variableinsurancetrust

Schedule of Investments PIMCO Balanced Allocation Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 84.5% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%
Bausch Health Cos., Inc. 3.612% (LIBOR03M + 3.000%) due 06/02/2025 ~	$	28	$	27
Castlelake Aircraft Securitization Trust 3.967% due 07/15/2042		163		123
Total Loan Participations and Assignments (Cost $190)				150
CORPORATE BONDS & NOTES 12.0%
BANKING & FINANCE 7.5%
Bank of America Corp.
3.864% due 07/23/2024 •		200		210
3.950% due 04/21/2025		200		211
Barclays PLC 4.972% due 05/16/2029 •		200		216
BGC Partners, Inc. 5.375% due 07/24/2023		100		100
BPCE S.A. 4.625% due 07/11/2024		100		98
Carlyle Finance Subsidiary LLC 3.500% due 09/19/2029		100		90
Cooperatieve Rabobank UA 3.875% due 09/26/2023		250		257
CPI Property Group S.A. 1.625% due 04/23/2027	EUR	100		100
Credit Suisse AG 5.750% due 09/18/2025 •(c)		100		109
CyrusOne LP 2.900% due 11/15/2024	$	100		99
Deutsche Bank AG 3.961% due 11/26/2025 •		200		185
Discover Financial Services 4.500% due 01/30/2026		100		102
General Motors Financial Co., Inc. 3.550% due 04/09/2021		200		192
GLP Capital LP 5.250% due 06/01/2025		150		140
Goldman Sachs Group, Inc. 3.691% due 06/05/2028 •		400		412
HSBC Holdings PLC 4.300% due 03/08/2026		200		214
ING Bank NV 2.625% due 12/05/2022		100		105
ING Groep NV 4.100% due 10/02/2023		200		205
JPMorgan Chase & Co. 3.782% due 02/01/2028 •		300		323
Lloyds Banking Group PLC 4.450% due 05/08/2025		300		322
Mitsubishi UFJ Financial Group, Inc. 2.757% due 09/13/2026		200		202
Morgan Stanley
3.875% due 04/29/2024		200		210
4.431% due 01/23/2030 •		200		223
Oversea-Chinese Banking Corp. Ltd. 2.142% (US0003M + 0.450%) due 05/17/2021 ~		200		199
Royal Bank of Scotland Group PLC 3.875% due 09/12/2023		200		202
Sabra Health Care LP 3.900% due 10/15/2029		100		90
Spirit Realty LP 4.000% due 07/15/2029		100		98
Sumitomo Mitsui Financial Group, Inc. 2.448% due 09/27/2024		200		200
UBS AG 7.625% due 08/17/2022 (c)		250		258
VEREIT Operating Partnership LP 3.100% due 12/15/2029		100		87
Wells Fargo & Co.
3.196% due 06/17/2027 •		100		103
3.450% due 02/13/2023		100		103

Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


4.150% due 01/24/2029		200	219
			5,884
INDUSTRIALS 3.2%
Air Canada Pass-Through Trust 3.750% due 06/15/2029		83	93
American Airlines Pass-Through Trust 3.500% due 08/15/2033		197	166
Arrow Electronics, Inc. 4.500% due 03/01/2023		100	100
BMW U.S. Capital LLC 3.400% due 08/13/2021		100	100
Campbell Soup Co. 3.650% due 03/15/2023		58	59
Choice Hotels International, Inc. 3.700% due 12/01/2029		100	81
CVS Health Corp. 4.100% due 03/25/2025		200	211
DAE Funding LLC 5.250% due 11/15/2021		100	91
Dell International LLC 4.420% due 06/15/2021		100	101
DP World PLC 2.375% due 09/25/2026	EUR	200	206
Enbridge, Inc. 2.500% due 01/15/2025	$	100	93
Equifax, Inc. 2.562% (US0003M + 0.870%) due 08/15/2021 ~		100	98
Kinder Morgan Energy Partners LP 3.950% due 09/01/2022		100	99
Las Vegas Sands Corp. 3.200% due 08/08/2024		100	90
Penske Truck Leasing Co. LP 4.450% due 01/29/2026		100	111
Reynolds American, Inc. 4.450% due 06/12/2025		100	102
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/2023		200	204
Sprint Spectrum Co. LLC 4.738% due 09/20/2029		200	206
Sunoco Logistics Partners Operations LP 3.900% due 07/15/2026		100	84
Syngenta Finance NV 4.441% due 04/24/2023		200	189
			2,484
UTILITIES 1.3%
AT&T, Inc. 4.100% due 02/15/2028		300	316
Exelon Corp. 3.950% due 06/15/2025		100	101
IPALCO Enterprises, Inc. 3.700% due 09/01/2024		100	104
ONEOK, Inc. 4.550% due 07/15/2028		100	84
Petrobras Global Finance BV 5.093% due 01/15/2030		89	81
Verizon Communications, Inc. 3.376% due 02/15/2025		199	214
Vodafone Group PLC 3.750% due 01/16/2024		100	104
			1,004
Total Corporate Bonds & Notes (Cost $9,461)			9,372
MUNICIPAL BONDS & NOTES 0.5%
PENNSYLVANIA 0.2%
Pennsylvania Higher Education Assistance Agency Revenue Bonds, Series 2006 1.924% (US0003M + 0.130%) due 10/25/2036 ~		135	133
VIRGINIA 0.1%
University of Virginia Revenue Bonds, Series 2019 3.227% due 09/01/2119		100	94
WEST VIRGINIA 0.2%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 7.467% due 06/01/2047		185	180

Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Municipal Bonds & Notes (Cost $409)			407
U.S. GOVERNMENT AGENCIES 21.7%
Fannie Mae
2.055% due 11/25/2046 •		293	292
2.105% due 07/25/2046 •		101	101
2.125% due 09/25/2046 •		113	113
4.230% due 05/01/2038 •		165	168
Fannie Mae, TBA 3.000% due 06/01/2040		2,000	2,090
Freddie Mac
3.500% due 09/01/2047		169	179
4.000% due 08/01/2047		585	629
Uniform Mortgage-Backed Security
3.500% due 11/01/2045 - 09/01/2046		578	617
4.000% due 08/01/2048 - 08/01/2049		2,563	2,739
Uniform Mortgage-Backed Security, TBA
2.500% due 06/01/2050		1,400	1,445
3.000% due 05/01/2035 - 04/01/2050		1,600	1,673
3.500% due 05/01/2035 - 05/01/2050		3,600	3,798
4.000% due 05/01/2050		3,000	3,202
Total U.S. Government Agencies (Cost $16,758)			17,046
U.S. TREASURY OBLIGATIONS 10.1%
U.S. Treasury Bonds
2.000% due 02/15/2050		40	47
2.250% due 08/15/2049		150	183
2.375% due 11/15/2049		50	62
2.500% due 02/15/2046 (e)		2,780	3,495
3.000% due 08/15/2048		200	278
3.000% due 02/15/2049		50	70
U.S. Treasury Inflation Protected Securities (a)
0.125% due 01/15/2030		401	414
0.250% due 07/15/2029		1,412	1,467
U.S. Treasury Notes
1.375% due 10/15/2022		1,850	1,902
Total U.S. Treasury Obligations (Cost $6,898)			7,918
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5%
Banc of America Funding Trust 1.767% due 08/27/2036 ~		107	86
BANK 4.165% due 05/15/2061 ~		100	111
Citigroup Mortgage Loan Trust 4.445% due 07/25/2037 ^~		92	75
Deutsche ALT-B Securities, Inc. Mortgage Loan Trust 6.000% due 10/25/2036 þ		54	48
Grifonas Finance PLC 0.000% due 08/28/2039 •	EUR	32	29
Total Non-Agency Mortgage-Backed Securities (Cost $362)			349
ASSET-BACKED SECURITIES 6.2%
Atrium Corp. 2.632% due 04/22/2027 •	$	250	246
Babson Euro CLO BV 0.434% due 10/25/2029 •	EUR	250	272
Bowman Park CLO Ltd. 2.863% due 11/23/2025 •	$	124	123
CIT Mortgage Loan Trust 2.447% due 10/25/2037 •		100	85
Citigroup Mortgage Loan Trust 1.077% due 08/25/2036 •		233	225
Countrywide Asset-Backed Certificates
1.097% due 06/25/2047 ^•		65	63
1.177% due 05/25/2037 •		651	542
Crown Point CLO Ltd. 2.989% due 10/20/2028 •		250	241
Dryden Senior Loan Fund 2.731% due 10/15/2027 •		246	235
ECMC Group Student Loan Trust 1.697% due 02/27/2068 •		70	67
Fremont Home Loan Trust 1.097% due 10/25/2036 •		441	185
Halcyon Loan Advisors Funding Ltd. 2.747% due 04/20/2027 •		150	150
Harvest CLO DAC 0.630% due 11/18/2029 •	EUR	236	258
Jamestown CLO Ltd. 2.521% due 07/15/2026 •	$	54	51
JPMorgan Mortgage Acquisition Corp. 1.337% due 05/25/2035 •		600	577

Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


Jubilee CLO BV 0.311% due 12/15/2029 •	EUR	250		257
Lehman XS Trust
1.117% due 12/25/2036 •	$	16		16
1.747% due 10/25/2035 •		23		22
Loomis Sayles CLO Ltd. 2.731% due 04/15/2028 •		250		243
M360 Advisors LLC 4.395% due 07/24/2028		44		44
Morgan Stanley ABS Capital, Inc. Trust 1.077% due 10/25/2036 •		195		157
Navient Student Loan Trust 1.997% due 12/27/2066 •		123		120
OneMain Financial Issuance Trust 2.370% due 09/14/2032		61		60
Option One Mortgage Loan Trust 1.712% due 08/25/2035 •		120		101
S-Jets Ltd. 3.967% due 08/15/2042		199		142
SLM Student Loan Trust 1.291% due 12/15/2025 •		126		125
TICP CLO Ltd. 2.659% due 04/20/2028 •		250		243
Total Asset-Backed Securities (Cost $4,873)				4,850
SHORT-TERM INSTRUMENTS 33.3%
REPURCHASE AGREEMENTS (d) 33.3%				26,150
Total Short-Term Instruments (Cost $26,150)				26,150
Total Investments in Securities (Cost $65,101)				66,242
		SHARES
INVESTMENTS IN AFFILIATES 27.3%
MUTUAL FUNDS 5.2% (b)
PIMCO Income Fund		372,038		4,077
Total Mutual Funds (Cost $4,504)				4,077
SHORT-TERM INSTRUMENTS 22.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 22.1%
PIMCO Short-Term Floating NAV Portfolio III		1,763,836		17,323
Total Short-Term Instruments (Cost $17,412)				17,323
Total Investments in Affiliates (Cost $21,916)				21,400
Total Investments 111.8% (Cost $87,017)			$	87,642
Financial Derivative Instruments (f)(g) (0.9)%(Cost or Premiums, net $(63))				(671)
Other Assets and Liabilities, net (10.9)%				(8,555)
Net Assets 100.0%			$	78,416

Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.)

March 31, 2020

(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.
~	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)	Principal amount of security is adjusted for inflation.
(b)	Institutional Class Shares of each Fund.
(c)	Contingent convertible security.
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(d)	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
BPS		0.000%	03/31/2020	04/01/2020	$			11,300		U.S. Treasury Notes 3.000% due 09/30/2025													$			(11,545)					$			11,300					$				11,300
FICC		0.000	03/31/2020	04/01/2020				1,450		U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021																(1,482)								1,450									1,450
TDM		0.000	03/31/2020	04/01/2020				13,400		U.S. Treasury Bonds 2.250% due 08/15/2049																(13,784)								13,400									13,400
Total Repurchase Agreements																							$			(26,811)					$			26,150					$				26,150
REVERSE REPURCHASE AGREEMENTS:
Counterparty							Borrowing Rate(1)				Settlement Date					Maturity Date										Amount Borrowed(1)												Payable for Reverse Repurchase Agreements
BOS							0.100%				03/31/2020					04/01/2020						$				(2,525)									$			(2,525)
							0.960				03/27/2020					04/15/2020										(1,123)												(1,123)
BSN							1.690				01/10/2020					04/09/2020										(103)												(104)
Total Reverse Repurchase Agreements																																			$			(3,752)
(e)	Securities with an aggregate market value of $3,772 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(1,500) at a weighted average interest rate of 1.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(f)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
														Variation Margin
Description						Expiration Month			# of Contracts				Notional Amount								Unrealized Appreciation/ (Depreciation)									Asset												Liability
E-mini S&P 500 Index June Futures						06/2020			212				27,239						$		(1,029)							$		0							$					(428)
Mini MSCI EAFE Index June Futures						06/2020			252				19,647								1,590									1												(139)
																		$		561							$		1							$					(567)
SHORT FUTURES CONTRACTS
														Variation Margin
Description						Expiration Month			# of Contracts				Notional Amount								Unrealized Appreciation/ (Depreciation)									Asset												Liability
Euro-Bund 10-Year Bond June Futures						06/2020			3			$	(571)						$		6							$		4							$					(3)
U.S. Treasury 10-Year Note June Futures						06/2020			2				(277)								(13)									0												0
																		$		(7)							$		4							$					(3)
Total Futures Contracts															$		554							$	5								$					(570)

Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION(1)
																										Variation Margin (6)
Reference Entity			Fixed (Pay) Rate		Payment Frequency			Maturity Date			Implied Credit Spread at March 31, 2020(3)								Notional Amount(4)				Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)						Market Value(5)						Asset						Liability
Exelon Corp.			(1.000)%		Quarterly			06/20/2025			0.549			%		$			100	$			(4)				$			2			$			(2)			$			1			$			0
Kraft Heinz Foods Co.			(1.000)		Quarterly			06/20/2022			0.547								100				(1)							0						(1)						0						0
																					$			(5)				$			2			$			(3)			$			1			$			0
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(2)
																										Variation Margin (6)
Reference Entity			Fixed Receive Rate		Payment Frequency			Maturity Date			Implied Credit Spread at March 31, 2020(3)								Notional Amount(4)				Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)						Market Value(5)						Asset						Liability
General Electric Co.			1.000%		Quarterly			12/20/2024			2.153			%		$			200	$			(3)				$			(7)			$			(10)			$			1			$			0
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
																										Variation Margin (6)
Index/Tranches				Fixed Receive Rate			Payment Frequency			Maturity Date							Notional Amount(4)						Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)						Market Value(5)						Asset						Liability
iTraxx Europe Main 32 5-Year Index				1.000%			Quarterly			12/20/2024			EUR				350			$			3				$			(2)			$			1			$			0			$			(1)
INTEREST RATE SWAPS
																										Variation Margin ( 6 )
Pay/ Receive Floating Rate		Floating Rate Index				Fixed Rate			Payment Frequency			Maturity Date						Notional Amount							Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)						Market Value						Asset						Liability
Pay		3-Month CAD-Bank Bill				1.270%			Semi-Annual			03/03/2022			CAD			400				$			0				$			2			$			2			$			0			$			0
Pay		3-Month CAD-Bank Bill				1.273			Semi-Annual			03/03/2022						100							0							1						1						0						0
Pay(7)		3-Month CAD-Bank Bill				1.500			Semi-Annual			06/17/2022						200							1							1						2						0						0
Pay		3-Month CAD-Bank Bill				1.235			Semi-Annual			03/04/2025						300							1							2						3						0						0
																				$			2				$			6			$			8			$			0			$			0
Total Swap Agreements																				$			(3)				$			(1)			$			(4)			$			2			$			(1)
Cash of $4,991 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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 Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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 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 Portfolio 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)	Unsettled variation margin liability of $(2) for closed swap agreements is outstanding at period end.
(7)	This instrument has a forward starting effective date.
(g)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


