |  | 5,000 |  |  |  |  | 1,537
Braemar Hotels & Resorts Trust
6.970% due 06/15/2035 •(j) |  |  | 7,900 |  |  |  |  | 7,811
Citigroup Commercial Mortgage Trust
3.518% due 05/10/2035 ~(j) |  |  | 1,300 |  |  |  |  | 1,196
3.790% due 12/15/2072 ~ |  |  |  |  | 6,250 |  |  |  |  | 1,391
Citigroup Mortgage Loan Trust
5.114% due 08/25/2036 ~(j) |  |  | 1,105 |  |  |  |  | 991
Colony Mortgage Capital Ltd.
7.568% due 11/15/2038 •(j) |  |  | 15,000 |  |  |  |  | 13,146
COLT Mortgage Loan Trust
8.034% due 04/25/2068 ~(j) |  |  | 3,288 |  |  |  |  | 3,301
Commercial Mortgage Trust
6.939% due 06/15/2034 •(j) |  |  | 7,400 |  |  |  |  | 2,701
Connecticut Avenue Securities Trust
10.069% due 12/25/2041 •(j) |  |  | 8,900 |  |  |  |  | 9,329
10.569% due 10/25/2041 •(j) |  |  |  |  | 7,100 |  |  |  |  | 7,470
Countrywide Alternative Loan Trust
6.250% due 12/25/2036 (j) |  |  | 4,595 |  |  |  |  | 1,916
Countrywide Home Loan Mortgage Pass-Through Trust
5.853% due 08/25/2035 •(j) |  |  | 2,299 |  |  |  |  | 1,816
Credit Suisse Mortgage Capital Mortgage-Backed Trust
0.000% due 02/25/2067 ~(a) |  |  | 360,722 |  |  |  |  | 490
0.005% due 02/25/2067 ~(a) |  |  |  |  | 360,722 |  |  |  |  | 124
4.000% due 02/25/2067 ~(j) |  |  |  |  | 23,825 |  |  |  |  | 18,347
4.015% due 01/25/2060 ~(j) |  |  |  |  | 8,144 |  |  |  |  | 6,163
4.078% due 02/25/2067 ~ |  |  |  |  | 9,146 |  |  |  |  | 1,947
7.994% due 07/15/2032 •(j) |  |  |  |  | 19,982 |  |  |  |  | 19,533
Credit Suisse Mortgage Capital Trust
3.126% due 07/25/2050 ~ |  |  | 9,940 |  |  |  |  | 7,139
CRSNT Commercial Mortgage Trust
8.014% due 04/15/2036 •(j) |  |  | 7,000 |  |  |  |  | 6,719
Deutsche Mortgage & Asset Receiving Corp.
4.777% due 11/27/2036 •(j) |  |  | 6,252 |  |  |  |  | 5,821

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 93

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

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S)
DOLP Trust
0.665% due 05/10/2041 ~(a)(j) |  | $ |  |  | 309,500 |  |  | $ |  | 9,815
3.704% due 05/10/2041 ~(j) |  |  |  |  | 32,400 |  |  |  |  | 20,625
DROP Mortgage Trust
7.261% due 10/15/2043 •(j) |  |  | 5,500 |  |  |  |  | 4,664
Extended Stay America Trust
8.211% due 07/15/2038 •(j) |  |  | 16,559 |  |  |  |  | 16,673
Great Hall Mortgages PLC
8.696% due 06/18/2039 • |  | GBP |  |  | 1,940 |  |  |  |  | 2,412
Greenwood Park CLO Ltd.
0.000% due 04/15/2031 « |  | $ |  |  | 27,000 |  |  |  |  | 124
GS Mortgage Securities Corp. Trust
7.244% due 11/15/2032 •(j) |  |  | 10,782 |  |  |  |  | 10,704
GS Mortgage-Backed Securities Corp. Trust
0.000% due 12/25/2060 ~(a) |  |  | 162,624 |  |  |  |  | 4,652
0.010% due 12/25/2060 ~ |  |  |  |  | 147 |  |  |  |  | 140
0.165% due 12/25/2060 ~(a) |  |  |  |  | 141,019 |  |  |  |  | 950
3.971% due 12/25/2060 ~(j) |  |  |  |  | 34,468 |  |  |  |  | 22,470
GSR Mortgage Loan Trust
6.250% due 08/25/2036 (j) |  |  | 4,078 |  |  |  |  | 1,144
Hawaii Hotel Trust
7.445% due 05/15/2038 •(j) |  |  |  |  | 34,720 |  |  |  |  | 34,753
7.445% due 05/15/2038 ~ |  |  |  |  | 5,000 |  |  |  |  | 5,005
JP Morgan Alternative Loan Trust
4.733% due 03/25/2037 • |  |  |  |  | 11,147 |  |  |  |  | 9,144
JP Morgan Chase Commercial Mortgage Securities Trust
6.261% due 12/15/2036 • |  |  |  |  | 1,700 |  |  |  |  | 223
6.745% due 02/15/2035 •(j) |  |  |  |  | 1,234 |  |  |  |  | 1,195
7.015% due 07/05/2033 •(j) |  |  |  |  | 5,012 |  |  |  |  | 3,449
7.365% due 07/05/2033 •(j) |  |  |  |  | 10,000 |  |  |  |  | 6,281
7.612% due 03/15/2036 •(j) |  |  |  |  | 25,550 |  |  |  |  | 12,033
8.362% due 03/15/2036 •(j) |  |  |  |  | 9,500 |  |  |  |  | 3,817
9.362% due 03/15/2036 • |  |  |  |  | 700 |  |  |  |  | 111
JP Morgan Resecuritization Trust
4.431% due 12/27/2046 •(j) |  |  |  |  | 11,213 |  |  |  |  | 9,129
Mill City Mortgage Loan Trust
0.000% due 04/25/2057 ~ |  |  |  |  | 136,976 |  |  |  |  | 4,260
0.000% due 04/25/2057 ~(a) |  |  |  |  | 136,976 |  |  |  |  | 441
0.000% due 11/25/2058 ~(a) |  |  |  |  | 108,163 |  |  |  |  | 355
0.000% due 11/25/2058 ~ |  |  |  |  | 108,163 |  |  |  |  | 397
3.987% due 04/25/2057 ~(j) |  |  |  |  | 20,617 |  |  |  |  | 13,842
3.990% due 11/25/2058 ~(j) |  |  |  |  | 16,205 |  |  |  |  | 10,318
Morgan Stanley Capital Trust
6.756% due 12/15/2036 •(j) |  |  |  |  | 4,294 |  |  |  |  | 196
6.895% due 11/15/2034 •(j) |  |  |  |  | 5,370 |  |  |  |  | 5,181
7.845% due 11/15/2034 •(j) |  |  |  |  | 3,357 |  |  |  |  | 3,232
Morgan Stanley Re-REMIC Trust
2.476% due 03/26/2037 þ(j) |  |  |  |  | 2,687 |  |  |  |  | 2,688
MRCD Mortgage Trust
2.718% due 12/15/2036 (j) |  |  |  |  | 28,715 |  |  |  |  | 16,719
Myers Park CLO Ltd.
0.000% due 10/20/2030 « |  |  |  |  | 13,000 |  |  |  |  | 181
Natixis Commercial Mortgage Securities Trust
3.790% due 11/15/2032 ~(j) |  |  |  |  | 2,110 |  |  |  |  | 1,387
New Orleans Hotel Trust
7.134% due 04/15/2032 •(j) |  |  |  |  | 7,491 |  |  |  |  | 7,058
New Residential Mortgage Loan Trust
3.992% due 07/25/2059 ~(j) |  |  |  |  | 5,000 |  |  |  |  | 3,539
New York Mortgage Trust
5.250% due 07/25/2062 þ(j) |  |  |  |  | 2,015 |  |  |  |  | 2,003
Residential Accredit Loans, Inc. Trust
4.873% due 06/25/2037 •(j) |  |  |  |  | 708 |  |  |  |  | 616
Residential Asset Securitization Trust
6.500% due 08/25/2036 (j) |  |  |  |  | 5,371 |  |  |  |  | 1,573
SFO Commercial Mortgage Trust
7.411% due 05/15/2038 •(j) |  |  |  |  | 18,000 |  |  |  |  | 16,004
8.161% due 05/15/2038 •(j) |  |  |  |  | 8,000 |  |  |  |  | 6,315
Structured Adjustable Rate Mortgage Loan Trust
5.841% due 03/25/2036 ~(j) |  |  |  |  | 4,443 |  |  |  |  | 4,313
Trinity Square PLC
0.000% due 07/15/2059 (f) |  | GBP |  |  | 7,814 |  |  |  |  | 9,845
6.460% (SONIO/N + 1.650%) due 07/15/2059 ~ |  |  |  |  | 10,926 |  |  |  |  | 13,669
6.810% (SONIO/N + 2.000%) due 07/15/2059 ~ |  |  |  |  | 4,682 |  |  |  |  | 5,795

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S)
7.810% (SONIO/N + 3.000%) due 07/15/2059 ~ |  | GBP |  |  | 4,682 |  |  | $ |  | 5,802
8.560% (SONIO/N + 3.750%) due 07/15/2059 ~ |  |  |  |  | 4,682 |  |  |  |  | 5,680
9.810% (SONIO/N + 5.000%) due 07/15/2059 ~ |  |  |  |  | 6,244 |  |  |  |  | 7,991
10.310% (SONIO/N + 5.500%) due 07/15/2059 ~ |  |  |  |  | 4,682 |  |  |  |  | 5,540
10.810% (SONIO/N + 6.000%) due 07/15/2059 ~ |  |  |  |  | 7,280 |  |  |  |  | 9,128
VASA Trust
7.662% due 07/15/2039 •(j) |  | $ |  |  | 10,000 |  |  |  |  | 7,160
8.412% due 07/15/2039 •(j) |  |  |  |  | 7,000 |  |  |  |  | 4,662
Verus Securitization Trust
8.126% due 12/25/2068 ~(j) |  |  |  |  | 4,538 |  |  |  |  | 4,631
Waikiki Beach Hotel Trust
6.725% due 12/15/2033 •(j) |  |  |  |  | 3,000 |  |  |  |  | 2,966
7.375% due 12/15/2033 •(j) |  |  |  |  | 5,000 |  |  |  |  | 4,877
WaMu Mortgage Pass-Through Certificates Trust
5.503% due 12/25/2045 •(j) |  |  |  |  | 12,372 |  |  |  |  | 10,557
5.635% due 07/25/2047 •(j) |  |  |  |  | 1,930 |  |  |  |  | 1,575
Wells Fargo Mortgage-Backed Securities Trust
7.610% due 10/25/2036 ~(j) |  |  |  |  | 185 |  |  |  |  | 175
Total Non-Agency Mortgage-Backed Securities (Cost $708,013) |  | 562,914
ASSET-BACKED SECURITIES 22.8%
AUTOMOBILE ABS OTHER 1.1%
Carvana Auto Receivables Trust
0.000% due 01/10/2028 «(f) |  |  |  |  | 10 |  |  |  |  | 859
Exeter Automobile Receivables Trust
0.000% due 12/15/2033 «(f) |  |  |  |  | 12 |  |  |  |  | 1,048
Flagship Credit Auto Trust
0.000% due 04/17/2028 «(f) |  |  |  |  | 10 |  |  |  |  | 514
Huntington Bank Auto Credit-Linked Notes Trust
6.153% due 05/20/2032 (j) |  |  |  |  | 1,916 |  |  |  |  | 1,938
7.205% due 10/20/2032 • |  |  |  |  | 926 |  |  |  |  | 929
8.605% due 10/20/2032 • |  |  |  |  | 1,019 |  |  |  |  | 1,025
12.105% due 10/20/2032 • |  |  |  |  | 972 |  |  |  |  | 976
Santander Bank Auto Credit-Linked Notes
6.110% due 06/15/2032 (j) |  |  |  |  | 2,200 |  |  |  |  | 2,215
7.762% due 06/15/2032 (j) |  |  |  |  | 1,600 |  |  |  |  | 1,617
10.171% due 06/15/2032 (j) |  |  |  |  | 3,710 |  |  |  |  | 3,773
13.030% due 06/15/2032 |  |  |  |  | 3,273 |  |  |  |  | 3,308
|  |  |  |  |  |  |  |  |  | 18,202
CMBS SUBORDINATED 0.4%
Ready Capital Mortgage Financing LLC
8.203% due 04/25/2038 •(j) |  |  |  |  | 7,000 |  |  |  |  | 6,835
HOME EQUITY OTHER 12.9%
Aames Mortgage Investment Trust
7.153% due 01/25/2035 •(j) |  |  |  |  | 5,000 |  |  |  |  | 3,706
ACE Securities Corp. Home Equity Loan Trust
4.828% due 08/25/2036 •(j) |  |  |  |  | 24,986 |  |  |  |  | 19,174
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
6.253% due 07/25/2035 •(j) |  |  |  |  | 7,500 |  |  |  |  | 6,213
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
5.143% due 01/25/2036 •(j) |  |  |  |  | 21,488 |  |  |  |  | 21,317
Asset-Backed Securities Corp. Home Equity Loan Trust
4.683% due 05/25/2037 •(j) |  |  |  |  | 7,742 |  |  |  |  | 5,411
Bear Stearns Asset-Backed Securities Trust
4.582% due 01/25/2037 •(j) |  |  |  |  | 6,307 |  |  |  |  | 5,409
BNC Mortgage Loan Trust
5.953% due 11/25/2037 •(j) |  |  |  |  | 32,783 |  |  |  |  | 23,189
Countrywide Asset-Backed Certificates Trust
4.703% due 06/25/2037 •(j) |  |  |  |  | 5,588 |  |  |  |  | 4,816
4.888% due 02/25/2037 •(j) |  |  |  |  | 10,193 |  |  |  |  | 9,350

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S)
Encore Credit Receivables Trust
6.208% due 10/25/2035 •(j) |  | $ |  |  | 6,232 |  |  | $ |  | 5,597
Fieldstone Mortgage Investment Trust
7.378% due 08/25/2034 •(j) |  |  |  |  | 2,673 |  |  |  |  | 2,039
First NLC Trust
5.473% due 12/25/2035 •(j) |  |  |  |  | 10,331 |  |  |  |  | 8,842
Fremont Home Loan Trust
5.503% due 01/25/2035 •(j) |  |  |  |  | 7,114 |  |  |  |  | 5,593
GSAMP Trust
4.903% due 08/25/2036 •(j) |  |  |  |  | 16,695 |  |  |  |  | 13,764
MASTR Asset-Backed Securities Trust
5.038% due 01/25/2036 •(j) |  |  |  |  | 6,276 |  |  |  |  | 4,702
Morgan Stanley ABS Capital, Inc. Trust
5.563% due 07/25/2035 •(j) |  |  |  |  | 10,323 |  |  |  |  | 8,013
Morgan Stanley Home Equity Loan Trust
5.518% due 05/25/2035 •(j) |  |  |  |  | 5,330 |  |  |  |  | 4,734
New Century Home Equity Loan Trust
5.473% due 06/25/2035 •(j) |  |  |  |  | 17,541 |  |  |  |  | 16,502
Saxon Asset Securities Trust
4.933% due 09/25/2036 •(j) |  |  |  |  | 11,233 |  |  |  |  | 8,487
Soundview Home Loan Trust
5.278% due 12/25/2035 •(j) |  |  |  |  | 6,309 |  |  |  |  | 5,725
Structured Asset Investment Loan Trust
5.428% due 07/25/2035 •(j) |  |  |  |  | 10,555 |  |  |  |  | 7,957
Structured Asset Securities Corp. Mortgage Loan Trust
4.753% due 04/25/2036 •(j) |  |  |  |  | 20,527 |  |  |  |  | 17,284
|  |  |  |  |  |  |  |  |  | 207,824
WHOLE LOAN COLLATERAL 2.8%
First Franklin Mortgage Loan Trust
4.763% due 10/25/2036 •(j) |  |  |  |  | 6,000 |  |  |  |  | 4,797
5.383% due 11/25/2035 •(j) |  |  |  |  | 8,078 |  |  |  |  | 7,144
PRET LLC
3.721% due 07/25/2051 þ(j) |  |  |  |  | 2,649 |  |  |  |  | 2,604
7.967% due 09/25/2051 þ(j) |  |  |  |  | 18,319 |  |  |  |  | 18,025
Residential Asset Mortgage Products Trust
5.728% due 02/25/2035 •(j) |  |  |  |  | 5,309 |  |  |  |  | 4,455
Securitized Asset-Backed Receivables LLC Trust
4.953% due 03/25/2036 •(j) |  |  |  |  | 1,389 |  |  |  |  | 853
Specialty Underwriting & Residential Finance Trust
4.753% due 09/25/2037 •(j) |  |  |  |  | 21,988 |  |  |  |  | 7,584
|  |  |  |  |  |  |  |  |  | 45,462
OTHER ABS 5.6%
Ayresome CDO Ltd.
8.120% due 12/08/2045 •(j) |  |  |  |  | 25,992 |  |  |  |  | 6,295
College Avenue Student Loans LLC
0.000% due 06/25/2054 «(f)(j) |  |  | 11 |  |  |  |  | 5,599
4.120% due 07/25/2051 (j) |  |  |  |  | 917 |  |  |  |  | 837
6.610% due 06/25/2054 «(j) |  |  |  |  | 1,369 |  |  |  |  | 1,369
8.660% due 06/25/2054 «(j) |  |  |  |  | 1,971 |  |  |  |  | 2,026
Duke Funding High Grade Ltd.
0.090% due 08/02/2049 (a) |  |  |  |  | 840,370 |  |  |  |  | 148
5.100% due 08/02/2049 • |  |  |  |  | 29,910 |  |  |  |  | 218
FREED ABS Trust |  |  |  |  |  |  |  |  |  |
0.000% due 09/20/2027 «(f) |  |  |  |  | 4 |  |  |  |  | 58
GreenSky Home Improvement Trust
7.330% due 06/25/2059 |  |  |  |  | 1,100 |  |  |  |  | 1,129
Greenwood Park CLO Ltd. |  |  |  |  |  |  |  |  |  |
0.000% due 04/15/2031 ~(j) |  |  |  |  | 27,000 |  |  |  |  | 6,440
KKR CLO Ltd.
0.000% due 04/20/2034 ~(j) |  |  |  |  | 10,000 |  |  |  |  | 6,428
Madison Park Funding Ltd.
0.000% due 07/27/2047 ~(j) |  |  |  |  | 5,600 |  |  |  |  | 2,215
Marlette Funding Trust
0.000% due 09/16/2030 «(f) |  |  |  |  | 38 |  |  |  |  | 1,255
Montauk Point CDO Ltd.
8.310% due 04/06/2046 •(j) |  |  |  |  | 327,058 |  |  |  |  | 8,745
8.315% due 10/06/2042 •(j) |  |  |  |  | 213,556 |  |  |  |  | 16,935
Myers Park CLO Ltd.
0.000% due 10/20/2030 «~ |  |  |  |  | 13,000 |  |  |  |  | 4,842

94 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S)
Sierra Madre Funding Ltd.
4.977% due 09/07/2039 • |  | $ |  |  | 954 |  |  | $ |  | 603
SMB Private Education Loan Trust
0.000% due 02/16/2055 «(f) |  |  |  |  | 5 |  |  |  |  | 4,961
Stream Innovations Trust
6.270% due 07/15/2044 |  |  |  |  | 409 |  |  |  |  | 420
Structured Finance Advisors ABS CDO Ltd.
8.000% due 07/02/2037 •(j) |  |  |  |  | 41,770 |  |  |  |  | 5,913
Summer Street Ltd.
4.956% due 12/06/2045 •(j) |  |  |  |  | 56,060 |  |  |  |  | 13,138
|  |  |  |  |  |  |  |  |  | 89,574
Total Asset-Backed Securities (Cost $464,017) |  | 367,897
SOVEREIGN ISSUES 3.0%
Argentina Government International Bond
3.500% due 07/09/2041 þ(j) |  |  |  |  | 5,233 |  |  |  |  | 3,281
Ecuador Government International Bond
5.500% due 07/31/2035 þ |  |  |  |  | 3,300 |  |  |  |  | 1,883
6.900% due 07/31/2030 þ |  |  |  |  | 2,915 |  |  |  |  | 2,040
Egypt Government International Bond
6.375% due 04/11/2031 |  | EUR |  |  | 3,700 |  |  |  |  | 3,389
El Salvador Government International Bond
9.250% due 04/17/2030 |  | $ |  |  | 5,700 |  |  |  |  | 6,049
9.650% due 11/21/2054 |  |  |  |  | 3,500 |  |  |  |  | 3,696
Nigeria Government International Bond
9.625% due 06/09/2031 |  |  |  |  | 600 |  |  |  |  | 599
10.375% due 12/09/2034 |  |  |  |  | 6,500 |  |  |  |  | 6,646
Russia Government International Bond
5.100% due 03/28/2035 |  |  |  |  | 200 |  |  |  |  | 0
5.625% due 04/04/2042 |  |  |  |  | 4,200 |  |  |  |  | 2,877
Turkey Government International Bond
49.430% (BISTREFI) due 09/06/2028 ~ |  | TRY |  |  | 396,200 |  |  |  |  | 11,083
50.485% (BISTREFI) due 05/20/2026 ~ |  |  |  |  | 600 |  |  |  |  | 17
50.485% (BISTREFI) due 08/19/2026 ~ |  |  |  |  | 400 |  |  |  |  | 12
50.485% (BISTREFI) due 05/17/2028 ~ |  |  |  |  | 79,200 |  |  |  |  | 2,210
Ukraine Government International Bond
0.000% due 02/01/2030 þ(g) |  | $ |  |  | 271 |  |  |  |  | 148
0.000% due 02/01/2034 þ(g) |  |  |  |  | 1,014 |  |  |  |  | 422
0.000% due 02/01/2035 þ(g) |  |  |  |  | 856 |  |  |  |  | 509
0.000% due 02/01/2036 þ(g) |  |  |  |  | 714 |  |  |  |  | 420
1.750% due 02/01/2034 þ |  |  |  |  | 1,614 |  |  |  |  | 912
1.750% due 02/01/2035 þ |  |  |  |  | 1,738 |  |  |  |  | 962
1.750% due 02/01/2036 þ |  |  |  |  | 1,614 |  |  |  |  | 877
Total Sovereign Issues (Cost $44,022) |  | 48,032

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S)
COMMON STOCKS 10.7%
COMMUNICATION SERVICES 0.7%
Oi SA (d) |  |  |  |  | 11,034,637 |  |  | $ |  | 2,393
Promotora de Informaciones SA ‘A’ (d) |  |  | 1,623,357 |  |  |  |  | 506
Syniverse Holdings, Inc. «(i) |  |  | 8,062,369 |  |  |  |  | 7,977
|  |  |  |  |  |  |  |  |  | 10,876
CONSUMER STAPLES 0.0%
Steinhoff International Holdings NV «(d)(i) |  |  |  |  | 115,240,755 |  |  |  |  | 0
FINANCIALS 2.3%
Banca Monte dei Paschi di Siena SpA |  |  |  |  | 2,274,000 |  |  |  |  | 16,032
Corestate Capital Holding SA «(d)(i) |  |  |  |  | 632,951 |  |  |  |  | 0
Intelsat Emergence SA «(i) |  |  | 652,149 |  |  |  |  | 21,537
MNEQ Holdings, Inc. «(d)(i) |  |  | 8,417 |  |  |  |  | 34
UBS Group AG |  |  |  |  | 5,143 |  |  |  |  | 157
|  |  |  |  |  |  |  |  |  | 37,760
HEALTH CARE 4.5%
Amsurg Equity «(d)(i) |  |  |  |  | 1,571,862 |  |  |  |  | 72,018
INDUSTRIALS 3.2%
Clover Holdings, Inc. «(d)(i) |  |  |  |  | 27,610 |  |  |  |  | 566
Market Garden Dogwood LLC †«‡(i) |  |  |  |  | 42,000,000 |  |  |  |  | 44,598
NAC Aviation «(d)(i) |  |  |  |  | 373,201 |  |  |  |  | 7,091
|  |  |  |  |  |  |  |  |  | 52,255
Total Common Stocks (Cost $169,095) |  | 172,909
PREFERRED SECURITIES 0.3%
BANKING & FINANCE 0.0%
ADLER Group SA «(d) |  |  | 3,588,226 |  |  |  |  | 0
INDUSTRIALS 0.3%
SVB Financial Trust
0.000% due 11/07/2032 (f) |  |  |  |  | 51,680 |  |  |  |  | 1
11.000% due 11/07/2032 |  |  |  |  | 9,596 |  |  |  |  | 4,798
|  |  |  |  |  |  |  |  |  | 4,799
Total Preferred Securities (Cost $5,476) |  | 4,799

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 1.1%
FINANCIALS 1.1%
Annaly Capital Management, Inc. |  |  |  |  | 609,500 |  |  | $ |  | 11,154
PennyMac Mortgage Investment Trust |  |  |  |  | 556,200 |  |  |  |  | 7,002
Total Real Estate Investment Trusts (Cost $26,589) |  | 18,156
|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  |
SHORT-TERM INSTRUMENTS 1.7%
U.S. TREASURY BILLS 1.7%
4.368% due 02/20/2025 - 03/06/2025 (e)(f)(m) |  | $ |  |  | 28,001 |  |  |  |  | 27,797
Total Short-Term Instruments (Cost $27,793) |  | 27,797
Total Investments in Securities (Cost $2,714,524) |  | 2,332,886
|  |  |  | SHARES |  |  |  |  |
INVESTMENTS IN AFFILIATES 17.0%
SHORT-TERM INSTRUMENTS 17.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 17.0%
PIMCO Short-Term Floating NAV Portfolio III |  |  | 28,144,260 |  |  |  |  | 274,041
Total Short-Term Instruments (Cost $273,881) |  | 274,041
Total Investments in Affiliates (Cost $273,881) |  | 274,041
Total Investments 161.3% (Cost $2,988,405) |  |  |  |  |  |  |  | $ |  | 2,606,927
Financial Derivative Instruments (k)(l) 0.5% (Cost or Premiums, net $30,402) |  |  |  |  | 7,797
Other Assets and Liabilities, net (61.8)% |  | (998,332)
Net Assets 100.0% |  |  | $ |  | 1,616,392

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

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

† | Represents co-investment made with Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 10, Related Party Transactions in the Notes to Financial Statements.

^ | Security is in default.

« | Security valued using significant unobservable inputs (Level 3).

µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ | Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

‡ | Insurance-Linked Investments.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 95

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

(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) | Security becomes interest bearing at a future date.

(h) | Perpetual maturity; date shown, if applicable, represents next contractual call date.

(i) RESTRICTED SECURITIES:

Issuer Description |  | Acquisition Date |  |  | Cost |  |  | Market Value |  |  | Market Value as Percentage of Net Assets |
Amsurg Equity |  |  | 11/02/2023 - 11/06/2023 |  |  | $ | 65,680 |  |  | $ | 72,018 |  |  |  | 4.46 | %
Clover Holdings, Inc. |  |  | 12/09/2024 |  |  |  | 414 |  |  |  | 566 |  |  |  | 0.04 |
Corestate Capital Holding SA |  |  | 08/22/2023 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0.00 |
Intelsat Emergence SA |  |  | 01/29/2021 - 02/23/2024 |  |  |  | 38,680 |  |  |  | 21,537 |  |  |  | 1.33 |
MNEQ Holdings, Inc. |  |  | 03/16/2023 - 03/29/2023 |  |  |  | 94 |  |  |  | 34 |  |  |  | 0.00 |
Market Garden Dogwood LLC |  |  | 03/13/2024 |  |  |  | 42,000 |  |  |  | 44,598 |  |  |  | 2.76 |
NAC Aviation |  |  | 06/01/2022 - 07/27/2022 |  |  |  | 8,750 |  |  |  | 7,091 |  |  |  | 0.44 |
Steinhoff International Holdings NV |  |  | 06/30/2023 - 10/30/2023 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0.00 |
Syniverse Holdings, Inc. |  |  | 05/12/2022 - 11/30/2024 |  |  |  | 7,944 |  |  |  | 7,977 |  |  |  | 0.49 |
|  |  | $ | 163,562 |  |  | $ | 153,821 |  |  |  | 9.52 | %

BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:

Counterparty |  | Borrowing Rate (1) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (1) |  |  | Payable for Reverse Repurchase Agreements |
BNY |  |  | 5.560 | % |  |  | 11/12/2024 |  |  |  | 05/12/2025 |  |  |  | $ |  |  |  | (12,798 | ) |  | $ | (12,903 | )
|  |  | 5.560 |  |  |  | 11/26/2024 |  |  |  | 05/27/2025 |  |  |  |  |  |  |  | (9,692 | ) |  |  | (9,749 | )
|  |  | 5.560 |  |  |  | 12/11/2024 |  |  |  | 06/11/2025 |  |  |  |  |  |  |  | (4,166 | ) |  |  | (4,181 | )
|  |  | 5.591 |  |  |  | 10/31/2024 |  |  |  | 01/31/2025 |  |  |  |  |  |  |  | (10,296 | ) |  |  | (10,397 | )
BOM |  |  | 5.020 |  |  |  | 12/09/2024 |  |  |  | 01/09/2025 |  |  |  |  |  |  |  | (12,502 | ) |  |  | (12,544 | )
BOS |  |  | 5.060 |  |  |  | 12/18/2024 |  |  |  | 04/16/2025 |  |  |  |  |  |  |  | (1,610 | ) |  |  | (1,614 | )
|  |  | 5.260 |  |  |  | 12/18/2024 |  |  |  | 04/16/2025 |  |  |  |  |  |  |  | (1,664 | ) |  |  | (1,668 | )
|  |  | 5.310 |  |  |  | 12/18/2024 |  |  |  | 04/16/2025 |  |  |  |  |  |  |  | (3,588 | ) |  |  | (3,596 | )
|  |  | 5.510 |  |  |  | 12/18/2024 |  |  |  | 04/16/2025 |  |  |  |  |  |  |  | (1,049 | ) |  |  | (1,051 | )
|  |  | 5.710 |  |  |  | 12/18/2024 |  |  |  | 04/16/2025 |  |  |  |  |  |  |  | (2,238 | ) |  |  | (2,244 | )
BPS |  |  | 3.210 |  |  |  | 12/18/2024 |  |  |  | TBD | (2) |  |  | EUR |  |  |  | (439 | ) |  |  | (455 | )
|  |  | 4.750 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  | $ |  |  |  | (5,429 | ) |  |  | (5,438 | )
|  |  | 5.040 |  |  |  | 11/15/2024 |  |  |  | 02/13/2025 |  |  |  |  |  |  |  | (10,434 | ) |  |  | (10,504 | )
|  |  | 5.060 |  |  |  | 10/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (8,417 | ) |  |  | (8,519 | )
|  |  | 5.150 |  |  |  | 10/24/2024 |  |  |  | 01/24/2025 |  |  |  |  |  |  |  | (5,877 | ) |  |  | (5,936 | )
|  |  | 5.170 |  |  |  | 10/29/2024 |  |  |  | 01/29/2025 |  |  |  |  |  |  |  | (9,899 | ) |  |  | (9,991 | )
|  |  | 5.560 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  |  |  | (4,406 | ) |  |  | (4,438 | )
|  |  | 5.690 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  |  |  | (14,303 | ) |  |  | (14,407 | )
|  |  | 5.710 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  |  |  | (89,074 | ) |  |  | (90,108 | )
|  |  | 5.710 |  |  |  | 11/18/2024 |  |  |  | 05/16/2025 |  |  |  |  |  |  |  | (4,880 | ) |  |  | (4,915 | )
|  |  | 5.810 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  |  |  | (1,333 | ) |  |  | (1,349 | )
|  |  | 6.010 |  |  |  | 10/24/2024 |  |  |  | 04/22/2025 |  |  |  |  |  |  |  | (16,256 | ) |  |  | (16,457 | )
BRC |  |  | 5.350 |  |  |  | 01/03/2025 |  |  |  | 04/03/2025 |  |  |  |  |  |  |  | (3,412 | ) |  |  | (3,412 | )
|  |  | 5.610 |  |  |  | 12/03/2024 |  |  |  | 04/02/2025 |  |  |  |  |  |  |  | (8,450 | ) |  |  | (8,488 | )
|  |  | 5.630 |  |  |  | 12/10/2024 |  |  |  | 03/10/2025 |  |  |  |  |  |  |  | (12,763 | ) |  |  | (12,809 | )
|  |  | 5.660 |  |  |  | 12/03/2024 |  |  |  | 04/02/2025 |  |  |  |  |  |  |  | (25,555 | ) |  |  | (25,673 | )
|  |  | 5.680 |  |  |  | 12/10/2024 |  |  |  | 03/10/2025 |  |  |  |  |  |  |  | (13,276 | ) |  |  | (13,324 | )
|  |  | 5.700 |  |  |  | 09/27/2024 |  |  |  | 01/03/2025 |  |  |  |  |  |  |  | (3,531 | ) |  |  | (3,585 | )
|  |  | 5.710 |  |  |  | 12/03/2024 |  |  |  | 04/02/2025 |  |  |  |  |  |  |  | (10,323 | ) |  |  | (10,371 | )
|  |  | 5.710 |  |  |  | 12/09/2024 |  |  |  | 04/08/2025 |  |  |  |  |  |  |  | (16,198 | ) |  |  | (16,261 | )
|  |  | 5.760 |  |  |  | 12/18/2024 |  |  |  | 04/21/2025 |  |  |  |  |  |  |  | (3,122 | ) |  |  | (3,130 | )
|  |  | 5.760 |  |  |  | 12/20/2024 |  |  |  | 04/21/2025 |  |  |  |  |  |  |  | (7,579 | ) |  |  | (7,595 | )
|  |  | 5.770 |  |  |  | 11/20/2024 |  |  |  | 02/20/2025 |  |  |  |  |  |  |  | (3,331 | ) |  |  | (3,354 | )
|  |  | 5.790 |  |  |  | 10/29/2024 |  |  |  | 01/29/2025 |  |  |  |  |  |  |  | (4,736 | ) |  |  | (4,786 | )
|  |  | 5.840 |  |  |  | 09/23/2024 |  |  |  | 01/21/2025 |  |  |  |  |  |  |  | (4,258 | ) |  |  | (4,327 | )
|  |  | 5.930 |  |  |  | 10/08/2024 |  |  |  | 01/08/2025 |  |  |  |  |  |  |  | (2,525 | ) |  |  | (2,561 | )
|  |  | 5.950 |  |  |  | 08/28/2024 |  |  |  | 02/26/2025 |  |  |  |  |  |  |  | (273 | ) |  |  | (279 | )

