PCM Fund, Inc


Schedule of Investments PIMCO PCM Fund, Inc.	September 30, 2025 (Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 146.2% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 22.5%
AL GCX Holdings LLC 6.223% (TSFR1M + 2.000%) due 05/17/2029 ~	$	483	$	482
Aspire Bakeries Holdings LLC 7.663% (TSFR1M + 3.500%) due 12/23/2030 ~		198		200
Asurion LLC 8.263% (TSFR1M + 4.000%) due 08/19/2028 ~		299		300
Cengage Learning, Inc. TBD% - 7.698% (TSFR1M + 3.500%) due 03/24/2031 ~		198		198
Central Parent, Inc. 7.252% (TSFR3M + 3.250%) due 07/06/2029 ~		595		517
Charlotte Buyer, Inc. 8.425% (TSFR1M + 4.250%) due 02/11/2028 ~		299		299
Clover Holdings SPV III LLC 15.000% due 12/09/2027		26		27
Coreweave Compute Acquisition Co. IV LLC TBD% - 10.723% (TSFR3M + 6.000%) due 05/16/2029 «~µ		800		823
Databricks, Inc.
TBD% - 1.000% due 01/03/2031 «µ		91		91
TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~		409		416
DTI Holdco, Inc. 8.163% (TSFR1M + 4.000%) due 04/26/2029 ~		499		446
Encina Private Credit LLC TBD% - 8.333% due 11/30/2025 «µ		391		379
Endure Digital, Inc. 7.838% (TSFR1M + 3.500%) due 02/10/2028 «~		189		137
Envision Healthcare Corp.
12.230% (TSFR3M + 7.875%) due 07/20/2026 «~		81		81
12.230% (TSFR3M + 7.875%) due 11/03/2028 «~		1,782		1,836
EP Purchaser LLC 8.778% (TSFR1M + 4.500%) due 11/06/2028 «~		99		92
First Brands Group LLC
TBD% - 9.570% due 03/30/2027 ^(d)		197		72
TBD% - 9.570% (TSFR3M + 5.000%) due 03/30/2027 ^~(d)		197		72
Foundation Building Materials Holding Co. LLC 7.820% (TSFR3M + 3.250%) due 01/31/2028 ~		298		298
Guardian 9.671% (TSFR3M + 5.500%) due 08/29/2032 «~		100		99
Ivanti Software, Inc.
TBD% - 10.051% (TSFR3M + 4.750%) due 06/01/2029 ~		1,166		974
TBD% - 10.051% (TSFR3M + 5.750%) due 06/01/2029 ~µ		156		161
Lealand Finance Co. BV 7.278% (TSFR1M + 3.000%) due 06/30/2027 ~		27		22
Lealand Finance Co. BV (5.278% Cash) 5.278% due 12/31/2027 ~		226		162
McAfee LLC 7.223% (TSFR1M + 3.000%) due 03/01/2029 ~		499		478
Mercury Aggregator LP (19.000% PIK) 19.000% due 04/03/2026 «(c)		372		109
MH Sub I LLC 8.252% (TSFR3M + 4.250%) due 05/03/2028 ~		298		288
Modena Buyer LLC 8.808% (TSFR3M + 4.500%) due 07/01/2031 ~		496		491
Onex TSG Intermediate Corp. 8.005% (TSFR3M + 3.750%) due 08/06/2032 ~		400		403
Padagis LLC 9.290% (TSFR3M + 4.750%) due 07/06/2028 «~		346		310
Paradigm Parent LLC 8.822% (TSFR3M + 4.500%) due 04/16/2032 ~		300		270
Peraton Corp. 8.013% (TSFR1M + 3.750%) due 02/01/2028 ~		397		336
QuidelOrtho Corp. 8.002% (TSFR3M + 4.000%) due 08/20/2032 ~		500		498
RealPage, Inc. 7.263% (TSFR3M + 3.000%) due 04/24/2028 ~		316		315
Red Ventures LLC 6.913% (TSFR1M + 2.750%) due 03/04/2030 ~		300		283
Syniverse Holdings, Inc. 11.002% (TSFR3M + 7.000%) due 05/13/2027 ~		1,070		1,047
Trident TPI Holdings, Inc. 7.752% (TSFR3M + 3.750%) due 09/15/2028 ~		299		294
U.S. Renal Care, Inc. 9.278% (TSFR1M + 5.000%) due 06/28/2028 ~		2,033		1,946


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)


Vista Management Holding, Inc. 8.041% (TSFR3M + 3.750%) due 04/01/2031 ~	99	100
Westmoreland Coal Co. 8.000% due 03/15/2029 «	277	112
X Corp.
9.500% due 10/26/2029	100	100
10.958% (TSFR3M + 6.500%) due 10/26/2029 ~	958	941