FORWARD FOREIGN CURRENCY CONTRACTS:
														Unrealized Appreciation/(Depreciation)
Counterparty				Settlement Month				Currency to be Delivered						Currency to be Received													Asset													Liability
BOA				05/2020		$		91					AUD	137										$			0										$			(6)
				05/2020				14					MXN	269													0													(3)
				06/2020		KRW		108,165					$	91													2													0
				06/2020		$		188					TWD	5,607													0													(1)
BPS				04/2020		EUR		7					$	8													0													0
				05/2020		CAD		186						139													7													0
				05/2020		COP		290,901						70													0													(2)
				05/2020		JPY		2,600						24													0													0
BRC				04/2020		$		128					JPY	14,051													3													0
CBK				04/2020		EUR		1,299					$	1,424													0													(8)
				04/2020		MXN		2,553						112													5													0
				04/2020		$		83					COP	284,501													0													(13)
				04/2020				21					EUR	19													0													0
				05/2020		JPY		11,429					$	108													1													0
				05/2020		PEN		391						115													2													0
				06/2020		INR		4,672						62													1													0
FBF				06/2020		$		56					IDR	779,438													0													(9)
GLM				04/2020		RUB		6,743					$	101													15													0
				04/2020		$		126					RUB	7,781													0													(27)
				05/2020				113					PEN	401													3													0
				06/2020		TWD		5,547					$	186													1													0
HUS				04/2020		EUR		13						14													0													0
JPM				05/2020		CHF		79						82													0													(1)
				06/2020		$		121					MXN	2,313													0													(25)
MYI				05/2020		CAD		32					$	24													1													0
				05/2020		$		78					SEK	747													0													(2)
RBC				05/2020		GBP		68					$	88													4													0
RYL				05/2020		AUD		228						149													9													0
				05/2020		SEK		744						79													4													0
				05/2020		$		84					CHF	79													0													(2)
SCX				04/2020				111					EUR	99													0													(2)
				05/2020		EUR		1,201					$	1,320													0													(7)
				05/2020		$		164					CAD	217													0													(9)
				06/2020		IDR		793,260					$	54													6													0
				06/2020		$		92					KRW	109,685													0													(2)
SOG				05/2020				88					GBP	68													0													(4)
SSB				06/2020				64					INR	4,609													0													(4)
UAG				05/2020				62					AUD	92													0													(6)
Total Forward Foreign Currency Contracts														$					64									$						(133)
WRITTEN OPTIONS:
CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES
Counterparty			Description						Buy/Sell Protection		Exercise Rate				Expiration Date								Notional Amount(1)									Premiums (Received)									Market Value
BOA			Put - OTC CDX.IG-33 5-Year Index						Sell		0.800%				06/17/2020								500					$				(1)							$		(9)
BPS			Put - OTC CDX.IG-33 5-Year Index						Sell		0.800				06/17/2020								400									1									(7)
DUB			Put - OTC CDX.IG-33 5-Year Index						Sell		0.850				06/17/2020								500									(1)									(8)
GST			Put - OTC CDX.IG-33 5-Year Index						Sell		0.800				06/17/2020								600									(1)									(10)
Total Written Options														$				(2)								$		(34)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION(2)
														Swap Agreements, at Value (5)
Counterparty		Reference Entity			Fixed Receive Rate		Payment Frequency			Maturity Date		Implied Credit Spread at March 31, 2020(3)								Notional Amount(4)					Premiums Paid/(Received)								Unrealized Appreciation/ (Depreciation)					Asset					Liability
BOA		Mexico Government International Bond			1.000%		Quarterly			06/20/2021		1.108%				$				100		$			(2)					$			2			$		0				$	0
BRC		Colombia Government International Bond			1.000		Quarterly			06/20/2021		1.025								500					(15)								15					0					0
DUB		Brazil Government International Bond			1.000		Quarterly			06/20/2021		1.277								100					(9)								8					0					(1)
GST		Brazil Government International Bond			1.000		Quarterly			06/20/2021		1.277								200					(14)								13					0					(1)
HUS		Mexico Government International Bond			1.000		Quarterly			06/20/2021		1.108								200					(5)								5					0					0
JPM		Brazil Government International Bond			1.000		Quarterly			06/20/2021		1.277								100					(7)								7					0					0
		Russia Government International Bond			1.000		Quarterly			06/20/2021		1.063								100					(6)								6					0					0
Total Swap Agreements														$			(58)				$			56					$		0				$			(2)
(1)	Notional Amount represents the number of contracts.

Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


(2)		If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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 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 Portfolio 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.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory			Level 1		Level 2		Level 3		Fair Value at 03/31/2020
Investments in Securities, at Value
Loan Participations and Assignments			$	0	$	150	$	0	$	150
Corporate Bonds & Notes
	Banking & Finance			0		5,884		0		5,884
	Industrials			0		2,484		0		2,484
	Utilities			0		1,004		0		1,004
Municipal Bonds & Notes
	Pennsylvania			0		133		0		133
	Virginia			0		94		0		94
	West Virginia			0		180		0		180
U.S. Government Agencies				0		17,046		0		17,046
U.S. Treasury Obligations				0		7,918		0		7,918
Non-Agency Mortgage-Backed Securities				0		349		0		349
Asset-Backed Securities				0		4,850		0		4,850
Short-Term Instruments
	Repurchase Agreements			0		26,150		0		26,150
			$	0	$	66,242	$	0	$	66,242
Investments in Affiliates, at Value
Mutual Funds				4,077		0		0		4,077
Short-Term Instruments
	Central Funds Used for Cash Management Purposes			17,323		0		0		17,323
			$	21,400	$	0	$	0	$	21,400
Total Investments			$	21,400	$	66,242	$	0	$	87,642
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared				5		2		0		7
Over the counter				0		64		0		64
			$	5	$	66	$	0	$	71
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared				(570)		(1)		0		(571)
Over the counter				0		(169)		0		(169)
			$	(570)	$	(170)	$	0	$	(740)
Total Financial Derivative Instruments			$	(565)	$	(104)	$	0	$	(669)
Totals			$	20,835	$	66,138	$	0	$	86,973

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 172.6% ¤
CORPORATE BONDS & NOTES 12.0%
BANKING & FINANCE 5.2%
AerCap Ireland Capital DAC
4.250% due 07/01/2020	$	700	$	691
4.625% due 10/30/2020		100		97
Aircastle Ltd. 7.625% due 04/15/2020		600		600
Ally Financial, Inc. 4.250% due 04/15/2021		50		49
Bank of Ireland 7.375% due 06/18/2020 •(e)(f)	EUR	200		213
Cooperatieve Rabobank UA
5.500% due 06/29/2020 •(e)(f)		200		212
6.625% due 06/29/2021 •(e)(f)		200		212
Credit Suisse Group Funding Guernsey Ltd. 3.800% due 09/15/2022	$	1,100		1,120
Deutsche Bank AG 4.250% due 10/14/2021		1,600		1,523
Ford Motor Credit Co. LLC
0.000% due 12/01/2021 •	EUR	900		874
3.200% due 01/15/2021	$	2,100		2,040
ING Bank NV 2.625% due 12/05/2022		500		524
Lloyds Banking Group PLC 1.995% (US0003M + 0.800%) due 06/21/2021 ~		500		488
Mitsubishi UFJ Financial Group, Inc. 3.460% (US0003M + 1.880%) due 03/01/2021 ~		247		246
Mitsubishi UFJ Lease & Finance Co. Ltd. 2.250% due 09/07/2021		800		787
Royal Bank of Scotland Group PLC
2.766% (US0003M + 1.550%) due 06/25/2024 ~		400		363
4.519% due 06/25/2024 •		300		302
State Bank of India 2.850% (US0003M + 0.950%) due 04/06/2020 ~		800		800
UniCredit SpA 7.830% due 12/04/2023		1,650		1,764
				12,905
INDUSTRIALS 4.9%
Bayer U.S. Finance LLC 1.846% (US0003M + 0.630%) due 06/25/2021 ~		2,100		2,033
Charter Communications Operating LLC 3.579% due 07/23/2020		2,700		2,692
CRH America, Inc. 5.750% due 01/15/2021		200		206
Daimler Finance North America LLC 2.300% due 02/12/2021		150		146
Dell International LLC 4.420% due 06/15/2021		900		910
Deutsche Telekom International Finance BV 1.950% due 09/19/2021		150		148
DISH DBS Corp. 5.125% due 05/01/2020		500		498
ERAC USA Finance LLC 2.600% due 12/01/2021		200		200
Fresenius Medical Care U.S. Finance, Inc. 5.750% due 02/15/2021		1,000		1,026
Keurig Dr Pepper, Inc.
3.551% due 05/25/2021		2,800		2,835
4.057% due 05/25/2023		100		104
Kraft Heinz Foods Co. 2.800% due 07/02/2020		107		106
Mondelez International Holdings Netherlands BV 2.000% due 10/28/2021		500		498
Textron, Inc. 2.284% (US0003M + 0.550%) due 11/10/2020 ~		690		690
Volkswagen Group of America Finance LLC 4.000% due 11/12/2021		200		198

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


YPF S.A. 35.421% (BADLARPP + 6.000%) due 03/04/2021 ~	ARS	2,670	31
			12,321
UTILITIES 1.9%
AT&T, Inc.
2.330% (US0003M + 0.750%) due 06/01/2021 ~	$	600	583
2.781% (US0003M + 0.950%) due 07/15/2021 ~		1,100	1,081
5.150% due 02/15/2050		300	360
5.300% due 08/15/2058		100	118
Duke Energy Corp. 2.204% (US0003M + 0.500%) due 05/14/2021 ~		1,000	990
Petrobras Global Finance BV
5.093% due 01/15/2030		679	622
6.125% due 01/17/2022		238	239
6.625% due 01/16/2034	GBP	100	116
Sempra Energy 1.191% (US0003M + 0.450%) due 03/15/2021 ~	$	300	296
Southern Power Co. 1.666% (US0003M + 0.550%) due 12/20/2020 ~		300	295
			4,700
Total Corporate Bonds & Notes (Cost $30,318)			29,926
U.S. GOVERNMENT AGENCIES 26.0%
Fannie Mae
1.297% due 05/25/2042 •		3	3
1.347% due 03/25/2049 •		1,480	1,462
3.253% due 10/01/2044 •		3	3
3.429% due 01/01/2036 •		36	36
3.905% due 11/01/2035 •		3	3
3.958% due 05/25/2035 ~		16	17
4.343% due 07/01/2035 •		12	12
4.349% due 11/01/2034 •		12	13
Fannie Mae, TBA 3.000% due 06/01/2040		4,300	4,494
Freddie Mac
1.077% due 08/25/2031 •		1	1
1.155% due 09/15/2042 •		887	896
2.005% due 07/15/2044 •		435	433
3.189% due 02/25/2045 •		41	40
3.654% due 07/01/2036 •		81	83
3.806% due 09/01/2036 •		62	62
3.875% due 10/01/2036 •		39	40
3.935% due 01/01/2034 •		3	3
Ginnie Mae
1.173% due 02/20/2049 •		1,394	1,380
2.266% due 08/20/2068 •		641	619
3.629% due 04/20/2067 •		438	438
NCUA Guaranteed Notes
1.466% due 10/07/2020 •		140	140
1.576% due 12/08/2020 •		586	586
Small Business Administration 5.510% due 11/01/2027		97	106
Uniform Mortgage-Backed Security, TBA
2.500% due 06/01/2050		7,900	8,154
3.500% due 05/01/2050		15,580	16,479
4.000% due 05/01/2050		27,700	29,569
Total U.S. Government Agencies (Cost $63,804)			65,072
U.S. TREASURY OBLIGATIONS 95.1%
U.S. Treasury Bonds
3.000% due 05/15/2045		80	109
U.S. Treasury Inflation Protected Securities (d)
0.125% due 04/15/2021 (h)		43,674	42,787
0.125% due 01/15/2022 (l)		3,362	3,314
0.125% due 04/15/2022 (h)(l)		28,785	28,378
0.125% due 07/15/2022		2,689	2,663
0.125% due 01/15/2023 (h)		20,172	19,926
0.125% due 07/15/2026		6,693	6,758
0.125% due 01/15/2030		361	372
0.375% due 07/15/2023		7,413	7,458
0.375% due 07/15/2025		6,935	7,077
0.375% due 01/15/2027 (h)(l)		12,130	12,427
0.375% due 07/15/2027 (h)(l)		590	608
0.500% due 04/15/2024 (h)		15,689	15,920
0.500% due 01/15/2028 (h)		12,053	12,570
0.625% due 07/15/2021		2,303	2,281
0.625% due 04/15/2023		2,108	2,124
0.625% due 01/15/2024 (j)(l)		1,795	1,825
0.625% due 01/15/2026 (h)		17,108	17,681

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


0.625% due 02/15/2043 (l)		168	185
0.750% due 07/15/2028		2,661	2,850
0.750% due 02/15/2045		2,300	2,632
1.125% due 01/15/2021		5,070	5,021
1.250% due 07/15/2020 (h)		12,111	12,000
1.375% due 02/15/2044 (h)(l)		1,118	1,435
1.375% due 02/15/2044		111	142
1.750% due 01/15/2028		6,000	6,830
2.000% due 01/15/2026		4,668	5,195
2.125% due 02/15/2040 (h)		883	1,236
2.125% due 02/15/2041 (l)		1,037	1,444
2.375% due 01/15/2025 (h)		10,236	11,354
2.375% due 01/15/2027 (l)		128	148
2.500% due 01/15/2029		1,970	2,420
3.875% due 04/15/2029 (h)		592	798
3.875% due 04/15/2029		118	159
Total U.S. Treasury Obligations (Cost $234,794)			238,127
NON-AGENCY MORTGAGE-BACKED SECURITIES 4.2%
Alliance Bancorp Trust 1.187% due 07/25/2037 •		205	156
Banc of America Mortgage Trust
3.897% due 11/25/2035 ^~		13	11
4.636% due 06/25/2035 ~		36	29
Bear Stearns Adjustable Rate Mortgage Trust
3.759% due 03/25/2035 ~		45	39
4.183% due 07/25/2036 ^~		42	37
4.252% due 01/25/2035 ~		121	104
Citigroup Mortgage Loan Trust
3.258% due 04/25/2066 ~		94	93
4.128% due 09/25/2037 ^~		231	204
Civic Mortgage LLC 4.349% due 11/25/2022 þ		199	198
Countrywide Alternative Loan Trust
0.968% due 12/20/2046 ^•		911	676
1.067% due 06/25/2036 •		590	502
5.000% due 07/25/2035		85	68
6.000% due 02/25/2037 ^		161	98
Countrywide Home Loan Mortgage Pass-Through Trust
3.777% due 10/20/2035 ~		1,600	1,447
3.785% due 08/25/2034 ^~		8	8
Credit Suisse Mortgage Capital Certificates
1.097% due 09/29/2036 •		691	649
6.006% due 10/26/2036 ~		57	52
Eurosail PLC 1.456% due 06/13/2045 •	GBP	282	346
First Horizon Alternative Mortgage Securities Trust
3.776% due 06/25/2034 ~	$	7	6
6.000% due 02/25/2037 ^		52	34
GreenPoint Mortgage Funding Trust
1.127% due 09/25/2046 •		127	103
1.487% due 11/25/2045 •		7	6
GS Mortgage Securities Trust 3.849% due 12/10/2043		67	67
GSR Mortgage Loan Trust 4.310% due 01/25/2035 ~		17	15
HarborView Mortgage Loan Trust 1.230% due 03/19/2036 ^•		30	24
Hawksmoor Mortgages 1.761% due 05/25/2053 •	GBP	1,294	1,582
HomeBanc Mortgage Trust 1.277% due 10/25/2035 •	$	35	35
IndyMac Mortgage Loan Trust 4.226% due 11/25/2035 ^~		14	13
JPMorgan Mortgage Trust
4.370% due 02/25/2035 ~		43	37
4.539% due 07/25/2035 ~		21	19
4.559% due 08/25/2035 ~		30	28
Lehman XS Trust 2.097% due 12/25/2037 •		769	630
MASTR Adjustable Rate Mortgages Trust 4.684% due 11/21/2034 ~		13	12
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates 1.445% due 09/15/2030 •		86	81
New Residential Mortgage Loan Trust 2.750% due 07/25/2059 ~		1,231	1,233
Residential Accredit Loans, Inc. Trust
2.910% due 10/25/2037 ~		38	30
3.326% due 09/25/2045 •		90	76
Residential Asset Securitization Trust 1.347% due 05/25/2035 •		76	56
Sequoia Mortgage Trust 0.973% due 07/20/2036 •		138	123