96 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

Counterparty |  | Borrowing Rate (1) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (1) |  |  | Payable for Reverse Repurchase Agreements |
|  |  | 6.000 | % |  |  | 08/26/2024 |  |  |  | 02/26/2025 |  |  |  | $ |  |  |  | (8,774 | ) |  | $ | (8,962 | )
|  |  | 6.000 |  |  |  | 08/28/2024 |  |  |  | 02/26/2025 |  |  |  |  |  |  |  | (4,475 | ) |  |  | (4,570 | )
|  |  | 6.050 |  |  |  | 08/28/2024 |  |  |  | 02/26/2025 |  |  |  |  |  |  |  | (6,952 | ) |  |  | (7,100 | )
|  |  | 6.100 |  |  |  | 08/28/2024 |  |  |  | 02/26/2025 |  |  |  |  |  |  |  | (5,169 | ) |  |  | (5,280 | )
|  |  | 6.420 |  |  |  | 08/05/2024 |  |  |  | 02/05/2025 |  |  |  |  |  |  |  | (21,945 | ) |  |  | (22,532 | )
BSN |  |  | 4.900 |  |  |  | 12/31/2024 |  |  |  | 02/21/2025 |  |  |  |  |  |  |  | (524 | ) |  |  | (525 | )
BYR |  |  | 4.940 |  |  |  | 11/21/2024 |  |  |  | 02/21/2025 |  |  |  |  |  |  |  | (16,245 | ) |  |  | (16,341 | )
|  |  | 4.960 |  |  |  | 11/19/2024 |  |  |  | 02/19/2025 |  |  |  |  |  |  |  | (11,552 | ) |  |  | (11,623 | )
|  |  | 4.960 |  |  |  | 11/20/2024 |  |  |  | 02/20/2025 |  |  |  |  |  |  |  | (8,174 | ) |  |  | (8,223 | )
|  |  | 4.960 |  |  |  | 11/21/2024 |  |  |  | 02/21/2025 |  |  |  |  |  |  |  | (21,828 | ) |  |  | (21,957 | )
|  |  | 4.980 |  |  |  | 12/06/2024 |  |  |  | 01/09/2025 |  |  |  |  |  |  |  | (14,919 | ) |  |  | (14,977 | )
|  |  | 4.990 |  |  |  | 12/31/2024 |  |  |  | 02/21/2025 |  |  |  |  |  |  |  | (5,584 | ) |  |  | (5,585 | )
CDC |  |  | 5.010 |  |  |  | 12/16/2024 |  |  |  | 04/15/2025 |  |  |  |  |  |  |  | (1,071 | ) |  |  | (1,073 | )
|  |  | 5.130 |  |  |  | 10/30/2024 |  |  |  | 01/27/2025 |  |  |  |  |  |  |  | (272 | ) |  |  | (274 | )
|  |  | 5.510 |  |  |  | 12/09/2024 |  |  |  | 04/08/2025 |  |  |  |  |  |  |  | (3,430 | ) |  |  | (3,443 | )
CIB |  |  | 5.050 |  |  |  | 12/19/2024 |  |  |  | 01/14/2025 |  |  |  |  |  |  |  | (21 | ) |  |  | (21 | )
DBL |  |  | 5.119 |  |  |  | 12/10/2024 |  |  |  | 03/10/2025 |  |  |  | GBP |  |  |  | (9,844 | ) |  |  | (12,364 | )
|  |  | 5.209 |  |  |  | 12/10/2024 |  |  |  | 03/10/2025 |  |  |  |  |  |  |  | (4,146 | ) |  |  | (5,208 | )
|  |  | 5.329 |  |  |  | 12/10/2024 |  |  |  | 03/10/2025 |  |  |  |  |  |  |  | (3,975 | ) |  |  | (4,993 | )
|  |  | 5.363 |  |  |  | 12/20/2024 |  |  |  | 02/14/2025 |  |  |  | $ |  |  |  | (4,092 | ) |  |  | (4,100 | )
|  |  | 5.663 |  |  |  | 12/20/2024 |  |  |  | 02/14/2025 |  |  |  |  |  |  |  | (2,431 | ) |  |  | (2,436 | )
|  |  | 5.756 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (1,018 | ) |  |  | (1,022 | )
|  |  | 5.906 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (2,031 | ) |  |  | (2,039 | )
|  |  | 5.956 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (8,301 | ) |  |  | (8,334 | )
|  |  | 6.006 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (16,971 | ) |  |  | (17,038 | )
|  |  | 6.056 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (12,919 | ) |  |  | (12,971 | )
|  |  | 6.086 |  |  |  | 12/09/2024 |  |  |  | 02/07/2025 |  |  |  |  |  |  |  | (2,596 | ) |  |  | (2,606 | )
DEU |  |  | 4.650 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (3,381 | ) |  |  | (3,387 | )
|  |  | 4.750 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (12,365 | ) |  |  | (12,386 | )
GLM |  |  | 5.220 |  |  |  | 09/27/2024 |  |  |  | 06/24/2025 |  |  |  |  |  |  |  | (550 | ) |  |  | (558 | )
|  |  | 5.563 |  |  |  | 10/29/2024 |  |  |  | 07/29/2025 |  |  |  |  |  |  |  | (2,227 | ) |  |  | (2,249 | )
|  |  | 5.663 |  |  |  | 10/29/2024 |  |  |  | 07/29/2025 |  |  |  |  |  |  |  | (13,319 | ) |  |  | (13,455 | )
IND |  |  | 5.300 |  |  |  | 09/09/2024 |  |  |  | 03/06/2025 |  |  |  |  |  |  |  | (895 | ) |  |  | (910 | )
MBC |  |  | 4.950 |  |  |  | 12/20/2024 |  |  |  | 01/31/2025 |  |  |  |  |  |  |  | (1,224 | ) |  |  | (1,226 | )
MEI |  |  | 3.200 |  |  |  | 12/18/2024 |  |  |  | 01/10/2025 |  |  |  | EUR |  |  |  | (2,032 | ) |  |  | (2,108 | )
|  |  | 3.450 |  |  |  | 12/18/2024 |  |  |  | 01/10/2025 |  |  |  |  |  |  |  | (11,801 | ) |  |  | (12,242 | )
MSB |  |  | 5.293 |  |  |  | 12/18/2024 |  |  |  | 03/18/2025 |  |  |  | GBP |  |  |  | (3,420 | ) |  |  | (4,291 | )
|  |  | 5.323 |  |  |  | 12/18/2024 |  |  |  | 03/18/2025 |  |  |  |  |  |  |  | (3,201 | ) |  |  | (4,016 | )
|  |  | 5.353 |  |  |  | 12/18/2024 |  |  |  | 03/18/2025 |  |  |  |  |  |  |  | (1,390 | ) |  |  | (1,743 | )
|  |  | 5.360 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  |  | $ |  |  |  | (22,920 | ) |  |  | (23,004 | )
|  |  | 5.423 |  |  |  | 12/18/2024 |  |  |  | 03/18/2025 |  |  |  | GBP |  |  |  | (6,173 | ) |  |  | (7,745 | )
|  |  | 5.560 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  |  | $ |  |  |  | (10,747 | ) |  |  | (10,787 | )
|  |  | 5.573 |  |  |  | 12/18/2024 |  |  |  | 03/18/2025 |  |  |  | GBP |  |  |  | (3,424 | ) |  |  | (4,296 | )
|  |  | 5.660 |  |  |  | 09/17/2024 |  |  |  | 03/17/2025 |  |  |  | $ |  |  |  | (2,742 | ) |  |  | (2,791 | )
|  |  | 5.710 |  |  |  | 09/17/2024 |  |  |  | 03/17/2025 |  |  |  |  |  |  |  | (3,511 | ) |  |  | (3,574 | )
|  |  | 5.710 |  |  |  | 10/29/2024 |  |  |  | 04/28/2025 |  |  |  |  |  |  |  | (2,134 | ) |  |  | (2,157 | )
|  |  | 5.710 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  |  |  |  |  |  | (31,303 | ) |  |  | (31,425 | )
|  |  | 5.760 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  |  |  |  |  |  | (5,753 | ) |  |  | (5,776 | )
|  |  | 5.773 |  |  |  | 12/18/2024 |  |  |  | 03/18/2025 |  |  |  | GBP |  |  |  | (4,187 | ) |  |  | (5,255 | )
|  |  | 5.810 |  |  |  | 12/09/2024 |  |  |  | 06/09/2025 |  |  |  | $ |  |  |  | (7,929 | ) |  |  | (7,960 | )
MZF |  |  | 5.410 |  |  |  | 12/17/2024 |  |  |  | 06/11/2025 |  |  |  |  |  |  |  | (10,819 | ) |  |  | (10,845 | )
|  |  | 5.610 |  |  |  | 12/17/2024 |  |  |  | 06/11/2025 |  |  |  |  |  |  |  | (7,343 | ) |  |  | (7,362 | )
NOM |  |  | 4.650 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (1,131 | ) |  |  | (1,132 | )
|  |  | 4.680 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (1,521 | ) |  |  | (1,524 | )
RCY |  |  | 5.060 |  |  |  | 12/06/2024 |  |  |  | 01/06/2025 |  |  |  |  |  |  |  | (6,994 | ) |  |  | (7,021 | )
RTA |  |  | 5.110 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  |  |  | (6,665 | ) |  |  | (6,688 | )
|  |  | 5.250 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  |  |  | (8,062 | ) |  |  | (8,090 | )
|  |  | 5.330 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  |  |  | (15,290 | ) |  |  | (15,343 | )
|  |  | 5.580 |  |  |  | 12/04/2024 |  |  |  | 06/04/2025 |  |  |  |  |  |  |  | (6,711 | ) |  |  | (6,742 | )
|  |  | 5.580 |  |  |  | 12/18/2024 |  |  |  | 04/17/2025 |  |  |  |  |  |  |  | (13,282 | ) |  |  | (13,313 | )
|  |  | 5.610 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  |  |  | (3,070 | ) |  |  | (3,081 | )
|  |  | 5.660 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  |  |  | (12,068 | ) |  |  | (12,113 | )
|  |  | 5.680 |  |  |  | 12/04/2024 |  |  |  | 06/04/2025 |  |  |  |  |  |  |  | (13,199 | ) |  |  | (13,261 | )
|  |  | 5.680 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  |  |  | (15,322 | ) |  |  | (15,378 | )
|  |  | 5.690 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  |  |  | (3,928 | ) |  |  | (3,943 | )
|  |  | 5.730 |  |  |  | 12/10/2024 |  |  |  | 02/10/2025 |  |  |  |  |  |  |  | (19,636 | ) |  |  | (19,709 | )
|  |  | 5.900 |  |  |  | 12/10/2024 |  |  |  | 04/07/2025 |  |  |  |  |  |  |  | (1,939 | ) |  |  | (1,946 | )
|  |  | 5.980 |  |  |  | 12/18/2024 |  |  |  | 04/17/2025 |  |  |  |  |  |  |  | (3,872 | ) |  |  | (3,882 | )
SBI |  |  | 5.667 |  |  |  | 10/21/2024 |  |  |  | 04/25/2025 |  |  |  |  |  |  |  | (3,397 | ) |  |  | (3,436 | )

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 97

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

Counterparty |  | Borrowing Rate (1) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (1) |  |  | Payable for Reverse Repurchase Agreements |
SOG |  |  | 4.600 | % |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  | $ |  |  |  | (7,640 | ) |  | $ | (7,653 | )
|  |  | 4.610 |  |  |  | 12/20/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (390 | ) |  |  | (390 | )
|  |  | 4.870 |  |  |  | 12/18/2024 |  |  |  | 03/18/2025 |  |  |  |  |  |  |  | (2,047 | ) |  |  | (2,051 | )
|  |  | 5.170 |  |  |  | 11/12/2024 |  |  |  | 01/08/2025 |  |  |  |  |  |  |  | (2,694 | ) |  |  | (2,714 | )
|  |  | 5.180 |  |  |  | 10/16/2024 |  |  |  | 01/15/2025 |  |  |  |  |  |  |  | (1,279 | ) |  |  | (1,293 | )
|  |  | 5.180 |  |  |  | 11/15/2024 |  |  |  | 01/15/2025 |  |  |  |  |  |  |  | (1,015 | ) |  |  | (1,022 | )
|  |  | 5.180 |  |  |  | 11/22/2024 |  |  |  | 01/15/2025 |  |  |  |  |  |  |  | (2,622 | ) |  |  | (2,638 | )
|  |  | 5.180 |  |  |  | 12/27/2024 |  |  |  | 01/15/2025 |  |  |  |  |  |  |  | (1,833 | ) |  |  | (1,835 | )
|  |  | 5.220 |  |  |  | 12/12/2024 |  |  |  | 01/09/2025 |  |  |  |  |  |  |  | (730 | ) |  |  | (733 | )
|  |  | 5.610 |  |  |  | 10/18/2024 |  |  |  | 04/17/2025 |  |  |  |  |  |  |  | (4,068 | ) |  |  | (4,118 | )
|  |  | 5.610 |  |  |  | 12/12/2024 |  |  |  | 06/13/2025 |  |  |  |  |  |  |  | (8,547 | ) |  |  | (8,575 | )
UBS |  |  | 3.130 |  |  |  | 12/18/2024 |  |  |  | TBD | (2) |  |  | EUR |  |  |  | (964 | ) |  |  | (1,000 | )
|  |  | 3.150 |  |  |  | 12/18/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (3,059 | ) |  |  | (3,173 | )
|  |  | 3.180 |  |  |  | 12/18/2024 |  |  |  | TBD | (2) |  |  |  |  |  |  | (2,830 | ) |  |  | (2,936 | )
|  |  | 5.170 |  |  |  | 10/02/2024 |  |  |  | 01/03/2025 |  |  |  | $ |  |  |  | (745 | ) |  |  | (755 | )
|  |  | 5.630 |  |  |  | 12/05/2024 |  |  |  | 03/05/2025 |  |  |  |  |  |  |  | (3,788 | ) |  |  | (3,804 | )
|  |  | 5.830 |  |  |  | 10/23/2024 |  |  |  | 01/23/2025 |  |  |  |  |  |  |  | (4,770 | ) |  |  | (4,825 | )
WFS |  |  | 5.080 |  |  |  | 12/17/2024 |  |  |  | 03/17/2025 |  |  |  |  |  |  |  | (8,328 | ) |  |  | (8,347 | )
Total Reverse Repurchase Agreements |  |  |  |  |  |  |  |  |  |  | $ | (934,028 | )

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2024:

Counterparty |  | Repurchase Agreement Proceeds to be Received |  |  | Payable for Reverse Repurchase Agreements |  |  | Payable for Sale-Buyback Transactions |  |  | Total Borrowings and Other Financing Transactions |  |  | Collateral Pledged/(Received) |  |  | Net Exposure (3) |
Global/Master Repurchase Agreement |
BNY |  | $ | 0 |  |  | $ | (37,230 | ) |  | $ | 0 |  |  | $ | (37,230 | ) |  | $ | 53,195 |  |  | $ | 15,965 |
BOM |  |  | 0 |  |  |  | (12,544 | ) |  |  | 0 |  |  |  | (12,544 | ) |  |  | 15,037 |  |  |  | 2,493 |
BOS |  |  | 0 |  |  |  | (10,173 | ) |  |  | 0 |  |  |  | (10,173 | ) |  |  | 14,226 |  |  |  | 4,053 |
BPS |  |  | 0 |  |  |  | (172,517 | ) |  |  | 0 |  |  |  | (172,517 | ) |  |  | 229,048 |  |  |  | 56,531 |
BRC |  |  | 0 |  |  |  | (168,399 | ) |  |  | 0 |  |  |  | (168,399 | ) |  |  | 218,810 |  |  |  | 50,411 |
BSN |  |  | 0 |  |  |  | (525 | ) |  |  | 0 |  |  |  | (525 | ) |  |  | 0 |  |  |  | (525 | )
BYR |  |  | 0 |  |  |  | (78,706 | ) |  |  | 0 |  |  |  | (78,706 | ) |  |  | 90,369 |  |  |  | 11,663 |
CDC |  |  | 0 |  |  |  | (4,790 | ) |  |  | 0 |  |  |  | (4,790 | ) |  |  | 6,659 |  |  |  | 1,869 |
CIB |  |  | 0 |  |  |  | (21 | ) |  |  | 0 |  |  |  | (21 | ) |  |  | 25 |  |  |  | 4 |
DBL |  |  | 0 |  |  |  | (73,111 | ) |  |  | 0 |  |  |  | (73,111 | ) |  |  | 106,445 |  |  |  | 33,334 |
DEU |  |  | 0 |  |  |  | (15,773 | ) |  |  | 0 |  |  |  | (15,773 | ) |  |  | 19,231 |  |  |  | 3,458 |
GLM |  |  | 0 |  |  |  | (16,262 | ) |  |  | 0 |  |  |  | (16,262 | ) |  |  | 21,293 |  |  |  | 5,031 |
IND |  |  | 0 |  |  |  | (910 | ) |  |  | 0 |  |  |  | (910 | ) |  |  | 1,020 |  |  |  | 110 |
JML |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,559 |  |  |  | 1,559 |
MBC |  |  | 0 |  |  |  | (1,226 | ) |  |  | 0 |  |  |  | (1,226 | ) |  |  | 0 |  |  |  | (1,226 | )
MEI |  |  | 0 |  |  |  | (14,350 | ) |  |  | 0 |  |  |  | (14,350 | ) |  |  | 17,479 |  |  |  | 3,129 |
MSB |  |  | 0 |  |  |  | (114,820 | ) |  |  | 0 |  |  |  | (114,820 | ) |  |  | 165,700 |  |  |  | 50,880 |
MZF |  |  | 0 |  |  |  | (18,207 | ) |  |  | 0 |  |  |  | (18,207 | ) |  |  | 25,824 |  |  |  | 7,617 |
NOM |  |  | 0 |  |  |  | (2,656 | ) |  |  | 0 |  |  |  | (2,656 | ) |  |  | 3,279 |  |  |  | 623 |
RBC |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (70 | ) |  |  | (70 | )
RCY |  |  | 0 |  |  |  | (7,021 | ) |  |  | 0 |  |  |  | (7,021 | ) |  |  | 8,400 |  |  |  | 1,379 |
RTA |  |  | 0 |  |  |  | (123,489 | ) |  |  | 0 |  |  |  | (123,489 | ) |  |  | 163,288 |  |  |  | 39,799 |
SBI |  |  | 0 |  |  |  | (3,436 | ) |  |  | 0 |  |  |  | (3,436 | ) |  |  | 4,533 |  |  |  | 1,097 |
SOG |  |  | 0 |  |  |  | (33,022 | ) |  |  | 0 |  |  |  | (33,022 | ) |  |  | 41,231 |  |  |  | 8,209 |
UBS |  |  | 0 |  |  |  | (16,493 | ) |  |  | 0 |  |  |  | (16,493 | ) |  |  | 21,124 |  |  |  | 4,631 |
WFS |  |  | 0 |  |  |  | (8,347 | ) |  |  | 0 |  |  |  | (8,347 | ) |  |  | 10,061 |  |  |  | 1,714 |
Total Borrowings and Other Financing Transactions |  | $ | 0 |  |  | $ | (934,028 | ) |  | $ | 0 |  |  |  |  |  |  |  |  |  |  |  |  |

98 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements

|  | Overnight and Continuous |  |  | Up to 30 days |  |  | 31-90 days |  |  | Greater Than 90 days |  |  | Total |
Reverse Repurchase Agreements |
Corporate Bonds & Notes |  | $ | 0 |  |  | $ | (56,517 | ) |  | $ | (86,239 | ) |  | $ | (64,448 | ) |  | $ | (207,204 | )
Convertible Bonds & Notes |  |  | 0 |  |  |  | 0 |  |  |  | (19,709 | ) |  |  | 0 |  |  |  | (19,709 | )
U.S. Government Agencies |  |  | 0 |  |  |  | (19,586 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (19,586 | )
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | (16,499 | ) |  |  | (81,291 | ) |  |  | (282,678 | ) |  |  | (380,468 | )
Asset-Backed Securities |  |  | 0 |  |  |  | (3,585 | ) |  |  | (126,290 | ) |  |  | (166,329 | ) |  |  | (296,204 | )
Sovereign Issues |  |  | 0 |  |  |  | 0 |  |  |  | (1,226 | ) |  |  | (6,219 | ) |  |  | (7,445 | )
Total Borrowings |  | $ | 0 |  |  | $ | (96,187 | ) |  | $ | (314,755 | ) |  | $ | (519,674 | ) |  | $ | (930,616 | )
Payable for reverse repurchase agreements (4) |  |  | $ | (930,616 | )

(j) | Securities with an aggregate market value of $1,241,456 and cash of $5,155 have been pledged as collateral under the terms of the above master agreements as of December 31, 2024.

(1) | The average amount of borrowings outstanding during the period ended December 31, 2024 was $(990,494) at a weighted average interest rate of 5.989%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2) | Open maturity reverse repurchase agreement.

(3) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(4) | Unsettled reverse repurchase agreements liability of $(3,412) is outstanding at period end.

(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
SHORT FUTURES CONTRACTS

Description |  | Expiration Month |  |  | # of Contracts |  |  | Notional Amount |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Variation Margin |
| Asset |  |  | Liability |
3-Month SOFR Active Contract December Futures |  |  | 03/2025 |  |  |  | 150 |  |  | $ | (35,872 | ) |  | $ | 209 |  |  | $ | 0 |  |  | $ | (1 | )
3-Month SOFR Active Contract December Futures |  |  | 03/2026 |  |  |  | 38 |  |  |  | (9,125 | ) |  |  | 170 |  |  |  | 1 |  |  |  | 0 |
3-Month SOFR Active Contract June Futures |  |  | 09/2025 |  |  |  | 88 |  |  |  | (21,110 | ) |  |  | 237 |  |  |  | 1 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2025 |  |  |  | 94 |  |  |  | (22,519 | ) |  |  | 221 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract March Futures |  |  | 06/2026 |  |  |  | 36 |  |  |  | (8,646 | ) |  |  | 158 |  |  |  | 0 |  |  |  | 0 |
3-Month SOFR Active Contract September Futures |  |  | 12/2025 |  |  |  | 29 |  |  |  | (6,961 | ) |  |  | 132 |  |  |  | 1 |  |  |  | 0 |
Total Futures Contracts |  |  | $ | 1,127 |  |  | $ | 3 |  |  | $ | (1 | )

SWAP AGREEMENTS:
INTEREST RATE SWAPS

Pay/Receive Floating Rate |  | Floating Rate Index |  | Fixed Rate |  |  | Payment Frequency |  |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Market Value |  |  | Variation Margin |
| Asset |  |  | Liability |
Pay |  | 1-Day GBP-SONIO Compounded-OIS |  |  | 4.000 | % |  |  | Annual |  |  |  | 09/18/2029 |  |  |  | GBP |  |  |  | 27,000 |  |  | $ | 487 |  |  | $ | (660 | ) |  | $ | (173 | ) |  | $ | 74 |  |  | $ | 0 |
Receive |  | 1-Day GBP-SONIO Compounded-OIS |  |  | 0.750 |  |  |  | Annual |  |  |  | 09/21/2052 |  |  |  |  |  |  |  | 9,800 |  |  |  | 286 |  |  |  | 6,782 |  |  |  | 7,068 |  |  |  | 0 |  |  |  | (28 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  |  | Annual |  |  |  | 12/18/2026 |  |  |  | $ |  |  |  | 58,100 |  |  |  | 289 |  |  |  | (680 | ) |  |  | (391 | ) |  |  | 0 |  |  |  | (9 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  |  | Annual |  |  |  | 12/18/2027 |  |  |  |  |  |  |  | 673,000 |  |  |  | 5,966 |  |  |  | (12,117 | ) |  |  | (6,151 | ) |  |  | 0 |  |  |  | (242 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  |  | Annual |  |  |  | 12/18/2028 |  |  |  |  |  |  |  | 53,800 |  |  |  | 769 |  |  |  | (1,378 | ) |  |  | (609 | ) |  |  | 0 |  |  |  | (27 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  |  | Annual |  |  |  | 06/20/2029 |  |  |  |  |  |  |  | 49,800 |  |  |  | (924 | ) |  |  | 1,884 |  |  |  | 960 |  |  |  | 25 |  |  |  | 0 |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  |  | Annual |  |  |  | 12/18/2029 |  |  |  |  |  |  |  | 159,500 |  |  |  | 2,399 |  |  |  | (4,549 | ) |  |  | (2,150 | ) |  |  | 0 |  |  |  | (70 | )
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 |  |  |  | Annual |  |  |  | 12/18/2034 |  |  |  |  |  |  |  | 48,600 |  |  |  | 1,057 |  |  |  | (2,366 | ) |  |  | (1,309 | ) |  |  | 0 |  |  |  | (73 | )
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  |  | Annual |  |  |  | 06/15/2052 |  |  |  |  |  |  |  | 40,100 |  |  |  | 9,900 |  |  |  | 5,623 |  |  |  | 15,523 |  |  |  | 50 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 1.750 |  |  |  | Annual |  |  |  | 12/21/2052 |  |  |  |  |  |  |  | 27,100 |  |  |  | 6,527 |  |  |  | 3,548 |  |  |  | 10,075 |  |  |  | 34 |  |  |  | 0 |
Receive |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.500 |  |  |  | Annual |  |  |  | 12/21/2052 |  |  |  |  |  |  |  | 81,300 |  |  |  | (245 | ) |  |  | 6,725 |  |  |  | 6,480 |  |  |  | 100 |  |  |  | 0 |
Pay (1) |  | 3-Month EUR-EURIBOR |  |  | 2.500 |  |  |  | Annual |  |  |  | 03/19/2030 |  |  |  | EUR |  |  |  | 45,700 |  |  |  | 367 |  |  |  | 270 |  |  |  | 637 |  |  |  | 118 |  |  |  | 0 |
Receive |  | 6-Month EUR-EURIBOR |  |  | 0.250 |  |  |  | Annual |  |  |  | 09/21/2032 |  |  |  |  |  |  |  | 50,200 |  |  |  | 4,740 |  |  |  | 3,286 |  |  |  | 8,026 |  |  |  | 0 |  |  |  | (120 | )
Receive |  | 6-Month EUR-EURIBOR |  |  | 1.750 |  |  |  | Annual |  |  |  | 03/15/2033 |  |  |  |  |  |  |  | 5,700 |  |  |  | 448 |  |  |  | (218 | ) |  |  | 230 |  |  |  | 0 |  |  |  | (15 | )
Receive (1) |  | 6-Month EUR-EURIBOR |  |  | 0.830 |  |  |  | Annual |  |  |  | 12/09/2052 |  |  |  |  |  |  |  | 29,900 |  |  |  | 182 |  |  |  | 1,391 |  |  |  | 1,573 |  |  |  | 0 |  |  |  | (35 | )
Total Swap Agreements |  |  | $ | 32,248 |  |  | $ | 7,541 |  |  | $ | 39,789 |  |  | $ | 401 |  |  | $ | (619 | )

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 99

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

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |
|  | Market Value |  |  | Variation Margin Asset |  |  |  |  |  |  |  |  | Market Value |  |  | Variation Margin Liability |  |  |  |
|  | Purchased Options |  |  | Futures |  |  | Swap Agreements |  |  | Total |  |  |  |  |  | Written Options |  |  | Futures |  |  | Swap Agreements |  |  | Total |
Total Exchange-Traded or Centrally Cleared |  | $ | 0 |  |  | $ | 3 |  |  | $ | 401 |  |  | $ | 404 |  |  |  |  |  |  | $ | 0 |  |  |  | $ (1) |  |  |  | $ (619) |  |  |  | $ (620) |

Cash of $25,518 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024.