Total Loan Participations and Assignments (Cost $16,900)		16,505

CORPORATE BONDS & NOTES 25.8%
BANKING & FINANCE 5.2%
Armor Holdco, Inc. 8.500% due 11/15/2029	200	200
BGC Group, Inc. 6.600% due 06/10/2029 (j)	100	104
Diversified Healthcare Trust 7.250% due 10/15/2030	100	102
FS KKR Capital Corp. 7.875% due 01/15/2029	400	420
Kilroy Realty LP 5.875% due 10/15/2035	100	102
Nuveen Churchill Direct Lending Corp. 6.650% due 03/15/2030 (j)	1,000	1,033
RHP Hotel Properties LP/RHP Finance Corp. 6.500% due 06/15/2033	100	103
Service Properties Trust 0.000% due 09/30/2028 (g)	100	88
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6.000% due 01/15/2030 (j)	1,065	965
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC 10.500% due 02/15/2028 (j)	633	667
Voyager Aviation Holdings LLC 8.500% due 05/09/2026 ^«(d)	991	0

		3,784

INDUSTRIALS 20.1%
Avient Corp. 6.250% due 11/01/2031	100	102
Beignet 6.850% due 06/01/2049 «(b)	1,090	1,090
CACI International, Inc. 6.375% due 06/15/2033	100	103
Chobani LLC/Chobani Finance Corp., Inc. 7.625% due 07/01/2029	100	104
Claritev Corp. (6.500% Cash and 0.750% PIK) 7.250% due 03/31/2031 (c)	518	403
CoreWeave, Inc. 9.000% due 02/01/2031	600	616
CVS Pass-Through Trust 5.880% due 01/10/2028 (j)	351	354
DISH DBS Corp.
5.250% due 12/01/2026	660	649
5.750% due 12/01/2028	400	384
DISH Network Corp. 11.750% due 11/15/2027	800	847
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 6.750% due 01/15/2030	400	376
Howard Midstream Energy Partners LLC 6.625% due 01/15/2034	500	510
Incora Intermediate II LLC 0.000% (SOFRRATE + 8.000%) due 01/31/2030 «~	1,451	1,450
Incora Top Holdco LLC 6.000% due 01/30/2033 «~(i)	1,043	1,687
Insulet Corp. 6.500% due 04/01/2033	100	104
JetBlue Airways Corp./JetBlue Loyalty LP 9.875% due 09/20/2031 (j)	400	406
LifePoint Health, Inc.
9.875% due 08/15/2030	100	108
11.000% due 10/15/2030 (j)	500	552
MPH Acquisition Holdings LLC 5.750% due 12/31/2030	63	55
MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) 11.500% due 12/31/2030 (c)	98	103
Newfold Digital Holdings Group, Inc. 6.000% due 02/15/2029 «	300	187
Olympus Water U.S. Holding Corp. 7.250% due 06/15/2031	200	203
Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. 8.750% due 04/17/2032	100	97
Performance Food Group, Inc. 6.125% due 09/15/2032 (j)	100	103


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)


Prime Healthcare Services, Inc. 9.375% due 09/01/2029	500	520
Quikrete Holdings, Inc.
6.375% due 03/01/2032 (j)	400	415
6.750% due 03/01/2033	100	104
Specialty Building Products Holdings LLC/SBP Finance Corp. 7.750% due 10/15/2029	100	102
Topaz Solar Farms LLC 4.875% due 09/30/2039	227	200
Transocean Aquila Ltd. 8.000% due 09/30/2028	289	298
Transocean International Ltd. 8.250% due 05/15/2029	500	493
Tronox, Inc. 9.125% due 09/30/2030	100	98
U.S. Renal Care, Inc. 10.625% due 06/28/2028 (j)	249	218
Valaris Ltd. 8.375% due 04/30/2030	100	104
Venture Global LNG, Inc.
9.500% due 02/01/2029 (j)	200	220
9.875% due 02/01/2032 (j)	300	327
Venture Global Plaquemines LNG LLC
6.500% due 01/15/2034	250	263
6.750% due 01/15/2036	200	213
Waste Pro USA, Inc. 7.000% due 02/01/2033 (j)	200	208
Weatherford International Ltd. 6.750% due 10/15/2033 (b)	400	400

		14,776

UTILITIES 0.5%
Pacific Gas & Electric Co. 4.300% due 03/15/2045 (j)	463	372

Total Corporate Bonds & Notes (Cost $19,210)		18,932

U.S. GOVERNMENT AGENCIES 7.0%
Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates 0.700% due 11/25/2055 ~(a)	5,776	352
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates 2.079% due 11/25/2045 ~(a)	1,027	41
Federal Home Loan Mortgage Corp. REMICS
1.679% due 05/25/2050 •(a)	1,231	167
3.500% due 02/25/2041 (a)	1,323	183
4.000% due 07/25/2050 (a)	4,752	1,117
5.000% due 03/15/2040 (a)	88	3
Federal Home Loan Mortgage Corp. STACR REMICS Trust
11.856% due 10/25/2041 •(j)	1,100	1,155
12.156% due 11/25/2041 •(j)	1,100	1,167
Federal National Mortgage Association Connecticut Avenue Securities Trust 7.456% due 10/25/2041 •	800	816
Federal National Mortgage Association REMICS 4.000% due 06/25/2050 (a)	534	103