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


Structured Adjustable Rate Mortgage Loan Trust
3.366% due 01/25/2035 ^•		8	7
3.872% due 02/25/2034 ~		8	7
Structured Asset Mortgage Investments Trust
1.157% due 04/25/2036 •		10	10
1.410% due 10/19/2034 •		10	10
Towd Point Mortgage Funding PLC 1.724% due 10/20/2051 •	GBP	1,173	1,415
WaMu Mortgage Pass-Through Certificates Trust
2.736% due 05/25/2047 •	$	155	129
3.479% due 08/25/2035 ~		3	2
3.749% due 12/25/2035 ~		89	77
Washington Mutual Mortgage Pass-Through Certificates Trust 6.500% due 08/25/2035		15	13
Total Non-Agency Mortgage-Backed Securities (Cost $11,162)			10,597
ASSET-BACKED SECURITIES 9.3%
Argent Mortgage Loan Trust 1.427% due 05/25/2035 •		94	77
Argent Securities Trust
1.097% due 07/25/2036 •		354	273
1.107% due 05/25/2036 •		649	217
Atrium Corp. 2.632% due 04/22/2027 •		400	394
Black Diamond CLO Designated Activity Co. 0.650% due 10/03/2029 •	EUR	347	378
Brookside Mill CLO Ltd. 2.656% due 01/17/2028 •	$	2,060	2,019
Catamaran CLO Ltd. 2.644% due 01/27/2028 •		599	585
CIT Mortgage Loan Trust
2.297% due 10/25/2037 •		502	488
2.447% due 10/25/2037 •		600	507
Citigroup Mortgage Loan Trust 1.857% due 12/25/2036 •		46	34
Citigroup Mortgage Loan Trust, Inc. 1.277% due 10/25/2036 •		400	344
CoreVest American Finance Trust 2.968% due 10/15/2049		135	134
Countrywide Asset-Backed Certificates
1.137% due 11/25/2037 •		825	727
1.197% due 03/25/2037 •		200	164
3.765% due 04/25/2036 ~		2	2
Countrywide Asset-Backed Certificates Trust 1.687% due 08/25/2047 •		191	171
Credit-Based Asset Servicing & Securitization LLC
1.067% due 07/25/2037 •		12	7
1.167% due 07/25/2037 •		52	31
Ellington Loan Acquisition Trust 2.047% due 05/25/2037 •		31	28
Fremont Home Loan Trust 1.082% due 10/25/2036 •		131	107
GSAA Home Equity Trust 6.220% due 03/25/2046 þ		63	44
GSAMP Trust
1.017% due 12/25/2036 •		54	27
1.922% due 03/25/2035 ^•		113	91
Halcyon Loan Advisors Funding Ltd. 2.747% due 04/20/2027 •		180	179
Home Equity Asset Trust 1.397% due 02/25/2036 •		400	351
IndyMac Mortgage Loan Trust 1.017% due 07/25/2036 •		270	100
Jamestown CLO Ltd.
2.521% due 07/15/2026 •		172	164
2.624% due 07/25/2027 •		203	198
3.056% due 01/17/2027 •		541	534
JPMorgan Mortgage Acquisition Trust 1.157% due 10/25/2036 •		86	79
Jubilee CLO BV 0.311% due 12/15/2029 •	EUR	1,950	2,004
Lehman XS Trust
1.107% due 05/25/2036 •	$	131	117
5.201% due 06/25/2036 þ		153	146
LoanCore Issuer Ltd. 1.835% due 05/15/2036 •		500	487
Long Beach Mortgage Loan Trust 1.067% due 08/25/2036 •		614	283
Man GLG Euro CLO DAC 0.870% due 01/15/2030 •	EUR	250	257
Marathon CLO Ltd. 2.566% due 11/21/2027 •	$	1,896	1,846

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


Marlette Funding Trust 2.690% due 09/17/2029		62	60
MASTR Asset-Backed Securities Trust 1.097% due 10/25/2036 •		196	75
Morgan Stanley Mortgage Loan Trust
5.910% due 11/25/2036 þ		773	281
6.000% due 02/25/2037 ^~		77	52
New Century Home Equity Loan Trust 1.712% due 02/25/2035 •		119	106
OCP CLO Ltd.
2.614% due 10/26/2027 •		838	821
2.631% due 07/15/2027 •		189	187
Renaissance Home Equity Loan Trust 2.047% due 09/25/2037 •		1,034	468
Residential Asset Securities Corp. Trust
1.177% due 06/25/2036 •		352	326
1.277% due 04/25/2036 •		200	176
Saxon Asset Securities Trust 1.257% due 09/25/2037 •		200	181
Securitized Asset-Backed Receivables LLC Trust
1.097% due 07/25/2036 •		345	172
1.107% due 07/25/2036 •		162	71
1.197% due 05/25/2036 •		592	343
SLM Private Education Loan Trust 2.955% due 06/16/2042 •		98	99
SLM Student Loan Trust
0.000% due 01/25/2024 •	EUR	89	98
0.000% due 06/17/2024 •		36	39
2.344% due 10/25/2064 •	$	495	468
3.294% due 04/25/2023 •		768	762
SoFi Professional Loan Program LLC 2.050% due 01/25/2041		51	51
Soundview Home Loan Trust 1.147% due 06/25/2037 •		788	591
SpringCastle Funding Asset-Backed Notes 3.200% due 05/27/2036		708	667
Structured Asset Securities Corp. Mortgage Loan Trust 3.081% due 04/25/2035 •		142	132
Symphony CLO Ltd. 2.788% due 07/14/2026 •		233	226
THL Credit Wind River CLO Ltd.
2.701% due 10/15/2027 •		405	399
2.711% due 01/15/2026 •		176	176
Venture CLO Ltd.
2.651% due 04/15/2027 •		732	715
2.711% due 07/15/2027 •		372	366
2.952% due 10/22/2031 •		500	482
Voya CLO Ltd. 2.514% due 07/25/2026 •		290	284
Z Capital Credit Partners CLO Ltd. 2.793% due 07/16/2027 •		710	692
Total Asset-Backed Securities (Cost $24,681)			23,160
SOVEREIGN ISSUES 9.3%
Argentina Government International Bond
36.575% (BADLARPP + 2.000%) due 04/03/2022 ~	ARS	3,393	26
38.039% (ARLLMONP) due 06/21/2020 ~		19,677	143
42.781% (BADLARPP) due 10/04/2022 ~		100	1
Australia Government International Bond
1.250% due 02/21/2022 (d)	AUD	1,838	1,142
3.000% due 09/20/2025 (d)		2,105	1,485
Autonomous City of Buenos Aires Argentina 37.247% (BADLARPP + 5.000%) due 01/23/2022 ~	ARS	1,850	17
Canada Government Real Return Bond 4.250% due 12/01/2026	CAD	934	832
France Government International Bond 2.100% due 07/25/2023	EUR	2,512	3,001
Japan Government International Bond
0.100% due 03/10/2028	JPY	209,807	1,950
0.100% due 03/10/2029		264,725	2,456
Mexico Government International Bond 7.750% due 05/29/2031	MXN	7,972	349
New Zealand Government International Bond 2.000% due 09/20/2025 (d)	NZD	2,770	1,815
Peru Government International Bond 5.940% due 02/12/2029	PEN	1,000	312
Provincia de Buenos Aires 37.463% (BADLARPP + 3.750%) due 04/12/2025 ~	ARS	980	6
Qatar Government International Bond 3.875% due 04/23/2023	$	400	413
Saudi Government International Bond 4.000% due 04/17/2025		260	271

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


United Kingdom Gilt
0.125% due 08/10/2028	GBP	2,071		3,237
0.125% due 08/10/2048		740		1,604
1.250% due 11/22/2027		2,606		4,309
Total Sovereign Issues (Cost $25,899)				23,369
		SHARES
PREFERRED SECURITIES 0.1%
BANKING & FINANCE 0.1%
Bank of America Corp. 5.875% due 03/15/2028 •(e)		230,000		233
Total Preferred Securities (Cost $230)				233
SHORT-TERM INSTRUMENTS 16.6%
REPURCHASE AGREEMENTS (g) 8.2%				20,623
		PRINCIPAL AMOUNT (000s)
ARGENTINA TREASURY BILLS 0.0%
32.393% due 08/28/2020 ~	ARS	1,747		16
36.751% due 04/03/2020 ~		1,520		17
53.823% due 05/13/2020 (b)(c)		920		7
				40
U.S. TREASURY BILLS 8.4%
0.586% due 04/07/2020 - 06/18/2020 (a)(b)(l)	$	20,988		20,986
Total Short-Term Instruments (Cost $41,661)				41,649
Total Investments in Securities (Cost $432,549)				432,133
		SHARES
INVESTMENTS IN AFFILIATES 1.0%
SHORT-TERM INSTRUMENTS 1.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0%
PIMCO Short-Term Floating NAV Portfolio III		255,468		2,509
Total Short-Term Instruments (Cost $2,508)				2,509
Total Investments in Affiliates (Cost $2,508)				2,509
Total Investments 173.6% (Cost $435,057)			$	434,642
Financial Derivative Instruments (i)(k) (1.8)%(Cost or Premiums, net $360)				(4,536)
Other Assets and Liabilities, net (71.8)%				(179,800)
Net Assets 100.0%			$	250,306

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)



NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

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

¤	The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.
^	Security is in default.
«	Security valued using significant unobservable inputs (Level 3).
~	Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.
•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.
þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.
(a)	Coupon represents a weighted average yield to maturity.
(b)	Zero coupon security.
(c)	Coupon represents a yield to maturity.
(d)	Principal amount of security is adjusted for inflation.
(e)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(f)	Contingent convertible security.
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(g)	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
BOS		0.000%	03/31/2020	04/01/2020	$		7,000		U.S. Treasury Bonds 3.000% due 11/15/2045								$			(7,166)					$			7,000				$		7,000
FICC		0.000	03/31/2020	04/01/2020			165		U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021											(170)								165						165
SAL		0.000	03/31/2020	04/01/2020			11,300		U.S. Treasury Notes 2.000% due 05/31/2024											(11,535)								11,300						11,300
SSB		0.000	03/31/2020	04/01/2020			2,158		U.S. Treasury Notes 2.000% due 08/31/2021(1)											(2,201)								2,158						2,158
Total Repurchase Agreements																$	(21,072)						$			20,623				$	20,623
SALE-BUYBACK TRANSACTIONS:
Counterparty						Borrowing Rate(2)				Borrowing Date					Maturity Date									Amount Borrowed(2)												Payable for Sale-Buyback Transactions(3)
BCY						1.030%				03/26/2020					04/13/2020							$		(14,689)											$	(14,692)
						1.050				03/19/2020					04/20/2020									(4,274)												(4,276)
BOS						0.250				03/31/2020					04/01/2020									(12,817)												(12,817)
BPG						0.700				03/16/2020					04/16/2020									(15,261)												(15,266)
						1.200				03/17/2020					04/17/2020									(26,520)												(26,534)
						1.700				01/21/2020					04/21/2020									(6,473)												(6,495)
						1.700				01/23/2020					04/23/2020									(1,463)												(1,467)
						1.730				02/11/2020					04/09/2020									(680)												(681)
						1.740				02/18/2020					04/17/2020									(59,879)												(60,004)
						1.760				03/30/2020					04/13/2020									(3,887)												(3,887)
MSC						0.960				03/11/2020					04/13/2020									(52,979)												(53,008)
TDL						0.300				03/30/2020					04/20/2020									(6,601)												(6,601)
Total Sale-Buyback Transactions																																			$	(205,728)
SHORT SALES:
Description								Coupon			Maturity Date		Principal Amount					Proceeds									Payable for Short Sales
United States (0.3)%
U.S. Government Agencies (0.3)%
Uniform Mortgage-Backed Security, TBA								2.500%			05/01/2050	$		700			$				(720)				$				(724)
Total Short Sales (0.3)%																	$				(720)				$				(724)
(h)	Securities with an aggregate market value of $205,496 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	Collateral is held in custody by the counterparty.