(1) | This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty |  | Settlement Month |  |  | Currency to be Delivered |  |  | Currency to be Received |  |  | Unrealized Appreciation/ (Depreciation) |
| Asset |  |  | Liability |
BOA |  |  | 01/2025 |  |  | $ |  |  | 50 |  |  | IDR |  |  | 805,974 |  |  | $ | 0 |  |  | $ | (1 | )
|  |  | 02/2025 |  |  | HKD |  |  | 117,258 |  |  | $ |  |  | 15,095 |  |  |  | 0 |  |  |  | (11 | )
BPS |  |  | 01/2025 |  |  | BRL |  |  | 4,058 |  |  |  |  |  | 722 |  |  |  | 65 |  |  |  | 0 |
|  |  | 01/2025 |  |  | EUR |  |  | 1,316 |  |  |  |  |  | 1,383 |  |  |  | 19 |  |  |  | 0 |
|  |  | 01/2025 |  |  | IDR |  |  | 640,576 |  |  |  |  |  | 39 |  |  |  | 0 |  |  |  | (1 | )
|  |  | 01/2025 |  |  | $ |  |  | 655 |  |  | BRL |  |  | 4,058 |  |  |  | 2 |  |  |  | 0 |
|  |  | 01/2025 |  |  |  |  |  | 7,482 |  |  | CAD |  |  | 10,751 |  |  |  | 1 |  |  |  | 0 |
|  |  | 01/2025 |  |  |  |  |  | 2,500 |  |  | EUR |  |  | 2,397 |  |  |  | 0 |  |  |  | (16 | )
|  |  | 02/2025 |  |  | TRY |  |  | 460 |  |  | $ |  |  | 12 |  |  |  | 0 |  |  |  | 0 |
|  |  | 02/2025 |  |  | $ |  |  | 289 |  |  | TRY |  |  | 10,962 |  |  |  | 7 |  |  |  | 0 |
|  |  | 03/2025 |  |  |  |  |  | 39 |  |  | IDR |  |  | 642,517 |  |  |  | 0 |  |  |  | 0 |
|  |  | 05/2029 |  |  | KWD |  |  | 518 |  |  | $ |  |  | 1,780 |  |  |  | 42 |  |  |  | 0 |
|  |  | 07/2029 |  |  |  |  |  | 79 |  |  |  |  |  | 270 |  |  |  | 7 |  |  |  | 0 |
BRC |  |  | 01/2025 |  |  | CAD |  |  | 10,319 |  |  |  |  |  | 7,329 |  |  |  | 147 |  |  |  | 0 |
|  |  | 01/2025 |  |  | GBP |  |  | 37,383 |  |  |  |  |  | 47,063 |  |  |  | 267 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 13 |  |  | IDR |  |  | 211,387 |  |  |  | 0 |  |  |  | 0 |
|  |  | 01/2025 |  |  |  |  |  | 5,508 |  |  | TRY |  |  | 208,929 |  |  |  | 364 |  |  |  | 0 |
|  |  | 02/2025 |  |  |  |  |  | 10,138 |  |  |  |  |  | 383,888 |  |  |  | 236 |  |  |  | 0 |
|  |  | 03/2025 |  |  | TRY |  |  | 598 |  |  | $ |  |  | 16 |  |  |  | 0 |  |  |  | 0 |
|  |  | 03/2025 |  |  | $ |  |  | 11,846 |  |  | TRY |  |  | 456,110 |  |  |  | 147 |  |  |  | 0 |
BSH |  |  | 01/2025 |  |  |  |  |  | 1,411 |  |  | GBP |  |  | 1,106 |  |  |  | 0 |  |  |  | (26 | )
CBK |  |  | 01/2025 |  |  | EUR |  |  | 577 |  |  | $ |  |  | 607 |  |  |  | 9 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 1,905 |  |  | EUR |  |  | 1,809 |  |  |  | 0 |  |  |  | (30 | )
|  |  | 01/2025 |  |  |  |  |  | 24 |  |  | IDR |  |  | 379,121 |  |  |  | 0 |  |  |  | (1 | )
MYI |  |  | 01/2025 |  |  |  |  |  | 20 |  |  |  |  |  | 315,140 |  |  |  | 0 |  |  |  | 0 |
SCX |  |  | 01/2025 |  |  | CHF |  |  | 90 |  |  | $ |  |  | 103 |  |  |  | 3 |  |  |  | 0 |
|  |  | 01/2025 |  |  | EUR |  |  | 207,028 |  |  |  |  |  | 218,387 |  |  |  | 3,834 |  |  |  | 0 |
UAG |  |  | 02/2025 |  |  | $ |  |  | 200 |  |  | TRY |  |  | 8,172 |  |  |  | 23 |  |  |  | 0 |
Total Forward Foreign Currency Contracts |  |  | $ | 5,173 |  |  | $ | (86 | )

SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION
(1)

Counterparty |  | Reference Entity |  | Fixed Receive Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Implied Credit Spread at December 31, 2024 (2) |  |  | Notional Amount (3) |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value (4) |
| Asset |  |  | Liability |
BRC |  | Egypt Government International Bond |  |  | 1.000 | % |  | Quarterly |  |  | 12/20/2028 |  |  |  | 5.351 | % |  | $ | 6,200 |  |  | $ | (1,070 | ) |  | $ | 185 |  |  | $ | 0 |  |  | $ | (885 | )
|  | Egypt Government International Bond |  |  | 1.000 |  |  | Quarterly |  |  | 06/20/2029 |  |  |  | 5.581 |  |  |  | 1,900 |  |  |  | (405 | ) |  |  | 93 |  |  |  | 0 |  |  |  | (312 | )
MYC |  | Petroleos Mexicanos |  |  | 1.000 |  |  | Quarterly |  |  | 12/20/2028 |  |  |  | 4.056 |  |  |  | 1,900 |  |  |  | (371 | ) |  |  | 175 |  |  |  | 0 |  |  |  | (196 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,846 | ) |  | $ | 453 |  |  | $ | 0 |  |  | $ | (1,393 | )

100 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS

Counterparty |  | Pay/Receive |  | Underlying Reference |  | Financing Rate |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value |
| Asset |  |  | Liability |
BPS |  | Pay |  | AP Core Holdings II, LLC |  | 1-Day USD-SOFR Compounded-OIS |  | Monthly |  |  | 01/10/2025 |  |  |  | 30 |  |  | $ | 0 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 0 |
BPS |  | Pay |  | Syniverse Holdings, Inc. |  | 1-Day USD-SOFR Compounded-OIS |  | Monthly |  |  | 01/10/2025 |  |  |  | 3,989 |  |  |  | 0 |  |  |  | 4,317 |  |  |  | 4,317 |  |  |  | 0 |
|  |  | $ | 0 |  |  | $ | 4,319 |  |  | $ | 4,319 |  |  | $ | 0 |
Total Swap Agreements |  |  | $ | (1,846 | ) |  | $ | 4,772 |  |  | $ | 4,319 |  |  | $ | (1,393 | )

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |  |  |  |  |  |  |  |  |  |
Counterparty |  | Forward Foreign Currency Contracts |  |  | Purchased Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  |  |  |  | Forward Foreign Currency Contracts |  |  | Written Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  | Net Market Value of OTC Derivatives |  |  | Collateral Pledged/ (Received) |  |  | Net Exposure (5) |
BOA |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  |  |  |  | $ | (12 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (12 | ) |  | $ | (12 | ) |  | $ | 0 |  |  | $ | (12 | )
BPS |  |  | 143 |  |  |  | 0 |  |  |  | 4,319 |  |  |  | 4,462 |  |  |  |  |  |  |  | (17 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (17 | ) |  |  | 4,445 |  |  |  | (4,580 | ) |  |  | (135 | )
BRC |  |  | 1,161 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,161 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (1,197 | ) |  |  | (1,197 | ) |  |  | (36 | ) |  |  | 141 |  |  |  | 105 |
BSH |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (26 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (26 | ) |  |  | (26 | ) |  |  | 0 |  |  |  | (26 | )
CBK |  |  | 9 |  |  |  | 0 |  |  |  | 0 |  |  |  | 9 |  |  |  |  |  |  |  | (31 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (31 | ) |  |  | (22 | ) |  |  | 0 |  |  |  | (22 | )
MYC |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (196 | ) |  |  | (196 | ) |  |  | (196 | ) |  |  | 385 |  |  |  | 189 |
MYI |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (18 | ) |  |  | (18 | )
SCX |  |  | 3,837 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,837 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,837 |  |  |  | (3,370 | ) |  |  | 467 |
UAG |  |  | 23 |  |  |  | 0 |  |  |  | 0 |  |  |  | 23 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 23 |  |  |  | 0 |  |  |  | 23 |
Total Over the Counter |  | $ | 5,173 |  |  | $ | 0 |  |  | $ | 4,319 |  |  | $ | 9,492 |  |  |  |  |  |  | $ | (86 | ) |  | $ | 0 |  |  | $ | (1,393 | ) |  | $ | (1,479 | ) |  |  |  |  |  |  |  |  |  |  |  |

(m) | Securities with an aggregate market value of $526 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2024.

(1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 101

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3 |  |  | $ | 3 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 401 |  |  |  | 401 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 404 |  |  | $ | 404 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5,173 |  |  | $ | 0 |  |  | $ | 5,173 |
Swap Agreements |  |  | 0 |  |  |  | 4,319 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,319 |
|  | $ | 0 |  |  | $ | 4,319 |  |  | $ | 0 |  |  | $ | 5,173 |  |  | $ | 0 |  |  | $ | 9,492 |
|  | $ | 0 |  |  | $ | 4,319 |  |  | $ | 0 |  |  | $ | 5,173 |  |  | $ | 404 |  |  | $ | 9,896 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1 |  |  | $ | 1 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 619 |  |  |  | 619 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 620 |  |  | $ | 620 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 86 |  |  | $ | 0 |  |  | $ | 86 |
Swap Agreements |  |  | 0 |  |  |  | 1,393 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,393 |
|  | $ | 0 |  |  | $ | 1,393 |  |  | $ | 0 |  |  | $ | 86 |  |  | $ | 0 |  |  | $ | 1,479 |
|  | $ | 0 |  |  | $ | 1,393 |  |  | $ | 0 |  |  | $ | 86 |  |  | $ | 620 |  |  | $ | 2,099 |

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Net Realized Gain (Loss) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 570 |  |  | $ | 570 |
Swap Agreements |  |  | 0 |  |  |  | (9 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 21,990 |  |  |  | 21,981 |
|  | $ | 0 |  |  | $ | (9 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 22,560 |  |  | $ | 22,551 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 13,474 |  |  | $ | 0 |  |  | $ | 13,474 |
Swap Agreements |  |  | 0 |  |  |  | 3,140 |  |  |  | 0 |  |  |  | 0 |  |  |  | 922 |  |  |  | 4,062 |
|  | $ | 0 |  |  | $ | 3,140 |  |  | $ | 0 |  |  | $ | 13,474 |  |  | $ | 922 |  |  | $ | 17,536 |
|  | $ | 0 |  |  | $ | 3,131 |  |  | $ | 0 |  |  | $ | 13,474 |  |  | $ | 23,482 |  |  | $ | 40,087 |
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Futures |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (554 | ) |  | $ | (554 | )
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (20,950 | ) |  |  | (20,950 | )
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (21,504 | ) |  | $ | (21,504 | )
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,054 |  |  | $ | 0 |  |  | $ | 1,054 |
Swap Agreements |  |  | 0 |  |  |  | 299 |  |  |  | 0 |  |  |  | 0 |  |  |  | (996 | ) |  |  | (697 | )
|  | $ | 0 |  |  | $ | 299 |  |  | $ | 0 |  |  | $ | 1,054 |  |  | $ | (996 | ) |  | $ | 357 |
|  | $ | 0 |  |  | $ | 299 |  |  | $ | 0 |  |  | $ | 1,054 |  |  | $ | (22,500 | ) |  | $ | (21,147 | )

102 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 0 |  |  | $ | 293,325 |  |  | $ | 220,293 |  |  | $ | 513,618 |
Corporate Bonds & Notes |
Banking & Finance |  |  | 0 |  |  |  | 136,146 |  |  |  | 0 |  |  |  | 136,146 |
Industrials |  |  | 0 |  |  |  | 211,306 |  |  |  | 78,636 |  |  |  | 289,942 |
Utilities |  |  | 0 |  |  |  | 52,142 |  |  |  | 0 |  |  |  | 52,142 |
Convertible Bonds & Notes |
Banking & Finance |  |  | 0 |  |  |  | 24,611 |  |  |  | 0 |  |  |  | 24,611 |
Industrials |  |  | 0 |  |  |  | 3,099 |  |  |  | 0 |  |  |  | 3,099 |
Municipal Bonds & Notes |
Puerto Rico |  |  | 0 |  |  |  | 4,186 |  |  |  | 0 |  |  |  | 4,186 |
West Virginia |  |  | 0 |  |  |  | 2,329 |  |  |  | 0 |  |  |  | 2,329 |
U.S. Government Agencies |  |  | 0 |  |  |  | 104,309 |  |  |  | 0 |  |  |  | 104,309 |
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | 562,609 |  |  |  | 305 |  |  |  | 562,914 |
Asset-Backed Securities |
Automobile ABS Other |  |  | 0 |  |  |  | 15,781 |  |  |  | 2,421 |  |  |  | 18,202 |
CMBS Subordinated |  |  | 0 |  |  |  | 6,835 |  |  |  | 0 |  |  |  | 6,835 |
Home Equity Other |  |  | 0 |  |  |  | 207,824 |  |  |  | 0 |  |  |  | 207,824 |
Whole Loan Collateral |  |  | 0 |  |  |  | 45,462 |  |  |  | 0 |  |  |  | 45,462 |
Other ABS |  |  | 0 |  |  |  | 69,464 |  |  |  | 20,110 |  |  |  | 89,574 |
Sovereign Issues |  |  | 0 |  |  |  | 48,032 |  |  |  | 0 |  |  |  | 48,032 |
Common Stocks |
Communication Services |  |  | 2,899 |  |  |  | 0 |  |  |  | 7,977 |  |  |  | 10,876 |
Financials |  |  | 16,189 |  |  |  | 0 |  |  |  | 21,571 |  |  |  | 37,760 |
Health Care |  |  | 0 |  |  |  | 0 |  |  |  | 72,018 |  |  |  | 72,018 |
Industrials |  |  | 0 |  |  |  | 0 |  |  |  | 52,255 |  |  |  | 52,255 |
Preferred Securities |
Industrials |  |  | 0 |  |  |  | 4,799 |  |  |  | 0 |  |  |  | 4,799 |
Real Estate Investment Trusts |
Financials |  |  | 18,156 |  |  |  | 0 |  |  |  | 0 |  |  |  | 18,156 |
Short-Term Instruments |
U.S. Treasury Bills |  |  | 0 |  |  |  | 27,797 |  |  |  | 0 |  |  |  | 27,797 |
|  | $ | 37,244 |  |  | $ | 1,820,056 |  |  | $ | 475,586 |  |  | $ | 2,332,886 |

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Investments in Affiliates, at Value |
Short-Term Instruments |
Central Funds Used for Cash Management Purposes |  | $ | 274,041 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 274,041 |
Total Investments |  | $ | 311,285 |  |  | $ | 1,820,056 |  |  | $ | 475,586 |  |  | $ | 2,606,927 |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |  |  | 0 |  |  |  | 404 |  |  |  | 0 |  |  |  | 404 |
Over the counter |  |  | 0 |  |  |  | 9,492 |  |  |  | 0 |  |  |  | 9,492 |
|  | $ | 0 |  |  | $ | 9,896 |  |  | $ | 0 |  |  | $ | 9,896 |
Financial Derivative Instruments - Liabilities |
Exchange-traded or centrally cleared |  |  | 0 |  |  |  | (620 | ) |  |  | 0 |  |  |  | (620 | )
Over the counter |  |  | 0 |  |  |  | (1,479 | ) |  |  | 0 |  |  |  | (1,479 | )
|  | $ | 0 |  |  | $ | (2,099 | ) |  | $ | 0 |  |  | $ | (2,099 | )
Total Financial Derivative Instruments |  | $ | 0 |  |  | $ | 7,797 |  |  | $ | 0 |  |  | $ | 7,797 |
Totals |  | $ | 311,285 |  |  | $ | 1,827,853 |  |  | $ | 475,586 |  |  | $ | 2,614,724 |

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2024:

Category and Subcategory |  | Beginning Balance at 06/30/2024 |  |  | 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 12/31/2024 |  |  | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024 (1) |
Investments in Securities, at Value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Participations and Assignments |  | $ | 171,394 |  |  | $ | 82,294 |  |  | $ | (72,225 | ) |  | $ | 357 |  |  | $ | 443 |  |  | $ | 18,421 |  |  | $ | 51,095 |  |  | $ | (31,486 | ) |  | $ | 220,293 |  |  | $ | (194 | )
Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banking & Finance |  |  | 21,785 |  |  |  | 0 |  |  |  | (22,648 | ) |  |  | 0 |  |  |  | 230 |  |  |  | 633 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (2,519 | )
Industrials |  |  | 76,380 |  |  |  | 1,863 |  |  |  | 0 |  |  |  | (85 | ) |  |  | 0 |  |  |  | (7,086 | ) |  |  | 7,564 |  |  |  | 0 |  |  |  | 78,636 |  |  |  | (7,086 | )
Non-Agency Mortgage-Backed Securities |  |  | 277 |  |  |  | 0 |  |  |  | (1 | ) |  |  | 1 |  |  |  | 0 |  |  |  | 184 |  |  |  | 0 |  |  |  | (156 | ) |  |  | 305 |  |  |  | 181 |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobile ABS Other |  |  | 3,877 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (1,456 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 2,421 |  |  |  | (1,456 | )
Other ABS |  |  | 18,890 |  |  |  | 0 |  |  |  | (91 | ) |  |  | 169 |  |  |  | 0 |  |  |  | (1,833 | ) |  |  | 3,395 |  |  |  | (420 | ) |  |  | 20,110 |  |  |  | (1,843 | )
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communication Services (2) |  |  | 7,254 |  |  |  | 474 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 249 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7,977 |  |  |  | 249 |
Financials |  |  | 24,255 |  |  |  | 94 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (2,778 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 21,571 |  |  |  | (2,777 | )
Health Care |  |  | 77,814 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (5,796 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 72,018 |  |  |  | (5,796 | )
Industrials (3) |  |  | 48,498 |  |  |  | 414 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,343 |  |  |  | 0 |  |  |  | 0 |  |  |  | 52,255 |  |  |  | 3,343 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrials |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (13,487 | ) |  |  | 13,487 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Totals |  | $ | 450,424 |  |  | $ | 85,139 |  |  | $ | (94,965 | ) |  | $ | 442 |  |  | $ | (12,814 | ) |  | $ | 17,368 |  |  | $ | 62,054 |  |  | $ | (32,062 | ) |  | $ | 475,586 |  |  | $ | (17,898 | )

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 103

Consolidated Schedule of Investments |  | PIMCO Dynamic Income Opportunities Fund |  | (Cont.) |  | December 31, 2024 |  | (Unaudited)

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 12/31/2024 |  |  | Valuation Technique |  | Unobservable Inputs |  |  |  |  | (% Unless Noted Otherwise) |
|  |  |  | Input Value(s) |  |  | Weighted Average% |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 91,848 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 6.510-25.430 |  |  |  | 12.492 |
|  |  | 7,381 |  |  | Discounted Cash Flow /Indicative Market Quotation |  | Discount Rate / Broker Quote |  |  |  |  |  |  | 7.117/90.000 |  |  |  | — |
|  |  | 588 |  |  | Expected Recovery |  | Recovery Rate |  |  |  |  |  |  | 15.419 |  |  |  | — |
|  |  | 4,907 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  |  |  | 82.000 |  |  |  | — |
|  |  | 3,137 |  |  | Other Valuation Techniques (4) |  | — |  |  |  |  |  |  | — |  |  |  | — |
|  |  | 19,001 |  |  | Proxy Pricing |  | Base Price |  |  |  |  |  |  | 98.286-100.000 |  |  |  | 99.659 |
|  |  | 15,331 |  |  | Recent Transaction |  | Purchase Price |  |  |  |  |  |  | 98.000-99.500 |  |  |  | 98.820 |
|  |  | 78,100 |  |  | Third Party Vendor |  | Broker Quote |  |  |  |  |  |  | 99.188-116.500 |  |  |  | 109.810 |
Corporate Bonds & Notes |
Industrials |  |  | 69,316 |  |  | Comparable Companies / Discounted Cash Flow |  | Revenue Multiple/ Discount Rate |  |  | X/% |  |  |  | 1.000/9.750 |  |  |  | — |
|  |  | 7,564 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  |  |  | 61.000 |  |  |  | — |
|  |  | 1,756 |  |  | Other Valuation Techniques (4) |  | — |  |  |  |  |  |  | — |  |  |  | — |
Non-Agency Mortgage-Backed Securities |  |  | 305 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 28.000-39.500 |  |  |  | 34.832 |
Asset-Backed Securities |
Automobile ABS Other |  |  | 2,421 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 16.000 |  |  |  | — |
Other ABS |  |  | 20,110 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 6.720-39.500 |  |  |  | 17.900 |
Common Stocks |
Communication Services |  |  | 7,977 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 12.280 |  |  |  | — |
Financials |  |  | 21,537 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 4.600 |  |  |  | — |
|  |  | 34 |  |  | Other Valuation Techniques (4) |  | — |  |  |  |  |  |  | — |  |  |  | — |
Health Care |  |  | 72,018 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 13.750 |  |  |  | — |
Industrials |  |  | 7,091 |  |  | Indicative Market Quotation |  | Broker Quote |  |  | $ |  |  |  | 19.000 |  |  |  | — |
|  |  | 566 |  |  | Other Valuation Techniques (4) |  | — |  |  |  |  |  |  | — |  |  |  | — |
|  |  | 44,598 |  |  | Sum of the Parts |  | Discount Rate/Mortality Assumption |  |  |  |  |  |  | 15.323/2015 ANB VBT Mortality Table |  |  |  | — |
Total |  | $ | 475,586 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.

(2) | Sector type updated from Industrials to Communication Services since prior fiscal year end.

(3) | Sector type updated from Financials to Industrials since prior fiscal year end.

(4) | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

104 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

Consolidated Schedule of Investments |  | PIMCO Dynamic Income Strategy Fund |  |  |  | December 31, 2024 |  | (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
INVESTMENTS IN SECURITIES 128.6% |
LOAN PARTICIPATIONS AND ASSIGNMENTS 18.6% |
Adeia, Inc. |  |  |  |  |  |  |  |  |  |  |  |
7.370% due 06/08/2028 ~ |  | $ |  |  | 2,344 |  |  | $ |  |  | 2,352 |
Advisor Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |
7.857% due 08/17/2028 ~ |  |  |  |  | 2,985 |  |  |  |  |  | 3,001 |
Aligned Data Centers International LP |
8.447% (TSFR3M + 3.500%) due 05/16/2028 «~ |  |  |  |  | 8,000 |  |  |  |  |  | 7,969 |
Apro LLC |  |  |  |  |  |  |  |  |  |  |  |
8.266% due 07/09/2031 ~ |  |  |  |  | 5,486 |  |  |  |  |  | 5,547 |
Aspire Bakeries Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
8.607% due 12/13/2030 ~ |  |  |  |  | 997 |  |  |  |  |  | 1,009 |
BDO U.S.A PC |  |  |  |  |  |  |  |  |  |  |  |
9.524% due 08/31/2028 «~ |  |  |  |  | 4,490 |  |  |  |  |  | 4,515 |
Caesars Entertainment, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.607% due 02/06/2031 ~ |  |  |  |  | 2,978 |  |  |  |  |  | 2,988 |
Castlelake Aviation Ltd. |  |  |  |  |  |  |  |  |  |  |  |
7.109% due 10/22/2027 ~ |  |  |  |  | 2,940 |  |  |  |  |  | 2,953 |
Chobani LLC |  |  |  |  |  |  |  |  |  |  |  |
8.107% due 10/25/2027 ~ |  |  |  |  | 2,970 |  |  |  |  |  | 2,998 |
Clover Holdings 2 LLC |  |  |  |  |  |  |  |  |  |  |  |
7.750% due 11/01/2031 |  |  |  |  | 2,900 |  |  |  |  |  | 2,907 |
Comexposium |  |  |  |  |  |  |  |  |  |  |  |
4.414% (EUR003M + 2.970%) due 03/28/2025 «~ |  | EUR |  |  | 1,000 |  |  |  |  |  | 1,207 |
4.969% (EUR012M + 4.000%) due 03/28/2026 «~ |  |  |  |  | 1,025 |  |  |  |  |  | 1,236 |
CoreWeave Compute Acquisition Co. LLC |
TBD% (TSFR3M + 6.000%) due 05/16/2029 «~µ |  | $ |  |  | 5,400 |  |  |  |  |  | 5,415 |
Cotiviti Corp. |  |  |  |  |  |  |  |  |  |  |  |
7.303% due 05/01/2031 ~ |  |  |  |  | 2,978 |  |  |  |  |  | 2,998 |
Databricks, Inc. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 12/20/2030 «µ |  |  |  |  | 1,069 |  |  |  |  |  | 1,064 |
TBD% due 12/20/2030 « |  |  |  |  | 4,831 |  |  |  |  |  | 4,807 |
Drake Software LLC |  |  |  |  |  |  |  |  |  |  |  |
8.607% due 06/26/2031 ~ |  |  |  |  | 1,995 |  |  |  |  |  | 1,945 |
Dye & Durham Corp. |  |  |  |  |  |  |  |  |  |  |  |
8.429% due 04/11/2031 ~ |  |  |  |  | 2,387 |  |  |  |  |  | 2,418 |
Endure Digital, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.138% due 02/10/2028 «~ |  |  |  |  | 2,394 |  |  |  |  |  | 1,963 |
EP Purchaser LLC |  |  |  |  |  |  |  |  |  |  |  |
9.090% due 11/06/2028 ~ |  |  |  |  | 700 |  |  |  |  |  | 704 |
EPIC Crude Services LP |  |  |  |  |  |  |  |  |  |  |  |
7.656% due 10/15/2031 ~(i) |  |  |  |  | 4,000 |  |  |  |  |  | 4,040 |
EPIC Y-Grade Services LP |  |  |  |  |  |  |  |  |  |  |  |
10.340% (TSFR3M + 5.750%) due 06/29/2029 ~(i) |  |  |  |  | 3,317 |  |  |  |  |  | 3,328 |
Forward Air Corp. |  |  |  |  |  |  |  |  |  |  |  |
9.085% due 12/19/2030 ~ |  |  |  |  | 1,736 |  |  |  |  |  | 1,745 |
Frontier Communications Corp. |
8.763% (TSFR3M + 3.500%) due 07/01/2031 ~ |  |  |  |  | 2,700 |  |  |  |  |  | 2,737 |
Gateway Casinos & Entertainment Ltd. |
TBD% due 12/18/2030 |  |  |  |  | 2,646 |  |  |  |  |  | 2,691 |
GBT U.S. LLC |  |  |  |  |  |  |  |  |  |  |  |
7.626% due 07/25/2031 ~ |  |  |  |  | 4,000 |  |  |  |  |  | 4,024 |
Global Medical Response, Inc. |
9.856% due 10/31/2028 ~ |  |  |  |  | 2,380 |  |  |  |  |  | 2,392 |
Golden State Foods LLC |  |  |  |  |  |  |  |  |  |  |  |
8.774% due 10/07/2031 ~ |  |  |  |  | 4,000 |  |  |  |  |  | 4,041 |
Harp Finco Ltd. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 01/30/2032 «µ |  | GBP |  |  | 3,865 |  |  |  |  |  | 4,742 |
iHeartCommunications, Inc. |  |  |  |  |  |  |  |  |  |  |  |
7.687% due 05/01/2026 ~ |  | $ |  |  | 2,900 |  |  |  |  |  | 2,592 |
ITT Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
7.107% due 10/11/2030 ~ |  |  |  |  | 2,985 |  |  |  |  |  | 3,007 |
JSG, Inc. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 06/29/2026 ~µ |  |  |  |  | 200 |  |  |  |  |  | 201 |
TBD% due 06/29/2026 ~ |  |  |  |  | 796 |  |  |  |  |  | 799 |
LABL, Inc. |  |  |  |  |  |  |  |  |  |  |  |
9.457% due 10/29/2028 ~ |  |  |  |  | 4,974 |  |  |  |  |  | 4,822 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
LC Ahab U.S. Bidco LLC |  |  |  |  |  |  |  |  |  |  |  |
7.357% due 05/01/2031 ~ |  | $ |  |  | 4,988 |  |  | $ |  |  | 5,034 |
Lifepoint Health, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.406% due 05/17/2031 ~ |  |  |  |  | 6,667 |  |  |  |  |  | 6,698 |
Matador Bidco SARL |  |  |  |  |  |  |  |  |  |  |  |
8.707% due 07/30/2029 ~ |  |  |  |  | 2,500 |  |  |  |  |  | 2,525 |
MI Windows and Doors LLC |  |  |  |  |  |  |  |  |  |  |  |
7.357% due 03/28/2031 ~ |  |  |  |  | 2,488 |  |  |  |  |  | 2,516 |
Mitnick Corporate Purchaser, Inc. |
9.185% due 05/02/2029 ~ |  |  |  |  | 4,267 |  |  |  |  |  | 3,990 |
Modena Buyer LLC |  |  |  |  |  |  |  |  |  |  |  |
8.857% due 07/01/2031 ~ |  |  |  |  | 5,000 |  |  |  |  |  | 4,855 |
Ocs Group Holdings Ltd. |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 11/27/2031 «~ |  | GBP |  |  | 5,000 |  |  |  |  |  | 6,209 |
Phoenix Guarantor, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.857% (PRIME + 1.500%) due 02/21/2031 ~ |  | $ |  |  | 3,990 |  |  |  |  |  | 4,009 |
Polaris Newco LLC |  |  |  |  |  |  |  |  |  |  |  |
8.847% due 06/02/2028 ~ |  |  |  |  | 4,974 |  |  |  |  |  | 4,990 |
Poseidon Bidco SASU |  |  |  |  |  |  |  |  |  |  |  |
7.683% (EUR003M + 5.000%) due 03/13/2030 ~ |  | EUR |  |  | 3,500 |  |  |  |  |  | 2,368 |
Project Alpha Intermediate Holding, Inc. |
7.579% due 10/28/2030 ~ |  | $ |  |  | 3,970 |  |  |  |  |  | 4,000 |
Promotora de Informaciones SA |
8.439% (EUR003M + 5.220%) due 12/31/2026 ~ |  | EUR |  |  | 2,400 |  |  |  |  |  | 2,461 |
Raven Acquisition Holdings LLC |
TBD% due 11/19/2031 ~µ |  | $ |  |  | 193 |  |  |  |  |  | 194 |
TBD% due 11/19/2031 ~ |  |  |  |  | 2,707 |  |  |  |  |  | 2,716 |
Rockpoint Gas Storage Partners LP |
7.985% due 09/18/2031 ~ |  |  |  |  | 3,000 |  |  |  |  |  | 3,024 |
SCUR-Alpha 1503 GmbH |  |  |  |  |  |  |  |  |  |  |  |
10.085% due 03/29/2030 ~ |  |  |  |  | 1,990 |  |  |  |  |  | 1,903 |
Star Parent, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.329% due 09/27/2030 ~ |  |  |  |  | 4,975 |  |  |  |  |  | 4,869 |
Steenbok Lux Finco 2 SARL |  |  |  |  |  |  |  |  |  |  |  |
10% due 06/30/2026 ~ |  | EUR |  |  | 10,720 |  |  |  |  |  | 3,692 |
Subcalidora 2 SARL |  |  |  |  |  |  |  |  |  |  |  |
8.433% (EUR003M + 5.750%) due 08/14/2029 «~ |  |  |  |  | 3,338 |  |  |  |  |  | 3,466 |
Syniverse Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
11.329% due 05/13/2027 ~ |  | $ |  |  | 5,550 |  |  |  |  |  | 5,574 |
Teneo Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
9.107% due 03/13/2031 ~ |  |  |  |  | 2,283 |  |  |  |  |  | 2,307 |
TGP Holdings III LLC |  |  |  |  |  |  |  |  |  |  |  |
7.707% due 06/29/2028 ~ |  |  |  |  | 2,938 |  |  |  |  |  | 2,879 |
Tidal Waste & Recycling Holdings LLC |
7.829% due 10/24/2031 ~ |  |  |  |  | 2,900 |  |  |  |  |  | 2,926 |
Triton Water Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.329% due 03/31/2028 ~ |  |  |  |  | 3,970 |  |  |  |  |  | 4,009 |
U.S. Renal Care, Inc. |  |  |  |  |  |  |  |  |  |  |  |
9.471% due 06/20/2028 ~ |  |  |  |  | 4,368 |  |  |  |  |  | 4,103 |
Unicorn Bay |  |  |  |  |  |  |  |  |  |  |  |
13.000% due 12/31/2026 « |  | HKD |  |  | 31,155 |  |  |  |  |  | 4,015 |
Upfield BV |  |  |  |  |  |  |  |  |  |  |  |
8.178% (EUR006M + 4.500%) due 01/03/2028 ~ |  | EUR |  |  | 5,500 |  |  |  |  |  | 5,711 |
Vantive Health LLC |  |  |  |  |  |  |  |  |  |  |  |
TBD% due 07/23/2029 «µ |  | $ |  |  | 458 |  |  |  |  |  | 452 |
TBD% due 07/23/2031 « |  |  |  |  | 2,542 |  |  |  |  |  | 2,501 |
Varsity Brands, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.271% due 08/26/2031 ~ |  |  |  |  | 4,000 |  |  |  |  |  | 4,009 |
Wand NewCo 3, Inc. |  |  |  |  |  |  |  |  |  |  |  |
7.607% due 01/30/2031 ~ |  |  |  |  | 4,883 |  |  |  |  |  | 4,909 |
WaterBridge Midstream Operating LLC |
9.022% due 05/10/2029 ~ |  |  |  |  | 3,990 |  |  |  |  |  | 4,038 |
Total Loan Participations and Assignments (Cost $220,636) |  |  | 218,109 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
CORPORATE BONDS & NOTES 18.0% |
BANKING & FINANCE 3.4% |
American Assets Trust LP |  |  |  |  |  |  |  |  |  |  |  |
6.150% due 10/01/2034 (i) |  | $ |  |  | 3,600 |  |  | $ |  |  | 3,582 |
Brandywine Operating Partnership LP |
8.300% due 03/15/2028 (i)(l) |  |  |  |  | 2,000 |  |  |  |  |  | 2,115 |
8.875% due 04/12/2029 (i)(l) |  |  |  |  | 800 |  |  |  |  |  | 853 |
Burford Capital Global Finance LLC |
9.250% due 07/01/2031 (l) |  |  |  |  | 4,100 |  |  |  |  |  | 4,358 |
Charles River Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
11.064% due 05/10/2031 • |  |  |  |  | 1,900 |  |  |  |  |  | 1,956 |
Fortress Transportation & Infrastructure Investors LLC |
7.000% due 05/01/2031 (l) |  |  |  |  | 5,000 |  |  |  |  |  | 5,107 |
Integrity Re Ltd. |  |  |  |  |  |  |  |  |  |  |  |
21.284% (T-BILL 1MO + 17.000%) due 06/08/2026 ~ |  |  |  |  | 650 |  |  |  |  |  | 702 |
27.284% (T-BILL 1MO + 23.000%) due 06/08/2026 ~ |  |  |  |  | 650 |  |  |  |  |  | 598 |
Ladder Capital Finance Holdings LLLP |
7.000% due 07/15/2031 (l) |  |  |  |  | 3,000 |  |  |  |  |  | 3,087 |
Panama Infrastructure Receivable Purchaser PLC |
0.000% due 04/05/2032 (f)(l) |  |  |  |  | 8,298 |  |  |  |  |  | 5,622 |
Piedmont Operating Partnership LP |
6.875% due 07/15/2029 (l) |  |  |  |  | 4,000 |  |  |  |  |  | 4,112 |
Sammons Financial Group, Inc. |
6.875% due 04/15/2034 (l) |  |  |  |  | 2,500 |  |  |  |  |  | 2,617 |
Starwood Property Trust, Inc. |  |  |  |  |  |  |  |  |  |  |  |
7.250% due 04/01/2029 (l) |  |  |  |  | 2,700 |  |  |  |  |  | 2,773 |
Winston RE Ltd. |  |  |  |  |  |  |  |  |  |  |  |
14.564% (T-BILL 3MO + 10.250%) due 02/26/2031 ~ |  |  |  |  | 1,000 |  |  |  |  |  | 1,053 |
16.064% (T-BILL 3MO + 11.750%) due 02/26/2031 ~ |  |  |  |  | 1,000 |  |  |  |  |  | 1,033 |
|  |  |  |  |  |  |  |  |  |  | 39,568 |
INDUSTRIALS 13.5% |
Altice France Holding SA |  |  |  |  |  |  |  |  |  |  |  |
8.000% due 05/15/2027 |  | EUR |  |  | 1,800 |  |  |  |  |  | 505 |
10.500% due 05/15/2027 |  | $ |  |  | 2,400 |  |  |  |  |  | 711 |
Ascent Resources Utica Holdings LLC |
6.625% due 10/15/2032 (l) |  |  |  |  | 4,500 |  |  |  |  |  | 4,477 |
BCPE Empire Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
7.625% due 05/01/2027 (l) |  |  |  |  | 2,550 |  |  |  |  |  | 2,544 |
Boparan Finance PLC |  |  |  |  |  |  |  |  |  |  |  |
9.375% due 11/07/2029 |  | GBP |  |  | 3,000 |  |  |  |  |  | 3,639 |
Caesars Entertainment, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.500% due 02/15/2032 (l) |  | $ |  |  | 3,000 |  |  |  |  |  | 3,016 |
Capstone Borrower, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.000% due 06/15/2030 (l) |  |  |  |  | 3,576 |  |  |  |  |  | 3,706 |
Cloud Software Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.500% due 03/31/2029 (l) |  |  |  |  | 4,400 |  |  |  |  |  | 4,324 |
Clydesdale Acquisition Holdings, Inc. |
8.750% due 04/15/2030 (l) |  |  |  |  | 5,500 |  |  |  |  |  | 5,586 |
CNX Midstream Partners LP |  |  |  |  |  |  |  |  |  |  |  |
4.750% due 04/15/2030 (i)(l) |  |  |  |  | 2,300 |  |  |  |  |  | 2,107 |
Community Health Systems, Inc. |
5.625% due 03/15/2027 (l) |  |  |  |  | 5,700 |  |  |  |  |  | 5,477 |
DISH DBS Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.750% due 12/01/2028 |  |  |  |  | 2,600 |  |  |  |  |  | 2,228 |
Dye & Durham Ltd. |  |  |  |  |  |  |  |  |  |  |  |
8.625% due 04/15/2029 (l) |  |  |  |  | 2,500 |  |  |  |  |  | 2,634 |
Garda World Security Corp. |  |  |  |  |  |  |  |  |  |  |  |
7.750% due 02/15/2028 (l) |  |  |  |  | 2,000 |  |  |  |  |  | 2,066 |
Global Partners LP |  |  |  |  |  |  |  |  |  |  |  |
8.250% due 01/15/2032 (g)(l) |  |  |  |  | 200 |  |  |  |  |  | 206 |
GYP Holdings Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.625% due 05/01/2029 (l) |  |  |  |  | 4,300 |  |  |  |  |  | 4,059 |
Howard Midstream Energy Partners LLC |
7.375% due 07/15/2032 (l) |  |  |  |  | 3,700 |  |  |  |  |  | 3,763 |
8.875% due 07/15/2028 (l) |  |  |  |  | 800 |  |  |  |  |  | 842 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 105