Total U.S. Government Agencies (Cost $4,955)		5,104

NON-AGENCY MORTGAGE-BACKED SECURITIES 35.2%
245 Park Avenue Trust 3.779% due 06/05/2037 ~	655	623
Adjustable Rate Mortgage Trust 5.559% due 01/25/2036 ~	44	41
Ashford Hospitality Trust 5.723% due 04/15/2035 •(j)	900	899
Banc of America Alternative Loan Trust 5.165% due 04/25/2037 ~	52	46
Banc of America Funding Trust
2.787% due 12/20/2034 ~	86	72
4.462% due 03/20/2036 ~	31	27
5.806% due 03/25/2037 ~	26	26
7.000% due 10/25/2037	241	174
Banc of America Mortgage Trust 5.401% due 06/25/2035 ~	34	33
Bank of America Mortgage Trust 6.768% due 06/20/2031 ~	59	59
BBCMS Mortgage Trust 3.811% due 02/15/2053 ~	1,000	798
BCAP LLC Trust 4.855% due 07/26/2036 ~	36	31
Bear Stearns ALT-A Trust
4.013% due 05/25/2036 ~	666	618
4.164% due 05/25/2036 ~	21	15
4.164% due 08/25/2036 ~	173	79
4.437% due 07/25/2035 ~	85	60


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)


4.475% due 11/25/2036 ~	430	219
4.612% due 04/25/2037 •	345	309
4.811% due 01/25/2047 ~	20	9
6.625% due 09/25/2034 ~	53	51
Bear Stearns Commercial Mortgage Securities Trust 5.657% due 10/12/2041 ~	15	14
CBA Commercial Small Balance Commercial Mortgage 6.040% due 01/25/2039 þ	62	60
CD Mortgage Trust 5.688% due 10/15/2048	47	44
Chase Mortgage Finance Trust 6.000% due 03/25/2037	153	80
CHL Mortgage Pass-Through Trust
4.115% due 09/20/2036 ~	47	42
4.593% due 09/25/2047 ~	150	135
4.912% due 03/25/2035 •	55	48
6.000% due 05/25/2037	176	72
6.142% due 03/25/2046 •	196	149
6.224% due 02/20/2036 •	2	1
Citigroup Mortgage Loan Trust, Inc.
4.959% due 10/25/2035 ~	771	682
5.016% due 11/25/2035 ~	994	488
6.250% due 11/25/2037 ~	651	261
Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates 4.036% due 09/25/2035 ~	50	34
Countrywide Alternative Loan Trust
4.822% due 10/25/2037 •	3,262	678
4.832% due 02/25/2037 •	95	81
4.852% due 02/25/2036 •	322	299
5.500% due 03/25/2035	370	154
6.000% due 11/25/2035	158	22
6.000% due 04/25/2036 (j)	2,129	997
Credit Suisse First Boston Mortgage Securities Corp. 7.000% due 02/25/2033	22	23
CSMC Mortgage-Backed Trust
6.000% due 07/25/2036 (j)	834	378
6.396% due 04/25/2036 þ	125	65
6.500% due 05/25/2036	143	59
DBGS Mortgage Trust 0.000% due 10/15/2036 ~(a)	147,870	0
Extended Stay America Trust 7.964% due 07/15/2038 •(j)	759	761
First Horizon Alternative Mortgage Securities Trust 5.286% due 08/25/2035 ~	1	0
GSR Mortgage Loan Trust 4.245% due 03/25/2047 ~	522	289
HarborView Mortgage Loan Trust 4.748% due 01/19/2036 •	356	231
IndyMac INDA Mortgage Loan Trust 4.095% due 06/25/2037 ~	78	62
IndyMac INDX Mortgage Loan Trust 3.324% due 05/25/2036 ~	85	45
JP Morgan Alternative Loan Trust 6.500% due 03/25/2036 (j)	693	348
JP Morgan Chase Commercial Mortgage Securities Trust
0.491% due 02/15/2046 «~(a)	49,986	148
5.739% due 07/05/2033 •	843	715
6.498% due 02/15/2035 •	206	199
8.448% due 02/15/2035 •(j)	741	707
10.805% due 11/15/2038 •(j)	900	906
JP Morgan Mortgage Trust 6.193% due 07/25/2035 ~	5	5
Lehman Mortgage Trust 5.739% due 04/25/2036 ~	137	85
MASTR Adjustable Rate Mortgages Trust 5.569% due 11/25/2035 ~	160	68
MASTR Asset Securitization Trust 6.000% due 06/25/2036 •	138	77
Merrill Lynch Mortgage Investors Trust
4.692% due 07/25/2030 •	7	7
4.932% due 11/25/2029 •	22	20
5.943% due 11/25/2035 •	32	31
6.187% due 02/25/2034 ~	2	2
7.000% due 05/25/2033 ~	5	5
MFA Trust
4.272% due 12/25/2066 ~	1,000	852
4.320% due 08/25/2061 ~(j)	1,000	846
Morgan Stanley Capital I Trust
0.817% due 11/12/2049 ~(a)	57	0
8.798% due 11/15/2034 •	400	382
Morgan Stanley Mortgage Loan Trust
6.000% due 08/25/2037	136	43
6.218% due 01/25/2035 ~	134	118
Morgan Stanley Resecuritization Trust 4.629% due 03/26/2037 ~(j)	1,554	1,304


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)