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


(2)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(169,674) at a weighted average interest rate of 1.695%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(3)	Payable for sale-buyback transactions includes $(100) of deferred price drop.
(i)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
PURCHASED OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description						Strike Price				Expiration Date			# of Contracts				Notional Amount					Cost							Market Value
Put - CBOT U.S. Treasury 2-Year Note June 2020 Futures				$		104.750				05/22/2020			2			$	4				$	0				$			0
Put - CBOT U.S. Treasury 2-Year Note June 2020 Futures						105.250				05/22/2020			12				24					0							0
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures						113.000				05/22/2020			238				238					2							9
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures						113.250				05/22/2020			31				31					0							1
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures						113.500				05/22/2020			14				14					0							1
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures						114.000				05/22/2020			4				4					0							0
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures						151.500				05/22/2020			17				17					0							1
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures						157.000				05/22/2020			200				200					2							9
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures						200.000				05/22/2020			33				33					26							1
Call - CBOT U.S. Treasury 30-Year Bond June 2020 Futures						196.000				05/22/2020			7				7					0							4
Call - CBOT U.S. Treasury 30-Year Bond June 2020 Futures						205.000				05/22/2020			168				168					2							61
Call - CBOT U.S. Treasury 30-Year Bond June 2020 Futures						215.000				05/22/2020			63				63					1							15
Call - CBOT U.S. Treasury 30-Year Bond June 2020 Futures						239.000				05/22/2020			10				10					0							1
Put - CBOT U.S. Treasury Ultra Long-Term Bond June 2020 Futures						125.000				05/22/2020			37				37					0							0
Put - CBOT U.S. Treasury Ultra Long-Term Bond June 2020 Futures						131.000				05/22/2020			29				29					0							0
Put - CBOT U.S. Treasury Ultra Long-Term Bond June 2020 Futures						135.000				05/22/2020			76				76					1							0
Put - CBOT U.S. Treasury Ultra Long-Term Bond June 2020 Futures						141.000				05/22/2020			5				5					0							0
Put - CBOT U.S. Treasury Ultra Long-Term Bond June 2020 Futures						145.000				05/22/2020			26						26			0							0
Total Purchased Options				$			34				$	103
WRITTEN OPTIONS:
COMMODITY OPTIONS
Description						Strike Price				Expiration Date			# of Contracts					Notional Amount					Premiums (Received)							Market Value
Call - NYMEX Crude May 2020 Futures					$	40.000				04/16/2020			1					1				$	(1)				$			0
Call - NYMEX Crude May 2020 Futures						41.500				04/16/2020			1					1					(1)							0
Call - NYMEX Crude May 2020 Futures						52.000				04/16/2020			12					12					(13)							0
Call - NYMEX Crude May 2020 Futures						54.000				04/16/2020			24					24					(24)							0
Call - NYMEX Natural Gas Calendar Spread October Futures						0.300				09/25/2020			2					20					(1)							0
Put - NYMEX Natural Gas Calendar Spread October Futures						0.600				09/25/2020			2					20					(1)							(4)
Put - NYMEX Natural Gas May 2020 Futures						1.750				04/27/2020			24					240					(11)							(42)
Put - NYMEX Natural Gas May 2020 Futures						1.800				04/27/2020			24					240					(10)							(51)
Call - NYMEX Natural Gas May 2020 Futures						2.000				04/27/2020			12					120					(4)							(2)
Call - NYMEX WTI-Brent Crude Spread December 2020 Futures						3.000				10/29/2020			1							1			(1)							(1)
Total Written Options				$			(67)				$	(100)
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
				Variation Margin
Description		Expiration Month	# of Contracts						Notional Amount						Unrealized Appreciation/ (Depreciation)										Asset						Liability
Aluminum May Futures		05/2020	2					$	76					$	(3)									$	0			$			(3)
Brent 1st Line April Futures		04/2020	1						(5)						(5)										0						(3)
Brent 1st Line April Futures		04/2020	2						(10)						(9)										0						0
Brent 1st Line August Futures		08/2020	1						(3)						(2)										0						0
Brent 1st Line December Futures		12/2020	1						(1)						(1)										0						0
Brent 1st Line July Futures		07/2020	1						(3)						(3)										0						(1)
Brent 1st Line June Futures		06/2020	2						(9)						(8)										0						(1)
Brent 1st Line May Futures		05/2020	3						(14)						(12)										0						(2)
Brent 1st Line November Futures		11/2020	1						(1)						(1)										0						0
Brent 1st Line October Futures		10/2020	1						(2)						(1)										0						0
Brent 1st Line September Futures		09/2020	1						(2)						(1)										0						0
Brent 1st Line vs. Dubai 1st Line April Futures		04/2020	2						2						(1)										0						0
Brent 1st Line vs. Dubai 1st Line June Futures		06/2020	1						1						0										0						0
Brent 1st Line vs. Dubai 1st Line May Futures		05/2020	2						2						0										0						0
Brent Crude December Futures		10/2021	62						2,574						(443)										0						(12)
Brent Crude July Futures		05/2020	11						326						(169)										0						(1)
Brent Crude March Futures		01/2022	2						85						(25)										0						(1)
Brent Crude September Futures		07/2021	7						284						(9)										0						(2)

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


Call Options Strike @ EUR 113.200 on Euro-Schatz June 2020 Futures (1)	05/2020	227			6				5				4				0
Call Options Strike @ EUR 116.500 on Euro-Schatz June 2020 Futures (1)	05/2020	244			3				1				1				0
Call Options Strike @ EUR 139.500 on Euro-Bobl June 2020 Futures (1)	05/2020	66			3				3				2				0
Call Options Strike @ EUR 172.000 on Euro-BTP Italy Government Bond June 2020 Futures (1)	05/2020	23			0				0				0				0
Call Options Strike @ GBP 175.000 on United Kingdom Long Gilt June 2020 Futures (1)	05/2020	72			0				(1)				0				0
Chicago Ethanol (Platts) April Futures	04/2020	1			35				(19)				0				(2)
Chicago Ethanol (Platts) July Futures	07/2020	2			79				(10)				0				(4)
Chicago Ethanol (Platts) June Futures	06/2020	3			116				(35)				0				(6)
Chicago Ethanol (Platts) May Futures	05/2020	7			259				(77)				0				(16)
Cocoa May Futures	05/2020	2			45				0				0				0
Copper May Futures	05/2020	2			111				3				7				0
Corn December Futures	12/2020	12			215				(14)				0				(1)
Euro-Bund 10-Year Bond June Futures	06/2020	124			23,592				(119)				142				(149)
Gas Oil December Futures	12/2020	33			1,135				(349)				23				0
Gas Oil May Futures	05/2020	4			118				(2)				2				0
Gold 100 oz. June Futures	06/2020	7			1,118				(2)				16				(3)
Hard Red Winter Wheat July Futures	07/2020	9			225				19				2				0
Hard Red Winter Wheat May Futures	05/2020	4			99				1				2				0
Henry Hub Natural Gas April Futures	03/2021	1			6				0				0				0
Henry Hub Natural Gas August Futures	07/2021	1			6				0				0				0
Henry Hub Natural Gas December Futures	11/2021	1			7				1				0				0
Henry Hub Natural Gas February Futures	01/2021	1			7				1				0				0
Henry Hub Natural Gas January Futures	12/2020	1			7				1				0				0
Henry Hub Natural Gas July Futures	06/2021	1			6				0				0				0
Henry Hub Natural Gas June Futures	05/2021	1			6				0				0				0
Henry Hub Natural Gas March Futures	02/2021	1			7				1				0				0
Henry Hub Natural Gas May Futures	04/2021	1			6				0				0				0
Henry Hub Natural Gas November Futures	10/2021	1			6				0				0				0
Henry Hub Natural Gas October Futures	09/2021	1			6				0				0				0
Henry Hub Natural Gas September Futures	08/2021	1			6				0				0				0
Natural Gas April Futures	03/2021	8			189				9				0				0
Natural Gas July Futures	06/2020	11			210				(10)				0				(2)
Natural Gas May Futures	04/2020	29			476				(44)				0				(14)
New York Harbor ULSD December Futures	11/2020	4			197				0				0				(1)
New York Harbor ULSD July Futures	06/2020	5			219				(44)				0				(2)
New York Harbor ULSD October Futures	09/2020	1			48				(19)				0				0
Nickel May Futures	05/2020	1			69				(10)				0				(19)
Platinum July Futures	07/2020	12			438				(16)				5				0
Put Options Strike @ EUR 158.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)	05/2020	139			12				11				0				(6)
RBOB Gasoline July Futures	06/2020	20			602				19				0				(8)
RBOB Gasoline May Futures	04/2020	4			100				(20)				2				(4)
RBOB Gasoline October Futures	09/2020	2			63				(35)				0				0
RBOB Gasoline September Futures	08/2020	2			67				(1)				0				0
Soybean May Futures	05/2020	3			133				1				1				0
Soybean Meal May Futures	05/2020	2			64				(1)				0				(1)
Soybean November Futures	11/2020	1			44				(1)				0				0
U.S. Treasury 2-Year Note June Futures	06/2020	14			3,085				48				0				(1)
U.S. Treasury 5-Year Note June Futures	06/2020	287			35,978				1,351				0				(14)
U.S. Treasury Ultra Long-Term Bond June Futures	06/2020	112			24,850				2,049				0				(364)
White Sugar August Futures	07/2020	7			116				(5)				0				(2)
WTI Crude December Futures	11/2020	6			201				(24)				0				0
WTI Crude December Futures	11/2022	2			80				(8)				0				0
WTI Crude December Futures	11/2023	8			337				(43)				0				0
WTI Crude July Futures	06/2021	6			219				(98)				1				0
WTI Crude June Futures	05/2020	1			25				(5)				1				0
WTI Crude June Futures	05/2021	31			1,123				(186)				5				0
WTI Crude June Futures	05/2022	13			509				(19)				0				0
WTI Crude March Futures	02/2021	2			70				0				0				0
WTI Crude May Futures	04/2021	6			215				(103)				1				0
WTI Crude November Futures	10/2020	8			263				(126)				0				0
WTI Crude September Futures	08/2020	2			62				(7)				0				0
WTI Crude September Futures	08/2021	14			519				(77)				2				0
WTI Houston (Argus) vs. WTI Trade August Futures	07/2020	1			(1)				0				1				0
WTI Houston (Argus) vs. WTI Trade July Futures	06/2020	1			(2)				(1)				2				0
WTI Houston (Argus) vs. WTI Trade September Futures	08/2020	1			(1)				1				1				0
						$		1,301		$		223		$		(645)
SHORT FUTURES CONTRACTS
			Variation Margin
Description	Expiration Month	# of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)				Asset				Liability
Arabica Coffee May Futures	05/2020	5		$	(224)		$		(23)		$		0		$		(1)
Australia Government 3-Year Note June Futures	06/2020	22			(1,585)				(7)				0				(1)
Australia Government 10-Year Bond June Futures	06/2020	8			(741)				4				0				(10)
Brent Crude December Futures	10/2020	89			(3,299)				186				29				0

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


Brent Crude December Futures					10/2023			20							(933)											182									2									0
Brent Crude June Futures					04/2020			9							(237)											10									1									0
Brent Crude June Futures					04/2022			30							(1,294)											270									5									0
Brent Crude October Futures					08/2020			3							(106)											6									1									0
Brent Crude September Futures					07/2020			2							(68)											0									1									0
Call Options Strike @ USD 61.000 on Brent Crude June 2020 Futures (1)					04/2020			12							0											12									0									0
Call Options Strike @ USD 63.000 on Brent Crude June 2020 Futures (1)					04/2020			12							0											13									0									0
Call Options Strike @ USD 64.000 on Brent Crude June 2020 Futures (1)					04/2020			24							(1)											22									0									0
Corn July Futures					07/2020			7							(121)											22									1									0
Corn May Futures					05/2020			14							(239)											3									0									0
Cotton No. 2 May Futures					05/2020			1							(26)											0									0									(1)
Euro-Bobl June Futures					06/2020			34							(5,070)											35									11									(12)
Euro-Buxl 30-Year Bond June Futures					06/2020			18							(4,167)											156									91									(45)
Euro-OAT France Government 10-Year Bond June Futures					06/2020			7							(1,291)											24									10									(4)
Euro-Schatz June Futures					06/2020			458							(56,670)											(15)									25									(33)
Gas Oil June Futures					06/2020			12							(362)											68									0									(10)
Gas Oil June Futures					06/2021			5							(185)											42									0									(4)
Gas Oil March Futures					03/2021			7							(250)											91									0									(5)
Gas Oil September Futures					09/2020			9							(297)											137									0									(7)
Globex Natural Gas May Futures					04/2020			9							(148)											26									5									0
Japan Government 10-Year Bond June Futures					06/2020			2							(2,838)											54									3									(7)
Live Cattle June Futures					06/2020			13							(479)											57									0									(16)
Natural Gas April Futures					03/2021			1							(9)											2									0									0
Natural Gas August Futures					07/2021			1							(9)											3									0									0
Natural Gas December Futures					11/2021			1							(12)											0									0									0
Natural Gas February Futures					01/2021			1							(9)											2									0									0
Natural Gas January Futures					12/2020			30							(822)											(32)									0									(2)
Natural Gas January Futures					12/2020			1							(10)											2									0									0
Natural Gas July Futures					06/2021			1							(9)											3									0									0
Natural Gas June Futures					05/2021			1							(8)											3									0									0
Natural Gas March Futures					02/2021			1							(10)											2									0									0
Natural Gas May Futures					04/2021			1							(9)											2									0									0
Natural Gas November Futures					10/2021			1							(11)											1									0									0
Natural Gas October Futures					09/2020			19							(393)											4									2									0
Natural Gas October Futures					09/2021			1							(10)											1									0									0
Natural Gas September Futures					08/2021			1							(9)											2									0									0
New York Harbor ULSD May Futures					04/2020			1							(42)											11									1									0
New York Harbor ULSD September Futures					08/2020			5							(233)											16									2									0
Silver May Futures					05/2020			1							(71)											0									0									0
Soybean Oil May Futures					05/2020			1							(16)											0									0									0
Sugar No. 11 July Futures					06/2020			7							(82)											9									2									0
Sugar No. 11 May Futures					04/2020			18							(210)											62									6									0
U.S. Treasury 10-Year Note June Futures					06/2020			162							(22,467)											(329)									26									(3)
U.S. Treasury 10-Year Ultra June Futures					06/2020			89							(13,887)											(736)									29									0
U.S. Treasury 30-Year Bond June Futures					06/2020			249							(44,587)											(3,317)									412									0
United Kingdom Long Gilt June Futures					06/2020			72							(12,180)											(244)									45									(36)
Wheat May Futures					05/2020			12							(341)											(10)									1									0
WTI Crude December Futures					11/2020			2							(67)											(1)									0									0
WTI Crude December Futures					11/2021			30							(1,136)											44									0									(2)
WTI Crude December Futures					11/2022			15							(603)											81									0									0
WTI Crude July Futures					06/2020			4							(111)											84									0									(2)
WTI Crude June Futures					05/2020			9							(221)											124									0									(4)
WTI Crude September Futures					08/2020			23							(716)											69									0									(3)
Zinc May Futures					05/2020			10							(476)											27									29									(1)
																						$			(2,740)								$	740						$			(209)
Total Futures Contracts											$	(1,439)						$			963						$			(854)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(2)
										Variation Margin
Reference Entity	Fixed Receive Rate	Payment Frequency	Maturity Date	Implied Credit Spread at March 31, 2020(4)					Notional Amount(5)							Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)								Market Value(6)							Asset							Liability
Daimler AG	1.000%	Quarterly	12/20/2020	0.688		%	EUR		130				$			2			$				(1)					$			1					$		0			$				0
General Electric Co.	1.000	Quarterly	12/20/2020	1.362			$		100							(3)							3								0							0							0
General Electric Co.	1.000	Quarterly	12/20/2023	1.948					200							(11)							3								(8)							1							0
														$			(12)			$				5					$			(7)					$		1			$				0