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

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Intelligent Packaging Ltd. Finco, Inc. |
6.000% due 09/15/2028 (l) |  | $ |  |  | 4,000 |  |  | $ |  |  | 3,947 |
JetBlue Airways Corp. |  |  |  |  |  |  |  |  |  |  |  |
9.875% due 09/20/2031 (l) |  |  |  |  | 2,800 |  |  |  |  |  | 2,978 |
KBR, Inc. |  |  |  |  |  |  |  |  |  |  |  |
4.750% due 09/30/2028 (l) |  |  |  |  | 1,270 |  |  |  |  |  | 1,219 |
Kodiak Gas Services LLC |  |  |  |  |  |  |  |  |  |  |  |
7.250% due 02/15/2029 (l) |  |  |  |  | 2,000 |  |  |  |  |  | 2,042 |
Kraken Oil & Gas Partners LLC |  |  |  |  |  |  |  |  |  |  |  |
7.625% due 08/15/2029 (l) |  |  |  |  | 5,700 |  |  |  |  |  | 5,492 |
LABL, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.625% due 10/01/2031 (l) |  |  |  |  | 3,000 |  |  |  |  |  | 2,779 |
Masterbrand, Inc. |  |  |  |  |  |  |  |  |  |  |  |
7.000% due 07/15/2032 (l) |  |  |  |  | 2,700 |  |  |  |  |  | 2,722 |
Matador Resources Co. |  |  |  |  |  |  |  |  |  |  |  |
6.250% due 04/15/2033 (l) |  |  |  |  | 4,000 |  |  |  |  |  | 3,887 |
Mavis Tire Express Services Topco Corp. |
6.500% due 05/15/2029 (l) |  |  |  |  | 4,000 |  |  |  |  |  | 3,840 |
McGraw-Hill Education, Inc. |  |  |  |  |  |  |  |  |  |  |  |
7.375% due 09/01/2031 (l) |  |  |  |  | 3,500 |  |  |  |  |  | 3,586 |
Mineral Resources Ltd. |  |  |  |  |  |  |  |  |  |  |  |
9.250% due 10/01/2028 |  |  |  |  | 4,000 |  |  |  |  |  | 4,202 |
Miter Brands Acquisition Holdco, Inc. |
6.750% due 04/01/2032 (l) |  |  |  |  | 2,500 |  |  |  |  |  | 2,513 |
NCR Voyix Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.250% due 10/01/2030 (l) |  |  |  |  | 4,400 |  |  |  |  |  | 4,319 |
Newfold Digital Holdings Group, Inc. |
6.000% due 02/15/2029 « |  |  |  |  | 500 |  |  |  |  |  | 305 |
11.750% due 10/15/2028 « |  |  |  |  | 3,800 |  |  |  |  |  | 3,344 |
NextEra Energy Operating Partners LP |
4.500% due 09/15/2027 (h)(l) |  |  |  |  | 1,275 |  |  |  |  |  | 1,222 |
7.250% due 01/15/2029 (h)(l) |  |  |  |  | 800 |  |  |  |  |  | 819 |
NFE Financing LLC |  |  |  |  |  |  |  |  |  |  |  |
12.000% due 11/15/2029 |  |  |  |  | 790 |  |  |  |  |  | 830 |
Noble Finance LLC |  |  |  |  |  |  |  |  |  |  |  |
8.000% due 04/15/2030 (l) |  |  |  |  | 2,000 |  |  |  |  |  | 2,022 |
Rand Parent LLC |  |  |  |  |  |  |  |  |  |  |  |
8.500% due 02/15/2030 (l) |  |  |  |  | 5,000 |  |  |  |  |  | 5,033 |
Raven Acquisition Holdings LLC |
6.875% due 11/15/2031 |  |  |  |  | 2,100 |  |  |  |  |  | 2,084 |
Sitio Royalties Operating Partnership LP |
7.875% due 11/01/2028 (l) |  |  |  |  | 6,000 |  |  |  |  |  | 6,200 |
Thames Water Utilities Finance PLC |
1.250% due 01/31/2032 |  | EUR |  |  | 2,100 |  |  |  |  |  | 1,614 |
2.625% due 01/24/2032 |  | GBP |  |  | 1,430 |  |  |  |  |  | 1,334 |
4.375% due 01/18/2031 |  | EUR |  |  | 3,900 |  |  |  |  |  | 3,111 |
9.750% due 04/30/2028 « |  | GBP |  |  | 1,849 |  |  |  |  |  | 2,164 |
Transocean, Inc. |
8.000% due 02/01/2027 (l) |  | $ |  |  | 4,500 |  |  |  |  |  | 4,513 |
Triton Water Holdings, Inc. |
6.250% due 04/01/2029 (l) |  |  |  |  | 2,500 |  |  |  |  |  | 2,484 |
UKG, Inc. |
6.875% due 02/01/2031 (l) |  |  |  |  | 4,000 |  |  |  |  |  | 4,062 |
Valaris Ltd. |
8.375% due 04/30/2030 (l) |  |  |  |  | 6,700 |  |  |  |  |  | 6,777 |
Vmed O2 U.K. Financing PLC |
7.750% due 04/15/2032 (l) |  |  |  |  | 4,000 |  |  |  |  |  | 4,036 |
Weatherford International Ltd. |
8.625% due 04/30/2030 (l) |  |  |  |  | 3,000 |  |  |  |  |  | 3,100 |
West China Cement Ltd. |
4.950% due 07/08/2026 |  |  |  |  | 1,700 |  |  |  |  |  | 1,345 |
Yorkshire Water Finance PLC |
5.250% due 04/28/2030 |  | GBP |  |  | 2,000 |  |  |  |  |  | 2,419 |
ZipRecruiter, Inc. |
5.000% due 01/15/2030 (l) |  | $ |  |  | 4,800 |  |  |  |  |  | 4,329 |
|  |  |  |  |  |  |  |  |  |  | 158,563 |
UTILITIES 1.1% |
Aethon United BR LP |
7.500% due 10/01/2029 (i)(l) |  |  |  |  | 5,000 |  |  |  |  |  | 5,118 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Anglian Water Services Financing PLC |
6.625% due 01/15/2029 þ |  | GBP |  |  | 2,000 |  |  | $ |  |  | 2,585 |
Northumbrian Water Finance PLC |
4.500% due 02/14/2031 |  |  |  |  | 2,000 |  |  |  |  |  | 2,354 |
Yinson Production Financial Services Pte. Ltd. |
9.625% due 05/03/2029 |  | $ |  |  | 3,000 |  |  |  |  |  | 3,104 |
|  |  |  |  |  |  |  |  |  |  | 13,161 |
Total Corporate Bonds & Notes (Cost $209,007) |  |  |  |  |  | 211,292 |
MUNICIPAL BONDS & NOTES 0.0% |
MICHIGAN 0.0% |
Detroit, Michigan General Obligation Bonds, Series 2014 |
4.000% due 04/01/2044 |  |  |  |  | 500 |  |  |  |  |  | 387 |
Total Municipal Bonds & Notes (Cost $398) |  |  |  |  |  | 387 |
U.S. GOVERNMENT AGENCIES 2.7% |
Fannie Mae |
4.950% due 03/01/2032 «(c)(j) |  |  |  |  | 8,000 |  |  |  |  |  | 7,834 |
Freddie Mac |
0.000% due 08/25/2056 (b)(f) |  |  |  |  | 3,191 |  |  |  |  |  | 435 |
0.075% due 08/25/2056 ~(a) |  |  |  |  | 129,662 |  |  |  |  |  | 423 |
1.728% due 08/25/2056 ~(a) |  |  |  |  | 33,498 |  |  |  |  |  | 3,907 |
3.104% due 10/25/2058 ~ |  |  |  |  | 17,404 |  |  |  |  |  | 7,011 |
3.161% due 05/25/2057 ~ |  |  |  |  | 4,913 |  |  |  |  |  | 1,956 |
3.764% due 08/25/2059 ~ |  |  |  |  | 10,222 |  |  |  |  |  | 4,374 |
4.248% due 05/25/2064 ~ |  |  |  |  | 10,445 |  |  |  |  |  | 4,841 |
4.733% due 02/25/2059 ~ |  |  |  |  | 2,525 |  |  |  |  |  | 1,041 |
Total U.S. Government Agencies (Cost $32,996) |  |  |  |  |  | 31,822 |
NON-AGENCY MORTGAGE-BACKED SECURITIES 10.6% |
AG Trust |
6.413% due 07/15/2041 • |  |  |  |  | 500 |  |  |  |  |  | 502 |
Angel Oak Mortgage Trust |
4.800% due 11/25/2067 þ(l) |  |  |  |  | 910 |  |  |  |  |  | 892 |
APS Resecuritization Trust |
1.437% due 08/28/2054 ~ |  |  |  |  | 6,705 |  |  |  |  |  | 1,785 |
Bear Stearns ALT-A Trust |
4.292% due 08/25/2036 ~ |  |  |  |  | 1,174 |  |  |  |  |  | 774 |
Bear Stearns Mortgage Funding Trust |
4.813% due 10/25/2036 •(l) |  |  |  |  | 14,430 |  |  |  |  |  | 12,837 |
BX Trust |  |  |  |  |  |  |  |  |  |  |  |
7.115% due 05/15/2035 • |  |  |  |  | 5,000 |  |  |  |  |  | 5,003 |
7.437% due 01/17/2039 • |  |  |  |  | 3,000 |  |  |  |  |  | 2,871 |
CIM Trust |  |  |  |  |  |  |  |  |  |  |  |
5.400% due 04/25/2062 ~ |  |  |  |  | 295 |  |  |  |  |  | 288 |
Citigroup Mortgage Loan Trust |
3.000% due 09/25/2064 ~(l) |  |  |  |  | 20,029 |  |  |  |  |  | 17,853 |
Colony Mortgage Capital Ltd. |
6.325% due 11/15/2038 •(l) |  |  |  |  | 3,115 |  |  |  |  |  | 2,980 |
7.568% due 11/15/2038 • |  |  |  |  | 2,500 |  |  |  |  |  | 2,191 |
Countrywide Alternative Loan Trust |
5.553% due 02/25/2036 • |  |  |  |  | 1,533 |  |  |  |  |  | 1,201 |
6.000% due 07/25/2037 |  |  |  |  | 1,004 |  |  |  |  |  | 584 |
Credit Suisse Mortgage Capital Mortgage-Backed Trust |
1.115% due 01/25/2060 ~(l) |  |  |  |  | 2,688 |  |  |  |  |  | 2,238 |
3.778% due 11/10/2032 ~ |  |  |  |  | 5,200 |  |  |  |  |  | 1,038 |
GCAT Trust |
4.250% due 05/25/2067 ~(l) |  |  |  |  | 912 |  |  |  |  |  | 845 |
GS Mortgage Securities Corp. Trust |
5.644% due 07/15/2035 • |  |  |  |  | 998 |  |  |  |  |  | 753 |
GS Mortgage-Backed Securities Trust |
3.750% due 10/25/2057 (l) |  |  |  |  | 2,364 |  |  |  |  |  | 2,301 |
HarborView Mortgage Loan Trust |
5.001% due 03/19/2036 •(l) |  |  |  |  | 19,844 |  |  |  |  |  | 13,112 |
JP Morgan Chase Commercial Mortgage Securities Trust |
4.994% due 04/15/2037 • |  |  |  |  | 976 |  |  |  |  |  | 956 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
6.044% due 11/15/2035 • |  | $ |  |  | 5,000 |  |  | $ |  |  | 4,402 |
6.394% due 11/15/2035 • |  |  |  |  | 5,000 |  |  |  |  |  | 3,321 |
7.695% due 02/15/2035 • |  |  |  |  | 987 |  |  |  |  |  | 956 |
MFA Trust |  |  |  |  |  |  |  |  |  |  |  |
6.105% due 12/25/2068 þ(l) |  |  |  |  | 800 |  |  |  |  |  | 804 |
Mill City Mortgage Loan Trust |
3.250% due 08/25/2059 ~(l) |  |  |  |  | 2,850 |  |  |  |  |  | 2,423 |
3.250% due 10/25/2069 ~(l) |  |  |  |  | 8,760 |  |  |  |  |  | 8,506 |
3.750% due 05/25/2058 ~ |  |  |  |  | 2,596 |  |  |  |  |  | 2,259 |
Morgan Stanley Mortgage Loan Trust |
6.731% due 08/25/2036 þ |  |  |  |  | 2,591 |  |  |  |  |  | 453 |
Nomura Asset Acceptance Corp. Alternative Loan Trust |
7.010% due 08/25/2036 þ |  |  |  |  | 8,044 |  |  |  |  |  | 2,198 |
OBX Trust |  |  |  |  |  |  |  |  |  |  |  |
6.465% due 10/25/2063 þ(l) |  |  |  |  | 786 |  |  |  |  |  | 794 |
OPEN Trust |  |  |  |  |  |  |  |  |  |  |  |
7.486% due 11/15/2040 •(l) |  |  |  |  | 219 |  |  |  |  |  | 221 |
PRKCM Trust |  |  |  |  |  |  |  |  |  |  |  |
7.225% due 11/25/2058 þ(l) |  |  |  |  | 820 |  |  |  |  |  | 836 |
PRPM LLC |  |  |  |  |  |  |  |  |  |  |  |
4.000% due 11/25/2053 þ(l) |  |  |  |  | 409 |  |  |  |  |  | 400 |
6.221% due 11/25/2068 þ(l) |  |  |  |  | 839 |  |  |  |  |  | 846 |
Residential Accredit Loans, Inc. Trust |
6.000% due 09/25/2036 |  |  |  |  | 2,484 |  |  |  |  |  | 1,918 |
Residential Asset Securitization Trust |
5.500% due 09/25/2035 |  |  |  |  | 5,448 |  |  |  |  |  | 2,487 |
6.000% due 04/25/2036 |  |  |  |  | 995 |  |  |  |  |  | 429 |
SMRT Commercial Mortgage Trust |
5.398% due 01/15/2039 •(l) |  |  |  |  | 500 |  |  |  |  |  | 499 |
Towd Point Mortgage Trust |  |  |  |  |  |  |  |  |  |  |  |
3.000% due 06/25/2058 ~(l) |  |  |  |  | 1,729 |  |  |  |  |  | 1,610 |
3.500% due 03/25/2058 ~(l) |  |  |  |  | 13,500 |  |  |  |  |  | 12,866 |
4.120% due 04/25/2056 ~(l) |  |  |  |  | 3,460 |  |  |  |  |  | 3,374 |
Verus Securitization Trust |
6.259% due 12/25/2068 þ(l) |  |  |  |  | 776 |  |  |  |  |  | 782 |
6.876% due 11/25/2068 ~(l) |  |  |  |  | 852 |  |  |  |  |  | 864 |
Total Non-Agency Mortgage-Backed Securities (Cost $126,049) |  |  |  |  |  | 124,252 |
ASSET-BACKED SECURITIES 24.9% |
CMBS OTHER 0.8% |
MF1 LLC |
6.103% due 03/19/2039 •(l) |  |  |  |  | 9,000 |  |  |  |  |  | 9,027 |
PFP Ltd. |
6.315% due 09/17/2039 •(l) |  |  |  |  | 488 |  |  |  |  |  | 492 |
|  |  |  |  |  |  |  |  |  |  | 9,519 |
HOME EQUITY OTHER 21.6% |
Aames Mortgage Investment Trust |
7.153% due 01/25/2035 • |  |  |  |  | 3,500 |  |  |  |  |  | 2,594 |
ACE Securities Corp. Home Equity Loan Trust |
4.753% due 07/25/2037 • |  |  |  |  | 2,152 |  |  |  |  |  | 745 |
4.853% due 12/25/2036 • |  |  |  |  | 17,432 |  |  |  |  |  | 4,431 |
5.213% due 03/25/2037 • |  |  |  |  | 1,571 |  |  |  |  |  | 631 |
Bear Stearns Asset-Backed Securities Trust |
4.723% due 01/25/2037 •(l) |  |  |  |  | 22,785 |  |  |  |  |  | 21,146 |
4.963% due 10/25/2036 • |  |  |  |  | 3,264 |  |  |  |  |  | 3,071 |
5.218% due 09/25/2035 • |  |  |  |  | 19,178 |  |  |  |  |  | 18,050 |
Centex Home Equity Loan Trust |
5.008% due 06/25/2036 •(l) |  |  |  |  | 17,000 |  |  |  |  |  | 14,666 |
5.383% due 09/25/2034 • |  |  |  |  | 448 |  |  |  |  |  | 436 |
CIT Mortgage Loan Trust |
6.203% due 10/25/2037 •(l) |  |  |  |  | 62,636 |  |  |  |  |  | 60,182 |
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates |
6.073% due 10/25/2034 • |  |  |  |  | 1,894 |  |  |  |  |  | 1,431 |
Countrywide Asset-Backed Certificates Trust |
3.231% due 04/25/2036 •(l) |  |  |  |  | 7,200 |  |  |  |  |  | 5,761 |
5.993% due 02/25/2036 þ |  |  |  |  | 590 |  |  |  |  |  | 564 |
Credit-Based Asset Servicing & Securitization LLC |
2.830% due 01/25/2036 þ |  |  |  |  | 19 |  |  |  |  |  | 16 |

106 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
Credit-Based Asset Servicing & Securitization Trust |
4.733% due 10/25/2036 •(l) |  | $ |  |  | 7,579 |  |  | $ |  |  | 6,771 |
GSAA Home Equity Trust |
4.244% due 03/25/2036 ~ |  |  |  |  | 5,042 |  |  |  |  |  | 3,025 |
4.533% due 03/25/2037 • |  |  |  |  | 8,505 |  |  |  |  |  | 1,584 |
4.813% due 12/25/2046 • |  |  |  |  | 12,793 |  |  |  |  |  | 3,787 |
4.913% due 12/25/2046 • |  |  |  |  | 2,224 |  |  |  |  |  | 876 |
4.933% due 10/25/2036 • |  |  |  |  | 12,824 |  |  |  |  |  | 4,180 |
5.073% due 12/25/2035 • |  |  |  |  | 4,652 |  |  |  |  |  | 4,480 |
5.173% due 12/25/2035 • |  |  |  |  | 734 |  |  |  |  |  | 650 |
GSAMP Trust |
4.773% due 04/25/2036 •(l) |  |  |  |  | 13,202 |  |  |  |  |  | 9,659 |
5.023% due 02/25/2036 •(l) |  |  |  |  | 9,041 |  |  |  |  |  | 8,931 |
6.253% due 06/25/2035 • |  |  |  |  | 2,006 |  |  |  |  |  | 1,929 |
Home Equity Asset Trust |
4.933% due 08/25/2036 • |  |  |  |  | 3,398 |  |  |  |  |  | 3,301 |
HSI Asset Securitization Corp. Trust |
4.653% due 04/25/2037 • |  |  |  |  | 110 |  |  |  |  |  | 73 |
JP Morgan Mortgage Acquisition Trust |
4.713% due 12/25/2036 • |  |  |  |  | 5,229 |  |  |  |  |  | 3,220 |
4.813% due 08/25/2036 • |  |  |  |  | 3,528 |  |  |  |  |  | 2,228 |
5.537% due 10/25/2036 þ |  |  |  |  | 2,028 |  |  |  |  |  | 1,191 |
5.848% due 07/25/2036 • |  |  |  |  | 5,000 |  |  |  |  |  | 4,171 |
6.080% due 08/25/2036 þ |  |  |  |  | 1,194 |  |  |  |  |  | 698 |
Long Beach Mortgage Loan Trust |
4.953% due 07/25/2036 • |  |  |  |  | 1,651 |  |  |  |  |  | 631 |
5.103% due 09/25/2034 • |  |  |  |  | 1,094 |  |  |  |  |  | 1,067 |
Merrill Lynch Mortgage Investors Trust |
6.328% due 04/25/2035 •(l) |  |  |  |  | 1,461 |  |  |  |  |  | 1,384 |
Morgan Stanley ABS Capital, Inc. Trust |
4.573% due 09/25/2036 • |  |  |  |  | 783 |  |  |  |  |  | 265 |
6.328% due 11/25/2034 • |  |  |  |  | 1,741 |  |  |  |  |  | 1,495 |
New Century Home Equity Loan Trust |
5.533% due 01/25/2034 • |  |  |  |  | 501 |  |  |  |  |  | 495 |
NovaStar Mortgage Funding Trust |
4.953% due 09/25/2036 • |  |  |  |  | 4,926 |  |  |  |  |  | 1,981 |
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
5.413% due 08/25/2035 • |  |  |  |  | 5,619 |  |  |  |  |  | 4,608 |
6.403% due 02/25/2035 • |  |  |  |  | 670 |  |  |  |  |  | 544 |
Popular ABS Mortgage Pass-Through Trust |
4.733% due 01/25/2037 • |  |  |  |  | 11,259 |  |  |  |  |  | 9,053 |
Residential Asset Securities Corp. Trust |
4.753% due 09/25/2036 •(l) |  |  |  |  | 8,650 |  |  |  |  |  | 7,799 |
5.248% due 02/25/2036 • |  |  |  |  | 4,070 |  |  |  |  |  | 3,258 |
Saxon Asset Securities Trust |
5.353% due 12/26/2034 • |  |  |  |  | 1,648 |  |  |  |  |  | 1,585 |
Securitized Asset-Backed Receivables LLC Trust |
4.893% due 04/25/2037 • |  |  |  |  | 1,546 |  |  |  |  |  | 1,015 |
Soundview Home Loan Trust |  |  |  |  |  |  |  |  |  |  |  |
4.633% due 08/25/2037 • |  |  |  |  | 2,293 |  |  |  |  |  | 2,229 |
4.933% due 11/25/2036 • |  |  |  |  | 7,330 |  |  |  |  |  | 2,010 |
4.953% due 11/25/2036 • |  |  |  |  | 272 |  |  |  |  |  | 253 |
5.403% due 10/25/2037 • |  |  |  |  | 6,454 |  |  |  |  |  | 4,887 |
Structured Asset Securities Corp. Mortgage Loan Trust |
5.158% due 02/25/2035 • |  |  |  |  | 1,117 |  |  |  |  |  | 1,045 |
6.253% due 05/25/2035 • |  |  |  |  | 1,004 |  |  |  |  |  | 812 |
6.703% due 04/25/2031 • |  |  |  |  | 2,772 |  |  |  |  |  | 2,742 |
7.828% due 11/25/2035 •(l) |  |  |  |  | 8,315 |  |  |  |  |  | 7,540 |
Wells Fargo Home Equity Asset-Backed Securities Trust |
8.953% due 10/25/2034 • |  |  |  |  | 1,707 |  |  |  |  |  | 1,745 |
|  |  |  |  |  |  |  |  |  |  | 252,921 |

|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  | MARKET VALUE (000S) |
HOME EQUITY SEQUENTIAL 0.3% |
Structured Asset Securities Corp. Mortgage Loan Trust |
4.773% due 10/25/2036 • |  | $ |  |  | 3,961 |  |  | $ |  |  | 3,374 |
WHOLE LOAN COLLATERAL 1.0% |
First Franklin Mortgage Loan Trust |
4.693% due 10/25/2036 •(l) |  |  |  |  | 11,458 |  |  |  |  |  | 7,376 |
4.933% due 05/25/2036 • |  |  |  |  | 1,500 |  |  |  |  |  | 1,259 |
6.467% due 10/25/2033 • |  |  |  |  | 2,460 |  |  |  |  |  | 2,379 |
6.778% due 05/25/2034 • |  |  |  |  | 196 |  |  |  |  |  | 172 |
Residential Asset Mortgage Products Trust |
5.053% due 03/25/2036 • |  |  |  |  | 336 |  |  |  |  |  | 330 |
|  |  |  |  |  |  |  |  |  |  | 11,516 |
OTHER ABS 1.2% |
ABSLT DE 2024 LLC |
0.000% due 05/20/2033 «~ |  |  |  |  | 2,900 |  |  |  |  |  | 2,925 |
Apex Credit CLO Ltd. |
0.000% due 10/20/2034 ~ |  |  |  |  | 5,100 |  |  |  |  |  | 2,974 |
College Avenue Student Loans LLC |
0.000% due 06/25/2054 «(f) |  |  |  |  | 5 |  |  |  |  |  | 2,561 |
6.610% due 06/25/2054 « |  |  |  |  | 626 |  |  |  |  |  | 626 |
8.660% due 06/25/2054 « |  |  |  |  | 902 |  |  |  |  |  | 927 |
Residential Asset Mortgage Products Trust |
5.664% due 01/25/2034 • |  |  |  |  | 3,637 |  |  |  |  |  | 3,680 |
|  |  |  |  |  |  |  |  |  |  | 13,693 |
Total Asset-Backed Securities (Cost $292,177) |  |  | 291,023 |
SOVEREIGN ISSUES 1.0% |
Colombia Government International Bond |
8.000% due 11/14/2035 |  |  |  |  | 1,900 |  |  |  |  |  | 1,915 |
8.750% due 11/14/2053 |  |  |  |  | 2,500 |  |  |  |  |  | 2,534 |
Romania Government International Bond |
5.375% due 03/22/2031 |  | EUR |  |  | 2,500 |  |  |  |  |  | 2,593 |
5.625% due 02/22/2036 |  |  |  |  | 2,500 |  |  |  |  |  | 2,491 |
Turkey Government International Bond |
50.485% (BISTREFI) due 05/20/2026 ~ |  | TRY |  |  | 46,200 |  |  |  |  |  | 1,322 |
50.485% (BISTREFI) due 05/17/2028 ~ |  |  |  |  | 4,500 |  |  |  |  |  | 126 |
Total Sovereign Issues (Cost $11,526) |  |  | 10,981 |
|  |  |  | SHARES |  |  |  |  |  |
COMMON STOCKS 33.2% |
CONSUMER DISCRETIONARY 1.0% |
NIKE, Inc. ‘B’ |  |  |  |  | 158,700 |  |  |  |  |  | 12,009 |
CONSUMER STAPLES 1.1% |
Estee Lauder Cos., Inc. ‘A’ |  |  |  |  | 168,200 |  |  |  |  |  | 12,612 |
ENERGY 31.0% |
Enbridge, Inc. |  |  |  |  | 713,200 |  |  |  |  |  | 30,271 |
Kinder Morgan, Inc. |  |  |  |  | 1,601,000 |  |  |  |  |  | 43,867 |
New Fortress Energy, Inc. «(d) |  |  | 18,327 |  |  |  |  |  | 252 |
TC Energy Corp. |  |  |  |  | 768,200 |  |  |  |  |  | 35,801 |
Venture Global Holdings ‘A’ «(j) |  |  | 3,473 |  |  |  |  |  | 217,972 |
Williams Cos., Inc. |  |  |  |  | 648,300 |  |  |  |  |  | 35,086 |
|  |  |  |  |  |  |  |  |  |  | 363,249 |

|  |  |  | SHARES |  |  |  |  | MARKET VALUE (000S) |
FINANCIALS 0.1% |
Intelsat Emergence SA «(j) |  |  |  |  | 21,303 |  |  | $ |  |  | 703 |
Total Common Stocks (Cost $155,381) |  |  | 388,573 |
MASTER LIMITED PARTNERSHIPS 19.0% |
ENERGY 19.0% |
Energy Transfer LP |  |  |  |  | 4,083,599 |  |  |  |  |  | 79,998 |
Enterprise Products Partners LP |  |  |  |  | 1,869,787 |  |  |  |  |  | 58,637 |
MPLX LP |  |  |  |  | 1,279,100 |  |  |  |  |  | 61,218 |
Plains All American Pipeline LP |  |  |  |  | 492,030 |  |  |  |  |  | 8,404 |
Sunoco LP |  |  |  |  | 131,600 |  |  |  |  |  | 6,769 |
Western Midstream Partners LP |  |  |  |  | 205,578 |  |  |  |  |  | 7,900 |
Total Master Limited Partnerships (Cost $166,074) |  |  | 222,926 |
|  |  |  | PRINCIPAL AMOUNT (000S) |  |  |  |  |  |
SHORT-TERM INSTRUMENTS 0.6% |
REPURCHASE AGREEMENTS (k) 0.5% |
|  |  |  |  |  |  |  |  |  |  | 5,800 |
U.S. TREASURY BILLS 0.1% |
4.399% due 01/30/2025 - 03/20/2025 (e)(f)(o) |  | $ |  |  | 932 |  |  |  |  |  | 925 |
Total Short-Term Instruments (Cost $6,725) |  |  | 6,725 |
Total Investments in Securities (Cost $1,220,969) |  |  | 1,506,090 |
|  |  |  | SHARES |  |  |  |  |  |
INVESTMENTS IN AFFILIATES 4.4% |
SHORT-TERM INSTRUMENTS 4.4% |
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4% |
PIMCO Short-Term Floating NAV Portfolio III |  |  | 5,304,300 |  |  |  |  |  | 51,648 |
Total Short-Term Instruments (Cost $51,600) |  |  | 51,648 |
Total Investments in Affiliates (Cost $51,600) |  |  | 51,648 |
Total Investments 133.0% (Cost $1,272,569) |  |  | $ |  |  | 1,557,738 |
Financial Derivative Instruments (m)(n) 2.2% (Cost or Premiums, net $(1)) |  |  | 25,847 |
Other Assets and Liabilities, net (35.2)% |  |  | (412,089 | )
Net Assets 100.0% |  |  | $ |  |  | 1,171,496 |

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

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

« | Security valued using significant unobservable inputs (Level 3).

µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 107

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

~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ | Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) | Security is an Interest Only (“IO”) or IO Strip.

(b) | Principal only security.

(c) | When-issued security.

(d) | Security did not produce income within the last twelve months.

(e) | Coupon represents a weighted average yield to maturity.

(f) | Zero coupon security.

(g) | Comprises of a debt issuance of a qualified publicly-traded partnership (“QPTP”).

(h) | As a result of the completion of a recent corporation action, common units of the previous QPTP are no longer publicly traded. The succeeding entity per the respective corporate action is treated as a Corporation for U.S. Tax purposes.

(i) | This Company is structured like a Master Limited Partnership, but is not treated as a QPTP for required regulated investment company (“RIC”) asset diversification purposes.

(j) RESTRICTED SECURITIES:

Issuer Description |  | Acquisition Date |  |  | Cost |  |  | Market Value |  |  | Market Value as Percentage of Net Assets |
Fannie Mae 4.950% due 03/01/2032 |  |  | 12/13/2024 |  |  | $ | 8,000 |  |  | $ | 7,834 |  |  |  | 0.67 | %
Intelsat Emergence SA |  |  | 02/05/2020 - 02/23/2024 |  |  |  | 1,699 |  |  |  | 703 |  |  |  | 0.06 |
Venture Global Holdings ‘A’ |  |  | 06/27/2019 - 09/07/2022 |  |  |  | 22,361 |  |  |  | 217,972 |  |  |  | 18.61 |
|  |  | $ | 32,060 |  |  | $ | 226,509 |  |  |  | 19.34 | %

BORROWINGS AND OTHER FINANCING TRANSACTIONS
(k) REPURCHASE AGREEMENTS:

Counterparty |  | Lending Rate |  |  | Settlement Date |  |  | Maturity Date |  |  | Principal Amount |  |  | Collateralized By |  | Collateral (Received) |  |  | Repurchase Agreements, at Value |  |  | Repurchase Agreement Proceeds to be Received (1) |
BOS |  |  | 4.520 | % |  |  | 12/31/2024 |  |  |  | 01/02/2025 |  |  | $ | 5,800 |  |  | U.S. Treasury Notes 2.875% due 05/15/2028 |  | $ | (5,911 | ) |  | $ | 5,800 |  |  | $ | 5,801 |
Total Repurchase Agreements |  |  |  |  | $ | (5,911 | ) |  | $ | 5,800 |  |  | $ | 5,801 |

REVERSE REPURCHASE AGREEMENTS:

Counterparty |  | Borrowing Rate (2) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (2) |  |  | Payable for Reverse Repurchase Agreements |
BYR |  |  | 4.960 | % |  |  | 11/13/2024 |  |  |  | 02/13/2025 |  |  |  | $ |  |  |  | (15,211 | ) |  | $ | (15,318 | )
|  |  | 4.960 |  |  |  | 11/26/2024 |  |  |  | 02/13/2025 |  |  |  |  |  |  |  | (1,084 | ) |  |  | (1,090 | )
|  |  | 4.960 |  |  |  | 12/17/2024 |  |  |  | 03/18/2025 |  |  |  |  |  |  |  | (16,269 | ) |  |  | (16,306 | )
|  |  | 4.980 |  |  |  | 09/09/2024 |  |  |  | 01/09/2025 |  |  |  |  |  |  |  | (2,457 | ) |  |  | (2,499 | )
CEW |  |  | 5.050 |  |  |  | 12/10/2024 |  |  |  | 03/10/2025 |  |  |  |  |  |  |  | (24,505 | ) |  |  | (24,584 | )
DEU |  |  | 4.650 |  |  |  | 12/20/2024 |  |  |  | TBD | (3) |  |  |  |  |  |  | (18,797 | ) |  |  | (18,829 | )
|  |  | 5.000 |  |  |  | 11/01/2024 |  |  |  | 02/03/2025 |  |  |  |  |  |  |  | (4,030 | ) |  |  | (4,064 | )
|  |  | 5.120 |  |  |  | 11/01/2024 |  |  |  | 02/03/2025 |  |  |  |  |  |  |  | (19,829 | ) |  |  | (20,004 | )
|  |  | 5.220 |  |  |  | 10/10/2024 |  |  |  | 01/10/2025 |  |  |  |  |  |  |  | (23,682 | ) |  |  | (23,971 | )
IND |  |  | 4.910 |  |  |  | 12/17/2024 |  |  |  | 03/17/2025 |  |  |  |  |  |  |  | (5,899 | ) |  |  | (5,912 | )
|  |  | 5.090 |  |  |  | 12/24/2024 |  |  |  | 03/24/2025 |  |  |  |  |  |  |  | (1,795 | ) |  |  | (1,798 | )
|  |  | 5.100 |  |  |  | 12/24/2024 |  |  |  | 03/24/2025 |  |  |  |  |  |  |  | (18,316 | ) |  |  | (18,339 | )
|  |  | 5.170 |  |  |  | 01/02/2025 |  |  |  | 03/31/2025 |  |  |  |  |  |  |  | (1,008 | ) |  |  | (1,008 | )
|  |  | 5.220 |  |  |  | 01/02/2025 |  |  |  | 03/31/2025 |  |  |  |  |  |  |  | (1,177 | ) |  |  | (1,177 | )
|  |  | 5.290 |  |  |  | 11/27/2024 |  |  |  | 02/27/2025 |  |  |  |  |  |  |  | (1,199 | ) |  |  | (1,206 | )
|  |  | 5.340 |  |  |  | 11/27/2024 |  |  |  | 02/27/2025 |  |  |  |  |  |  |  | (1,222 | ) |  |  | (1,228 | )
|  |  | 5.390 |  |  |  | 11/27/2024 |  |  |  | 02/27/2025 |  |  |  |  |  |  |  | (2,391 | ) |  |  | (2,404 | )
MBC |  |  | 3.266 |  |  |  | 12/05/2024 |  |  |  | 03/04/2025 |  |  |  | EUR |  |  |  | (4,700 | ) |  |  | (4,882 | )
MSB |  |  | 5.510 |  |  |  | 11/21/2024 |  |  |  | 05/20/2025 |  |  |  | $ |  |  |  | (50,308 | ) |  |  | (50,638 | )
RTA |  |  | 5.555 |  |  |  | 11/27/2024 |  |  |  | 05/27/2025 |  |  |  |  |  |  |  | (28,147 | ) |  |  | (28,305 | )

108 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

Counterparty |  | Borrowing Rate (2) |  |  | Settlement Date |  |  | Maturity Date |  |  | Amount Borrowed (2) |  |  | Payable for Reverse Repurchase Agreements |
SOG |  |  | 4.870 | % |  |  | 12/18/2024 |  |  |  | 03/18/2025 |  |  |  | $ |  |  |  | (18,801 | ) |  | $ | (18,839 | )
|  |  | 5.170 |  |  |  | 10/08/2024 |  |  |  | 01/08/2025 |  |  |  |  |  |  |  | (8,796 | ) |  |  | (8,905 | )
|  |  | 5.170 |  |  |  | 11/12/2024 |  |  |  | 01/08/2025 |  |  |  |  |  |  |  | (1,781 | ) |  |  | (1,793 | )
|  |  | 5.510 |  |  |  | 12/23/2024 |  |  |  | 06/23/2025 |  |  |  |  |  |  |  | (55,256 | ) |  |  | (55,338 | )
TDM |  |  | 2.500 |  |  |  | 12/20/2024 |  |  |  | TBD | (3) |  |  |  |  |  |  | (3,103 | ) |  |  | (3,105 | )
|  |  | 4.500 |  |  |  | 12/20/2024 |  |  |  | TBD | (3) |  |  |  |  |  |  | (2,532 | ) |  |  | (2,536 | )
WFS |  |  | 4.980 |  |  |  | 12/23/2024 |  |  |  | 03/24/2025 |  |  |  |  |  |  |  | (18,100 | ) |  |  | (18,125 | )
Total Reverse Repurchase Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (352,203 | )

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2024:

Counterparty |  | Repurchase Agreement Proceeds to be Received (1) |  |  | Payable for Reverse Repurchase Agreements |  |  | Payable for Sale-Buyback Transactions |  |  | Total Borrowings and Other Financing Transactions |  |  | Collateral Pledged/(Received) |  |  | Net Exposure (4) |
Global/Master Repurchase Agreement |
BOS |  | $ | 5,801 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5,801 |  |  | $ | (5,911 | ) |  | $ | (110 | )
BYR |  |  | 0 |  |  |  | (35,213 | ) |  |  | 0 |  |  |  | (35,213 | ) |  |  | 38,999 |  |  |  | 3,786 |
CEW |  |  | 0 |  |  |  | (24,584 | ) |  |  | 0 |  |  |  | (24,584 | ) |  |  | 26,916 |  |  |  | 2,332 |
DEU |  |  | 0 |  |  |  | (66,868 | ) |  |  | 0 |  |  |  | (66,868 | ) |  |  | 73,716 |  |  |  | 6,848 |
IND |  |  | 0 |  |  |  | (33,072 | ) |  |  | 0 |  |  |  | (33,072 | ) |  |  | 34,599 |  |  |  | 1,527 |
MBC |  |  | 0 |  |  |  | (4,882 | ) |  |  | 0 |  |  |  | (4,882 | ) |  |  | 5,257 |  |  |  | 375 |
MSB |  |  | 0 |  |  |  | (50,638 | ) |  |  | 0 |  |  |  | (50,638 | ) |  |  | 68,336 |  |  |  | 17,698 |
RTA |  |  | 0 |  |  |  | (28,305 | ) |  |  | 0 |  |  |  | (28,305 | ) |  |  | 37,501 |  |  |  | 9,196 |
SOG |  |  | 0 |  |  |  | (84,875 | ) |  |  | 0 |  |  |  | (84,875 | ) |  |  | 105,484 |  |  |  | 20,609 |
TDM |  |  | 0 |  |  |  | (5,641 | ) |  |  | 0 |  |  |  | (5,641 | ) |  |  | 5,839 |  |  |  | 198 |
WFS |  |  | 0 |  |  |  | (18,125 | ) |  |  | 0 |  |  |  | (18,125 | ) |  |  | 20,092 |  |  |  | 1,967 |
Total Borrowings and Other Financing Transactions |  | $ | 5,801 |  |  | $ | (352,203 | ) |  | $ | 0 |  |  |  |  |  |  |  |  |  |  |  |  |

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements

|  | Overnight and Continuous |  |  | Up to 30 days |  |  | 31-90 days |  |  | Greater Than 90 days |  |  | Total |
Reverse Repurchase Agreements |
Corporate Bonds & Notes |  | $ | 0 |  |  | $ | (37,168 | ) |  | $ | (83,331 | ) |  | $ | (24,471 | ) |  | $ | (144,970 | )
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | 0 |  |  |  | (56,129 | ) |  |  | (20,447 | ) |  |  | (76,576 | )
Asset-Backed Securities |  |  | 0 |  |  |  | 0 |  |  |  | (9,757 | ) |  |  | (113,833 | ) |  |  | (123,590 | )
Sovereign Issues |  |  | 0 |  |  |  | 0 |  |  |  | (4,882 | ) |  |  | 0 |  |  |  | (4,882 | )
Total Borrowings |  | $ | 0 |  |  | $ | (37,168 | ) |  | $ | (154,099 | ) |  | $ | (158,751 | ) |  | $ | (350,018 | )
Payable for reverse repurchase agreements (5) |  |  | $ | (350,018 | )

(l) | Securities with an aggregate market value of $414,773 and cash of $2,222 have been pledged as collateral under the terms of the above master agreements as of December 31, 2024.

(1) | Includes accrued interest.

(2) | The average amount of borrowings outstanding during the period ended December 31, 2024 was $(293,259) at a weighted average interest rate of 5.492%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(3) | Open maturity reverse repurchase agreement.

(4) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(5) | Unsettled reverse repurchase agreements liability of $(2,185) is outstanding at period end.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 109

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

(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS

Description |  | Expiration Month |  |  | # of Contracts |  |  | Notional Amount |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Variation Margin |
| Asset |  |  | Liability |
California Carbon Allowance December Futures |  |  | 12/2025 |  |  |  | 1,284 |  |  | $ | 46,622 |  |  | $ | (1,348 | ) |  | $ | 103 |  |  | $ | 0 |
Total Futures Contracts |  |  | $ | (1,348 | ) |  | $ | 103 |  |  | $ | 0 |

SWAP AGREEMENTS:
INTEREST RATE SWAPS

Pay/Receive Floating Rate |  | Floating Rate Index |  | Fixed Rate |  |  | Payment Frequency |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Market Value |  |  | Variation Margin |
| Asset |  |  | Liability |
Pay |  | 1-Day USD-SOFR Compounded-OIS |  |  | 3.750 | % |  | Annual |  |  | 06/20/2034 |  |  | $ |  |  |  |  | 100 |  |  | $ | (1 | ) |  | $ | (2 | ) |  | $ | (3 | ) |  | $ | 0 |  |  | $ | 0 |
Total Swap Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1 | ) |  | $ | (2 | ) |  | $ | (3 | ) |  | $ | 0 |  |  | $ | 0 |

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |
|  | Market Value |  |  | Variation Margin Asset |  |  |  |  |  |  |  |  | Market Value |  |  | Variation Margin Liability |  |  |  |
|  | Purchased Options |  |  | Futures |  |  | Swap Agreements |  |  | Total |  |  |  |  |  | Written Options |  |  | Futures |  |  | Swap Agreements |  |  | Total |
Total Exchange-Traded or Centrally Cleared |  | $ | 0 |  |  | $ | 103 |  |  | $ | 0 |  |  | $ | 103 |  |  |  |  |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |

Cash of $3,347 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2024.
(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty |  | Settlement Month |  |  | Currency to be Delivered |  |  | Currency to be Received |  |  | Unrealized Appreciation/ (Depreciation) |
| Asset |  |  | Liability |
BOA |  |  | 02/2025 |  |  | HKD |  |  | 16,589 |  |  | $ |  |  | 2,135 |  |  | $ | 0 |  |  | $ | (2 | )
BPS |  |  | 01/2025 |  |  | $ |  |  | 3,107 |  |  | CAD |  |  | 4,465 |  |  |  | 1 |  |  |  | 0 |
|  |  | 01/2025 |  |  |  |  |  | 4,151 |  |  | EUR |  |  | 3,936 |  |  |  | 0 |  |  |  | (72 | )
|  |  | 01/2025 |  |  |  |  |  | 3,084 |  |  | TRY |  |  | 111,854 |  |  |  | 19 |  |  |  | 0 |
|  |  | 03/2025 |  |  |  |  |  | 1,758 |  |  | MXN |  |  | 36,066 |  |  |  | 0 |  |  |  | (49 | )
BRC |  |  | 01/2025 |  |  | CAD |  |  | 89,036 |  |  | $ |  |  | 63,238 |  |  |  | 1,269 |  |  |  | 0 |
|  |  | 01/2025 |  |  | GBP |  |  | 7,242 |  |  |  |  |  | 9,117 |  |  |  | 52 |  |  |  | 0 |
|  |  | 01/2025 |  |  | TRY |  |  | 5,648 |  |  |  |  |  | 148 |  |  |  | 0 |  |  |  | (11 | )
|  |  | 01/2025 |  |  | $ |  |  | 1,041 |  |  | EUR |  |  | 990 |  |  |  | 0 |  |  |  | (15 | )
|  |  | 01/2025 |  |  |  |  |  | 6,927 |  |  | TRY |  |  | 261,647 |  |  |  | 294 |  |  |  | 0 |
|  |  | 02/2025 |  |  |  |  |  | 4,566 |  |  |  |  |  | 173,431 |  |  |  | 88 |  |  |  | 0 |
|  |  | 03/2025 |  |  |  |  |  | 196 |  |  |  |  |  | 7,491 |  |  |  | 3 |  |  |  | 0 |
CBK |  |  | 02/2025 |  |  |  |  |  | 8,976 |  |  | BRL |  |  | 51,885 |  |  |  | 0 |  |  |  | (628 | )
DUB |  |  | 02/2025 |  |  |  |  |  | 4,845 |  |  | MXN |  |  | 98,032 |  |  |  | 0 |  |  |  | (177 | )
GLM |  |  | 02/2025 |  |  |  |  |  | 2,183 |  |  |  |  |  | 44,438 |  |  |  | 0 |  |  |  | (66 | )
JPM |  |  | 01/2025 |  |  | TRY |  |  | 2,369 |  |  | $ |  |  | 66 |  |  |  | 0 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 66 |  |  | TRY |  |  | 2,347 |  |  |  | 0 |  |  |  | 0 |
|  |  | 02/2025 |  |  |  |  |  | 7,903 |  |  |  |  |  | 300,117 |  |  |  | 150 |  |  |  | 0 |
MBC |  |  | 01/2025 |  |  | EUR |  |  | 33,349 |  |  | $ |  |  | 35,138 |  |  |  | 577 |  |  |  | 0 |
|  |  | 01/2025 |  |  | GBP |  |  | 2,940 |  |  |  |  |  | 3,715 |  |  |  | 35 |  |  |  | 0 |
|  |  | 01/2025 |  |  | $ |  |  | 2,682 |  |  | EUR |  |  | 2,545 |  |  |  | 0 |  |  |  | (44 | )
|  |  | 02/2025 |  |  | HKD |  |  | 14,466 |  |  | $ |  |  | 1,862 |  |  |  | 0 |  |  |  | (1 | )
MYI |  |  | 01/2025 |  |  | DKK |  |  | 26,279 |  |  |  |  |  | 3,716 |  |  |  | 64 |  |  |  | 0 |
|  |  | 02/2025 |  |  | $ |  |  | 70 |  |  | TRY |  |  | 2,649 |  |  |  | 1 |  |  |  | 0 |
RBC |  |  | 03/2025 |  |  |  |  |  | 8 |  |  | MXN |  |  | 156 |  |  |  | 0 |  |  |  | 0 |
SCX |  |  | 01/2025 |  |  |  |  |  | 1,470 |  |  | EUR |  |  | 1,394 |  |  |  | 0 |  |  |  | (26 | )
Total Forward Foreign Currency Contracts |  |  |  |  |  |  |  |  | $ | 2,553 |  |  | $ | (1,091 | )

110 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

SWAP AGREEMENTS:
TOTAL RETURN SWAPS ON INDEXES

Counterparty |  | Pay/Receive (1) |  | Underlying Reference |  | # of Units |  |  | Financing Rate |  | Payment Frequency |  |  | Maturity Date |  |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value |
| Asset |  |  | Liability |
FAR |  | Receive |  | AMZX Index |  |  | 23,700 |  |  | 4.860% (FEDL01 plus a specified spread) |  |  | Maturity |  |  |  | 01/08/2025 |  |  | $ |  |  |  |  | 47,274 |  |  | $ | 0 |  |  | $ | 5,747 |  |  | $ | 5,747 |  |  | $ | 0 |
MYI |  | Receive |  | Alerian Midstream Energy Total Return Index |  |  | 23,390 |  |  | 4.360% (FEDL01 plus a specified spread) |  |  | Maturity |  |  |  | 01/22/2025 |  |  |  |  |  |  |  | 18,180 |  |  |  | 0 |  |  |  | 7,510 |  |  |  | 7,510 |  |  |  | 0 |
|  | Receive |  | Alerian Midstream Energy Total Return Index |  |  | 2,422 |  |  | 4.780% (FEDL01 plus a specified spread) |  |  | Maturity |  |  |  | 01/22/2025 |  |  |  |  |  |  |  | 2,046 |  |  |  | 0 |  |  |  | 627 |  |  |  | 627 |  |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0 |  |  | $ | 13,884 |  |  | $ | 13,884 |  |  | $ | 0 |

TOTAL RETURN SWAPS ON SECURITIES

Counterparty |  | Pay/Receive (1) |  | Underlying Reference |  | # of Shares |  |  | Financing Rate |  | Payment Frequency |  |  | Maturity Date |  | Notional Amount |  |  | Premiums Paid/(Received) |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Swap Agreements, at Value |
| Asset |  |  | Liability |
BOA |  | Receive |  | Plains All American Pipeline LP |  |  | 170,000 |  |  | 4.930% (FEDL01 plus a specified spread) |  |  | Monthly |  |  | 11/05/2025 |  | $ |  |  |  |  | 2,904 |  |  | $ | 0 |  |  | $ | (14 | ) |  | $ | 0 |  |  | $ | (14 | )
FAR |  | Receive |  | Plains All American Pipeline LP |  |  | 706,000 |  |  | 4.930% (FEDL01 plus a specified spread) |  |  | Maturity |  |  | 11/05/2025 |  |  |  |  |  |  | 12,306 |  |  |  | 0 |  |  |  | (344 | ) |  |  | 0 |  |  |  | (344 | )
|  | Receive |  | Western Gas Partners LP |  |  | 410,000 |  |  | 4.930% (FEDL01 plus a specified spread) |  |  | Maturity |  |  | 11/05/2025 |  |  |  |  |  |  | 15,797 |  |  |  | 0 |  |  |  | (165 | ) |  |  | 0 |  |  |  | (165 | )
GST |  | Receive |  | Energy Transfer LP |  |  | 938,239 |  |  | 4.930% (FEDL01 plus a specified spread) |  |  | Maturity |  |  | 03/19/2025 |  |  |  |  |  |  | 13,933 |  |  |  | 0 |  |  |  | 4,640 |  |  |  | 4,640 |  |  |  | 0 |
|  | Receive |  | Enterprise Products Partners LP |  |  | 398,000 |  |  | 4.930% (FEDL01 plus a specified spread) |  |  | Maturity |  |  | 03/19/2025 |  |  |  |  |  |  | 10,997 |  |  |  | 0 |  |  |  | 1,548 |  |  |  | 1,548 |  |  |  | 0 |
|  | Receive |  | MPLX LP |  |  | 399,000 |  |  | 4.930% (FEDL01 plus a specified spread) |  |  | Maturity |  |  | 03/19/2025 |  |  |  |  |  |  | 15,896 |  |  |  | 0 |  |  |  | 3,452 |  |  |  | 3,452 |  |  |  | 0 |
|  | Receive |  | Plains All American Pipeline LP |  |  | 274,000 |  |  | 4.930% (FEDL01 plus a specified spread) |  |  | Maturity |  |  | 03/19/2025 |  |  |  |  |  |  | 4,526 |  |  |  | 0 |  |  |  | 184 |  |  |  | 184 |  |  |  | 0 |
|  | Receive |  | Western Gas Partners LP |  |  | 117,425 |  |  | 4.930% (FEDL01 plus a specified spread) |  |  | Maturity |  |  | 03/19/2025 |  |  |  |  |  |  | 3,544 |  |  |  | 0 |  |  |  | 1,097 |  |  |  | 1,097 |  |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0 |  |  | $ | 10,398 |  |  | $ | 10,921 |  |  | $ | (523 | )
Total Swap Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0 |  |  | $ | 24,282 |  |  | $ | 24,805 |  |  | $ | (523 | )

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2024:

|  | Financial Derivative Assets |  |  |  |  |  | Financial Derivative Liabilities |  |  |  |  |  |  |  |  |  |
Counterparty |  | Forward Foreign Currency Contracts |  |  | Purchased Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  |  |  |  | Forward Foreign Currency Contracts |  |  | Written Options |  |  | Swap Agreements |  |  | Total Over the Counter |  |  | Net Market Value of OTC Derivatives |  |  | Collateral Pledged/ (Received) |  |  | Net Exposure (2) |
BOA |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  |  |  |  | $ | (2 | ) |  | $ | 0 |  |  | $ | (14 | ) |  | $ | (16 | ) |  | $ | (16 | ) |  | $ | 302 |  |  | $ | 286 |
BPS |  |  | 20 |  |  |  | 0 |  |  |  | 0 |  |  |  | 20 |  |  |  |  |  |  |  | (121 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (121 | ) |  |  | (101 | ) |  |  | 0 |  |  |  | (101 | )
BRC |  |  | 1,706 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,706 |  |  |  |  |  |  |  | (26 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (26 | ) |  |  | 1,680 |  |  |  | (1,790 | ) |  |  | (110 | )
CBK |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (628 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (628 | ) |  |  | (628 | ) |  |  | 623 |  |  |  | (5 | )
DUB |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (177 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (177 | ) |  |  | (177 | ) |  |  | 0 |  |  |  | (177 | )
FAR |  |  | 0 |  |  |  | 0 |  |  |  | 5,747 |  |  |  | 5,747 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (509 | ) |  |  | (509 | ) |  |  | 5,238 |  |  |  | (5,548 | ) |  |  | (310 | )
GLM |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (66 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (66 | ) |  |  | (66 | ) |  |  | 0 |  |  |  | (66 | )
GST |  |  | 0 |  |  |  | 0 |  |  |  | 10,921 |  |  |  | 10,921 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 10,921 |  |  |  | (10,760 | ) |  |  | 161 |
JPM |  |  | 150 |  |  |  | 0 |  |  |  | 0 |  |  |  | 150 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 150 |  |  |  | (160 | ) |  |  | (10 | )
MBC |  |  | 612 |  |  |  | 0 |  |  |  | 0 |  |  |  | 612 |  |  |  |  |  |  |  | (45 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (45 | ) |  |  | 567 |  |  |  | (420 | ) |  |  | 147 |
MYI |  |  | 65 |  |  |  | 0 |  |  |  | 8,137 |  |  |  | 8,202 |  |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,202 |  |  |  | (8,040 | ) |  |  | 162 |
SCX |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  |  |  |  |  | (26 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (26 | ) |  |  | (26 | ) |  |  | 0 |  |  |  | (26 | )
Total Over the Counter |  | $ | 2,553 |  |  | $ | 0 |  |  | $ | 24,805 |  |  | $ | 27,358 |  |  |  |  |  |  | $ | (1,091 | ) |  | $ | 0 |  |  | $ | (523 | ) |  | $ | (1,614 | ) |  |  |  |  |  |  |  |  |  |  |  |

(o) | Securities with an aggregate market value of $925 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2024.

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 111

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

(1) | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

(2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |
Futures |  | $ | 103 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 103 |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2,553 |  |  | $ | 0 |  |  | $ | 2,553 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 24,805 |  |  |  | 0 |  |  |  | 0 |  |  |  | 24,805 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 24,805 |  |  | $ | 2,553 |  |  | $ | 0 |  |  | $ | 27,358 |
|  | $ | 103 |  |  | $ | 0 |  |  | $ | 24,805 |  |  | $ | 2,553 |  |  | $ | 0 |  |  | $ | 27,461 |
Financial Derivative Instruments - Liabilities |
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,091 |  |  | $ | 0 |  |  | $ | 1,091 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 523 |  |  |  | 0 |  |  |  | 0 |  |  |  | 523 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 523 |  |  | $ | 1,091 |  |  | $ | 0 |  |  | $ | 1,614 |

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended December 31, 2024:

|  | Derivatives not accounted for as hedging instruments |
|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Exchange Contracts |  |  | Interest Rate Contracts |  |  | Total |
Net Realized Gain (Loss) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Futures |  | $ | (820 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (820 | )
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5,230 |  |  | $ | 0 |  |  | $ | 5,230 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 26,298 |  |  |  | 0 |  |  |  | 0 |  |  |  | 26,298 |
|  | $ | 0 |  |  | $ | 0 |  |  | $ | 26,298 |  |  | $ | 5,230 |  |  | $ | 0 |  |  | $ | 31,528 |
|  | $ | (820 | ) |  | $ | 0 |  |  | $ | 26,298 |  |  | $ | 5,230 |  |  | $ | 0 |  |  | $ | 30,708 |
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
Exchange-traded or centrally cleared |
Futures |  | $ | (1,196 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (1,196 | )
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | )
|  | $ | (1,196 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (1 | ) |  | $ | (1,197 | )
Over the counter |
Forward Foreign Currency Contracts |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,203 |  |  | $ | 0 |  |  | $ | 1,203 |
Swap Agreements |  |  | 0 |  |  |  | 0 |  |  |  | (8,509 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (8,509 | )
|  | $ | 0 |  |  | $ | 0 |  |  | $ | (8,509 | ) |  | $ | 1,203 |  |  | $ | 0 |  |  | $ | (7,306 | )
|  | $ | (1,196 | ) |  | $ | 0 |  |  | $ | (8,509 | ) |  | $ | 1,203 |  |  | $ | (1 | ) |  | $ | (8,503 | )

112 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

|  |  |  |  |  | December 31, 2024 |  | (Unaudited)

FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities:

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 0 |  |  | $ | 168,548 |  |  | $ | 49,561 |  |  | $ | 218,109 |
Corporate Bonds & Notes |
Banking & Finance |  |  | 0 |  |  |  | 39,568 |  |  |  | 0 |  |  |  | 39,568 |
Industrials |  |  | 0 |  |  |  | 152,750 |  |  |  | 5,813 |  |  |  | 158,563 |
Utilities |  |  | 0 |  |  |  | 13,161 |  |  |  | 0 |  |  |  | 13,161 |
Municipal Bonds & Notes |
Michigan |  |  | 0 |  |  |  | 387 |  |  |  | 0 |  |  |  | 387 |
U.S. Government Agencies |  |  | 0 |  |  |  | 23,988 |  |  |  | 7,834 |  |  |  | 31,822 |
Non-Agency Mortgage-Backed Securities |  |  | 0 |  |  |  | 124,252 |  |  |  | 0 |  |  |  | 124,252 |
Asset-Backed Securities |
CMBS Other |  |  | 0 |  |  |  | 9,519 |  |  |  | 0 |  |  |  | 9,519 |
Home Equity Other |  |  | 0 |  |  |  | 252,921 |  |  |  | 0 |  |  |  | 252,921 |
Home Equity Sequential |  |  | 0 |  |  |  | 3,374 |  |  |  | 0 |  |  |  | 3,374 |
Whole Loan Collateral |  |  | 0 |  |  |  | 11,516 |  |  |  | 0 |  |  |  | 11,516 |
Other ABS |  |  | 0 |  |  |  | 6,654 |  |  |  | 7,039 |  |  |  | 13,693 |
Sovereign Issues |  |  | 0 |  |  |  | 10,981 |  |  |  | 0 |  |  |  | 10,981 |
Common Stocks |
Consumer Discretionary |  |  | 12,009 |  |  |  | 0 |  |  |  | 0 |  |  |  | 12,009 |
Consumer Staples |  |  | 12,612 |  |  |  | 0 |  |  |  | 0 |  |  |  | 12,612 |
Energy |  |  | 145,025 |  |  |  | 0 |  |  |  | 218,224 |  |  |  | 363,249 |
Financials |  |  | 0 |  |  |  | 0 |  |  |  | 703 |  |  |  | 703 |
Master Limited Partnerships |
Energy |  |  | 222,926 |  |  |  | 0 |  |  |  | 0 |  |  |  | 222,926 |
Short-Term Instruments |
Repurchase Agreements |  |  | 0 |  |  |  | 5,800 |  |  |  | 0 |  |  |  | 5,800 |
U.S. Treasury Bills |  |  | 0 |  |  |  | 925 |  |  |  | 0 |  |  |  | 925 |
|  | $ | 392,572 |  |  | $ | 824,344 |  |  | $ | 289,174 |  |  | $ | 1,506,090 |

Category and Subcategory |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at 12/31/2024 |
Investments in Affiliates, at Value |
Short-Term Instruments |
Central Funds Used for Cash Management Purposes |  | $ | 51,648 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 51,648 |
Total Investments |  | $ | 444,220 |  |  | $ | 824,344 |  |  | $ | 289,174 |  |  | $ | 1,557,738 |
Financial Derivative Instruments - Assets |
Exchange-traded or centrally cleared |  |  | 103 |  |  |  | 0 |  |  |  | 0 |  |  |  | 103 |
Over the counter |  |  | 0 |  |  |  | 27,358 |  |  |  | 0 |  |  |  | 27,358 |
|  | $ | 103 |  |  | $ | 27,358 |  |  | $ | 0 |  |  | $ | 27,461 |
Financial Derivative Instruments - Liabilities |
Over the counter |  | $ | 0 |  |  | $ | (1,614 | ) |  | $ | 0 |  |  | $ | (1,614 | )
Total Financial Derivative Instruments |  | $ | 103 |  |  | $ | 25,744 |  |  | $ | 0 |  |  | $ | 25,847 |
Totals |  | $ | 444,323 |  |  | $ | 850,088 |  |  | $ | 289,174 |  |  | $ | 1,583,585 |

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2024:

Category and Subcategory |  | Beginning Balance at 06/30/2024 |  |  | 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 12/31/2024 |  |  | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2024 (1) |
Investments in Securities, at Value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Participations and Assignments |  | $ | 23,053 |  |  | $ | 36,608 |  |  | $ | (10,023 | ) |  | $ | 32 |  |  | $ | 107 |  |  | $ | 77 |  |  | $ | 2,444 |  |  | $ | (2,737 | ) |  | $ | 49,561 |  |  | $ | 77 |
Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrials |  |  | 0 |  |  |  | 2,234 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (70 | ) |  |  | 3,649 |  |  |  | 0 |  |  |  | 5,813 |  |  |  | (70 | )
U.S. Government Agencies |  |  | 0 |  |  |  | 8,000 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (166 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 7,834 |  |  |  | (166 | )
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home Equity Other |  |  | 74 |  |  |  | 0 |  |  |  | (5 | ) |  |  | 1 |  |  |  | 2 |  |  |  | 1 |  |  |  | 0 |  |  |  | (73 | ) |  |  | 0 |  |  |  | 0 |
Other ABS |  |  | 2,127 |  |  |  | 2,925 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 434 |  |  |  | 1,553 |  |  |  | 0 |  |  |  | 7,039 |  |  |  | 434 |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  |  | 212,794 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,430 |  |  |  | 0 |  |  |  | 0 |  |  |  | 218,224 |  |  |  | 5,430 |
Financials |  |  | 792 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (89 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 703 |  |  |  | (89 | )
Totals |  | $ | 238,840 |  |  | $ | 49,767 |  |  | $ | (10,028 | ) |  | $ | 33 |  |  | $ | 109 |  |  | $ | 5,617 |  |  | $ | 7,646 |  |  | $ | (2,810 | ) |  | $ | 289,174 |  |  | $ | 5,616 |

See Accompanying Notes |  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 113

Consolidated Schedule of Investments |  | PIMCO Dynamic Income Strategy Fund |  | (Cont.) |  | December 31, 2024 |  | (Unaudited)

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 12/31/2024 |  |  | Valuation Technique |  | Unobservable Inputs |  |  |  |  | (% Unless Noted Otherwise) |
|  |  |  | Input Value(s) |  |  | Weighted Average |
Investments in Securities, at Value |
Loan Participations and Assignments |  | $ | 17,899 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 7.890-9.980 |  |  |  | 8.882 |
|  |  | 1,963 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  |  |  | 82.000 |  |  |  | — |
|  |  | 1,064 |  |  | Other Valuation Techniques (2) |  | — |  |  |  |  |  |  | — |  |  |  | — |
|  |  | 6,968 |  |  | Proxy Pricing |  | Base Price |  |  |  |  |  |  | 98.286-100.000 |  |  |  | 99.284 |
|  |  | 9,549 |  |  | Recent Transaction |  | Purchase Price |  |  |  |  |  |  | 98.000-99.500 |  |  |  | 98.755 |
|  |  | 12,118 |  |  | Third Party Vendor |  | Broker Quote |  |  |  |  |  |  | 99.188-116.500 |  |  |  | 102.982 |
Corporate Bonds & Notes |
Industrials |  |  | 305 |  |  | Indicative Market Quotation |  | Broker Quote |  |  |  |  |  |  | 61.000 |  |  |  | — |
|  |  | 5,508 |  |  | Other Valuation Techniques (2) |  | — |  |  |  |  |  |  | — |  |  |  | — |
U.S. Government Agencies |  |  | 7,834 |  |  | Proxy Pricing |  | Base Price |  |  |  |  |  |  | 100.000 |  |  |  | — |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other ABS |  |  | 4,114 |  |  | Discounted Cash Flow |  | Discount Rate |  |  |  |  |  |  | 6.720-11.000 |  |  |  | 9.752 |
|  |  | 2,925 |  |  | Recent Transaction |  | Purchase Price |  |  |  |  |  |  | 100.850 |  |  |  |  |
Common Stocks |
Energy |  |  | 217,972 |  |  | Comparable Companies/Discounted Cash Flow |  | EBITDA Multiple/ Discount Rate |  |  | X/% |  |  |  | 10.800/15.250 |  |  |  | — |
|  |  | 252 |  |  | Reference Instrument |  | Stock Price w/Liquidity Discount |  |  |  |  |  |  | 9.000 |  |  |  | — |
Financials |  |  | 703 |  |  | Comparable Companies |  | EBITDA Multiple |  |  | X |  |  |  | 4.600 |  |  |  | — |
Total |  | $ | 289,174 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2024 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.