Mortgage Equity Conversion Asset Trust 4.000% due 07/25/2060	28	27
Natixis Commercial Mortgage Securities Trust
4.193% due 04/10/2037 ~	1,197	644
8.095% due 03/15/2035 •(j)	263	262
9.343% due 03/15/2035 •(j)	525	523
New Residential Mortgage Loan Trust 3.844% due 11/25/2059 ~	2,900	1,719
RALI Trust
5.160% due 01/25/2036 ~	147	99
6.000% due 08/25/2035	91	81
6.000% due 06/25/2036	49	39
6.500% due 09/25/2037	93	78
Regal Trust IV 4.433% due 09/29/2031 •	7	6
Residential Asset Securitization Trust 6.000% due 03/25/2037	182	56
RFMSI Trust 6.000% due 06/25/2036	72	61
Soho Trust 2.786% due 08/10/2038 ~	450	372
Structured Adjustable Rate Mortgage Loan Trust
3.246% due 09/25/2036 ~	12	11
4.059% due 04/25/2036 ~	142	74
4.322% due 01/25/2036 ~	153	83
TBW Mortgage-Backed Trust 6.000% due 07/25/2036	102	33
Verus Securitization Trust 7.782% due 06/25/2069 ~	500	502
WaMu Mortgage Pass-Through Certificates Trust
4.161% due 12/25/2036 ~(j)	135	122
5.172% due 10/25/2045 •(j)	2,330	2,034
5.252% due 06/25/2044 •	127	128
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust 6.500% due 08/25/2036 (j)	538	476
Wells Fargo Commercial Mortgage Trust 5.092% due 12/15/2039 ~(j)	1,042	972
Worldwide Plaza Trust 3.715% due 11/10/2036 ~	2,400	107

Total Non-Agency Mortgage-Backed Securities (Cost $31,606)		25,820

ASSET-BACKED SECURITIES 43.9%
AUTOMOBILE ABS OTHER 0.0%
Flagship Credit Auto Trust 0.000% due 06/15/2029 «(g)	14	0

HOME EQUITY OTHER 35.0%
Asset-Backed Securities Corp. Home Equity Loan Trust 6.087% due 06/21/2029 •	55	52
Citigroup Mortgage Loan Trust, Inc.
4.592% due 12/25/2036 •(j)	952	536
4.712% due 12/25/2036 •	592	223
Countrywide Asset-Backed Certificates Trust
4.672% due 06/25/2037 •(j)	428	432
4.677% due 09/25/2046 •(j)	4,143	3,391
4.752% due 05/25/2036 •(j)	6,283	5,419
6.147% due 10/25/2035 •(j)	2,195	1,852
EMC Mortgage Loan Trust 5.572% due 02/25/2041 •	141	142
GE Capital Mortgage Services, Inc. Trust 6.705% due 04/25/2029 ~	11	10
GSAMP Trust 6.897% due 12/25/2034 •(j)	2,156	1,684
Home Equity Mortgage Loan Asset-Backed Trust 4.512% due 04/25/2037 •(j)	2,880	1,959
HSI Asset Securitization Corp. Trust
4.492% due 04/25/2037 •(j)	2,605	1,299
4.612% due 12/25/2036 •(j)	4,087	973
MASTR Asset-Backed Securities Trust 4.492% due 08/25/2036 •(j)	2,279	806
Morgan Stanley ABS Capital I, Inc. Trust
4.412% due 10/25/2036 •(j)	7,750	3,409
5.052% due 12/25/2034 •	47	47
People's Financial Realty Mortgage Securities Trust 4.402% due 09/25/2036 •(j)	5,574	1,014
Renaissance Home Equity Loan Trust 7.238% due 09/25/2037 þ(j)	3,200	1,261
Soundview Home Loan Trust 5.222% due 10/25/2037 •(j)	1,365	1,059


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)


Structured Asset Investment Loan Trust 8.772% due 10/25/2033 •	68	83

		25,651

MANUFACTURING HOUSE ABS OTHER 0.8%
Conseco Finance Securitizations Corp. 9.163% due 03/01/2033 ~	582	590
UCFC Manufactured Housing Contract 7.900% due 01/15/2028 ~	10	10

		600

MANUFACTURING HOUSE SEQUENTIAL 0.2%
BCMSC Trust 7.830% due 06/15/2030 ~	1,185	80
Conseco Finance Securitizations Corp. 7.960% due 05/01/2031	324	62

		142

WHOLE LOAN COLLATERAL 2.1%
Bear Stearns Asset-Backed Securities I Trust 5.500% due 12/25/2035	21	13
Citigroup Mortgage Loan Trust, Inc. 4.972% due 11/25/2046 •(j)	1,100	924
First Franklin Mortgage Loan Trust 5.142% due 06/25/2036 •	315	298
Lehman XS Trust 6.260% due 11/25/2035 þ	646	280

		1,515

OTHER ABS 5.8%
ABSLT DE LLC 12.635% due 05/20/2033 «~	1,200	1,220
AIM Aviation Finance Ltd. 6.213% due 02/15/2040 þ(j)	491	472
Apex Credit CLO LLC 0.000% due 10/20/2034 ~	500	257
Crown City CLO II 0.000% due 04/20/2035 ~	600	244
Deutsche Bank AG 0.000% due 01/21/2035 «•	500	500
Dryden 123 CLO Ltd. 0.000% due 04/15/2038 ~	600	562
Man GLG U.S. CLO Ltd. 0.000% due 07/15/2034 ~	600	315
Marlette Funding Trust
0.000% due 07/16/2029 «(g)	5	0
0.000% due 03/15/2030 «(g)	8	12
National Collegiate V Commutation Trust 0.000% due 03/25/2038 •	3,496	518
SMB Private Education Loan Trust 0.000% due 02/16/2055 «(g)	0	195