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(3)
												Variation Margin
Index/Tranches		Fixed (Pay) Rate		Payment Frequency		Maturity Date				Notional Amount(5)					Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)				Market Value(6)				Asset				Liability
CDX.HY-33 5-Year Index		(5.000)%		Quarterly		12/20/2024		$		5,488			$		(331)		$		656		$		325		$		73		$		0
CDX.HY-34 5-Year Index		(5.000)		Quarterly		06/20/2025				1,700					68				35				103				23				0
													$		(263)		$		691		$		428		$		96		$		0
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
												Variation Margin
Index/Tranches		Fixed Receive Rate		Payment Frequency		Maturity Date				Notional Amount(5)					Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)				Market Value(5)				Asset				Liability
iTraxx Europe Main 32 5-Year Index		1.000%		Quarterly		12/20/2024		EUR		200			$		2		$		(1)		$		1		$		0		$		0
INTEREST RATE SWAPS
												Variation Margin
Pay/ Receive Floating Rate	Floating Rate Index		Fixed Rate		Payment Frequency		Maturity Date				Notional Amount					Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)				Market Value				Asset				Liability
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.000%		Annual		12/15/2047		$		1,420			$		4		$		(502)		$		(498)		$		43		$		0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.428		Annual		12/20/2047				300					1				(140)				(139)				9				0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.478		Annual		12/20/2047				693					3				(333)				(330)				22				0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.499		Annual		12/20/2047				290					1				(141)				(140)				9				0
Receive	3-Month NZD-BBR		3.250		Semi-Annual		03/21/2028		NZD		1,000					3				(117)				(114)				0				(4)
Pay	3-Month USD-LIBOR		1.500		Semi-Annual		03/12/2021		$		84,350					120				706				826				21				0
Receive(7)	3-Month USD-LIBOR		1.250		Semi-Annual		06/17/2021				84,500					(418)				(318)				(736)				0				(21)
Pay	3-Month USD-LIBOR		2.250		Semi-Annual		12/16/2022				25,700					1,519				(66)				1,453				22				0
Pay	3-Month USD-LIBOR		2.250		Semi-Annual		12/20/2022				6,000					8				325				333				4				0
Pay	3-Month USD-LIBOR		2.000		Semi-Annual		06/20/2023				13,100					(506)				1,235				729				5				0
Pay	3-Month USD-LIBOR		2.678		Semi-Annual		10/25/2023				1,700					0				148				148				1				0
Pay	3-Month USD-LIBOR		2.670		Semi-Annual		11/19/2023				2,000					0				176				176				2				0
Pay	3-Month USD-LIBOR		2.681		Semi-Annual		12/12/2023				2,000					0				182				182				1				0
Pay	3-Month USD-LIBOR		2.500		Semi-Annual		12/19/2023				3,200					(26)				292				266				1				0
Receive	3-Month USD-LIBOR		1.404		Semi-Annual		03/12/2025				17,460					(122)				(675)				(797)				0				(2)
Pay(7)	3-Month USD-LIBOR		1.250		Semi-Annual		06/17/2025				17,500					358				310				668				0				(1)
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		12/21/2026				600					31				(80)				(49)				1				0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		12/11/2049				400					0				(149)				(149)				12				0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		01/15/2050				200					(1)				(59)				(60)				6				0
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		01/16/2050				500					0				(98)				(98)				14				0
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/22/2050				1,100					(6)				(247)				(253)				31				0
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		02/03/2050				2,700					26				(556)				(530)				76				0
Receive	3-Month USD-LIBOR		1.875		Semi-Annual		02/07/2050				800					1				(213)				(212)				23				0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		03/12/2050				500					(1)				(184)				(185)				15				0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		03/20/2050				1,180					(25)				(330)				(355)				35				0
Pay	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2030		GBP		3,700					(22)				99				77				5				0
Receive(7)	6-Month GBP-LIBOR		1.000		Semi-Annual		06/17/2050				1,300					(52)				(137)				(189)				0				(5)
Receive	6-Month JPY-LIBOR		0.300		Semi-Annual		09/20/2027		JPY		195,330					(4)				(40)				(44)				0				(1)
Pay	CPTFEMU		1.168		Maturity		03/15/2024		EUR		700					2				33				35				0				0
Receive	CPTFEMU		1.710		Maturity		03/15/2033				400					(1)				(71)				(72)				1				0
Pay	CPTFEMU		1.946		Maturity		03/15/2048				80					1				33				34				0				(2)
Pay	CPTFEMU		1.945		Maturity		11/15/2048				100					0				43				43				0				(2)
Pay	CPTFEMU		1.950		Maturity		11/15/2048				240					1				104				105				0				(4)
Pay	CPTFEMU		1.450		Maturity		02/15/2050				890					34				111				145				0				(25)
Receive	CPURNSA		2.027		Maturity		11/23/2020		$		1,500					0				(27)				(27)				12				0
Receive	CPURNSA		2.021		Maturity		11/25/2020				1,500					0				(27)				(27)				12				0
Receive	CPURNSA		1.875		Maturity		03/14/2021				2,100					0				(52)				(52)				0				(1)
Receive	CPURNSA		1.816		Maturity		05/13/2021				10,100					0				(273)				(273)				0				(6)
Receive	CPURNSA		1.550		Maturity		07/26/2021				1,100					37				(47)				(10)				0				(2)
Receive	CPURNSA		1.445		Maturity		09/09/2021				8,290					0				(206)				(206)				0				(16)
Receive	CPURNSA		1.603		Maturity		09/12/2021				770					23				(34)				(11)				0				(2)
Receive	CPURNSA		1.580		Maturity		09/20/2021				2,100					0				(59)				(59)				0				(4)
Receive	CPURNSA		1.592		Maturity		09/20/2021				2,000					0				(57)				(57)				0				(4)
Receive	CPURNSA		2.069		Maturity		07/15/2022				700					0				(34)				(34)				0				(1)
Receive	CPURNSA		2.210		Maturity		02/05/2023				3,970					0				(255)				(255)				0				(6)
Receive	CPURNSA		2.263		Maturity		04/27/2023				2,120					0				(154)				(154)				0				(2)
Receive	CPURNSA		2.263		Maturity		05/09/2023				630					0				(46)				(46)				0				(1)

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


Receive		CPURNSA		2.281	Maturity		05/10/2023			960							0					(72)							(72)						0						(3)
Pay		CPURNSA		2.102	Maturity		07/20/2027			1,800							0					187							187						8						0
Pay		CPURNSA		2.080	Maturity		07/25/2027			1,300							0					132							132						6						0
Pay		CPURNSA		2.122	Maturity		08/01/2027			1,900							0					201							201						9						0
Pay		CPURNSA		2.180	Maturity		09/20/2027			650							0					72							72						3						0
Pay		CPURNSA		2.150	Maturity		09/25/2027			600							0					64							64						3						0
Pay		CPURNSA		2.155	Maturity		10/17/2027			1,400							0					152							152						7						0
Pay		CPURNSA		2.335	Maturity		02/05/2028			2,010							4					271							275						10						0
Pay		CPURNSA		2.353	Maturity		05/09/2028			630							0					90							90						3						0
Pay		CPURNSA		2.360	Maturity		05/09/2028			950							0					136							136						4						0
Pay		CPURNSA		2.364	Maturity		05/10/2028			960							0					138							138						4						0
Pay		CPURNSA		2.370	Maturity		06/06/2028			1,800							0					257							257						8						0
Pay		CPURNSA		2.165	Maturity		04/16/2029			1,100							0					126							126						5						0
Pay		CPURNSA		1.954	Maturity		06/03/2029			400							0					37							37						2						0
Pay		CPURNSA		1.998	Maturity		07/25/2029			2,800							2					274							276						12						0
Receive		FRCPXTOB		1.000	Maturity		04/15/2020		EUR	170							0					0							0						0						0
Receive		FRCPXTOB		1.160	Maturity		08/15/2020			70							0					(1)							(1)						1						0
Receive		FRCPXTOB		1.345	Maturity		06/15/2021			800							0					(26)							(26)						0						(2)
Receive		FRCPXTOB		1.030	Maturity		03/15/2024			800							0					(36)							(36)						0						(3)
Pay		FRCPXTOB		1.618	Maturity		07/15/2028			520							0					67							67						2						0
Pay		FRCPXTOB		1.910	Maturity		01/15/2038			390							1					101							102						0						(2)
Pay		UKRPI		3.633	Maturity		12/15/2028		GBP	200							0					15							15						0						0
Pay		UKRPI		3.400	Maturity		01/15/2030			3,800							(2)					55							53						2						0
Pay		UKRPI		3.480	Maturity		01/15/2030			5,400							58					87							145						4						0
Pay		UKRPI		3.400	Maturity		06/15/2030			2,100							35					126							161						4						0
Pay		UKRPI		3.530	Maturity		10/15/2031			140							4					7							11						0						0
Pay		UKRPI		3.470	Maturity		09/15/2032			4,710							2					367							369						15						0
Pay		UKRPI		3.579	Maturity		10/15/2033			400							0					49							49						2						0
Pay		UKRPI		3.572	Maturity		05/15/2034			1,020							0					105							105						6						0
Receive		UKRPI		3.370	Maturity		01/15/2035			4,400							(19)					(189)							(208)						0						(27)
Pay		UKRPI		3.358	Maturity		04/15/2035			290							(6)					42							36						2						0
Pay		UKRPI		3.600	Maturity		06/15/2039			910							0					202							202						10						0
													$		1,068					$	1,106					$		2,174				$		515					$	(149)
Total Swap Agreements											$	795				$			1,801				$	2,596						$	612		$				(149)
(j)	Securities with an aggregate market value of $1,133 and cash of $4,384 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	Future styled option.
(2)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(5)	The maximum potential amount the Portfolio 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.
(6)	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.
(7)	This instrument has a forward starting effective date.
(k)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
											Unrealized Appreciation/(Depreciation)
Counterparty			Settlement Month					Currency to be Delivered										Currency to be Received									Asset											Liability
BOA			04/2020			BRL		2,859						$				550							$		0									$		0
			04/2020			GBP		10,423										13,439									493											0
			04/2020			RUB		331										5									1											0
			04/2020			$		651						BRL				2,859									0											(101)
			05/2020					17						EUR				15									0											0
			07/2021			EUR		10						$				11									0											0
BPS			04/2020			GBP		405										509									11											(4)
			04/2020			NZD		3,011										1,903									107											0
			04/2020			$		3,367						EUR				3,019									3											(41)
			04/2020					539						GBP				462									35											0
			04/2020					3						ILS				10									0											0
			05/2020					14						EUR				13									0											0
BRC			04/2020			JPY		499,700						$				4,546									0											(101)
			04/2020			$		12,476						GBP				10,204									198											0
			05/2020			GBP		10,204						$				12,484									0											(199)

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


BSH		07/2020		BRL	1,188											281						54				0
CBK		04/2020		AUD	50											33						2				0
		04/2020		CAD	1,223											918						49				0
		04/2020		COP	37,949											11						2				0
		04/2020		EUR	10,184											11,169						3				(66)
		04/2020		GBP	184											214						0				(14)
		04/2020		$	169								EUR			148						0				(6)
		04/2020			404								GBP			333						10				0
		05/2020		EUR	7								$			8						0				0
		05/2020		MXN	3,040											155						27				0
		05/2020		PEN	1,068											313						3				0
		05/2020		$	3								EUR			3						0				0
DUB		04/2020		BRL	360								$			69						0				0
		04/2020		$	70								BRL			360						0				(1)
		05/2020		BRL	360								$			70						1				0
GLM		04/2020			3,219											718						99				0
		04/2020		RUB	113,000											1,690						250				0
		04/2020		$	2,649								AUD			4,348						26				0
		04/2020			619								BRL			3,219						0				0
		04/2020			1,809								RUB			115,153						0				(341)
		05/2020		AUD	4,348								$			2,649						0				(26)
		06/2020		SGD	9											6						0				0
HUS		04/2020		GBP	232											273						0				(15)
		04/2020		MXN	30,862											1,354						55				0
		05/2020		EUR	11											12						0				0
JPM		04/2020		$	192								EUR			172						0				(3)
		07/2020			230								BRL			1,188						0				(3)
		03/2021		EUR	11								$			12						0				0
		04/2021			10											11						0				0
		05/2021			10											12						0				0
		06/2021			9											10						0				0
		08/2021			10											12						0				0
		09/2021			10											11						0				0
		10/2021			11											12						0				0
		11/2021			11											12						0				0
		12/2021			12											13						0				0
MYI		04/2020		AUD	4,298											2,827						184				0
		06/2020		$	1,742								IDR			24,189,316						0				(277)
		01/2021		EUR	11								$			13						0				0
		02/2021			9											11						0				0
RYL		04/2020		NZD	16											10						1				0
		05/2020		$	1,328								MXN			26,055						0				(235)
SCX		05/2020		EUR	6,845								$			7,520						0				(39)
		05/2020		$	28								GBP			22						0				(1)
SOG		05/2020		GBP	109								$			142						6				0
SSB		04/2020		JPY	5,000											48						1				0
		06/2020		IDR	23,542,195											1,644						218				0
TOR		04/2020		$	4,675								JPY			504,700						18				0
		05/2020		JPY	504,700								$			4,685						0				(16)
UAG		04/2020		$	1,793								NZD			3,027						13				0
		05/2020		NZD	3,027								$			1,793						0				(13)
Total Forward Foreign Currency Contracts								$			1,870								$	(1,502)
PURCHASED OPTIONS:
INTEREST RATE SWAPTIONS
Counterparty	Description		Floating Rate Index				Pay/Receive Floating Rate					Exercise Rate					Expiration Date				Notional Amount(1)			Cost			Market Value
JPM	Call - OTC 2-Year Interest Rate Swap		3-Month USD-LIBOR				Pay					1.066%					10/02/2020				45,500		$	181	$		670
OPTIONS ON SECURITIES
Counterparty	Description								Strike Price					Expiration Date							Notional Amount(1)			Cost			Market Value
FAR	Put - OTC Uniform Mortgage-Backed Security, TBA 3.500% due 04/01/2050					$			72.500					04/08/2020							15,500		$	1	$		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 05/01/2050								78.500					05/06/2020							14,600			1			0
JPM	Put - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 05/01/2050								72.000					05/06/2020							3,600			0			0
	Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 05/01/2050								75.000					05/06/2020							13,100			1			0
SAL	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 04/01/2050								65.000					04/08/2020							2,500			(1)			0
																							$	2	$		0
Total Purchased Options								$		183					$			670