114 |  | PIMCO CLOSED-END FUNDS |  |  | See Accompanying Notes |

Notes to Financial Statements |  |  |  | December 31, 2024 |  | (Unaudited)

1. ORGANIZATION
PCM Fund, Inc., PIMCO Global StocksPLUS
®
& Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund (each, a “Fund” and collectively , the “Funds”) are organized as
closed-end
management investment companies registered under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the “Act”). PIMCO Global StocksPLUS
®
& Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts on the dates shown in the table below. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations on the dates shown in the table below. Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) serves as the Funds’ investment manager.

Fund Name |  |  |  |  | Formation Date |
PCM Fund, Inc. |  |  |  |  |  |  | June 23, 1993 |
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  |  |  | February 16, 2005 |
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  |  | December 9, 1993 |
PIMCO Access Income Fund |  |  |  |  |  |  | October 1, 2021 |
PIMCO Dynamic Income Fund |  |  |  |  |  |  | January 19, 2011 |
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  |  | December 23, 2019 |
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  |  | October 25, 2018 |

PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund have established wholly-owned subsidiaries in Delaware. PIMCO Dynamic Income Strategy Fund has established wholly-owned subsidiaries in Cayman Islands and Delaware. See Note 14, Basis for Consolidation in the Notes to Financial Statements for more information regarding the treatment of each Fund’s subsidiaries in the financial statements.
Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”
In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers of the Funds, as listed in the Management of the Funds section of the most recent annual report, act as the Funds’ CODM. Each Fund represents a single
operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds’ portfolio managers as a team. The financial information in the form of each Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus each Fund’s comparative benchmarks and to make resource allocation decisions for each Fund’s single segment, is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statement of Operations.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
(a) Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the
ex-dividend
date, except certain dividends from foreign securities where the
ex-dividend
date may have passed, which are recorded as soon as a Fund is informed of the
ex-dividend
date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 115

Notes to Financial Statements |  | (Cont.) |  |  |  |

reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.
Debt obligations may be placed on
non-accrual
status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from
non-accrual
status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or
non-contractual
forbearance for interest payments that are expected to be paid after agreed upon pay dates.
(b) Foreign Taxes
A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
(c) Foreign Currency Translation
The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may
engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.
(d) Distributions — Common Shares
The following table shows the anticipated frequency of distributions from net investment income to common shareholders.

|  |  |  |  | Distribution Frequency |
Fund Name |  |  |  |  | Declared |  |  | Distributed |
PCM Fund, Inc. |  |  |  |  |  |  | Monthly |  |  |  | Monthly |
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  |  |  | Monthly |  |  |  | Monthly |
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  |  | Monthly |  |  |  | Monthly |
PIMCO Access Income Fund |  |  |  |  |  |  | Monthly |  |  |  | Monthly |
PIMCO Dynamic Income Fund |  |  |  |  |  |  | Monthly |  |  |  | Monthly |
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  |  | Monthly |  |  |  | Monthly |
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  |  | Monthly |  |  |  | Monthly |

Each Fund other than PIMCO Global StocksPLUS
®
& Income Fund and PIMCO Strategic Income Fund, Inc. generally distributes each year all of its net investment income and net short-term capital gains. PIMCO Global StocksPLUS
®
& Income Fund and PIMCO Strategic Income Fund, Inc. intend to distribute all or substantially all of their net investment income and net short-term capital gains over time. In addition, at least annually, each Fund generally distributes net realized long-term capital gains not previously distributed, if any. A Fund may revise its distribution policy or postpone the payment of distributions at any time.
Certain Funds may invest in one or more wholly-owned subsidiaries (each a “Subsidiary” and collectively the “Subsidiaries”) that are treated as disregarded entities for U.S. federal income tax purposes. In the case of a subsidiary that is so treated, for U.S. federal income tax purposes, (i) the Fund is treated as owning the subsidiary’s assets directly; (ii) any income, gain, loss, deduction or other tax items arising in respect of the subsidiary’s assets will be treated as if they are realized or incurred, as applicable, directly by the Fund; and (iii) distributions, if any, the Fund receives from the subsidiary will have no effect on a Fund’s U.S. federal income tax liability.

116 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

PIMCO Cayman Commodity Fund IX, Ltd., a Subsidiary of PIMCO Dynamic Income Strategy Fund organized under the laws of the Cayman Islands (the “Cayman Subsidiary”), will be treated as a controlled foreign corporation. As a result, the Fund will be required to include in gross income for U.S. federal income tax purposes all of its Cayman Subsidiary’s “subpart F income,” whether or not such income is distributed by such Cayman Subsidiary. It is expected that all of the Cayman Subsidiary’s income and realized gains and
mark-to-market
gains will be “subpart F income.” The Fund’s recognition of its Cayman Subsidiary’s “subpart F income” will increase such Fund’s tax basis in its Cayman Subsidiary. Distributions by the Cayman Subsidiary to its Fund will be
tax-free,
to the extent of its previously undistributed “subpart F income,” and will correspondingly reduce the Fund’s tax basis in its Cayman Subsidiary. “Subpart F income” is generally treated by the Fund as ordinary income, regardless of the character of the Cayman Subsidiary’s underlying income or gains. If a net loss is realized by the Cayman Subsidiary, such loss is not generally available to offset the income earned by the Cayman Subsidiary’s parent Fund, and such loss cannot be carried forward to offset taxable income of the parent Fund or the Cayman Subsidiary in future periods.
As of the end of the fiscal year, none of the Funds were in default on long-term debt or had any accumulated dividend in arrears.
A Fund may engage in investment strategies, including those that employ the use of derivatives, to, among other things, seek to generate current, distributable income without regard to possible declines in the Fund’s net asset value (“NAV”). A Fund’s income and gain generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when the Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or
non-U.S.
equity markets or the Fund’s debt investments, or arising from its use of derivatives. A Fund may enter into opposite sides of interest rate swap and other derivatives for the principal purpose of generating distributable gains on the one side (characterized as ordinary income for tax purposes) that are not part of the Fund’s duration or yield curve management strategies, and with a substantial possibility that the Fund will experience a corresponding capital loss and decline in NAV with respect to the opposite side transaction (to the extent it does not have corresponding offsetting capital gains). Consequently, common shareholders may receive distributions and owe tax on amounts that are effectively a taxable return of the shareholder’s investment in the Fund at a time when their investment in a Fund has declined in value, which may be taxed at ordinary income rates. The tax treatment of certain derivatives in which a Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by a Fund
pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise.
Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.
Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or
paid-in
surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors,
tax-related
characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where a Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 117

Notes to Financial Statements |  | (Cont.) |  |  |  |

Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.
(e) New Accounting Pronouncements and Regulatory Updates
In September 2023, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to Rule
35d-1
under the Act, which governs fund naming conventions (the “Names Rule”). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund’s calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund’s policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023, and fund groups with $1 billion or more in net assets will have 24 months to comply with the amendments. At this time, management is evaluating the implications of these changes on the financial statements.
In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280)”. ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure.
ASU 2023-07
is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to each Funds’ financial statements.
In December 2023, FASB issued ASU
2023-09,
which amends quantitative and qualitative income tax disclosure requirements in order
to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
(a) Investment Valuation Policies
The NAV of a 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 Funds’ 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 Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each 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, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that a 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 a 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 Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do 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 PIMCO to be the primary exchange. If market value pricing is used, a foreign
(non-U.S.)
equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, 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 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

118 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule
2a-5,
the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund’s portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).
Domestic and foreign
(non-U.S.)
fixed income securities,
non-exchange
traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more
open-end
management investment companies (other than ETFs), a Fund’s NAV will be calculated based on the NAVs of such investments.
Open-end
management investment companies may include affiliated funds.
If a foreign
(non-U.S.)
equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign
(non-U.S.)
equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign
(non-U.S.)
equity securities, a 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. A 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 a Fund is not open for business, which may result in a 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 a 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 a Fund is not open for business. As a result, to the extent that a 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 each Fund’s next calculated NAV.
Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (
e.g
., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund’s whole loan investments, including those originated by a Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.
Fair valuation may require subjective determinations about the value of a security. While the Funds’ and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, a Fund cannot ensure that fair values accurately reflect the price that a 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 a 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 a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 119

Notes to Financial Statements |  | (Cont.) |  |  |  |

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 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (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 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 Schedule of Investments for each respective Fund.
For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a 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 each respective Fund.
(c) Valuation Techniques and the Fair Value Hierarchy
Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value
The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:
Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
Investments in registered
open-end
investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered
open-end
investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.
Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities,
non-U.S.
bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.
Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use

120 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

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.
Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, 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.
Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, 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 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.
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

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 121

Notes to Financial Statements |  | (Cont.) |  |  |  |

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.
The Option Pricing Model is a commonly accepted method of allocating enterprise value across a capital structure. The method may be utilized when a capital structure includes multiple instruments with varying rights and preferences, there is no short term exit horizon, the nature of an exit event is unknown, or if the enterprise value is not sufficient to cover outstanding debt and preferred claims. The Option Pricing Model can also be used as a method to estimate enterprise value by ‘back-solving’ if there are recent indicative transactions for securities with the same issuer. The Option Pricing Model uses Black-Scholes option pricing, a generally accepted option model typically used to value call options, puts, warrants, and convertible preferred securities. Significant changes in unobservable inputs would result in direct changes in the fair value of the security. These securities are categorized as level 3 of the fair value hierarchy.
The Sum-of-the-Parts model is typically used when an investment or subject company has two or more separate and distinct assets that would each
require its own valuation methodology, typically an income or market approach. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.
Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.
Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.
When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.
4. SECURITIES AND OTHER INVESTMENTS
(a) Investments in Affiliates
Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form
N-PORT
and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Funds’ website at www.pimco.com, or upon request, as applicable. The tables below show the Funds’ transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2024 (amounts in thousands
†
):
Investments in PIMCO Short-Term Floating NAV Portfolio III

Fund Name |  |  |  |  | Market Value 06/30/2024 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Market Value 12/31/2024 |  |  | Dividend Income (1) |  |  | Realized Net Capital Gain Distributions (1) |
PCM Fund, Inc. |  |  |  |  |  | $ | 8,525 |  |  | $ | 22,815 |  |  | $ | (22,500 | ) |  | $ | 3 |  |  | $ | 4 |  |  | $ | 8,847 |  |  | $ | 216 |  |  | $ | 0 |
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  |  |  | 19,770 |  |  |  | 44,890 |  |  |  | (46,200 | ) |  |  | 3 |  |  |  | 12 |  |  |  | 18,475 |  |  |  | 493 |  |  |  | 0 |
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  |  | 24,159 |  |  |  | 125,113 |  |  |  | (132,700 | ) |  |  | 10 |  |  |  | 4 |  |  |  | 16,586 |  |  |  | 320 |  |  |  | 0 |
PIMCO Access Income Fund |  |  |  |  |  |  | 73,519 |  |  |  | 259,082 |  |  |  | (225,700 | ) |  |  | 26 |  |  |  | 23 |  |  |  | 106,950 |  |  |  | 1,987 |  |  |  | 0 |
PIMCO Dynamic Income Fund |  |  |  |  |  |  | 619,008 |  |  |  | 1,679,319 |  |  |  | (1,462,100 | ) |  |  | 29 |  |  |  | 483 |  |  |  | 836,739 |  |  |  | 17,678 |  |  |  | 0 |
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  |  | 138,654 |  |  |  | 495,271 |  |  |  | (360,000 | ) |  |  | 10 |  |  |  | 106 |  |  |  | 274,041 |  |  |  | 4,462 |  |  |  | 0 |
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  |  | 107,084 |  |  |  | 481,315 |  |  |  | (536,800 | ) |  |  | 21 |  |  |  | 28 |  |  |  | 51,648 |  |  |  | 1,943 |  |  |  | 0 |

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

(1) | The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

122 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

An affiliate includes any company in which a Fund owns 5% or more of the company’s outstanding voting shares. The table below represents transactions in and earnings from these affiliated issuers for the period ended December 31, 2024 (amounts in thousands†, except number of shares).
PIMCO Dynamic Income Fund

Security Name |  |  |  |  | Market Value at 06/30/2024 |  |  | Purchases at cost |  |  | Proceeds from Sale |  |  | Net Realized Gain/(Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Market Value at 12/31/2024 |  |  | Dividend Income |  |  | Shares Held at 12/31/2024 |
Amsurg Equity |  |  |  |  |  | $ | 174,118 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (12,969 | ) |  | $ | 161,149 |  |  | $ | 0 |  |  |  | 3,517,243 |
Market Garden Dogwood LLC |  |  |  |  |  |  | 144,925 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 11,170 |  |  |  | 156,095 |  |  |  | 0 |  |  |  | 147,000,000 |
Neiman Marcus Group Ltd. LLC |  |  |  |  |  |  | 81,453 |  |  |  | 0 |  |  |  | (83,407 | ) |  |  | 64,031 |  |  |  | (62,077 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Oi SA |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,253 |  |  |  | 5,253 |  |  |  | 0 |  |  |  | 24,221,572 |
Sierra Hamilton Holder LLC |  |  |  |  |  |  | 3 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3 |  |  |  | 0 |  |  |  | 30,337,712 |

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

(b) Investments in Securities
The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.
Delayed-Delivery Transactions
involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.
Loans and Other Indebtedness, Loan Participations and Assignments
are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund’s investments in loans may be in the form of direct investments, participations in loans or assignments of all or a portion of loans from third parties or exposure to investments in loans through investments in a mutual fund or other pooled investment vehicle. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the agent that is selling the loan agreement.
In the event of the insolvency of the agent selling a participation, a Fund may be treated as a general creditor of the agent and may not benefit from any
set-off
between the agent and the borrower. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.
Investments in loans are generally subject to risks similar to those of investments in other types of debt obligations, including, among others, credit risk, interest rate risk, variable and floating rate securities risk, and risks associated with mortgage-related securities. In addition, in many cases loans are subject to the risks associated with below-investment grade securities. The Funds may be subject to heightened or additional risks and potential liabilities and costs by investing in mezzanine and other subordinated loans, including those arising under bankruptcy, fraudulent conveyance, equitable subordination, environmental and other laws and regulations, and risks and costs associated with debt servicing and taking foreclosure actions associated with the loans.
Additionally, because loans are not ordinarily registered with the SEC or any state securities commission or listed on any securities exchange, there is usually less publicly available information about such instruments. In addition, loans may not be considered “securities” for purposes of the anti-fraud provisions under the federal securities laws and, as a result, as a purchaser of these instruments, a Fund may not be entitled to the anti-fraud protections of the federal securities laws. In the course of investing in such instruments, a Fund may come into possession of material nonpublic information and, because of prohibitions on trading in securities of issuers while in possession of such information, the Fund may be unable to enter into a transaction in a publicly-traded security of that issuer when it would otherwise be

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 123

Notes to Financial Statements |  | (Cont.) |  |  |  |

advantageous for the Fund to do so. Alternatively, a Fund may choose not to receive material nonpublic information about an issuer of such loans, with the result that the Fund may have less information about such issuers than other investors who transact in such assets.
The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans,
B-Notes
and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.
Investments in loans may include unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. Because investing in unfunded loan commitments creates a future obligation for a Fund to provide funding to a borrower upon demand in exchange for a fee, the Fund will segregate or earmark liquid assets with the Fund’s custodian in amounts sufficient to satisfy any such future obligations. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.
Master Limited Partnerships (“MLPs”) are generally publicly traded entities that are organized as limited partnerships or limited liability companies and are treated as partnerships under the Internal Revenue Code. Currently, most MLPs operate in the energy and/or natural resources sectors. The only asset of an MLP is most commonly the ownership of the limited liability company or limited partnership known as the operating entity, which in turn owns subsidiaries and operating assets. The ownership of an MLP is split between the public and a sponsor. Interests in MLPs (“units”) are often traded on securities
exchanges like shares of corporate stock. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the MLP. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, and are intended to receive cash distributions and to have no role in the operation and management of the entity. MLP cash distributions are not guaranteed and depend on each partnership’s or limited liability company’s ability to generate adequate cash flow. The partnership or operating agreements of MLPs determine how cash distributions will be made to general partners and limited partners or to managing members and members, as applicable.
Mortgage-Related and Other Asset-Backed Securities
directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities typically provide a monthly payment which consists of both principal and interest payments. Interest may be determined by fixed or adjustable rates. In times of declining interest rates, there is a greater likelihood that a Fund’s higher yielding securities will be
pre-paid
with the Fund being unable to reinvest the proceeds in an investment with as great a yield. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by
non-governmental
issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts

124 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans,
peer-to-peer
loans and litigation finance loans. The Funds may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including the equity or “first loss” tranche.
Collateralized Debt Obligations
(“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is typically backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than the underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CBO or CLO securities as a class. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO’s manager may perform poorly.
Collateralized Mortgage Obligations
(“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured
into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.
As CMOs have evolved, some classes of CMO bonds have become more common. For example, a Fund may invest in
parallel-pay
and planned amortization class (“PAC”) CMOs and multi-class pass-through certificates.
Parallel-pay
CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are
parallel-pay
CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass-through structure that includes PAC securities must also have support tranches — known as support bonds, companion bonds or
non-PAC
bonds — which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a
pre-determined
range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. A Fund may invest in various tranches of CMO bonds, including support bonds and equity or “first loss” tranches (see “Collateralized Debt Obligations” above).
Insurance-Linked Investments
include, for example, insurance-linked instruments and similar investments, such as reinsurance contracts, sidecars and event-linked bonds, such as catastrophe and resilience bonds, and securities relating to life insurance policies, annuity contracts and premium finance loans. The aforementioned instruments may include life settlement contracts and longevity and mortality investments. In a life settlement contract, a life insurance policy owner transfers his or her policy at a discount to its face value (the amount that is payable upon the death of the insured) in return for an immediate cash settlement. The longer the insured lives, the lower the Fund’s rate of return on the policy. The terms of a longevity bond typically provide that the investor in the bond will receive less than the bond’s par amount at maturity if the actual average longevity (life span) of a specified population of people observed over a specified period of time (typically measured by a

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 125

Notes to Financial Statements |  | (Cont.) |  |  |  |

longevity index) is higher than a specified level. If longevity is higher than expected, the bond will return less than its par amount at maturity. A mortality bond, in contrast to a longevity bond, typically provides that the investor in the bond will receive less than the bond’s par amount at maturity if the mortality rate of a specified population of people observed over a specified period of time (typically measured by a mortality index) is higher than a specified level. During their term, both longevity bonds and mortality bonds typically pay a floating rate of interest to investors.
Stripped Mortgage-Backed Securities
(“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund’s yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Funds may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.
Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.
Payment
In-Kind
Securities
may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.
Perpetual Bonds
are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.
Real Estate Investment Trusts
(“REITs”)
are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Funds that invest in REITs will bear their proportionate share of the costs of the REITs’ operations.
Restricted Investments
are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of December 31, 2024, as applicable, are disclosed in the Notes to Schedules of Investments.
Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises
are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon

126 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.
Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government. Instead, they are supported only by the discretionary authority of the U.S. Government to purchase the agency’s obligations.
In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of
TBA-eligible
securities (the “Single Security Initiative”). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.
Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.
Warrants
are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than
the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.
When-Issued Transactions
are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).
5. BORROWINGS AND OTHER FINANCING TRANSACTIONS
The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.
The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.
(a) Repurchase Agreements
Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 127

Notes to Financial Statements |  | (Cont.) |  |  |  |

maturity repurchase agreement, there is no
pre-determined
repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians (in the case of
tri-party
repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.
(b) Reverse Repurchase Agreements
In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no
pre-determined
repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce a Fund’s obligation to repurchase the securities. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price.
(c) Short Sales
Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments.
When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is “against the box” if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where a Fund is unable, for whatever reason, to close out its short position.
6. FINANCIAL DERIVATIVE INSTRUMENTS
The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.
The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.
PIMCO Global StocksPLUS
®
& Income Fund and PIMCO Dynamic Income Strategy Fund are subject to regulation as commodity pools under the Commodity Exchange Act by the Commodity Futures Trading Commission (the “CFTC”). The Manager has registered with the CFTC as a Commodity Pool Operator and a Commodity Trading Adviser with respect to the Funds, and is a member of the National Futures Association. As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply to PIMCO Global StocksPLUS
®
& Income Fund and PIMCO Dynamic Income Strategy Fund.

128 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

(a) Forward Foreign Currency Contracts
may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.
(b) Futures Contracts
are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“Futures Variation Margin”). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange-traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.
(c) Options Contracts
may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options
tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.
Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.
Options on Exchange-Traded Funds
use a specified exchange-traded fund as the underlying instrument for the option contract. A Fund may write or purchase options to enhance returns or to hedge an existing position or future investment.
Options on Indexes
(“Index Option”) use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.
(d) Swap Agreements
are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party,

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 129

Notes to Financial Statements |  | (Cont.) |  |  |  |

known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.
Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.
For purposes of a Fund’s investment policy adopted pursuant to
Rule 35d-1
under the Act (if any), the Fund will account for derivative instruments at market value. For purposes of applying a Fund’s other investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better
reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.
Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.
A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.
To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.
Asset Swap Agreements
convert the cash flows from an underlying security from fixed coupon to floating coupon, floating coupon to fixed coupon, or from one currency to another. The terms and conditions of the asset swap are the same as for an interest rate swap. However, an asset swap is unique in that one interest payment is tied to cash flows from an investment, such as corporate bonds or sovereign issues. The other payment is typically tied to an alternative index, such as a floating rate or a rate denominated in a different currency.
Credit Default Swap Agreements
on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an

130 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.
If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a 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, other deliverable obligations 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. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive 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. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a
cheapest-to-deliver
option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).
Credit default swap agreements on corporate or sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to
deliver other obligations may result in a
cheapest-to-deliver
option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).
Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the agreement, undergoes a certain credit event. Unlike credit default swaps on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues, deliverable obligations in most instances would be limited to the specific referenced obligation, or in some cases, specific tranches of the specified reference obligation, as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default.
Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 131

Notes to Financial Statements |  | (Cont.) |  |  |  |

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. 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. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, 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.
The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.
Interest Rate Swap Agreements
may be entered into to help hedge against interest rate risk exposure and to maintain a Fund’s ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to
the other to the extent that interest rates exceed a specified rate, or ‘‘cap’’, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or ‘‘floor’’, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.
Total Return Swap Agreements
are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.
7. PRINCIPAL AND OTHER RISKS
(a) Principal Risks
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a complete list of the principal risks the Funds may be subject to, please see the Principal Risks of the Funds section of the Funds’ annual report dated June 30, 2024.

132 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

|  |  |  |  | PCM Fund, Inc. (PCM) |  |  | PIMCO Global StocksPLUS ® & Income Fund (PGP) |  |  | PIMCO Strategic Income Fund, Inc. (RCS) |  |  | PIMCO Access Income Fund (PAXS) |  |  | PIMCO Dynamic Income Fund (PDI) |  |  | PIMCO Dynamic Income Strategy Fund (PDX) |  |  | PIMCO Dynamic Income Opportunities Fund (PDO) |
Asset Allocation |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Call |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Collateralized Bond Obligations, Collateralized Loan Obligations and Collateralized Debt Obligations |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Commodity |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | X |  |  |  | — |
Confidential Information Access |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Contingent Convertible Securities |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Convertible Securities |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Corporate Debt |  |  |  |  |  |  | — |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Counterparty |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
“Covenant-lite” Obligations |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Credit Default Swaps |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Credit |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Currency |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Cyber Security |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Debt Securities |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Derivatives |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Distressed and Defaulted Securities |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Distribution Rate |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Emerging Markets |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Energy Sector |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | X |  |  |  | — |
Equity Securities and Related Market |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Focused Investment |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Foreign (Non·U.S.) Investment |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Foreign (Non-U.S.) Government Securities |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Foreign Loan Originations |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
High Yield Securities |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Industry Specific |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Inflation/Deflation |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Inflation-Indexed Security |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Insurance-Linked and Other Instruments |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Interest Rate |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Investments in REITS |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | X |  |  |  | — |  |  |  | — |
Issuer |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Leverage |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Limited Term |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | X |  |  |  | — |  |  |  | X |  |  |  | X |
Liquidity |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Loan Origination |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Loans and Other Indebtedness; Loan Participations and Assignments |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Management |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Market Discount |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Market Disruptions |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Market |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Mortgage-Related and Other Asset-Backed Securities |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Mortgage-Related Derivative Instruments |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Municipal Bond |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | X |  |  |  | — |
Non-Diversification |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | X |  |  |  | — |  |  |  | — |  |  |  | — |
Operational |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Other Investment Companies |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Platform |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Portfolio Turnover |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Potential Conflicts of Interest Risk-Allocation of Investment Opportunities |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Preferred Securities |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |
Privacy and Data Security |  |  |  |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |  |  |  | X |

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 133

Notes to Financial Statements |  | (Cont.) |  |  |  |

|  |  |  |  | PCM Fund, Inc. (PCM) |  | PIMCO Global StocksPLUS ® & Income Fund (PGP) |  | PIMCO Strategic Income Fund, Inc. (RCS) |  | PIMCO Access Income Fund (PAXS) |  | PIMCO Dynamic Income Fund (PDI) |  | PIMCO Dynamic Income Strategy Fund (PDX) |  | PIMCO Dynamic Income Opportunities Fund (PDO)
Private Commercial Real Estate |  |  |  |  |  | — |  | — |  | — |  | — |  | X |  | — |  | —
Private Placement and Restricted Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Privately-Issued Mortgage-Related Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Real Estate |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Real Estate Joint Venture |  |  |  |  |  | — |  | — |  | — |  | — |  | X |  | — |  | —
Regulation S Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | — |  | — |  | —
Regulatory Changes |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Regulatory Risk-Commodity Pool Operator |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Regulatory Risk-LIBOR |  |  |  |  |  | — |  | — |  | — |  | X |  | X |  | X |  | X
Reinvestment |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
REIT |  |  |  |  |  | — |  | — |  | — |  | X |  | X |  | — |  | —
REIT Subsidiary |  |  |  |  |  | — |  | — |  | — |  | — |  | X |  | — |  | —
Repurchase Agreements |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Risks of Equity Securities of MLPS |  |  |  |  |  | — |  | — |  | — |  | — |  | — |  | X |  | —
Risks of Debt Securities of MLPS Risks of MLP General Partner and Managing Member Interests |  |  |  |  |  | — |  | — |  | — |  | — |  | — |  | X |  | —
Risks of ETNs |  |  |  |  |  | — |  | — |  | — |  | — |  | — |  | X |  | —
Risk Retention Investment |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Securities Lending |  |  |  |  |  | — |  | — |  | — |  | — |  | X |  | — |  | —
Senior Debt |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Short Exposure |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Smaller Company |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Sovereign Debt |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Special Purpose Acquisition Companies (“SPACs”) |  |  |  |  |  | — |  | — |  | — |  | — |  | X |  | — |  | —
Structured Investments |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Subprime |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Subsidiary |  |  |  |  |  | — |  | — |  | — |  | X |  | X |  | X |  | X
Synthetic Convertible Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Tax |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Total Return Swap |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
U.S. Government Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Valuation |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Zero-Coupon Bond, Step-Ups and Payment-in-Kind Securities |  |  |  |  |  | — |  | — |  | — |  | X |  | X |  | X |  | X

Asset Allocation Risk
is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.
Call Risk
is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.
Collateralized Bond Obligations, Collateralized Loan Obligations and Collateralized Debt Obligations Risk
is the risk that an investment in a CLO, CBO or other CDO depends largely on the type of the collateral securities and the class/tranche of the instrument in which the Fund invests. In addition to the normal risks associated with debt instruments (e.g., interest rate risk and credit risk), CLOs, CBOs and CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from the collateral will not be adequate to make interest or other payments; (ii) the risk that the quality of the collateral may decline in value or default; (iii) the risk that the Fund may invest in CBOs, CLOs or other CDOs that are subordinate to other classes; and (iv) the risk that the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or others and may produce unexpected investment results.