		4,295

Total Asset-Backed Securities (Cost $47,226)		32,203

	SHARES
COMMON STOCKS 8.6%
COMMUNICATION SERVICES 0.6%
Clear Channel Outdoor Holdings, Inc. (e)	108,013	171
iHeartMedia, Inc. Class A (e)	25,745	74
iHeartMedia, Inc. Class B «(e)	20,009	50
Uniti Group, Inc. (e)	20,942	128

		423

CONSUMER DISCRETIONARY 0.0%
West Marine «(e)(i)	2,750	17

FINANCIALS 0.4%
MNSN Holdings, Inc. (e)(i)	511	31
Unity Bancorp, Inc. «(e)	52,170	293


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)


XBP Global Holdings, Inc. (e)		1,316	1

			325

HEALTH CARE 5.0%
AmSurg Corp. «(e)(i)		81,058	3,660

INDUSTRIALS 2.6%
Incora New Equity «(e)(i)		47,162	1,893
Mcdermott International Ltd. (e)		57	1
Westmoreland Mining Holdings «(e)(i)		9,154	4
Westmoreland Mining LLC «(e)(i)		16,748	19

			1,917

Total Common Stocks (Cost $8,408)			6,342

WARRANTS 0.1%
CONSUMER DISCRETIONARY 0.0%
West Marine - Exp. 09/11/2028 «		357	0

FINANCIALS 0.1%
Windstream Holdings II LLC - Exp. 10/25/2059 «		10,163	57

Total Warrants (Cost $62)			57

PREFERRED SECURITIES 1.5%
BANKING & FINANCE 0.4%
Windstream Holdings II LLC 11.000% «(e)		333	333

INDUSTRIALS 1.1%
Clover Holdings, Inc. 0.000% «(i)		1,626	32
SVB Financial Trust
0.000% due 11/07/2032 (g)		440	0
11.000% due 11/07/2032		583	318
Syniverse Holdings, Inc. 12.500% «(i)		448,404	437

			787

Total Preferred Securities (Cost $1,125)			1,120

REAL ESTATE INVESTMENT TRUSTS 0.6%
REAL ESTATE 0.6%
VICI Properties, Inc.		13,531	441

Total Real Estate Investment Trusts (Cost $34)			441

SHORT-TERM INSTRUMENTS 1.0%
MUTUAL FUNDS 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.200% (h)		109,847	110

		PRINCIPAL AMOUNT (000s)
U.S. TREASURY BILLS 0.8%
4.212% due 11/04/2025 - 11/12/2025 (f)(g)(m)	$	576	574

Total Short-Term Instruments (Cost $684)			684

Total Investments in Securities (Cost $130,210)			107,208

		SHARES
INVESTMENTS IN AFFILIATES 3.0%
SHORT-TERM INSTRUMENTS 3.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0%
PIMCO Short-Term Floating NAV Portfolio III		224,714	2,188


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)


Total Short-Term Instruments (Cost $2,186)		2,188

Total Investments in Affiliates (Cost $2,186)		2,188

Total Investments 149.2% (Cost $132,396)	$	109,396
Financial Derivative Instruments (k)(l) (0.1)%(Cost or Premiums, net $922)		(73)
Other Assets and Liabilities, net (49.1)%		(35,978)

Net Assets Applicable to Common Shareholders 100.0%	$	73,345


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)



NOTES TO SCHEDULE OF INVESTMENTS:

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

¤	The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.
^	Security is in default.
«	Security valued using significant unobservable inputs (Level 3).
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.
~	Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.
•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.
þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.
(a)	Security is an Interest Only ("IO") or IO Strip.
(b)	When-issued security.
(c)	Payment in-kind security.
(d)	Security is not accruing income as of the date of this report.
(e)	Security did not produce income within the last twelve months.
(f)	Coupon represents a weighted average yield to maturity.
(g)	Zero coupon security.
(h)	Coupon represents a 7-Day Yield.
(i)	RESTRICTED SECURITIES:
Issuer Description				Acquisition Date					Cost						Market Value				Market Value as Percentage of Net Assets

AmSurg Corp.				11/02/2023 - 11/06/2023			$		3,387				$		3,660				4.99	%
Clover Holdings, Inc.				12/09/2024					25						32				0.04
Incora New Equity				01/31/2025					2,291						1,893				2.58
Incora Top Holdco LLC 6.000% due 01/30/2033				01/31/2025 - 08/01/2025					1,043						1,687				2.30
MNSN Holdings, Inc.				03/16/2023 - 03/29/2023					6						31				0.04
Syniverse Holdings, Inc.				05/12/2022 - 05/30/2025					442						437				0.60
West Marine				09/12/2023					40						17				0.02
Westmoreland Mining Holdings				12/08/2014					266						4				0.01
Westmoreland Mining LLC				06/30/2023 - 02/03/2025					84						19				0.03

						$		7,584				$		7,780				10.61%

BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:
Counterparty		Borrowing Rate(1)	Settlement Date		Maturity Date						Amount Borrowed						Payable for Reverse Repurchase Agreements