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


WRITTEN OPTIONS:
OPTIONS ON COMMODITY FUTURES CONTRACTS
Counterparty		Description													Strike Price		Expiration Date						Notional Amount(1)								Premiums (Received)										Market Value
BPS		Call - OTC Fuel Co. December 2020 Futures «										$			13.000		12/31/2020						3					$			(5)					$					(7)
		Call - OTC QS Co. December 2020 Futures «													21.000		12/31/2020						9								(12)										0
GST		Call - OTC Fuel Co. December 2020 Futures «													13.000		12/31/2020						8								(13)										(20)
JPM		Call - OTC QS Co. December 2020 Futures «													18.100		12/31/2020						2								(5)										0
																													$			(35)						$				(27)
CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES
Counterparty		Description						Buy/Sell Protection						Exercise Rate						Expiration Date						Notional Amount(1)								Premiums (Received)										Market Value
BOA		Put - OTC CDX.HY-33 5-Year Index						Sell						102.000%						05/20/2020						1,100					$			(4)						$				(109)
BPS		Put - OTC CDX.IG-33 5-Year Index						Sell						0.800						06/17/2020						600								(1)										(10)
GST		Call - OTC CDX.IG-33 5-Year Index						Buy						0.475						04/15/2020						700								1										0
		Put - OTC CDX.IG-33 5-Year Index						Sell						0.700						04/15/2020						700								(1)										(13)
		Put - OTC CDX.IG-33 5-Year Index						Sell						0.800						06/17/2020						900								(1)										(16)
		Put - OTC CDX.IG-33 5-Year Index						Sell						2.500						03/17/2021						1,000								(1)										(8)
		Put - OTC iTraxx Europe 32 5-Year Index						Sell						2.500						03/17/2021						800								(1)										(13)
																															$			(8)						$				(169)
INFLATION-CAPPED OPTIONS
Counterparty		Description		Initial Index	Floating Rate														Expiration Date(2)				Notional Amount(1)										Premiums (Received)										Market Value
CBK		Floor - OTC CPURNSA		216.687	Maximum of [(1 + 0.000%)10- (Final Index/Initial Index)] or 0														04/07/2020					11,500						$			(102)						$				0
		Floor - OTC CPURNSA		217.965	Maximum of [(1 + 0.000%)10- (Final Index/Initial Index)] or 0														09/29/2020					1,000									(13)										0
GLM		Cap - OTC CPALEMU		100.152	Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0														06/22/2035					1,200									(55)										(1)
JPM		Cap - OTC CPURNSA		234.781	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0														05/16/2024					600									(4)										0
		Floor - OTC YOY CPURNSA		238.654	Maximum of [0.000% - (Final Index/Initial Index - 1)] or 0														10/02/2020					2,000									(37)										(16)
																														$			(211)						$				(17)
INTEREST RATE SWAPTIONS
Counterparty		Description		Floating Rate Index					Pay/Receive Floating Rate					Exercise Rate						Expiration Date						Notional Amount(1)								Premiums (Received)										Market Value
GLM		Call - OTC 30-Year Interest Rate Swap		6-Month EUR-EURIBOR					Receive					0.000%						08/27/2020						900					$			(28)						$				(45)
JPM		Call - OTC 10-Year Interest Rate Swap		3-Month USD-LIBOR					Receive					1.302						10/02/2020						9,600								(183)										(595)
		Call - OTC 30-Year Interest Rate Swap		6-Month EUR-EURIBOR					Receive					0.000						08/25/2020						500								(15)										(25)
MYC		Call - OTC 30-Year Interest Rate Swap		6-Month EUR-EURIBOR					Receive					0.000						08/24/2020						1,200								(39)										(60)
																															$			(265)						$				(725)
Total Written Options										$			(519)					$			(938)
SWAP AGREEMENTS:
COMMODITY FORWARD SWAPS
										Swap Agreements, at Value
Counterparty	Pay/Receive		Underlying Reference Commodity			Fixed Price Per Unit					Payment Frequency					Maturity Date						# of Units					Premiums Paid/(Received)								Unrealized Appreciation/ (Depreciation)				Asset							Liability
BPS	Receive		EURMARGIN 2H20			$	5.250				Maturity					12/31/2020						600			$		0					$			(2)		$		0						$	(2)
	Pay		EURMARGIN 2Q20				8.230				Maturity					06/30/2020						12,600					66								(34)				32							0
	Receive		EURMARGIN 4Q20				6.100				Maturity					12/31/2020						300					0								(1)				0							(1)
	Receive		EURMARGIN CAL20				8.050				Maturity					12/31/2020						4,950					0								(23)				0							(23)
	Receive		EURMARGIN CAL21				6.120				Maturity					12/31/2021						600					(2)								0				0							(2)
CBK	Receive		HOBR CAL21				15.670				Maturity					12/31/2021						1,152					(1)								(2)				0							(3)
	Receive		KCBT Wheat July Futures				4.430				Maturity					06/26/2020						10,000					0								6				6							0
	Pay		MEHDUB 1H20				1.180				Maturity					06/30/2020						1,500					0								13				13							0
	Receive		MEHDUB CAL20				0.350				Maturity					12/31/2020						9,000					0								(44)				0							(44)
	Receive		MEHMID CAL21				1.840				Maturity					12/31/2021						4,000					0								(4)				0							(4)
GST	Receive		CBOT Soybean Oil May Futures				29.630				Maturity					04/24/2020						420,000					0								(11)				0							(11)

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


		Pay	CBOT Wheat May Futures			5.428				Maturity			04/24/2020			5,000							0						(1)						0						(1)
		Pay	CBOT Wheat May Futures			5.483				Maturity			04/24/2020			25,000							0						(5)						0						(5)
		Pay	CBOT Wheat May Futures			5.490				Maturity			04/24/2020			20,000							0						(4)						0						(4)
		Pay	CBOT Wheat May Futures			5.545				Maturity			04/24/2020			10,000							0						(1)						0						(1)
		Pay	CBOT Wheat May Futures			5.553				Maturity			04/24/2020			35,000							0						(5)						0						(5)
		Receive	EBOBFUEL CAL20			21.600				Maturity			12/31/2020			1,800							0						(27)						0						(27)
		Pay	EURMARGIN 2Q20			4.000				Maturity			06/30/2020			1,200							0						(2)						0						(2)
		Pay	EURMARGIN 2Q20			8.650				Maturity			06/30/2020			300							0						1						1						0
		Receive	EURMARGIN 4Q20			5.950				Maturity			12/31/2020			300							0						(1)						0						(1)
		Receive	EURMARGIN CAL21			3.500				Maturity			12/31/2021			1,200							0						(1)						0						(1)
		Receive	HOBR CAL21			14.080				Maturity			12/31/2021			1,200							0						(2)						0						(2)
		Pay	HOBR CAL21			17.320				Maturity			12/31/2021			3,600							0						16						16						0
		Receive	KCBT Wheat May Futures			4.768				Maturity			04/24/2020			10,000							0						2						2						0
		Receive	KCBT Wheat May Futures			4.780				Maturity			04/24/2020			10,000							0						2						2						0
		Receive	KCBT Wheat May Futures			4.788				Maturity			04/24/2020			10,000							0						1						1						0
		Pay	MEHDUB 1H20			1.100				Maturity			06/30/2020			300							0						2						2						0
JPM		Receive	CBOT Soybean Oil May Futures			31.290				Maturity			04/24/2020			420,000							0						(18)						0						(18)
		Pay	CBOT Wheat July Futures			4.980				Maturity			06/26/2020			15,000							0						(10)						0						(10)
		Pay	CBOT Wheat July Futures			5.328				Maturity			06/26/2020			10,000							0						(3)						0						(3)
		Pay	CBOT Wheat July Futures			5.615				Maturity			06/26/2020			5,000							0						0						0						0
		Pay	CBOT Wheat July Futures			5.666				Maturity			06/26/2020			10,000							0						0						0						0
		Pay	CBOT Wheat May Futures			5.478				Maturity			04/24/2020			5,000							0						(1)						0						(1)
		Pay	CBOT Wheat May Futures			5.641				Maturity			04/24/2020			20,000							0						(1)						0						(1)
		Receive	EBOBFUEL CAL20			21.950				Maturity			12/31/2020			900							0						(14)						0						(14)
		Pay	EURMARGIN 2Q20			4.900				Maturity			06/30/2020			1,200							0						(1)						0						(1)
		Pay	EURMARGIN 2Q20			8.350				Maturity			06/30/2020			900							0						2						2						0
		Receive	EURMARGIN CAL21			6.350				Maturity			12/31/2021			2,160							(3)						(4)						0						(7)
		Receive	EURMARGIN G0-Z0			6.900				Maturity			12/31/2020			2,250							0						(8)						0						(8)
		Receive	EUROBOBCO CAL21			7.700				Maturity			12/31/2021			8,100							(38)						(40)						0						(78)
		Receive	HOBR CAL21			15.500				Maturity			12/31/2021			1,248							0						(3)						0						(3)
		Receive	KCBT Wheat May Futures			4.715				Maturity			04/24/2020			5,000							0						1						1						0
		Receive	KCBT Wheat May Futures			4.760				Maturity			04/24/2020			5,000							0						1						1						0
		Receive	KCBT Wheat May Futures			4.790				Maturity			04/24/2020			5,000							0						1						1						0
		Receive	KCBT Wheat May Futures			4.800				Maturity			04/24/2020			5,000							0						1						1						0
		Receive	LLSDUB CAL20			0.200				Maturity			12/31/2020			900							0						(5)						0						(5)
		Pay	MEHDUB 1H20			1.210				Maturity			06/30/2020			600							0						5						5						0
MAC		Receive	EBOBFUEL CAL20			22.100				Maturity			12/31/2020			900							0						(14)						0						(14)
		Receive	EURMARGIN CAL21			3.100				Maturity			12/31/2021			12,000							0						(1)						0						(1)
		Receive	EURMARGIN G0-Z0			7.230				Maturity			12/31/2020			8,100							0						(31)						0						(31)
		Receive	EUROBOBCO CAL21			4.950				Maturity			12/31/2021			8,400							(39)						(19)						0						(58)
		Receive	HOBR CAL21			16.250				Maturity			12/31/2021			1,200							0						(4)						0						(4)
		Receive	KCBT Wheat July Futures			4.406				Maturity			06/26/2020			10,000							0						6						6						0
		Receive	MEHCO CAL21			3.250				Maturity			12/31/2021			1,200							0						0						0						0
		Receive	MEHMID CAL21			1.100				Maturity			12/31/2021			1,200							0						0						0						0
MYC		Receive	EBOBFUEL CAL20			21.500				Maturity			12/31/2020			990							0						(15)						0						(15)
		Receive	EURMARGIN 4Q20			5.850				Maturity			12/31/2020			300							0						(1)						0						(1)
		Receive	EURMARGIN CAL21			3.450				Maturity			12/31/2021			600							0						0						0						0
		Receive	EURMARGIN G0-Z0			7.550				Maturity			12/31/2020			16,200							0						(67)						0						(67)
		Receive	EUROBOBCO CAL21			5.600				Maturity			12/31/2021			2,400							0						(18)						0						(18)
		Pay	MEHDUB 1H20			0.900				Maturity			06/30/2020			300							0						2						2						0
		Receive	NAPHTHACO CA21			7.000				Maturity			12/31/2021			1,200							0						0						0						0
																		$			(17)			$			(386)			$			94			$			(497)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(3)
									Swap Agreements, at Value (5)
Counterparty	Index/Tranches				Fixed Receive Rate			Payment Frequency				Maturity Date					Notional Amount(4)				Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)						Asset						Liability
DUB	CMBX.NA.AAA.8 Index				0.500%			Monthly				10/17/2057			$		800	$			(42)			$			40			$			0			$			(2)
GST	CMBX.NA.AAA.8 Index				0.500			Monthly				10/17/2057					300				(17)						16						0						(1)
SAL	CMBX.NA.AAA.12 Index				0.500			Monthly				08/17/2061					400				(1)						(10)						0						(11)
																			$			(60)			$			46			$			0			$			(14)
INTEREST RATE SWAPS
									Swap Agreements, at Value
Counterparty		Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency				Maturity Date					Notional Amount							Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)						Asset						Liability
BRC		Receive	3-Month ILS-TELBOR	0.374%			Annual				06/20/2020			ILS		2,690				$			0			$			(2)			$			0			$			(2)
		Pay	3-Month ILS-TELBOR	1.950			Annual				06/20/2028					580							0						18						18						0
DUB		Pay	CPURNSA	2.500			Maturity				07/15/2022			$		1,200							11						(194)						0						(183)
		Pay	CPURNSA	2.560			Maturity				05/08/2023					13,100							0						(2,170)						0						(2,170)
GLM		Receive	3-Month ILS-TELBOR	0.370			Annual				06/20/2020			ILS		2,080							0						(2)						0						(2)
		Pay	3-Month ILS-TELBOR	1.971			Annual				02/16/2028					1,050							0						28						28						0
		Pay	3-Month ILS-TELBOR	1.883			Annual				03/21/2028					650							0						16						16						0
		Pay	3-Month ILS-TELBOR	1.998			Annual				06/20/2028					440							0						14						14						0
HUS		Receive	3-Month ILS-TELBOR	0.370			Annual				06/20/2020					1,640							0						(2)						0						(2)
		Pay	3-Month ILS-TELBOR	1.998			Annual				06/20/2028					350							0						11						11						0
JPM		Receive	3-Month ILS-TELBOR	0.420			Annual				06/20/2020					2,570							0						(3)						0						(3)

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


	Pay		3-Month ILS-TELBOR		2.078		Annual			06/20/2028			550				0			18			18			0
															$	11		$	(2,268)		$	105		$	(2,362)
TOTAL RETURN SWAPS ON COMMODITY INDICES
								Swap Agreements, at Value
Counterparty	Pay/Receive(6)		Underlying Reference	# of Units		Financing Rate			Payment Frequency		Maturity Date			Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Asset			Liability
BPS	Receive	BCOMF1TC Index		83,211		0.225% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021	$		4,542	$	0		$	16		$	16		$	0
	Receive	BCOMTR Index		57,881		0.205% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			7,725		0			(89)			0			(89)
	Receive	BCOMTR1 Index		32,577		0.225% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			1,606		0			(19)			0			(19)
CBK	Receive	BCOMF1TC Index		421		0.225% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			26		0			0			0			0
	Receive	BCOMTR Index		238,585		0.205% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			31,841		0			(366)			0			(366)
	Receive	CIXBSTR3 Index		105,682		0.235% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			15,265		0			(158)			0			(158)
CIB	Receive	BCOMTR Index		5,671		0.205% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			757		0			(9)			0			(9)
	Receive	PIMCODB Index		24,083		0.000%			Monthly		02/16/2021			1,598		0			(21)			0			(21)
FBF	Receive	BCOMTR Index		125,200		0.185% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			16,709		0			(192)			0			(192)
GST	Receive	BCOMF1TC Index		109,156		0.225% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			22,074		0			79			79			0
	Receive	BCOMTR Index		22,338		0.215% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			2,981		0			(35)			0			(35)
	Receive	CMDSKEWLS Index		17,875		0.250%			Monthly		02/16/2021			2,294		0			(235)			0			(235)
JPM	Receive	JMABFNJ2 Index		99,073		0.000%			Monthly		12/31/2020			8,666		0			0			0			0
	Receive	BCOMF1TC Index		1,416		0.235% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			150		0			1			1			0
	Receive	BCOMTR Index		12,381		0.215% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			1,652		0			(19)			0			(19)
	Receive	JMABDEWE Index		4,459		0.300%			Monthly		02/16/2021			4,764		0			33			33			0
	Receive	JMABFNC2 Index		18,470		0.170%			Monthly		02/16/2021			6,052		0			93			93			0
MAC	Receive	BCOMTR1 Index		131,416		0.215% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			8,452		0			(99)			0			(99)
	Receive	BCOMTR2 Index		147,836		0.215% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			10,441		0			(110)			0			(110)
	Receive	PIMCODB Index		24,068		0.000%			Monthly		02/16/2021			1,584		0			(21)			0			(21)
MEI	Receive	BCOMTR2 Index		292,026		0.205% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			29,024		0			(348)			0			(348)
MYC	Receive	BCOMTR Index		395,774		0.195% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			52,819		0			(608)			0			(608)
	Receive	BCOMTR1 Index		91,046		0.235% (3-Month U.S. Treasury Bill rate plus a specified spread)			Monthly		02/16/2021			34,494		0			(404)			0			(404)