134 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.
Confidential Information Access Risk
is the risk that, in managing a Fund (and other PIMCO clients), PIMCO may from time to time have the opportunity to receive material,
non-public
information (“Confidential Information”) about the issuers of certain investments, including, without limitation, senior floating rate loans, other loans and related investments being considered for acquisition by the Fund or held in the Fund’s portfolio. If PIMCO intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates.
Contingent Convertible Securities Risk
is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk that the principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund.
Convertible Securities Risk
is the risk that the market values of convertible securities may decline as interest rates increase and, conversely, may increase as interest rates decline. A convertible security’s market value, however, tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security’s “conversion price.” The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated
stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities may be paid before the company’s common stockholders but after holders of any senior debt obligations of the company. Consequently, the issuer’s convertible securities generally entail less risk than its common stock but more risk than its debt obligations. Convertible securities are often rated below investment grade or not rated.
Corporate Debt Securities Risk
is the risk that the market value of a corporate debt security may be affected by factors directly relating to the issuer and that the issuers of corporate debt securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. The market value of corporate debt securities generally may be expected to rise and fall inversely with interest rates. In addition, certain corporate debt securities may be highly customized and as a result may be subject to, among others, liquidity and valuation/pricing transparency risks.
Counterparty Risk
is the risk that the Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation,
winding-up,
bankruptcy, or other analogous proceeding.
“Covenant-Lite” Obligations Risk
is the risk that covenant-lite obligations contain fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Covenant-lite loans may carry more risk than traditional loans as they allow individuals and corporations to engage in activities that would otherwise be difficult or impossible under a covenant-heavy loan agreement. In the event of default, covenant-lite loans may exhibit diminished recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default.
Credit Default Swaps Risk
is the risk of investing in credit default swaps, including illiquidity risk, counterparty risk, leverage risk and credit risk. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 135

Notes to Financial Statements |  | (Cont.) |  |  |  |

deliverable obligation received by the seller (if any), coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. When the Fund acts as a seller of a credit default swap, it is exposed to many of the same risks of leverage described herein. As the seller, a Fund would receive a stream of payments over the term of the swap agreement provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. A Fund would effectively add leverage to its portfolio because, if a default occurs, the stream of payments may stop and, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. In addition, selling credit default swaps may not be profitable for the Fund if no secondary market exists or the Fund is otherwise unable to close out these transactions at advantageous times.
Credit Risk
is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security (including a security purchased with securities lending collateral), the counterparty to a derivative contract, or the issuer or guarantor of collateral, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor its obligations. The risk that such issuer, guarantor or counterparty is less willing or able to do so is heightened in market environments where interest rates are rising. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.
Currency Risk
is the risk that investments denominated in foreign
(non-U.S.)
currencies or in securities that trade in and receive revenues in, foreign
(non-U.S.)
currencies, or derivatives or other instruments that provide exposure to foreign
(non-U.S.)
currencies may decline in value, due to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.
Cyber Security Risk
is the risk that, as the use of technology, including cloud-based technology, has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing,
who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders.
These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.
Debt Securities Risk
is the risk that prices of bonds and other fixed income securities will generally increase as interest rates fall and decrease as interest rates rise. Income from the Fund’s portfolio may decline if the Fund invests the proceeds from matured, traded or called fixed income securities at market interest rates that are below the portfolio’s current earnings rate. The value of most bond funds and fixed income securities are impacted by changes in interest rates. Bonds and bond funds with longer durations tend to be more sensitive and more volatile than securities with shorter durations; bond prices generally fall as interest rates rise.
Derivatives Risk
is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar instrument may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested.
Changes in the value of a derivative or other similar instruments may also create margin delivery or settlement payment obligations for a Fund. A Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility.
Non-centrally
cleared
over-the-counter
(“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for
non-centrally
cleared

136 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund’s performance.
Distressed and Defaulted Securities Risk
is the risk of investing in the securities of financially distressed issuers, including the risk of default. These securities may fluctuate more in price and are typically less liquid. Distressed securities generally trade significantly below “par” or fall value. The Fund also will be subject to significant uncertainty as to when, and in what manner, and for what value obligations evidenced by securities of financially distressed issuers will eventually be satisfied.
Distribution Rate Risk
is the risk that, although the Fund may seek to maintain level distributions, the Fund’s distribution rates may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate or that the rate will be sustainable in the future.
Emerging Markets Risk
is the risk of investing in emerging market securities, primarily increased foreign
(non-U.S.)
investment risk.
Energy Sector Risk
is the risk that applies to a Fund’s investments in MLPs and other companies which operate natural gas, natural gas liquids, crude oil, refined products, coal or other facilities within the energy sector. A Fund’s performance will be susceptible to fluctuations in commodity prices, changes in the supply of or demand for energy commodities, an inability to acquire additional energy deposits sufficient to replace the natural depletion of existing reserves, environmental and safety regulations, seasonal and extreme weather, catastrophic events or accidents, acquisition costs and erroneous assumptions regarding new acquisitions and the cyclical fluctuation and intense price competition inherent to the energy industry. Additionally, MLPs and other entities operating in the energy sector are subject to industry-specific risks related to infrastructure, which includes transportation via pipeline, the gathering, processing and midstream storage of resources, variations in upstream and downstream demand, and the effects of land, weather and unforeseen events on oil, oilfields, coal stockpiles, power infrastructure and marine transportation.
Equity Securities and Related Market Risk
is the risk that the value of equity securities, such as common stocks and preferred securities, may
decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.
Focused Investment Risk
is the risk that, to the extent that the Fund focuses its investments in a particular industry, country or geographic region, the NAV of its common shares will be more susceptible to events or factors affecting companies in that industry, country or geographic region.
Foreign
(Non-U.S.)
Government Securities Risk
is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.
Foreign
(Non-U.S.)
Investment Risk
is the risk that investing in foreign
(non-U.S.)
securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.
Foreign Loan Originations Risk
is the risk associated with a Fund originating loans to foreign entities and individuals, including foreign
(non-U.S.)
and emerging market entities and individuals, which may involve risks not ordinarily associated with exposure to loans to U.S. entities and individuals due to more or less governmental supervision and regulation than exists in the U.S. Due to differences in legal systems, there may be difficulty in obtaining or enforcing a court judgment outside the U.S. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. The Fund’s loans to foreign entities and individuals may be subject to risks of increased transaction costs, potential delays in settlement or unfavorable differences between the U.S. economy and foreign economies.
High Yield Securities Risk
is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit, call and liquidity risks, including the risk that a court will subordinate high yield senior debt to other debt of the issuer or take other actions detrimental to holders of the senior debt. High yield securities are considered primarily

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 137

Notes to Financial Statements |  | (Cont.) |  |  |  |

speculative with respect to the issuer’s continuing ability to make principal and interest payments and may be more volatile than higher- rated securities of similar maturity.
Industry Specific Risks
are the risks that MLPs and other entities operating in a specific sector that are specific to the industry within that sector they serve.
Inflation/Deflation Risk
is the risk that the value of assets or income from a Fund’s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund’s portfolio could decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy or changes in fiscal or monetary policies. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio and common shares.
Inflation-Indexed Security Risk
is the risk that inflation-indexed debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including Treasury Inflation- Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income for the amount of the increase in the calendar year, even though the Fund will not receive the principal until maturity.
Insurance-Linked and Other Instruments Risk
is the risk that a Fund could lose a portion or all of the principal it has invested in insurance-linked instruments and similar investments (which may include, for example, reinsurance contracts, sidecars and event-linked bonds, such as catastrophe and resilience bonds, and securities relating to life insurance policies, annuity contracts and premium finance loans).
Interest Rate Risk
is the risk that fixed income securities and other instruments in a Fund’s portfolio will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.
Investments in REITs Risk
is the risk that an investment in a REIT, or in a real estate linked derivative instrument linked to the value of a REIT, is subject to the risks that impact the value of the underlying
properties of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, changes to the tax laws, or failure by the REIT to qualify for favorable tax treatment.
Issuer Risk
is the risk that the value of a security may decline for a number of reasons directly related to the issuer, such as management performance, major litigation, investigations or other controversies, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives, financial leverage, reputation or reduced demand for the issuer’s goods or services.
Leverage Risk
is the risk that certain transactions of a Fund, such as direct borrowing from banks, reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.
Limited Term Risk
is the risk that unless the limited term provision of the Fund’s Declaration of Trust is amended by shareholders in accordance with the Declaration of Trust, or unless the Fund completes an Eligible Tender Offer and converts to perpetual existence, the Fund will terminate on or about a date specified in the Fund’s Prospectus.
Liquidity Risk
is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or possibly require a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer.
Loan Origination Risk
is the risk associated with the fact that a Fund may also seek to originate loans, including, without limitation, residential and/or commercial real estate or mortgage-related loans, consumer loans or other types of loans, which may be in the form of whole loans, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans or similar investments. A Fund may originate loans to corporations and/or other legal entities and individuals, including foreign
(non-U.S.)
entities and individuals. Such borrowers may have credit ratings that are determined by one or more NRSROs or PIMCO to be below investment grade. This may include loans to public or private firms

138 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

or individuals, such as in connection with housing development projects. The loans the Fund invests in or originates may vary in maturity and/or duration. The Fund is not limited in the amount, size or type of loans it may invest in and/or originate, including with respect to a single borrower or with respect to borrowers that are determined to be below investment grade, other than pursuant to any applicable law. The Fund’s investment in or origination of loans may also be limited by the requirements the Fund intends to observe under Subchapter M of the Code in order to qualify as a RIC. A Fund may subsequently offer such investments for sale to third parties, provided that there is no assurance that a Fund will complete the sale of such an investment. If a Fund is unable to sell, assign or successfully close transactions for the loans that it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time.
This could result in a Fund’s investments having high exposure to certain borrowers. A Fund will be responsible for the expenses associated with originating a loan (whether or not consummated). This may include significant legal and due diligence expenses, which will be indirectly borne by a Fund and Common Shareholders.
Loans and Other Indebtedness; Loan Participations and Assignments Risk
is the risk that scheduled interest or principal payments will not be made in a timely manner or at all, either of which may adversely affect the values of a loan. Additionally, there is a risk that the collateral underlying a loan may be unavailable or insufficient to satisfy a borrower’s obligation, and the Fund could become part owner of any collateral if a loan is foreclosed, subjecting a Fund to costs associated with owning and disposing of the collateral.
In the event of the insolvency of the lender selling a participation, there is a risk that a Fund may be treated as a general creditor of the lender and may not benefit from any
set-off
between the lender and the borrower.
If a loan is foreclosed, the Fund may become owner of the loan’s collateral. The Fund may bear the costs and liabilities associated with owning and holding or disposing of the collateral.
There is the risk that a Fund may have difficulty disposing of loans and loan participations due to the lack of a liquid secondary market for loans and loan participations.
To the extent a Fund invests in loans or originates loans, including bank loans, the Fund may be subject to greater levels of credit risk, call risk, settlement risk and liquidity risk than funds that do not acquire such instruments.
Management Risk
is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or
potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.
Market Discount Risk
is the risk that the price of a Fund’s common shares of beneficial interest will fluctuate with market conditions and other factors. Shares of
closed-end
management investment companies frequently trade at a discount from their net asset value.
Market Disruptions Risk
is the risk of investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund.
Market Risk
is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or companies.
Mortgage-Related and Other Asset-Backed Securities Risk
is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.
Mortgage-Related Derivative Instruments Risk
is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the other of the Fund’s guidelines), which generally carry higher levels of the foregoing risks.
Municipal Bond Risk
is the risk that by investing in Municipal Bonds the Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”) to pay interest or repay principal.
Non-Diversification
Risk
is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 139

Notes to Financial Statements |  | (Cont.) |  |  |  |

with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are
“non-diversified”
may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified.”
Operational Risk
is the risk arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.
Other Investment Companies Risk
is the risk that Common Shareholders may be subject to duplicative expenses to the extent a Fund invests in other investment companies. In addition, these other investment companies may utilize leverage, in which case an investment would subject the Fund to additional risks associated with leverage.
Platform Risk
is the risk resulting from the fact that the Alt Lending ABS in which the Fund invests are typically not listed on any securities exchange and not registered under the Securities Act. In addition, the Fund anticipates that these instruments may only be sold to a limited number of investors and may have a limited or
non-existent
secondary market. Accordingly, the Fund currently expects that certain of the investments in Alt Lending ABS will face heightened levels of liquidity risk. Although currently there is generally no reliable, active secondary market for certain Alt Lending ABS, a secondary market for these Alt Lending ABS may develop. If the Fund purchases Alt Lending ABS on an alternative lending platform, the Fund will have the right to receive principal and interest payments due on loans underlying the Alt Lending ABS only if the platform servicing the loans receives the borrower’s payments on such loans and passes such payments through to the Fund. If a borrower is unable or fails to make payments on a loan for any reason, the Fund may be greatly limited in its ability to recover any outstanding principal or interest due, as (among other reasons) the Fund may not have direct recourse against the borrower or may otherwise be limited in its ability to directly enforce its rights under the loan, whether through the borrower or the platform through which such loan was originated. For example, the loan may be unsecured or under-collateralized and/or it may be impracticable to commence a legal proceeding against the defaulting borrower.
Portfolio Turnover Risk
is the risk that a high portfolio turnover will result in greater expenses to a Fund, including brokerage commissions or dealer
mark-ups
and other transaction costs on the sale of securities and reinvestments in other securities. The higher the rate of portfolio
turnover of a Fund, the higher these transaction costs borne by the Fund generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses) and may adversely affect the Fund’s
after-tax
returns.
Potential Conflicts of Interest Risk — Allocation of Investment Opportunities
is the risk that PIMCO’s or any of its affiliate’s interests or the interests of its clients may conflict with those of the Funds and the results of a Fund’s investment activities may differ from those of the Fund’s affiliates, or another account managed by PIMCO or its affiliates, and it is possible that the Fund could sustain losses during periods in which one or more of the Fund’s affiliates and/or other accounts managed by PIMCO or its affiliates, including proprietary accounts, achieve profits on their trading.
Preferred Securities Risk
is the risk that certain preferred securities contain provisions that allow an issuer under certain conditions to skip or defer distributions which may require the Fund to include the amount of the deferred distribution in its taxable income for tax purposes although it does not currently receive such amount in cash. Additionally, preferred securities are subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt securities. Preferred securities may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities, such as common stocks, corporate debt securities and U.S. Government securities.
Privacy and Data Security Risk
is the risk resulting from the fact that the Gramm-Leach-Bliley Act (“GLBA”) and other laws limit the disclosure of certain
non-public
personal information about a consumer to
non-affiliated
third parties and require financial institutions to disclose certain privacy policies and practices with respect to information sharing with both affiliates and
non-affiliated
third parties. Many states and a number of
non-U.S.
jurisdictions have enacted privacy and data security laws requiring safeguards on the privacy and security of consumers’ personally identifiable information. Other laws deal with obligations to safeguard and dispose of private information in a manner designed to avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade Commission and the SEC implement GLBA and other requirements and govern the disclosure of consumer financial information by certain financial institutions, ranging from banks to private investment funds. U.S. platforms following certain models generally are required to have privacy policies that conform to these GLBA and other requirements. In addition, such platforms typically have policies and procedures intended to maintain platform participants’ personal information securely and dispose of it properly.

140 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

Private Placement and Restricted Securities Risk
is the risk that securities received in a private placement may be subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities and the risk that a Fund’s investment in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act, may be relatively less liquid than registered securities traded on established securities markets. The Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks.
Private Commercial Real Estate Risk
is the risk that exposure to private commercial real estate comes with a variety of risks, including lease defaults, terminations by one or more tenants or landlord-tenant disputes that may reduce the revenues and net income from investments in U.S. and
non-U.S.
real estate investments through one or more controlled subsidiaries structured as real estate investment trusts (each a “REIT Subsidiary”), which would reduce the amount of income payable by the REIT Subsidiary to the Fund. Any of these situations may result in extended periods during which there is a significant decline in revenues or no revenues generated by a property. If this occurred, it could adversely affect a Fund’s performance.
Privately-Issued Mortgage-Related Securities Risk
is the risk of nonpayment because there are no direct or indirect government or agency guarantees of payments in the pools created by
non-governmental
issuers.
Real Estate Risk
is the risk associated with investing in real estate investments, including investments in equity or debt securities issued by private and public real estate investment trusts (“REITs”), real estate operating companies (“REOCs”), private or public real estate-related loans and real estate-linked derivative instruments. The Fund will be subject to the risks associated with owning real estate and with the real estate industry generally.
Real Estate Joint Venture Risk
is the risk that in joint ventures with third parties to make investments, the investments in U.S. and
non-U.S.
real estate investments through one or more controlled subsidiaries structured as real estate investment trusts (each a “REIT Subsidiary”) would generally share control with the third-party partner (for example, the REIT Subsidiary may have approval rights over some or all of the joint venture’s activities, and in limited circumstances that do not amount to primary control of the joint venture, may have the ability to require that the joint venture take specific actions), even though the REIT Subsidiary may hold a majority of the economic interests of a joint venture.
Regulation S Securities Risk
is the risk that Regulation S securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements
that would be applicable if they were publicly traded. Accordingly, Regulation S Securities may involve a high degree of business and financial risk and may result in substantial losses.
Regulatory Changes Risk
is the risk that is associated with the fact that financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and /or preclude the Fund’s ability to achieve its investment objectives. Government regulation may change frequently and may have significant adverse consequences. The Fund and PIMCO have historically been eligible for exemptions from certain regulations.
However, there is no assurance that the Fund and PIMCO will continue to be eligible for such exemptions. Moreover, government regulation may have unpredictable and unintended effects.
Regulatory Risk — Commodity Pool Operator
is the risk associated with the CFTC’s adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in futures, options on futures or commodities, swaps or other financial instruments regulated under the Commodity Exchange Act (“CEA”) and the rules thereunder (“commodity interests”), or if the Fund markets itself as providing investment exposure to such instruments. PIMCO is registered with the CFTC as a Commodity Pool Operator.
Regulatory Risk — LIBOR
is the risk related to the discontinuation of the London Interbank Offered Rate (“LIBOR”). Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on a Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to the Fund.
Reinvestment Risk
is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio’s current earnings rate. The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons.
REIT Risk
is the risk associated with investing in REITs, which are pooled investment vehicles that own, and usually operate, income- producing real estate. Some REITs also finance real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains),

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 141

Notes to Financial Statements |  | (Cont.) |  |  |  |

then it is not typically taxed on the income distributed to shareholders. Therefore, REITs may pay higher dividends than other issuers.
REIT Subsidiary Risk
is the risk that investments in U.S. and
non-U.S.
real estate investments through one or more controlled subsidiaries structured as real estate investment trusts (each a “REIT Subsidiary”) are subject to risks associated with the direct ownership of real estate. REIT Subsidiaries may be affected by changes in the real estate markets generally as well as changes in the values of any properties owned by the REIT Subsidiaries or securing any mortgages owned by the REIT Subsidiaries (which changes in value could be influenced by market conditions for real estate in general or fluctuations in the value of rights to natural resources appurtenant to the properties held by the REIT Subsidiaries).
Repurchase Agreements Risk
is the risk that, if the party agreeing to repurchase a security should default, a Fund will seek to sell the securities which it holds, which could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.
Risks of Equity Securities of MLPs, Risks of Debt Securities of MLPs, and Risks of MLP General Partner and Managing Member Interests
is the risk that investments in equity and debt securities of MLPs and/or their affiliates are subject to risks in addition to those risks associated with investments in all equity and debt securities. Holders of MLP units have more limited rights for voting and control than shareholders of common stock in a corporation, additional tax risks and additional potential conflicts of interest among unit holders and partners. MLP subordinated units generally entail greater risk than MLP common units as a result of more limited distribution rights. Additionally, distributions by certain MLPs may be affected by the failure of an affiliated party to satisfy its obligations to an MLP or by an MLP’s loss of customers or suppliers. A Fund’s investment in MLPs or other entities that hold a general partner or managing member interest and IDRs in MLPs may be subject to additional liability greater than the investment amount and may have higher distribution prospects which would decline at a greater rate than the decline rate in and MLP’s distributions or be eliminated if the MLP unit holders choose to remove the general partner or managing member.
Risks of ETNs
is the risk that the value of exchange-traded notes (“ETNs”) may be influenced by time to maturity, level of supply and demand for the ETN, volatility, and lack of liquidity in underlying markets, changes in the applicable interest rates and underlying reference asset values, changes in the issuer’s credit rating, and economic, legal, political, or geographic events that may affect the referenced index.
Risk Retention Investment Risk
is the risk associated with the Fund’s investments in risk retention tranches of commercial mortgage-backed
securities (“CMBS”) or other eligible securitizations, if any (“risk
retention tranches”), which are eligible residual interests typically held by the sponsors of such securitizations pursuant to the final rules implementing the credit risk retention requirements of Section 941 of the Dodd-Frank Act (the “U.S. Risk Retention Rules”). There can be no assurance that the applicable federal agencies charged with the implementation of the final U.S. Risk Retention Rules (the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Reserve Board, the SEC, the Department of Housing and Urban Development, and the Federal Housing Finance Agency) could not take positions in the future that differ from the interpretation of such rules taken or embodied in such securitizations, or that the final U.S. Risk Retention Rules will not change. Furthermore, if the Fund breaches any undertakings in any risk retention agreement, it will be exposed to claims by the other parties thereto, including for any losses incurred as a result of such breach, which could be significant and exceed the value of the Fund’s investments.
Securities Lending Risk
is the risk that, when a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned and lose rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party arranging the loan, which may be an affiliate of the Fund.
Senior Debt Risk
is the risk that the Fund may be subject to greater levels of credit risk than funds that do not invest in below investment grade senior debt. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in senior debt. Restrictions on transfers in loan agreements, a lack of publicly available information and other factors may, in certain instances, make senior debt more difficult to sell at an advantageous time or price than other types of securities or instruments.
Short Exposure Risk
is the risk of entering into short sales, or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.
Smaller Company Risk
is the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. A Fund’s investments in smaller companies subject it to greater levels of credit, market and issuer risk.
Sovereign Debt Risk
is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.

142 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

Special Purpose Acquisition Companies (“SPACs”) Risk
is the risk that, because SPACs and similar entities are in essence “blank check” companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. A SPAC’s structure may result in significant dilution of a stockholder’s share value immediately upon the completion of a business combination due to, among other reasons, interests held by the SPAC sponsor, conversion of warrants into additional shares, shares issued in connection with a business combination and/or certain embedded costs. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which are typically traded in the
over-the-counter
market, may be considered illiquid and/or be subject to restrictions on resale.
Structured Investments Risk
is the risk that a Fund’s investment in structured products, including structured notes, credit-linked notes and other types of structured products bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Structured products generally entail risks associated with derivative instruments.
Subprime Risk
is the risk that loans, and debt instruments collateralized by loans (including Alt Lending ABS), acquired by the Fund may be subprime in quality, or may become subprime in quality. Although there is no specific legal or market definition of “subprime,” subprime loans are generally understood to refer to loans made to borrowers that display poor credit histories and other characteristics that correlate with a higher default risk. Accordingly, subprime loans, and debt instruments secured by such loans, have speculative characteristics and are subject to heightened risks, including the risk of nonpayment of interest or repayment of principal, and the risks associated with investments in high yield securities. In addition, these instruments could be subject to increased regulatory scrutiny. The Fund is not restricted by any particular borrower credit criteria when acquiring loans or debt instruments collateralized by loans.
Subsidiary Risk
is the risk that, by investing in a Fund’s Subsidiary, the Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. Each Subsidiary is not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.
Synthetic Convertible Securities Risk
is the risk that the values of synthetic convertible securities will respond differently to market fluctuations than a traditional convertible security because a synthetic convertible is composed of two or more separate securities or instruments, (such as a debt security and a warrant or option to purchase another security), each with its own market value. Synthetic convertible securities are also subject to the risks associated with derivatives. In addition, if the value of the underlying common stock or the level of the index involved in the convertible element falls below the strike price of the warrant or option, the warrant or option may lose all value.
Tax Risk
is the risk that if, in any year, a Fund were to fail to qualify for treatment as a regulated investment company under the Tax Code, and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to a further tax to the extent of the Fund’s current or accumulated earnings and profits.
Total Return Swap Risk
is the risk that total return swaps could result in losses if the underlying asset or reference does not perform as anticipated, that they add leverage to a Fund’s portfolio and the risk that the counterparty might default on the contract. Total return swaps can have the potential for unlimited losses. Total return swaps are also subject to certain other risks applicable to derivatives transactions generally.
U.S. Government Securities Risk
is the risk that the obligations supported by (i) the full faith and credit of the United States, (ii) the right of the issuer to borrow from the U.S. Treasury, (iii) the discretionary authority of the U.S. Government to purchase the agency’s obligations (iv) or only by the credit of the agency, instrumentality or corporation will not be satisfied in full, or that such obligations will decrease in value or default. U.S. government securities are subject to market risk, interest rate risk and credit risk.
Valuation Risk
is the risk that fair value pricing used when market quotations are not readily available may not result in adjustments to the prices of securities or other assets, or that fair value pricing may not reflect actual market value. It is possible that the fair value determined in good faith for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.
Zero-Coupon Bond,
Step-Ups
and
Payment-in-Kind
Securities Risk
is the risk presented by the market prices of
zero-coupon,
step ups and
payment-in-kind
securities generally being more volatile than the prices of securities that pay interest periodically and in cash and being likely to respond to changes in interest rates to a greater degree than other

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 143

Notes to Financial Statements |  | (Cont.) |  |  |  |

types of debt securities with similar maturities and credit quality. In addition, as these securities may not pay cash interest, the Fund’s investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.
(b) Other Risks
In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund’s then-currently effective prospectus and statement of additional information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.
8. MASTER NETTING ARRANGEMENTS
A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at
pre-arranged
exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with
counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.
Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.
Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the CFTC. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Portability of exposure reduces risk to the Funds. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any

144 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

unsettled variation margin. These values as of period end are disclosed in the Notes to Schedules of Investments.
Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.
International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, a Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent a Fund is required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.
9. FEES AND EXPENSES
(a) Management Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC (“Allianz Asset Management”) and serves as the Manager to the Funds, pursuant to an investment management agreement.
Pursuant to the Investment Management Agreements with PIMCO (the “Agreement”), and subject to the supervision of the Board, PIMCO is responsible for providing to each Fund investment guidance and policy
direction in connection with the management of the Fund, including oral and written research, analysis, advice, and statistical and economic data and information. In addition, pursuant to the Agreement and subject to the general supervision of the Board, PIMCO, at its expense, provides or causes to be furnished most other supervisory and administrative services the Funds require, including but not limited to, expenses of most third-party service providers (e.g., audit, custodial, legal, transfer agency, printing) and other expenses, such as those associated with insurance, proxy solicitations and mailings for shareholder meetings, NYSE listing and related fees, tax services, valuation services and other services the Funds require for their daily operations. Pursuant to the Agreements, PIMCO receives an annual fee, payable monthly, at the annual rates shown in the table below:

Fund Name |  |  |  |  | Annual Rate |
PCM Fund, Inc. |  |  |  |  |  |  | 0.900% | (1)
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  |  |  | 1.105% | (2)
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  |  | 0.955% | (3)
PIMCO Access Income Fund |  |  |  |  |  |  | 1.250% | (4)
PIMCO Dynamic Income Fund |  |  |  |  |  |  | 1.100% | (5)
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  |  | 1.150% | (5)
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  |  | 1.250% | (4)

(1) | Management fees calculated based on the Fund’s average daily “total managed assets”. Total managed assets refer to the total assets of the Fund (including assets attributable to any reverse repurchase agreements, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements and borrowings).

(2) | Management fees calculated based on the Fund’s average daily “total managed assets”. Total managed assets refer to the total assets of the Fund (including assets attributable to any preferred shares and borrowings that may be outstanding) minus accrued liabilities (other than liabilities representing borrowings).

(3) | Management fees calculated based on the Fund’s average daily net asset value (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).

(4) | Management fees calculated based on the Fund’s average daily “total managed assets”. Total managed assets refer to the total assets of the Fund (including any assets attributable to any reverse repurchase agreements, dollar rolls/buybacks, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls/buybacks and borrowings).

(5) | Management fees calculated based on the Fund’s average daily “total managed assets.” Total managed assets include total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar rolls, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls and borrowings).

In rendering investment advisory services to each Fund, PIMCO may use the resources of one or more foreign
(non-U.S.)
affiliates that are not registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) (the “PIMCO Overseas Affiliates”), to provide portfolio management, research and trading services to a Fund under the Memorandums of Understanding (“MOUs”). Each of the PIMCO Overseas Affiliates are Participating Affiliates of PIMCO as that term is used in relief granted by the staff of the SEC allowing U.S. registered advisers to use investment advisory and trading resources of unregistered advisory affiliates subject to the regulatory supervision of

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 145

Notes to Financial Statements |  | (Cont.) |  |  |  |

the registered adviser. Each PIMCO Overseas Affiliate and any of their respective employees who provide services to the Funds are considered under the MOUs to be “associated persons” of PIMCO as that term is defined in the Advisers Act for purposes of PIMCO’s required supervision.
(b) Fund Expenses
With respect to each Fund other than PIMCO Access Income Fund and PIMCO Dynamic Income Opportunities Fund, each Fund bears other expenses, which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses of any of the Fund’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, subject to specific or general authorization by the Fund’s Board (for example,
so-called
“broken-deal costs” (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments))); (iv) expenses of the Fund’s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through the use by the Fund of reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund’s organizational documents) associated with the Fund’s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other senior securities for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, that may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect
thereto; (xi) organizational and offering expenses of the Fund, including with respect to share offerings, such as rights offerings and shelf offerings, following the Fund’s initial offering, and expenses associated with tender offers and other share repurchases and redemptions; and (xii) expenses of the Fund which are capitalized in accordance with U.S. GAAP.
With respect to PIMCO Access Income Fund, the Fund bears other expenses, which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses, of any of the Fund’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating, structuring, acquiring, disposing of and/or terminating specialized loans and other investments made by the Fund, any costs associated with originating loans, asset securitizations, alternative lending-related strategies and
so-called
“broker-deal costs” (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments))(for these purposes, it is understood that “portfolio transaction expenses” shall be interpreted broadly to include, by way of example and without limitation, any expenses relating to the Fund’s investments (including those made by a subsidiary of the Fund) in commercial and residential real estate, including
for-sale
and
for-rent
housing, office, hotel, retail and industrial investments, and/or any other expenses incurred by a direct or indirect portfolio investment of the Fund, such as expenses paid directly by a portfolio investment and other expenses that are capitalized or otherwise embedded into the cost basis of a portfolio investment); (iv) expenses of the Fund’s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by the Fund of reverse repurchase agreements, dollar rolls/buybacks, bank borrowings, credit facilities and tender option bonds; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund’s organizational documents) associated with the Fund’s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar rolls/buybacks, bank borrowings, credit facilities and tender option bonds) for the purpose of incurring

146 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests (except as otherwise agreed to between PIMCO and any such fund or vehicle); (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation, expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (xi) fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and incident to shareholder meetings and proxy solicitations involving contested elections of Trustees, shareholder proposals or other
non-routine
matters that are not initiated or proposed by Fund management; (xii) organizational and offering expenses of the Fund, including registration (including share registration fees), legal, marketing, printing, accounting and other expenses, associated with organizing the Fund in its state of jurisdiction and in connection with the initial registration of the Fund under the Act and the initial registration of its Shares under the Securities Act of 1933, as amended (the “Securities Act”), and with respect to share offerings, such as rights offerings and shelf offerings, following the Fund’s initial offering, expenses associated with tender offers and other Share repurchases and redemptions; (xiii) fees and expenses associated with seeking, applying for and obtaining formal exemptive,
no-action
and/or other relief from the SEC in connection with the operation of a managed distribution plan (xiv) expenses of the Fund which are capitalized in accordance with U.S. GAAP.
With respect to PIMCO Dynamic Income Opportunities Fund, the Fund bears other expenses, which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses, of any of the Fund’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and
so-called
“broken-deal costs” (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) expenses of the Fund’s securities lending (if any), including any
securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by the Fund of reverse repurchase agreements, dollar rolls, tender option bonds, bank borrowings and credit facilities; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund’s organizational documents) associated with the Fund’s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar rolls, bank borrowings, credit facilities and tender option bonds) for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation, expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (xi) fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and incident to shareholder meetings and proxy solicitations involving contested elections of trustees, shareholder proposals or other
non-routine
matters that are not initiated or proposed by Fund management; (xii) organizational and offering expenses of the Fund, including registration (including registration fees), legal, marketing, printing, accounting and other expenses, associated with organizing the Fund in its state of jurisdiction and in connection with the initial registration of the Fund under the Act, and the rules and regulations thereunder, and the initial registration of its Shares under the Securities Act of 1933, as amended, and with respect to Share offerings, such as rights offerings and shelf offerings, following the Fund’s initial offering, expenses associated with tender offers and other repurchases and redemptions, and fees and expenses associated with seeking, applying for and obtaining formal exemptive,
no-action
and/or other relief from the SEC in connection with the operation of a managed distribution plan; and (xiii) expenses of the Fund which are capitalized in accordance with U.S. GAAP Without limiting the generality or scope of the foregoing, it is understood that the Funds may bear such expenses either directly or indirectly through contracts or arrangements with PIMCO or an affiliated or unaffiliated third party.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 147

Notes to Financial Statements |  | (Cont.) |  |  |  |

With respect to PIMCO Dynamic Income Strategies Fund, the Fund bears other expenses, which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses, of any of the Fund’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and
so-called
“broken-deal costs” (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) expenses of the Fund’s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through the use by the Fund of reverse repurchase agreements, dollar rolls, bank borrowings, credit facilities and tender option bonds and; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund’s organizational documents) associated with the Fund’s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar rolls, bank borrowings, credit facilities and tender option bonds) for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (xi) fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and incident to shareholder meetings and proxy solicitations involving contested elections of trustees, shareholder proposals or other
non-routine
matters that are not initiated or proposed by Fund management; (xii) organizational and offering expenses of the Fund; (xiii) expenses associated with tender offers and other share repurchases and
redemptions; (xiv) fees and expenses associated with seeking, applying for and obtaining formal exemptive,
no-action
and/or other relief from the SEC in connection with the operation of a managed distribution plan; and (xv) expenses of the Fund that are capitalized in accordance with U.S. GAAP. Without limiting the generality or scope of the foregoing, it is understood that the Fund may bear such expenses either directly or indirectly through contracts or arrangements with PIMCO or an affiliated or unaffiliated third-party.
Each of the Trustees of the Funds who is not an interested person under Section 2(a)(19) of the Act, (the “Independent Trustees”), also serves as a trustee of a number of other
closed-end
funds for which PIMCO serves as investment manager (together with the Funds, the “PIMCO
Closed-End
Funds”), as well as PIMCO California Flexible Municipal Income Fund, PIMCO Flexible Emerging Markets Income Fund, PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund, each a closed end management investment company managed by PIMCO that is operated as an “interval fund” and PIMCO Managed Accounts Trust, an
open-end
management investment company with multiple series for which PIMCO serves as investment adviser and administrator.
The Funds pay no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Funds from the Manager or its affiliates.
(c) Acquired Fund Fees and Expenses The Cayman Subsidiary has entered into a separate contract with PIMCO for the management of the Cayman Subsidiary’s portfolio pursuant to which the Cayman Subsidiary pays PIMCO a management fee at the annual rate of 0.69% of its average daily net assets. PIMCO has contractually agreed to waive the Fund’s management fee in an amount equal to the management fee paid by the Cayman Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO’s contract with the Subsidiary is in place. PIMCO may not seek reimbursement from a Fund with respect to the management fees waived. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2024, the amount was $34,386. See Note 14, Basis for Consolidation in the Notes to Financial Statements for more information regarding the Cayman Subsidiary.
10. RELATED PARTY TRANSACTIONS
The Manager is a related party. Fees payable to this party are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.
The Funds have received exemptive relief from the SEC that, to the extent the Funds rely on such relief, permits it to (among other things)
co-invest
with certain other persons, including certain affiliates of the Advisor and certain public or private funds managed by the Advisor and its affiliates, subject to certain terms and conditions. The exemptive relief from the SEC with respect to
co-investments
imposes extensive conditions on any
co-investments
made in reliance on such relief.