BNY		5.260%	07/24/2025		01/23/2026					$	(1,975)					$	(1,995)
BPS		5.370	07/25/2025		01/22/2026						(396)						(400)
		5.390	07/25/2025		01/22/2026						(7,162)						(7,237)
		5.830	07/22/2025		10/22/2025						(1,524)						(1,541)
BRC		4.080	09/19/2025		TBD(2)						(353)						(354)
		4.450	09/19/2025		TBD(2)						(811)						(812)
		5.360	09/25/2025		01/26/2026						(1,035)						(1,036)
BYR		4.450	09/19/2025		TBD(2)						(292)						(292)
		4.660	07/21/2025		10/21/2025						(510)						(515)
DBL		4.450	09/19/2025		10/01/2025						(566)						(567)
		5.152	08/29/2025		10/31/2025						(223)						(224)
GLM		5.477	06/04/2025		03/04/2026						(522)						(532)
IND		4.510	09/04/2025		12/04/2025						(297)						(298)
		4.640	09/16/2025		12/16/2025						(809)						(810)
		4.660	07/10/2025		10/08/2025						(700)						(707)
		4.660	08/15/2025		10/08/2025						(330)						(332)
		4.810	09/23/2025		12/23/2025						(777)						(778)
		4.830	09/23/2025		12/23/2025						(673)						(674)
		4.850	07/29/2025		12/29/2025						(98)						(99)
MZF		5.280	09/17/2025		03/17/2026						(4,104)						(4,113)
RTA		5.210	09/15/2025		01/15/2026						(615)						(616)


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)


							5.260				09/08/2025						12/08/2025								(1,708)										(1,714)
							5.310				09/30/2025						11/14/2025								(156)										(156)
SOG							4.440				09/24/2025						12/24/2025								(330)										(331)
							5.260				08/19/2025						02/19/2026								(676)										(681)
TDM							4.250				09/19/2025						TBD(2)								(18)										(18)
UBS							4.920				09/10/2025						03/10/2026								(2,178)										(2,184)
							5.310				05/19/2025						11/19/2025								(99)										(101)
							5.480				07/08/2025						10/08/2025								(1,123)										(1,138)
							5.580				07/08/2025						10/08/2025								(4,788)										(4,851)

Total Reverse Repurchase Agreements																																$			(35,106)

(j)	Securities with an aggregate market value of $46,088 and cash of $55 have been pledged as collateral under the terms of master agreements as of September 30, 2025.
(1)	The average amount of borrowings outstanding during the period ended September 30, 2025 was $(12,107) at a weighted average interest rate of 5.354%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(2)	Open maturity reverse repurchase agreement.
(k)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
SHORT FUTURES CONTRACTS
																		Variation Margin
Description						Expiration Month			# of Contracts					Notional Amount								Unrealized Appreciation/ (Depreciation)							Asset									Liability

3-Month SOFR Active Contract December Futures						03/2026			1			$		(241)					$			4					$		0					$				0
3-Month SOFR Active Contract March Futures						06/2026			1					(241)								3							0									0
3-Month SOFR Active Contract September Futures						12/2025			1					(240)								5							0									0

Total Futures Contracts																		$			12					$		0					$				0

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

Receive		1-Day USD-SOFR Compounded-OIS	2.300%	Annual	01/17/2026			$		300			$		0	$				6			$	6						$	0					$			0
Pay		1-Day USD-SOFR Compounded-OIS	1.250	Semi-Annual	12/15/2026					200					(1)					(5)				(6)							0								0
Pay		1-Day USD-SOFR Compounded-OIS	1.550	Semi-Annual	01/20/2027					1,900					(4)					(62)				(66)							0								0
Pay		1-Day USD-SOFR Compounded-OIS	0.500	Semi-Annual	06/16/2028					140					(5)					(6)				(11)							0								0
Pay		1-Day USD-SOFR Compounded-OIS	3.750	Annual	12/20/2028					4,900					45					(10)				35							3								0
Pay		1-Day USD-SOFR Compounded-OIS	1.700	Semi-Annual	01/12/2029					2,000					(6)					(126)				(132)							1								0
Pay		1-Day USD-SOFR Compounded-OIS	4.250	Annual	06/19/2029					7,800					(33)					275				242							5								0
Pay		1-Day USD-SOFR Compounded-OIS	4.500	Annual	06/17/2030					10,300					8					497				505							6								0
Pay		1-Day USD-SOFR Compounded-OIS	3.250	Annual	06/18/2030					7,200					(69)					6				(63)							3								0
Receive		1-Day USD-SOFR Compounded-OIS	1.370	Semi-Annual	07/19/2031					100					0					13				13							0								0
Receive		1-Day USD-SOFR Compounded-OIS	1.360	Semi-Annual	07/20/2031					100					0					13				13							0								0
Receive		1-Day USD-SOFR Compounded-OIS	3.500	Annual	12/20/2033					1,800					54					(33)				21							0								0
Receive		1-Day USD-SOFR Compounded-OIS	3.000	Semi-Annual	12/19/2038					5,200					13					547				560							4								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					167				167							1								0
Receive		1-Day USD-SOFR Compounded-OIS	1.750	Semi-Annual	01/22/2050					700					(4)					283				279							2								0
Receive		1-Day USD-SOFR Compounded-OIS	1.625	Semi-Annual	02/03/2050					400					(2)					169				167							1								0
Receive		1-Day USD-SOFR Compounded-OIS	1.450	Semi-Annual	04/07/2051					1,300					(1)					591				590							3								0
Receive		1-Day USD-SOFR Compounded-OIS	1.750	Annual	06/15/2052					5,700					994					1,138				2,132							14								0