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


RBC			Receive	RBCAEC0T Index		50,266	0.185% (3-Month U.S. Treasury Bill rate plus a specified spread)						Monthly					02/16/2021								2,287							0						(27)								0				(27)
SOG			Receive	BCOMTR Index		2,272	0.215% (3-Month U.S. Treasury Bill rate plus a specified spread)						Monthly					02/16/2021								303							0						(4)								0				(4)
																													$				0				$		(2,542)						$		222		$		(2,764)
VOLATILITY SWAPS
											Swap Agreements, at Value
Counterparty			Pay/Receive Volatility		Reference Entity			Volatility Strike		Payment Frequency						Maturity Date							Notional Amount											Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)								Asset				Liability
MYC			Pay		GOLDLNPM Index(7)				1.960%	Maturity						05/12/2020						$	178							$				0				$		0						$		0		$		0
			Receive		SLVRLND Index(7)				4.580	Maturity						05/12/2020							117											0						3								3				0
SOG			Pay		GOLDLNPM Index(7)				1.782	Maturity						06/08/2020							150											0						(1)								0				(1)
			Receive		SLVRLND Index(7)				4.410	Maturity						06/08/2020							95											0						3								3				0
																														$				0				$		5						$		6		$		(1)
Total Swap Agreements											$			(66)			$		(5,145)					$			427	$			(5,638)
(l)		Securities with an aggregate market value of $4,966 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)		Notional Amount represents the number of contracts.
(2)		YOY options may have a series of expirations.
(3)		If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)		The maximum potential amount the Portfolio 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)		Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference.
(7)		Variance Swap
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory											Level 1									Level 2											Level 3										Fair Value at 03/31/2020
Investments in Securities, at Value
Corporate Bonds & Notes
	Banking & Finance											$			0						$				12,905							$				0						$		12,905
	Industrials														0										12,321											0								12,321
	Utilities														0										4,700											0								4,700
U.S. Government Agencies														0										65,072											0								65,072
U.S. Treasury Obligations														0										238,127											0								238,127
Non-Agency Mortgage-Backed Securities														0										10,597											0								10,597
Asset-Backed Securities														0										23,160											0								23,160
Sovereign Issues														0										23,369											0								23,369
Preferred Securities
	Banking & Finance														0										233											0								233
Short-Term Instruments
	Repurchase Agreements														0										20,623											0								20,623
	Argentina Treasury Bills														0										40											0								40
	U.S. Treasury Bills														0										20,986											0								20,986
											$			0						$				432,133							$				0						$		432,133
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes											$			2,509						$				0							$				0						$		2,509
Total Investments											$			2,509						$				432,133							$				0						$		434,642
Short Sales, at Value - Liabilities
U.S. Government Agencies											$			0						$				(724)							$				0						$		(724)
											$			0						$				(724)							$				0						$		(724)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared														963										715											0								1,678

Consolidated Schedule of Investments PIMCO CommodityRealReturn® Strategy Portfolio (Cont.)

March 31, 2020

(Unaudited)


Over the counter		0		2,967		0		2,967
	$	963	$	3,682	$	0	$	4,645
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(954)		(149)		0		(1,103)
Over the counter		0		(8,051)		(27)		(8,078)
	$	(954)	$	(8,200)	$	(27)	$	(9,181)
Total Financial Derivative Instruments	$	9	$	(4,518)	$	(27)	$	(4,536)
Totals	$	2,518	$	426,891	$	(27)	$	429,382

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Schedule of Investments PIMCO Dynamic Bond Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 140.5% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7%
Caesars Resort Collection LLC 3.739% (LIBOR03M + 2.750%) due 12/23/2024 ~	$	293	$	241
Charter Communications Operating LLC 2.740% (LIBOR03M + 1.750%) due 02/01/2027 ~		193		186
Dell International LLC 2.990% (LIBOR03M + 2.000%) due 09/19/2025 ~		191		184
PG&E Corp. 3.120% (LIBOR03M + 2.250%) due 12/31/2020 ~		1,000		995
RegionalCare Hospital Partners Holdings, Inc. 4.739% (LIBOR03M + 3.750%) due 11/17/2025 ~		441		406
Total Loan Participations and Assignments (Cost $2,108)				2,012
CORPORATE BONDS & NOTES 23.8%
BANKING & FINANCE 14.4%
ABN AMRO Bank NV 4.750% due 07/28/2025		100		101
AerCap Ireland Capital DAC 3.950% due 02/01/2022		500		436
American International Group, Inc. 4.125% due 02/15/2024		300		315
Aviation Capital Group LLC 2.530% (US0003M + 0.950%) due 06/01/2021 ~		900		859
Bank of America Corp. 3.550% due 03/05/2024 •		1,400		1,453
Barclays Bank PLC 7.625% due 11/21/2022 (i)		400		409
Barclays PLC 4.375% due 01/12/2026		1,000		1,021
BNP Paribas S.A. 4.705% due 01/10/2025 •		400		417
Citibank N.A. 3.400% due 07/23/2021		500		508
Citigroup, Inc. 4.044% due 06/01/2024 •		600		635
Cooperatieve Rabobank UA
2.500% due 01/19/2021		500		501
3.750% due 07/21/2026		700		676
Credit Agricole S.A. 6.500% due 06/23/2021 •(h)(i)	EUR	300		317
Credit Suisse AG 6.500% due 08/08/2023 (i)	$	600		613
Credit Suisse Group AG
2.997% due 12/14/2023 •		550		536
6.375% due 08/21/2026 •(h)(i)		300		264
Credit Suisse Group Funding Guernsey Ltd. 3.750% due 03/26/2025		700		709
Deutsche Bank AG 4.250% due 10/14/2021		1,450		1,380
Ford Motor Credit Co. LLC
0.000% due 12/01/2021 •	EUR	100		97
0.017% due 05/14/2021 •		200		207
2.927% (US0003M + 1.235%) due 02/15/2023 ~	$	900		711
3.157% due 08/04/2020		500		490
3.550% due 10/07/2022		300		281
4.424% (US0003M + 2.550%) due 01/07/2021 ~		200		190
General Motors Financial Co., Inc.
2.685% (US0003M + 1.310%) due 06/30/2022 ~		200		159
3.550% due 07/08/2022		500		463
Goldman Sachs Group, Inc.
2.876% due 10/31/2022 •		800		805
3.625% due 01/22/2023		300		310
3.691% due 06/05/2028 •		1,800		1,853
Harley-Davidson Financial Services, Inc. 2.520% (US0003M + 0.940%) due 03/02/2021 ~		800		799
HSBC Holdings PLC
3.400% due 03/08/2021		600		604
4.292% due 09/12/2026 •		500		524
4.300% due 03/08/2026		500		535
5.875% due 09/28/2026 •(h)(i)	GBP	200		222

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


International Lease Finance Corp. 8.250% due 12/15/2020	$	900	895
Intesa Sanpaolo SpA 3.250% due 09/23/2024		400	374
JPMorgan Chase & Co.
3.060% (US0003M + 1.480%) due 03/01/2021 ~		2,000	2,006
3.797% due 07/23/2024 •		300	314
LeasePlan Corp. NV 2.875% due 10/24/2024		500	491
Lloyds Bank PLC 2.250% due 08/14/2022		400	399
Lloyds Banking Group PLC
2.858% due 03/17/2023 •		800	789
7.625% due 06/27/2023 •(h)(i)	GBP	856	904
Mitsubishi UFJ Financial Group, Inc. 2.190% due 09/13/2021	$	387	382
Mizuho Financial Group, Inc. 3.922% due 09/11/2024 •		500	528
Morgan Stanley
3.125% due 01/23/2023		200	205
3.591% due 07/22/2028 •		700	735
Nationstar Mortgage Holdings, Inc. 9.125% due 07/15/2026		600	545
Nationwide Building Society
3.766% due 03/08/2024 •		300	292
4.302% due 03/08/2029 •		1,700	1,800
Navient Corp. 5.875% due 03/25/2021		200	197
Park Aerospace Holdings Ltd. 5.250% due 08/15/2022		700	633
Royal Bank of Scotland Group PLC
4.892% due 05/18/2029 •		200	212
8.625% due 08/15/2021 •(h)(i)		1,200	1,176
Santander UK PLC 3.400% due 06/01/2021		500	501
Springleaf Finance Corp. 6.125% due 03/15/2024		400	398
Synchrony Bank 3.000% due 06/15/2022		500	497
Toronto-Dominion Bank 2.874% (US0003M + 1.000%) due 04/07/2021 ~		800	795
UBS AG
5.125% due 05/15/2024 (i)		1,300	1,313
7.625% due 08/17/2022 (i)		250	258
UniCredit SpA
5.738% (US0003M + 3.900%) due 01/14/2022 ~		600	565
7.830% due 12/04/2023		900	962
Wells Fargo & Co.
2.600% due 07/22/2020		200	200
2.625% due 07/22/2022		400	405
3.000% due 02/19/2025		1,300	1,344
3.584% due 05/22/2028 •		200	210
Weyerhaeuser Co. 4.000% due 04/15/2030		400	402
			40,127
INDUSTRIALS 7.7%
Allergan Sales LLC 4.875% due 02/15/2021		233	237
Altice Financing S.A. 5.000% due 01/15/2028		300	268
American Airlines Pass-Through Trust 3.000% due 04/15/2030		349	330
Anheuser-Busch InBev Worldwide, Inc. 4.000% due 04/13/2028		600	635
B.C. Unlimited Liability Co. 4.250% due 05/15/2024		300	301
Broadcom Corp.
3.000% due 01/15/2022		400	397
3.625% due 01/15/2024		100	99
CCO Holdings LLC 5.000% due 02/01/2028		700	707
Charter Communications Operating LLC
4.464% due 07/23/2022		100	103
4.908% due 07/23/2025		1,200	1,295
6.484% due 10/23/2045		100	123
Cheniere Corpus Christi Holdings LLC
5.875% due 03/31/2025		600	548
7.000% due 06/30/2024		200	176
Cleveland-Cliffs, Inc. 4.875% due 01/15/2024		200	185
Constellation Oil Services Holding S.A. (10.000% PIK)
10.000% due 11/09/2024 ^(c)(d)		302	121
10.000% due 11/09/2024 ^«(c)(d)		44	1

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


CVS Health Corp. 4.100% due 03/25/2025		800	843
Dell International LLC
4.420% due 06/15/2021		850	859
6.020% due 06/15/2026		150	160
Deutsche Telekom International Finance BV
1.950% due 09/19/2021		800	791
2.820% due 01/19/2022		900	894
Energy Transfer Partners LP 5.000% due 10/01/2022		1,500	1,368
Exela Intermediate LLC 10.000% due 07/15/2023		300	81
GATX Corp. 2.461% (US0003M + 0.720%) due 11/05/2021 ~		900	882
IHO Verwaltungs GmbH (3.750% Cash or 4.500% PIK) 3.750% due 09/15/2026 (c)	EUR	200	172
IRB Holding Corp. 6.750% due 02/15/2026	$	300	239
Komatsu Finance America, Inc. 2.118% due 09/11/2020		300	300
Marvell Technology Group Ltd. 4.200% due 06/22/2023		500	512
Newfield Exploration Co. 5.375% due 01/01/2026		500	262
NVR, Inc. 3.950% due 09/15/2022		900	901
Occidental Petroleum Corp. 2.600% due 08/13/2021		200	160
Oracle Corp. 3.600% due 04/01/2050 (b)		900	900
Pan American Energy LLC 30.362% (BADLARPP) due 11/20/2020 «~	ARS	4,370	49
Penske Truck Leasing Co. LP 3.950% due 03/10/2025	$	500	518
Petroleos Mexicanos 5.950% due 01/28/2031		200	139
QGOG Constellation S.A. 9.000% due 11/09/2024 ^«(d)		302	0
Reckitt Benckiser Treasury Services PLC 2.375% due 06/24/2022		800	786
Refinitiv U.S. Holdings, Inc. 6.250% due 05/15/2026		400	415
Reynolds Group Issuer, Inc. 7.000% due 07/15/2024		125	128
Rockwell Collins, Inc. 2.800% due 03/15/2022		300	303
Sabine Pass Liquefaction LLC 5.625% due 02/01/2021		700	689
Sands China Ltd. 5.125% due 08/08/2025		600	569
Teva Pharmaceutical Finance Netherlands BV 0.375% due 07/25/2020	EUR	243	264
Toyota Motor Finance Netherlands BV 2.764% due 04/26/2021	$	900	893
Transocean, Inc. 7.250% due 11/01/2025		600	306
Virgin Media Secured Finance PLC 4.250% due 01/15/2030	GBP	300	337
VMware, Inc. 2.950% due 08/21/2022	$	900	903
YPF S.A. 35.421% (BADLARPP + 6.000%) due 03/04/2021 ~	ARS	2,240	26
Zimmer Biomet Holdings, Inc. 3.150% due 04/01/2022	$	300	300
			21,475
UTILITIES 1.7%
AT&T, Inc.
2.330% (US0003M + 0.750%) due 06/01/2021 ~		800	777
4.100% due 02/15/2028		306	322
Duke Energy Corp. 1.418% (US0003M + 0.650%) due 03/11/2022 ~		500	487
NextEra Energy Capital Holdings, Inc.
1.950% due 09/01/2022		300	295
2.399% (US0003M + 0.720%) due 02/25/2022 ~		300	292
Petrobras Global Finance BV
5.999% due 01/27/2028		1,668	1,625
6.250% due 12/14/2026	GBP	100	117
6.850% due 06/05/2115	$	350	334
Rio Oil Finance Trust 9.250% due 07/06/2024		390	385

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Sprint Corp. 7.250% due 02/01/2028	200	202
		4,836
Total Corporate Bonds & Notes (Cost $68,269)		66,438
MUNICIPAL BONDS & NOTES 0.1%
TEXAS 0.1%
Texas Public Finance Authority Revenue Notes, Series 2014 8.250% due 07/01/2024	175	172
WEST VIRGINIA 0.0%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 0.000% due 06/01/2047 (e)	3,000	129
Total Municipal Bonds & Notes (Cost $385)		301
U.S. GOVERNMENT AGENCIES 42.2%
Fannie Mae, TBA 3.000% due 06/01/2040	53,000	55,387
Freddie Mac
1.478% due 10/25/2021 ~(a)	324	6
4.000% due 08/01/2048	1,043	1,114
5.445% due 07/15/2047 •(a)	944	173
Ginnie Mae, TBA 4.000% due 04/01/2050	1,000	1,063
Uniform Mortgage-Backed Security
3.500% due 12/01/2047 - 07/01/2048	5,915	6,270
4.000% due 04/01/2048	1,075	1,165
Uniform Mortgage-Backed Security, TBA
2.500% due 04/01/2050 - 06/01/2050	36,200	37,403
3.500% due 05/01/2050	13,700	14,491
4.000% due 05/01/2050	700	747
Total U.S. Government Agencies (Cost $116,296)		117,819
U.S. TREASURY OBLIGATIONS 40.1%
U.S. Treasury Bonds
2.875% due 11/15/2046	150	203
U.S. Treasury Inflation Protected Securities (g)
0.125% due 04/15/2021	6,748	6,610
0.125% due 01/15/2030	1,504	1,552
0.250% due 01/15/2025	6,055	6,111
0.250% due 07/15/2029	2,017	2,096
0.375% due 07/15/2025	424	433
0.375% due 07/15/2027	3,163	3,257
0.625% due 01/15/2026	2,866	2,962
2.000% due 01/15/2026 (o)	845	940
2.375% due 01/15/2025	2,600	2,884
2.375% due 01/15/2027	2,187	2,537
U.S. Treasury Notes
1.250% due 07/31/2023	1,098	1,132
1.250% due 08/31/2024	6,400	6,654
1.500% due 02/15/2030 (k)	2,900	3,127
1.750% due 09/30/2022	5,700	5,915
1.875% due 12/15/2020	1,500	1,519
1.875% due 07/31/2022	5,200	5,394
2.000% due 05/31/2021 (m)(o)	1,100	1,124
2.000% due 12/31/2021 (m)(o)	3,600	3,712
2.000% due 07/31/2022 (o)	11,400	11,870
2.000% due 11/30/2022 (m)(o)	1,000	1,046
2.000% due 04/30/2024 (o)	700	747
2.125% due 09/30/2021 (k)(m)	16,500	16,975
2.250% due 12/31/2023	4,150	4,449
2.250% due 01/31/2024	1,270	1,363
2.500% due 05/15/2024	1,800	1,959
2.750% due 05/31/2023 (o)	80	86
2.750% due 07/31/2023	2,824	3,054
2.750% due 08/31/2023	11,022	11,935
2.875% due 09/30/2023 (o)	290	316
2.875% due 11/30/2023 (o)	70	76
Total U.S. Treasury Obligations (Cost $108,323)		112,038
NON-AGENCY MORTGAGE-BACKED SECURITIES 5.8%
American Home Mortgage Assets Trust 1.157% due 06/25/2037 •	645	531
Banc of America Funding Trust
0.933% due 02/20/2047 •	644	554
1.153% due 07/20/2036 •	1,056	951
Banc of America Mortgage Trust 4.636% due 06/25/2035 ~	72	58