148 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

11. GUARANTEES AND INDEMNIFICATIONS
Under the organizational documents of PIMCO Global StocksPLUS
®
& Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund, each Trustee and officer is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Under the organizational documents of PCM Fund, Inc., and PIMCO Strategic Income Fund, Inc., each Director and officer is indemnified to the fullest extent permitted by Maryland law and the Act. For PCM Fund, Inc., employees and agents of the Fund are indemnified to the maximum extent permitted by Maryland law and the Act. For PIMCO Strategic Income Fund, Inc., employees and agents of the Fund may be indemnified to the extent determined by the Board and subject to the limitations of the Act. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.
12. PURCHASES AND SALES OF SECURITIES
The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer
mark-ups
and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.
Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2024, were as follows (amounts in thousands
†
):

|  |  | U.S. Government/Agency |  |  | All Other |
Fund Name |  |  | Purchases |  |  | Sales |  |  | Purchases |  |  | Sales |
PCM Fund, Inc. |  |  |  |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 7,676 |  |  | $ | 12,944 |
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  |  |  | 382,163 |  |  |  | 390,811 |  |  |  | 21,886 |  |  |  | 17,940 |
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  |  | 2,932,278 |  |  |  | 2,929,702 |  |  |  | 58,763 |  |  |  | 50,327 |
PIMCO Access Income Fund |  |  |  |  |  |  | 4,514 |  |  |  | 1,484 |  |  |  | 66,701 |  |  |  | 166,299 |
PIMCO Dynamic Income Fund |  |  |  |  |  |  | 24,023 |  |  |  | 12,268 |  |  |  | 1,521,596 |  |  |  | 1,141,732 |
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  |  | 11,188 |  |  |  | 0 |  |  |  | 194,495 |  |  |  | 269,407 |
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  |  | 7,463 |  |  |  | 0 |  |  |  | 559,511 |  |  |  | 339,406 |

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

13. COMMON SHARES OFFERING
PCM Fund, Inc. has the authority to issue 300 million shares of $0.001 par value common stock. PIMCO Strategic Income Fund, Inc. has the authority to issue 500 million shares of $0.00001 par value common stock. Each of PIMCO Global StocksPLUS
®
& Income Fund, PIMCO Dynamic Income Fund (“PDI”), PIMCO Dynamic Income Opportunities Fund (“PDO”) and PIMCO Access Income Fund (“PAXS”) has been authorized to issue an unlimited number of Common Shares at a par value of $0.00001 per share (each of the foregoing Fund’s shares as the context requires, “Common Shares”).
As of the end of the reporting period, PDI had an effective registration statement on file with the SEC authorizing the Fund to issue shares through the “shelf” registration process pursuant to Rule 415 under the Securities Act (each, a “Shelf Registration Statement”). Pursuant to such Shelf Registration Statement, PDI may offer and sell Common Shares having an aggregate offering value of up to $2,000,000,000. PDI may have had one or more prior Shelf Registration Statements in effect during this and/or previous fiscal periods authorizing the sale of additional Common Shares.
As of the end of the reporting period, PDO had an effective registration statement on file with the SEC authorizing the Fund to issue shares through the “shelf” registration process pursuant to Rule 415 under the Securities Act. Pursuant to such Shelf Registration Statement, PDO may offer and sell Common Shares having an aggregate offering value of up to $500,000,000.
As of the end of the reporting period, PAXS had an effective registration statement on file with the SEC authorizing the Fund to issue shares through the “shelf” registration process pursuant to Rule 415 under the Securities Act. Pursuant to such Shelf Registration Statement, PAXS may offer and sell Common Shares having an aggregate offering value of up to $250,000,000.
PDI, PDO and PAXS have each entered into a sales agreement (a “Sales Agreement”) with JonesTrading Institutional Services LLC (“JonesTrading”), pursuant to which each respective Fund may offer and sell its Common Shares offered by an applicable prospectus supplement through JonesTrading as its agent in negotiated transactions or transactions that are deemed to be “at the market” as

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 149

Notes to Financial Statements |  | (Cont.) |  |  |  |

defined in Rule 415 under the Securities Act, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. Each Fund will pay JonesTrading compensation of up to 1.00% of the gross proceeds with respect to sales of the Common Shares actually effected by JonesTrading under its respective Sales Agreement.
The aggregate dollar amount of Common Shares registered under PDI’s and PDO’s Shelf Registration Statement as of the end of the periods described below, as well as the number of Common Shares sold and the total amount of offering proceeds (net of offering costs, if any) received by the Fund under one or more Shelf Registration Statements during the Fund’s most recent and prior fiscal periods were as follows:

|  |  |  |  | PDI |  |  | PDO |
|  |  |  |  | Year Ended 12/31/2024 |  |  | Year Ended 06/30/2024 |  |  |  |  |  | Year Ended 12/31/2024 |  |  | Year Ended 06/30/2024 |
Common Shares registered (aggregate $) |  |  |  |  |  | $ | 2,000,000,000 |  |  | $ | 2,000,000,000 |  |  |  |  |  |  | $ | 500,000,000 |  |  | $ | 500,000,000 |
Common Shares sold |  |  |  |  |  |  | 35,000,027 |  |  |  | 45,079,303 |  |  |  |  |  |  |  | 7,234,221 |  |  |  | 3,299,482 |
Offering proceeds (net of offering costs) |  |  |  |  |  |  | 673,920,696 |  |  |  | 836,642,598 |  |  |  |  |  |  |  | 98,413,502 |  |  |  | 42,968,462 |

There were no Common Shares sold under PAXS’s Shelf Registration Statement during the Fund’s most recent and prior fiscal periods.
A Fund may not sell any Common Shares at a price below the NAV of such Common Shares, exclusive of any distributing commission or discount. Sales of the Common Shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market”, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.
14. BASIS FOR CONSOLIDATION
PIMCO Access Income Fund’s, PIMCO Dynamic Income Fund’s, and PIMCO Dynamic Income Opportunities Fund’s subsidiaries were each formed as a wholly owned subsidiary acting as an investment vehicle for 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. Each Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its subsidiaries. Accordingly, the consolidated financial statements include the accounts of each Fund and its subsidiaries. All inter-company transactions and balances have been eliminated. This structure was established so that certain investments 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.

Fund name |  |  |  |  | Subsidiary |  |  | Date of Formation |  |  | Subsidiary % of Consolidated Fund Net Assets † |
PIMCO Access Income Fund |  |  |  |  |  |  | PAXSLS I LLC |  |  |  | 12/13/2021 |  |  |  | 0.0% |
PIMCO Access Income Fund |  |  |  |  |  |  | RLM 4355 LLC |  |  |  | 12/13/2021 |  |  |  | 0.0% |
PIMCO Dynamic Income Fund |  |  |  |  |  |  | PCILS I LLC |  |  |  | 03/07/2013 |  |  |  | 0.0% |
PIMCO Dynamic Income Fund |  |  |  |  |  |  | PDILS I LLC |  |  |  | 03/12/2013 |  |  |  | 0.0% |
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  |  | PDOLS I LLC |  |  |  | 01/15/2021 |  |  |  | 0.0% |
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  |  | RLM 4365 LLC |  |  |  | 01/15/2021 |  |  |  | 0.0% |
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  |  | Cayman Commodity Fund IX Ltd. |  |  |  | 12/14/2018 |  |  |  | 0.7% |
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  |  | NRGX SPV I LLC |  |  |  | 11/07/2022 |  |  |  | 0.0% |
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  |  | NRGX SPV II LLC |  |  |  | 11/07/2022 |  |  |  | 0.0% |

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

15. REGULATORY AND LITIGATION MATTERS
The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.
The foregoing speaks only as of the date of this report.
16. FEDERAL INCOME TAX MATTERS
Each 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.
A 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 Funds’ tax positions for all open tax years. As of December 31, 2024, the

150 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | December 31, 2024 |  | (Unaudited)

Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.
The Funds file U.S. federal, state and local tax returns as required. The Funds’ 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.
As of June 30, 2024, the components of distributable taxable earnings are as follows (amounts in thousands
†
):

|  |  |  |  | Undistributed Ordinary Income (1) |  |  | Undistributed Long-Term Capital Gains |  |  | Net Tax Basis Unrealized Appreciation/ (Depreciation) (2) |  |  | Other Book-to-Tax Accounting Differences (3) |  |  | Accumulated Capital Losses (4) |  |  | Qualified Late-Year Loss Deferral - Capital (5) |  |  | Qualified Late-Year Loss Deferral - Ordinary (6) |  |  | Total Components of Distributable Earnings |
PCM Fund, Inc. |  |  |  |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (11,973 | ) |  | $ | (966 | ) |  | $ | (19,052 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (31,991 | )
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (13,597 | ) |  |  | (791 | ) |  |  | (35,221 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (49,609 | )
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (34,630 | ) |  |  | (2,355 | ) |  |  | (100,009 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (136,994 | )
PIMCO Access Income Fund |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (114,114 | ) |  |  | (6,589 | ) |  |  | (84,192 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (204,895 | )
PIMCO Dynamic Income Fund |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (1,058,796 | ) |  |  | (69,173 | ) |  |  | (970,629 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (2,098,598 | )
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | (437,789 | ) |  |  | (14,768 | ) |  |  | (306,994 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (759,551 | )

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

(1) | Includes undistributed short-term capital gains, if any.

(2) | Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, short positions, grantor trusts, and partnerships.

(3) | Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

(4) | Capital losses available to offset future net capital gains as shown below.

(5) | Capital losses realized during the period November 1, 2023 through June 30, 2024 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

(6) | Specified losses realized during the period November 1, 2023 through June 30, 2024 and Ordinary losses realized during the period January 1, 2024 through June 30, 2024 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.
As of their last fiscal year ended June 30, 2024, the Funds had the following post-effective capital losses with no expiration (amounts in thousands
†
):

|  |  |  |  | Short-Term |  |  | Long-Term |
PCM Fund, Inc. |  |  |  |  |  | $ | 2,838 |  |  | $ | 16,214 |
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  |  |  | 27,603 |  |  |  | 7,618 |
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  |  | 33,201 |  |  |  | 66,808 |
PIMCO Access Income Fund |  |  |  |  |  |  | 48,550 |  |  |  | 35,642 |
PIMCO Dynamic Income Fund* |  |  |  |  |  |  | 318,038 |  |  |  | 652,591 |
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  |  | 36,359 |  |  |  | 270,635 |
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  |  | 0 |  |  |  | 0 |

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

* | Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 151

Notes to Financial Statements |  | (Cont.) |  | December 31, 2024 |  | (Unaudited)

As of December 31, 2024, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands
†
):

|  |  |  |  | Federal Tax Cost |  |  | Unrealized Appreciation |  |  | Unrealized (Depreciation) |  |  | Net Unrealized Appreciation/ (Depreciation) (1) |
ClosedEnd - Dynamic Income Opportunities Fund |  |  |  |  |  | $ | 3,018,807 |  |  | $ | 139,356 |  |  | $ | (502,307 | ) |  | $ | (362,951 | )
ClosedEnd - Access Income Fund |  |  |  |  |  |  | 1,256,413 |  |  |  | 59,546 |  |  |  | (173,159 | ) |  |  | (113,613 | )
ClosedEnd - Dynamic Income Fund |  |  |  |  |  |  | 10,368,051 |  |  |  | 667,575 |  |  |  | (1,718,150 | ) |  |  | (1,050,575 | )
ClosedEnd - Global StocksPLUS ® & Income Fund |  |  |  |  |  |  | 167,301 |  |  |  | 13,855 |  |  |  | (33,534 | ) |  |  | (19,679 | )
ClosedEnd - PCM Fund, Inc. |  |  |  |  |  |  | 138,803 |  |  |  | 12,124 |  |  |  | (30,131 | ) |  |  | (18,007 | )
ClosedEnd - PIMCO Dynamic Income Strategy Fund |  |  |  |  |  |  | 1,272,568 |  |  |  | 330,624 |  |  |  | (21,061 | ) |  |  | 309,563 |
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  |  | 661,973 |  |  |  | 45,694 |  |  |  | (95,565 | ) |  |  | (49,871 | )

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

(1) | Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

17. SUBSEQUENT EVENTS
In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
On January 02, 2025, the following distributions were declared to common shareholders payable February 03, 2025 to shareholders of record on January 13, 2025:

PCM Fund, Inc. |  |  |  |  |  | $ | 0.064240 per common share |
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  |  | $ | 0.069000 per common share |
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  | $ | 0.040000 per common share |
PIMCO Access Income Fund |  |  |  |  |  | $ | 0.149400 per common share |
PIMCO Dynamic Income Fund |  |  |  |  |  | $ | 0.220500 per common share |
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  | $ | 0.127900 per common share |
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  | $ | 0.133400 per common share |

On February 03, 2025, the following distributions were declared to common shareholders payable March 03, 2025 to shareholders of record on February 13, 2025:

PCM Fund, Inc. |  |  |  |  |  | $ | 0.064240 per common share |
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  |  | $ | 0.069000 per common share |
PIMCO Strategic Income Fund, Inc. |  |  |  |  |  | $ | 0.040000 per common share |
PIMCO Access Income Fund |  |  |  |  |  | $ | 0.149400 per common share |
PIMCO Dynamic Income Fund |  |  |  |  |  | $ | 0.220500 per common share |
PIMCO Dynamic Income Opportunities Fund |  |  |  |  |  | $ | 0.127900 per common share |
PIMCO Dynamic Income Strategy Fund |  |  |  |  |  | $ | 0.133400 per common share |

There were no other subsequent events identified that require recognition or disclosure.

152 |  | PIMCO CLOSED-END FUNDS |  |  |  |

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

Counterparty Abbreviations: |  |  |  |  |  |  |  |
BMO |  | BMO Capital Markets Corporation |  | DEU |  | Deutsche Bank Securities, Inc. |  | MZF |  | Mizuho Securities USA LLC
BNY |  | Bank of New York Mellon |  | DUB |  | Deutsche Bank AG |  | NOM |  | Nomura Securities International, Inc.
BOA |  | Bank of America N.A. |  | FAR |  | Wells Fargo Bank National Association |  | RBC |  | Royal Bank of Canada
BOM |  | Bank of Montreal |  | FBF |  | Credit Suisse International |  | RCE |  | Royal Bank of Canada Europe Limited
BOS |  | BofA Securities, Inc. |  | GLM |  | Goldman Sachs Bank USA |  | RCY |  | Royal Bank of Canada
BPG |  | BNP Paribas Securities Corp. |  | GST |  | Goldman Sachs International |  | RTA |  | RBC (Barbados) Trading Bank Corp.
BPS |  | BNP Paribas S.A. |  | IND |  | Crédit Agricole Corporate and Investment Bank S.A. |  | SBI |  | Citigroup Global Markets Ltd.
BRC |  | Barclays Bank PLC |  | JML |  | JP Morgan Securities Plc |  | SCX |  | Standard Chartered Bank, London
BSH |  | Banco Santander S.A. - New York Branch |  | JPM |  | JP Morgan Chase Bank N.A. |  | SOG |  | Societe Generale Paris
BSN |  | The Bank of Nova Scotia - Toronto |  | JPS |  | J.P. Morgan Securities LLC |  | TDM |  | TD Securities (USA) LLC
BYR |  | The Bank of Nova Scotia - Toronto |  | MBC |  | HSBC Bank Plc |  | TOR |  | The Toronto-Dominion Bank
CBK |  | Citibank N.A. |  | MEI |  | Merrill Lynch International |  | UAG |  | UBS AG Stamford
CDC |  | Natixis Securities Americas LLC |  | MSB |  | Morgan Stanley Bank, N.A |  | UBS |  | UBS Securities LLC
CEW |  | Canadian Imperial Bank of Commerce World Markets |  | MYC |  | Morgan Stanley Capital Services LLC |  | ULO |  | UBS AG London
CIB |  | Canadian Imperial Bank of Commerce |  | MYI |  | Morgan Stanley & Co. International PLC |  | WFS |  | Wells Fargo Securities, LLC
DBL |  | Deutsche Bank AG London |  |  |  |  |  |  |  |
Currency Abbreviations: |  |  |  |  |  |  |  |
AUD |  | Australian Dollar |  | DKK |  | Danish Krone |  | JPY |  | Japanese Yen
BRL |  | Brazilian Real |  | DOP |  | Dominican Peso |  | KWD |  | Kuwaiti Dinar
CAD |  | Canadian Dollar |  | EUR |  | Euro |  | MXN |  | Mexican Peso
CHF |  | Swiss Franc |  | GBP |  | British Pound |  | PEN |  | Peruvian New Sol
CNH |  | Chinese Renminbi (Offshore) |  | HKD |  | Hong Kong Dollar |  | PLN |  | Polish Zloty
CNY |  | Chinese Renminbi (Mainland) |  | HUF |  | Hungarian Forint |  | TRY |  | Turkish New Lira
CZK |  | Czech Koruna |  | IDR |  | Indonesian Rupiah |  | USD (or $) |  | United States Dollar
Exchange Abbreviations: |  |  |  |  |  |  |  |
CBOE |  | Chicago Board Options Exchange |  | OTC |  | Over the Counter |  |  |  |
Index/Spread Abbreviations: |  |  |  |  |  |  |  |
ABX.HE |  | Asset-Backed Securities Index - Home Equity |  | EUR006M |  | 6 Month EUR Swap Rate |  | SOFR |  | Secured Overnight Financing Rate
AMZX |  | Alerian MLP Total Return Index |  | EUR012M |  | 12 Month EUR Swap Rate |  | SONIO |  | Sterling Overnight Interbank Average Rate
BISTREFI |  | Turkish Lira Overnight Reference Rate |  | FEDL01 |  | Federal funds effective rate |  | TSFR1M |  | Term SOFR 1-Month
BP0003M |  | 3 Month GBP-LIBOR |  | NDDUEAFE |  | MSCI EAFE Index |  | TSFR3M |  | Term SOFR 3-Month
CAONREPO |  | Canadian Overnight Repo Rate Average |  | PRIME |  | Daily US Prime Rate |  | TSFR6M |  | Term SOFR 6-Month
EUR001M |  | 1 Month EUR Swap Rate |  | S&P 500 |  | Standard & Poor’s 500 Index |  | US0003M |  | ICE 3-Month USD LIBOR
EUR003M |  | 3 Month EUR Swap Rate |  |  |  |  |  |  |  |
Municipal Bond or Agency Abbreviations: |  |  |  |  |  |  |  |
ACA |  | American Capital Access Holding Ltd. |  |  |  |  |  |  |  |
Other Abbreviations: |  |  |  |  |  |  |  |
ABS |  | Asset-Backed Security |  | CLO |  | Collateralized Loan Obligation |  | PIK |  | Payment-in-Kind
ALT |  | Alternate Loan Trust |  | CMBS |  | Collateralized Mortgage-Backed Security |  | REMIC |  | Real Estate Mortgage Investment Conduit
BABs |  | Build America Bonds |  | DAC |  | Designated Activity Company |  | TBA |  | To-Be-Announced
BRL-CDI |  | Brazil Interbank Deposit Rate |  | EURIBOR |  | Euro Interbank Offered Rate |  | TBD |  | To-Be-Determined
CBO |  | Collateralized Bond Obligation |  | OIS |  | Overnight Index Swap |  | TBD% |  | Interest rate to be determined when loan settles or at the time of funding
CDO |  | Collateralized Debt Obligation |  |  |  |  |  |  |  |

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 153

Distribution Information |  |  |  |

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule
19a-1(e)
under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2024 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form
1099-DIV
(for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PCM Fund, Inc. |  |  |  |  | Net Investment Income* |  |  | Net Realized Capital Gains* |  |  | Paid-in Surplus or Other Capital Sources** |  |  | Total (per common share) |
July 2024 |  |  |  |  |  | $ | 0.0558 |  |  | $ | 0.0000 |  |  | $ | 0.0242 |  |  | $ | 0.0800 |
August 2024 |  |  |  |  |  | $ | 0.0557 |  |  | $ | 0.0000 |  |  | $ | 0.0243 |  |  | $ | 0.0800 |
September 2024 |  |  |  |  |  | $ | 0.0800 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.0800 |
October 2024 |  |  |  |  |  | $ | 0.0640 |  |  | $ | 0.0000 |  |  | $ | 0.0160 |  |  | $ | 0.0800 |
November 2024 |  |  |  |  |  | $ | 0.0516 |  |  | $ | 0.0000 |  |  | $ | 0.0284 |  |  | $ | 0.0800 |
December 2024 |  |  |  |  |  | $ | 0.0436 |  |  | $ | 0.0000 |  |  | $ | 0.0364 |  |  | $ | 0.0800 |
PIMCO Global StocksPLUS ® & Income Fund |  |  |  |  | Net Investment Income* |  |  | Net Realized Capital Gains* |  |  | Paid-in Surplus or Other Capital Sources** |  |  | Total (per common share) |
July 2024 |  |  |  |  |  | $ | 0.0690 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.0690 |
August 2024 |  |  |  |  |  | $ | 0.0589 |  |  | $ | 0.0000 |  |  | $ | 0.0101 |  |  | $ | 0.0690 |
September 2024 |  |  |  |  |  | $ | 0.0690 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.0690 |
October 2024 |  |  |  |  |  | $ | 0.0690 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.0690 |
November 2024 |  |  |  |  |  | $ | 0.0562 |  |  | $ | 0.0000 |  |  | $ | 0.0128 |  |  | $ | 0.0690 |
December 2024 |  |  |  |  |  | $ | 0.0685 |  |  | $ | 0.0000 |  |  | $ | 0.0005 |  |  | $ | 0.0690 |
PIMCO Strategic Income Fund, Inc. |  |  |  |  | Net Investment Income* |  |  | Net Realized Capital Gains* |  |  | Paid-in Surplus or Other Capital Sources** |  |  | Total (per common share) |
July 2024 |  |  |  |  |  | $ | 0.0431 |  |  | $ | 0.0000 |  |  | $ | 0.0079 |  |  | $ | 0.0510 |
August 2024 |  |  |  |  |  | $ | 0.0435 |  |  | $ | 0.0000 |  |  | $ | 0.0075 |  |  | $ | 0.0510 |
September 2024 |  |  |  |  |  | $ | 0.0510 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.0510 |
October 2024 |  |  |  |  |  | $ | 0.0444 |  |  | $ | 0.0000 |  |  | $ | 0.0066 |  |  | $ | 0.0510 |
November 2024 |  |  |  |  |  | $ | 0.0452 |  |  | $ | 0.0000 |  |  | $ | 0.0058 |  |  | $ | 0.0510 |
December 2024 |  |  |  |  |  | $ | 0.0510 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.0510 |
PIMCO Dynamic Income Fund |  |  |  |  | Net Investment Income* |  |  | Net Realized Capital Gains* |  |  | Paid-in Surplus or Other Capital Sources** |  |  | Total (per common share) |
July 2024 |  |  |  |  |  | $ | 0.1670 |  |  | $ | 0.0000 |  |  | $ | 0.0535 |  |  | $ | 0.2205 |
August 2024 |  |  |  |  |  | $ | 0.1630 |  |  | $ | 0.0000 |  |  | $ | 0.0575 |  |  | $ | 0.2205 |
September 2024 |  |  |  |  |  | $ | 0.1911 |  |  | $ | 0.0000 |  |  | $ | 0.0294 |  |  | $ | 0.2205 |
October 2024 |  |  |  |  |  | $ | 0.1763 |  |  | $ | 0.0000 |  |  | $ | 0.0442 |  |  | $ | 0.2205 |
November 2024 |  |  |  |  |  | $ | 0.1542 |  |  | $ | 0.0000 |  |  | $ | 0.0663 |  |  | $ | 0.2205 |
December 2024 |  |  |  |  |  | $ | 0.1968 |  |  | $ | 0.0000 |  |  | $ | 0.0237 |  |  | $ | 0.2205 |
PIMCO Dynamic Income Opportunities Fund |  |  |  |  | Net Investment Income* |  |  | Net Realized Capital Gains* |  |  | Paid-in Surplus or Other Capital Sources** |  |  | Total (per common share) |
July 2024 |  |  |  |  |  | $ | 0.1279 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1279 |
August 2024 |  |  |  |  |  | $ | 0.1177 |  |  | $ | 0.0000 |  |  | $ | 0.0102 |  |  | $ | 0.1279 |
September 2024 |  |  |  |  |  | $ | 0.1279 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1279 |
October 2024 |  |  |  |  |  | $ | 0.1279 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1279 |
November 2024 |  |  |  |  |  | $ | 0.1279 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1279 |
December 2024 |  |  |  |  |  | $ | 0.1279 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1279 |

154 |  | PIMCO CLOSED-END FUNDS |  |  |  |

|  |  |  | (Unaudited)

PIMCO Access Income Fund |  |  |  |  | Net Investment Income* |  |  | Net Realized Capital Gains* |  |  | Paid-in Surplus or Other Capital Sources** |  |  | Total (per common share) |
July 2024 |  |  |  |  |  | $ | 0.1118 |  |  | $ | 0.0000 |  |  | $ | 0.0376 |  |  | $ | 0.1494 |
August 2024 |  |  |  |  |  | $ | 0.1335 |  |  | $ | 0.0000 |  |  | $ | 0.0159 |  |  | $ | 0.1494 |
September 2024 |  |  |  |  |  | $ | 0.0637 |  |  | $ | 0.0000 |  |  | $ | 0.0857 |  |  | $ | 0.1494 |
October 2024 |  |  |  |  |  | $ | 0.1494 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1494 |
November 2024 |  |  |  |  |  | $ | 0.1286 |  |  | $ | 0.0000 |  |  | $ | 0.0208 |  |  | $ | 0.1494 |
December 2024 |  |  |  |  |  | $ | 0.1494 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1494 |
PIMCO Dynamic Income Strategy Fund |  |  |  |  | Net Investment Income* |  |  | Net Realized Capital Gains* |  |  | Paid-in Surplus or Other Capital Sources** |  |  | Total (per common share) |
July 2024 |  |  |  |  |  | $ | 0.1133 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1133 |
August 2024 |  |  |  |  |  | $ | 0.1133 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1133 |
September 2024 |  |  |  |  |  | $ | 0.1133 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1133 |
October 2024 |  |  |  |  |  | $ | 0.1133 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1133 |
November 2024 |  |  |  |  |  | $ | 0.1133 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1133 |
December 2024 |  |  |  |  |  | $ | 0.1133 |  |  | $ | 0.0000 |  |  | $ | 0.0000 |  |  | $ | 0.1133 |

* | The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** | Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

|  |  | SEMIANNUAL REPORT |  |  | | |  |  | DECEMBER 31, 2024 |  |  | 155

Changes to Board of Trustees |  |  |  | (Unaudited)

Effective December 1, 2024, Mr. David Fisher retired from his position as Trustee of the Funds.
Effective December 1, 2024, the Board of Trustees appointed Mr. David Flattum as a Class III Trustee of PIMCO Strategic Income Fund, Inc., a Class I Trustee of PIMCO Global StocksPLUS
®
& Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Access Income Fund, and a Class II Trustee of PIMCO Dynamic Income Fund and PCM Fund, Inc.

156 |  | PIMCO CLOSED-END FUNDS |  |  |  |

General Information
Investment Manager
Pacific Investment Management Company LLC
650 Newport Center Drive,
Newport Beach, CA, 92660
Custodian
State Street Bank and Trust Company
2323 Grand Boulevard, 5th Floor
Kansas City, MO 64108
Transfer Agent, Dividend Paying Agent and Registrar
Equiniti Trust Company, LLC (“EQ”)
48 Wall Street, Floor 23
New York, NY 10005
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
1100 Walnut Street, Suite 1300
Kansas City, MO 64106
This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

CEF4010SAR_123124

Item 2. | Code of Ethics.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

Item 3. | Audit Committee Financial Expert.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

Item 4. | Principal Accountant Fees and Services.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

Item 5. | Audit Committee of Listed Registrants.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

Item 6. | Investments.

The information required by this Item 6 is included as part of the semiannual report to stockholders filed under Item 1 of this Form N-CSR.

Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies.

| (a) | Not applicable to closed-end investment companies.

| (b) | Not applicable to closed-end investment companies.

Item 8. | Changes in and Disagreements with Accountant for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. | Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable for the most recent fiscal half-year period.

Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The information required by this Item 12 is only required in an annual report on this Form N-CSR.

Item 13. | Portfolio Managers of Closed-End Management Investment Companies.

| (a) | The information required by this Item 13(a) is only required in an annual report on this Form N-CSR.

| (b) | There have been no changes in any of the Portfolio Managers identified in the registrant’s previous annual report on Form N-CSR.

Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 15. | Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

Item 16. | Controls and Procedures.

| (a) | The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c))), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

None.

Item 18. | Recovery of Erroneously Awarded Compensation.

| (a) | Not applicable.

| (b) | Not applicable.

Item 19. | Exhibits.

| (a)(1) | Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

| (a)(2) | Not applicable.

| (a)(3) | Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

| (a)(4) | None.

| (a)(5) | There was no change in the registrant’s independent public accountant for the period covered by the report.

| (b) | Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PIMCO Strategic Income Fund, Inc.
By: |  | /s/ Joshua D. Ratner
|  | Joshua D. Ratner
|  | President (Principal Executive Officer)
Date: |  | March 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: |  | /s/ Joshua D. Ratner
|  | Joshua D. Ratner
|  | President (Principal Executive Officer)
Date: |  | March 5, 2025
By: |  | /s/ Bijal Y. Parikh
|  | Bijal Y. Parikh
|  | Treasurer (Principal Financial & Accounting Officer)
Date: |  | March 5, 2025