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)


Receive			1-Day USD-SOFR Compounded-OIS		1.750	Annual	12/21/2052		2,800							674								420								1,094							8									0

Total Swap Agreements													$		1,662				$				3,920						$		5,582					$		51						$			0

Cash of $1,008 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.
(l)		FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION(1)
																						Swap Agreements, at Value(3)
Counterparty				Index/Tranches				Fixed Receive Rate		Payment Frequency				Maturity Date						Notional Amount(2)						Premiums Paid/(Received)								Unrealized Appreciation/ (Depreciation)								Asset							Liability

GST				ABX.HE.AA.6-1 Index «				0.320%		Monthly				07/25/2045			$			1,374					$	(273)							$	156						$		0				$			(117)
				ABX.HE.PENAAA.7-1 Index «				0.090		Monthly				08/25/2037						421						(467)								460								0							(7)

Total Swap Agreements																						$		(740)				$		616					$		0						$		(124)

(m)		Securities with an aggregate market value of $289 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.
(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.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

Category and Subcategory											Level 1							Level 2									Level 3								Fair Value at 09/30/2025

Investments in Securities, at Value
Loan Participations and Assignments											$	0						$			12,020						$			4,485					$						16,505
Corporate Bonds & Notes
	Banking & Finance											0									3,784									0											3,784
	Industrials											0									10,362									4,414											14,776
	Utilities											0									372									0											372
U.S. Government Agencies												0									5,104									0											5,104
Non-Agency Mortgage-Backed Securities												0									25,672									148											25,820
Asset-Backed Securities
	Home Equity Other											0									25,651									0											25,651
	Manufacturing House ABS Other											0									600									0											600
	Manufacturing House Sequential											0									142									0											142
	Whole Loan Collateral											0									1,515									0											1,515
	Other ABS											0									2,368									1,927											4,295
Common Stocks
	Communication Services											373									0									50											423
	Consumer Discretionary											0									0									17											17
	Financials											32									0									293											325
	Health Care											0									0									3,660											3,660
	Industrials											1									0									1,916											1,917
Warrants
	Financials											0									0									57											57
Preferred Securities
	Banking & Finance											0									0									333											333
	Industrials											0									318									469											787
Real Estate Investment Trusts
	Real Estate											441									0									0											441
Short-Term Instruments
	Mutual Funds											0									110									0											110
	U.S. Treasury Bills											0									574									0											574

											$	847						$			88,592						$			17,769					$						107,208
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes										$	2,188						$			0						$			0					$						2,188

Total Investments											$	3,035						$			88,592						$			17,769					$						109,396

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared											$	0						$			51						$			0					$						51

Financial Derivative Instruments - Liabilities
Over the counter											$	0						$			0						$			(124)					$						(124)


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)


TotalFinancial Derivative Instruments															$		0						$			51					$	(124)				$			(73)

Totals															$		3,035						$			88,643					$	17,645				$			109,323




The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:
Category and Subcategory		Beginning Balance at 06/30/2025			Net Purchases (1)				Net Sales/Settlements (1)					Accrued Discounts/ (Premiums)					Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (2)							Transfers into Level 3				Transfers out of Level 3					Ending Balance at 09/30/2025			Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 09/30/2025 (2)

Investments in Securities, at Value
Loan Participations and Assignments		$	4,753		$		125		$			(635)	$			4		$		0	$				(164)			$		402			$	0				$		4,485	$		(167)
Corporate Bonds & Notes
	Industrials			2,984			1,166					0				3				0					261					0				0						4,414			262
Non-Agency Mortgage-Backed Securities			199				0					0				0				0					(51)					0				0						148			(51)
Asset-Backed Securities
	Other ABS			1,954			0					0				1				(234)					206					0				0						1,927			0
Common Stocks
	Communication Services			884			0					(769)				0				452					(517)					0				0						50			20
	Consumer Discretionary			17			0					0				0				0					0					0				0						17			0
	Financials			2			318					0				0				0					4					0				(31)						293			(25)
	Health Care			3,660			0					0				0				0					0					0				0						3,660			0
	Industrials			1,638			0					0				0				0					278					0				0						1,916			278
Warrants
	Communication Services			169			0					(152)				0				40					(57)					0				0						0			0
	Financials			0			62					0				0				0					(5)					0				0						57			(5)
Preferred Securities
	Banking & Finance			0			333					0				0				0					0					0				0						333			0
	Industrials			453			0					0				0				0					16					0				0						469			16

		$	16,713		$		2,004		$			(1,556)	$			8		$		258	$				(29)			$		402			$	(31)				$		17,769	$		328
Financial Derivative Instruments- Liabilities
Over the counter		$	(112)		$		74		$			(134)	$			0		$		10	$				38			$		0			$	0				$		(124)	$		(83)

Totals		$	16,601		$		2,078		$			(1,690)	$			8		$		268	$				9			$		402			$	(31)				$		17,645	$		245

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:
																											(% Unless Noted Otherwise)

Category and Subcategory						Ending Balance at 09/30/2025				Valuation Technique														Unobservable Inputs													Input Value(s)					Weighted Average

Investments in Securities, at Value
Loan Participations and Assignments						$		1,917			Comparable Companies													EBITDA Multiple											X		16.290					—
								1,311			Discounted Cash Flow													Discount Rate													6.230 - 50.000					10.632
								644			Indicative Market Quotation													Broker Quote													72.500 - 101.750					95.540
								99			Recent Transaction													Purchase Price													99.000					—
								514			Third Party Vendor													Broker Quote													40.500 - 93.000					79.427
Corporate Bonds & Notes
	Industrials							3,137			Comparable Companies/Discounted Cash Flow													Revenue Multiple/Discount Rate											X/%		0.970/10.000
								187			Indicative Market Quotation													Broker Quote													62.500					—
								1,090			Recent Transaction													Purchase Price													100.000					—
Non-Agency Mortgage-Backed Securities								148			Discounted Cash Flow													Discount Rate													10.000					—
Asset-Backed Securities
	Other ABS							1,427			Discounted Cash Flow													Discount Rate													9.640 – 13.000					10.120
								500			Recent Transaction													Purchase Price													100.000					—
Common Stocks
	Communication Services							50			Reference Instrument													Stock Price w/Liquidity Discount													12.000					—
	Consumer Discretionary							17			Comparable Companies/Discounted Cash Flow													Revenue Multiple/Discount Rate											X/ %		0.500/20.750
	Financials							293			Reference instrument													Stock Price w/Liquidity Discount													8.150					—
	Health Care							3,660			Comparable Companies													EBITDA Multiple											X		16.290					—
	Industrials							1,894			Comparable Companies/Discounted Cash Flow													Revenue Multiple/Discount Rate											X/ %		0.970/10.000
								22			Indicative Market Quotation													Broker Quote											$		0.375 - 1.125					1.009
Warrants
	Financials							57			Option Pricing Model													Volatility													62.500					—
Preferred Securities
	Banking & Finance							333			Recent Transaction													Purchase Price											$		1,000.000					—


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2025 (Unaudited)


	Industrials			32	Comparable Companies	EBITDA Multiple	X	12.250/10.750	—
				437	Discounted Cash Flow	Discount Rate		13.622	—
Financial Derivative Instruments- Liabilities
	Over the counter			(124)	Indicative Market Quotation	Broker Quote		91.500 - 98.500	91.892

Total			$	17,645

(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 September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

Notes to Financial Statements

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

On each day that the New York Stock Exchange (“NYSE”) is open, the Fund’s shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and 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 Pacific Investment Management Company LLC (“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 Investment Company Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee (“Valuation Designee”) for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds (“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 and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund’s NAV will be calculated based on the NAVs of such investments. 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, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Fund is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

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

Fair valuation may require subjective determinations about the value of a security. While the Fund’s and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

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

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

Notes to Financial Statements (Cont.)

• 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.

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 the Fund.

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

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 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, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 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

Notes to Financial Statements (Cont.)

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 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 ‘backsolving’ 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.

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.

2. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of September 30, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

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

3. INVESTMENTS IN AFFILIATES

The 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 Fund. A copy of each affiliate fund’s shareholder report is available at the U.S Securities and Exchange Commission (“SEC”) website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The table below shows the Fund's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands†):

Investment in PIMCO Short-Term Floating NAV Portfolio III


	Market Value 06/30/2025		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 09/30/2025		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	7,137	$	3,350	$	(8,300)	$	5	$	(4)	$	2,188	$	51	$	0

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

Notes to Financial Statements (Cont.)

(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.

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

Counterparty Abbreviations:
BNY	Bank of New York Mellon	GLM	Goldman Sachs Bank USA	RTA	RBC (Barbados) Trading Bank Corp.
BPS	BNP Paribas S.A.	GST	Goldman Sachs International	SOG	Societe Generale Paris
BRC	Barclays Bank PLC	IND	Crédit Agricole Corporate and Investment Bank S.A.	TDM	TD Securities (USA) LLC
BYR	The Bank of Nova Scotia - Toronto	MZF	Mizuho Securities USA LLC	UBS	UBS Securities LLC
DBL	Deutsche Bank AG London

Currency Abbreviations:
USD (or $)	United States Dollar

Index/Spread Abbreviations:
ABX.HE	Asset-Backed Securities Index - Home Equity	SOFR	Secured Overnight Financing Rate	TSFR3M	Term SOFR 3-Month
PENAAA	Penultimate AAA Sub-Index	TSFR1M	Term SOFR 1-Month

Other Abbreviations:
ABS	Asset-Backed Security	OIS	Overnight Index Swap	TBA	To-Be-Announced
ALT	Alternate Loan Trust	PIK	Payment-in-Kind	TBD	To-Be-Determined
CLO	Collateralized Loan Obligation	REMIC	Real Estate Mortgage Investment Conduit	TBD%	Interest rate to be determined when loan settles or at the time of funding
EBITDA	Earnings before Interest, Taxes, Depreciation and Amoritization