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


BCAP LLC Trust 5.250% due 06/26/2036		390	221
Bear Stearns Adjustable Rate Mortgage Trust
3.856% due 11/25/2034 ~		394	297
4.301% due 01/25/2035 ~		8	7
CBA Commercial Small Balance Commercial Mortgage 1.447% due 06/25/2038 •		874	550
Countrywide Alternative Loan Trust
0.953% due 02/20/2047 ^•		237	161
1.117% due 01/25/2037 ^•		246	239
5.500% due 04/25/2035		663	525
6.000% due 02/25/2037 ^		361	233
6.500% due 11/25/2037 ^		486	329
Countrywide Home Loan Mortgage Pass-Through Trust
3.555% due 02/20/2036 ~		268	234
3.785% due 08/25/2034 ~		99	93
Credit Suisse Mortgage Capital Certificates 2.287% due 12/27/2035 •		504	500
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust 1.277% due 08/25/2037 ^•		513	386
Downey Savings & Loan Association Mortgage Loan Trust 0.940% due 10/19/2036 •		511	394
First Horizon Alternative Mortgage Securities Trust
3.582% due 01/25/2036 ^~		167	123
3.765% due 06/25/2036 ^~		183	151
3.776% due 06/25/2034 ~		104	96
First Horizon Mortgage Pass-Through Trust 4.133% due 11/25/2037 ^~		992	737
GSMPS Mortgage Loan Trust 8.000% due 01/25/2035		458	484
HarborView Mortgage Loan Trust 1.570% due 11/19/2034 ^•		37	30
IndyMac Mortgage Loan Trust
1.157% due 04/25/2046 •		1,835	1,484
3.646% due 08/25/2037 ^~		256	188
4.087% due 10/25/2034 ~		21	19
Lehman XS Trust 1.172% due 08/25/2046 •		414	340
Mortgage Equity Conversion Asset Trust 0.670% due 05/25/2042 •		585	537
New Residential Mortgage Loan Trust 4.500% due 05/25/2058 ~		388	403
RBSSP Resecuritization Trust 1.877% due 02/26/2037 •		275	266
Residential Accredit Loans, Inc. Trust 6.109% due 09/25/2037 ~		932	732
RMAC Securities PLC 0.610% due 06/12/2044 •	GBP	1,062	1,227
Structured Asset Mortgage Investments Trust 1.147% due 08/25/2036 •	$	316	473
Thornburg Mortgage Securities Trust
2.187% due 06/25/2037 •		250	204
2.197% due 06/25/2037 ^•		27	26
Towd Point Mortgage Funding PLC 1.724% due 10/20/2051 •	GBP	1,592	1,920
WaMu Mortgage Pass-Through Certificates Trust 1.407% due 04/25/2045 •	$	50	46
Washington Mutual Mortgage Pass-Through Certificates Trust 2.397% due 09/25/2035 ^•		655	528
Total Non-Agency Mortgage-Backed Securities (Cost $16,941)			16,277
ASSET-BACKED SECURITIES 22.5%
Accredited Mortgage Loan Trust 1.577% due 09/25/2035 •		1,000	730
Arbour CLO DAC 0.870% due 01/15/2030 •	EUR	1,500	1,593
Argent Securities Trust 1.097% due 07/25/2036 •	$	692	535
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 1.327% due 02/25/2036 •		1,458	1,161
Asset-Backed Funding Certificates Trust
1.107% due 01/25/2037 •		2,579	1,503
1.167% due 01/25/2037 •		1,794	1,057
Asset-Backed Securities Corp. Home Equity Loan Trust 1.967% due 07/25/2035 •		4,263	3,744
Bear Stearns Asset-Backed Securities Trust
1.437% due 09/25/2035 •		1,065	1,046
1.622% due 11/25/2035 ^•		1,287	1,286
Belle Haven ABS CDO Ltd. 2.123% due 11/03/2044 •		566	236
Business Jet Securities LLC 4.447% due 06/15/2033		342	278
Carlyle Global Market Strategies Euro CLO DAC 0.870% due 01/18/2030 •	EUR	1,000	1,087

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


CIT Mortgage Loan Trust
2.297% due 10/25/2037 •	$	570	555
2.447% due 10/25/2037 •		900	760
Citigroup Mortgage Loan Trust, Inc. 1.397% due 10/25/2035 ^•		1,000	930
Countrywide Asset-Backed Certificates
1.077% due 12/25/2036 ^•		325	250
1.087% due 08/25/2037 •		1,249	1,193
1.087% due 08/25/2037 ^•		472	371
1.087% due 06/25/2047 ^•		506	410
1.097% due 07/25/2036 ^•		23	23
1.097% due 04/25/2047 ^•		404	378
1.127% due 11/25/2047 ^•		407	364
1.157% due 05/25/2047 ^•		1,682	1,285
4.701% due 07/25/2036 þ		300	275
Countrywide Asset-Backed Certificates Trust
1.952% due 08/25/2035 •		1,035	1,023
6.095% due 08/25/2035 þ		269	267
Credit-Based Asset Servicing & Securitization Mortgage Loan Trust 3.689% due 03/25/2037 ^þ		2,318	1,099
Dryden Euro CLO BV 0.880% due 01/15/2030 •	EUR	1,000	1,059
First Franklin Mortgage Loan Trust 1.307% due 11/25/2035 •	$	3,362	2,906
GSAA Home Equity Trust
1.227% due 07/25/2037 •		2,876	1,291
5.985% due 06/25/2036 ~		1,081	431
GSAMP Trust
1.147% due 11/25/2036 •		946	501
1.177% due 03/25/2047 •		2,000	1,520
Home Equity Asset Trust 1.637% due 08/25/2035 •		1,900	1,737
HSI Asset Securitization Corp. Trust
1.057% due 12/25/2036 •		2,049	715
1.167% due 12/25/2036 •		576	208
Jamestown CLO Ltd. 2.521% due 07/15/2026 •		107	107
JPMorgan Mortgage Acquisition Corp. 1.287% due 02/25/2036 ^•		1,060	1,004
Long Beach Mortgage Loan Trust
1.467% due 08/25/2045 •		919	803
1.862% due 08/25/2035 •		2,000	1,253
MASTR Specialized Loan Trust 1.317% due 01/25/2037 •		1,500	773
Morgan Stanley ABS Capital, Inc. Trust
1.072% due 07/25/2036 •		389	314
1.087% due 11/25/2036 •		183	95
1.087% due 05/25/2037 •		632	528
1.097% due 07/25/2036 •		760	358
1.097% due 10/25/2036 •		443	240
1.487% due 12/25/2034 •		514	470
Morgan Stanley Capital, Inc. Trust
1.127% due 03/25/2036 •		16	13
1.237% due 01/25/2036 •		260	242
Morgan Stanley Home Equity Loan Trust
1.087% due 12/25/2036 •		2,072	1,058
1.207% due 04/25/2036 •		2,952	2,272
Morgan Stanley IXIS Real Estate Capital Trust 1.097% due 07/25/2036 •		1,527	722
Nomura Home Equity Loan, Inc. Home Equity Loan Trust 1.347% due 02/25/2037 ^•		2,131	706
OFSI Fund Ltd. 2.719% due 10/18/2026 •		208	208
Option One Mortgage Loan Trust 1.277% due 04/25/2037 •		3,004	1,883
Palmer Square Loan Funding Ltd.
2.483% due 02/20/2028 •		900	884
2.789% due 04/20/2027 •		906	887
Residential Asset Securities Corp. Trust 1.637% due 11/25/2035 •		3,100	2,910
Securitized Asset-Backed Receivables LLC Trust
1.607% due 08/25/2035 ^•		677	465
1.712% due 02/25/2034 •		295	272
Sierra Madre Funding Ltd.
1.385% due 09/07/2039 •		487	438
1.405% due 09/07/2039 •		2,620	2,358
SoFi Consumer Loan Program LLC 2.770% due 05/25/2026		133	132
Sound Point CLO Ltd. 2.956% due 01/23/2029 •		1,500	1,458
Structured Asset Securities Corp. Mortgage Loan Trust 1.952% due 11/25/2035 •		1,000	882
Terwin Mortgage Trust 1.317% due 01/25/2037 •		1,066	512
Towd Point Mortgage Trust 2.900% due 10/25/2059 ~		937	917

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Triaxx Prime CDO Ltd. 1.841% due 10/02/2039 •		96	42
Venture CLO Ltd.
0.000% due 08/28/2029 •		1,600	1,519
2.952% due 10/22/2031 •		1,400	1,351
Wells Fargo Home Equity Asset-Backed Securities Trust 1.177% due 04/25/2037 •		897	822
Total Asset-Backed Securities (Cost $63,017)			62,705
SOVEREIGN ISSUES 4.3%
Argentina Government International Bond
1.000% due 08/05/2021 (g)	ARS	1,327	9
5.875% due 01/11/2028	$	1,000	273
6.875% due 01/11/2048		500	132
15.500% due 10/17/2026	ARS	1,460	6
36.575% (BADLARPP + 2.000%) due 04/03/2022 ~		2,373	18
38.039% (ARLLMONP) due 06/21/2020 ~		57,977	421
Autonomous City of Buenos Aires Argentina 37.247% (BADLARPP + 5.000%) due 01/23/2022 ~		2,730	25
Brazil Government International Bond 5.625% due 02/21/2047	$	50	52
Chile Government International Bond 1.250% due 01/29/2040	EUR	300	286
Israel Government International Bond 3.875% due 07/03/2050 (b)	$	400	400
Kuwait International Government Bond 3.500% due 03/20/2027		1,300	1,355
New Zealand Government International Bond
2.000% due 09/20/2025 (g)	NZD	220	144
3.000% due 09/20/2030 (g)		872	656
Peru Government International Bond
5.940% due 02/12/2029	PEN	1,100	343
6.150% due 08/12/2032		2,000	628
6.350% due 08/12/2028		5,800	1,875
Provincia de Buenos Aires 37.463% (BADLARPP + 3.750%) due 04/12/2025 ~	ARS	930	5
Qatar Government International Bond
3.875% due 04/23/2023	$	700	722
4.500% due 04/23/2028		200	220
Saudi Government International Bond
3.625% due 03/04/2028		500	510
4.500% due 10/26/2046		600	611
4.625% due 10/04/2047		500	515
Slovenia Government International Bond 5.250% due 02/18/2024		300	338
South Africa Government International Bond 4.850% due 09/30/2029		700	577
Turkey Government International Bond
5.750% due 03/22/2024		400	374
6.350% due 08/10/2024		1,000	951
7.250% due 12/23/2023		600	589
Total Sovereign Issues (Cost $15,839)			12,035
		SHARES
PREFERRED SECURITIES 0.7%
BANKING & FINANCE 0.6%
AGFC Capital Trust 3.581% (US0003M + 1.750%) due 01/15/2067 ~		100,000	40
Bank of America Corp.
4.300% due 01/28/2025 •(h)		400,000	345
5.875% due 03/15/2028 •(h)		200,000	203
Citigroup, Inc. 6.250% due 08/15/2026 •(h)		200,000	206
JPMorgan Chase & Co. 5.240% (US0003M + 3.470%) due 04/30/2020 ~(h)		342,000	309
Nationwide Building Society 10.250% ~		2,250	366
Stichting AK Rabobank Certificaten 6.500% due 12/29/2049 (h)		50,000	50
			1,519
UTILITIES 0.1%
AT&T, Inc. 2.875% due 03/02/2025 •(h)		400,000	398

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Preferred Securities (Cost $2,168)				1,917
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (j) 0.3%				748
		PRINCIPAL AMOUNT (000s)
ARGENTINA TREASURY BILLS 0.0%
31.246% due 07/31/2020 «~	ARS	552		6
36.751% due 04/03/2020 ~		2,840		32
32.393% due 08/28/2020 ~		2,130		20
35.641% due 06/22/2020 ~		5,360		61
53.823% due 05/13/2020 (e)(f)		970		7
				126
Total Short-Term Instruments (Cost $909)				874
Total Investments in Securities (Cost $394,255)				392,416
		SHARES
INVESTMENTS IN AFFILIATES 0.6%
SHORT-TERM INSTRUMENTS 0.6%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6%
PIMCO Short-Term Floating NAV Portfolio III		166,586		1,636
Total Short-Term Instruments (Cost $1,636)				1,636
Total Investments in Affiliates (Cost $1,636)				1,636
Total Investments 141.1% (Cost $395,891)			$	394,052
Financial Derivative Instruments (l)(n) (0.5)%(Cost or Premiums, net $1,635)				(1,422)
Other Assets and Liabilities, net (40.6)%				(113,389)
Net Assets 100.0%			$	279,241

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(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).

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.

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)

Zero coupon security.

(f)

Coupon represents a yield to maturity.

(g)

Principal amount of security is adjusted for inflation.

(h)

Perpetual maturity; date shown, if applicable, represents next contractual call date.

(i)

Contingent convertible security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(j)

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

FICC

0.000%

03/31/2020

04/01/2020

748

U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021

(767)

748

Total Repurchase Agreements

(767)

748

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(1)

Settlement Date

Maturity Date

Amount
Borrowed(1)

Payable for
Reverse
Repurchase
Agreements

GRE

1.300%

03/17/2020

04/17/2020

(621)

RCY

0.940

03/11/2020

04/09/2020

(3,905)

(3,907)

SGY

(0.140)

03/31/2020

04/14/2020

(3,139)

Total Reverse Repurchase Agreements

(7,667)

SHORT SALES:

Description

Coupon

Maturity
Date

Principal
Amount

Proceeds

Payable for
Short Sales

U.S. Government Agencies (0.3)%

Uniform Mortgage-Backed Security, TBA

4.000%

04/01/2050

700

(749)

(747)

Total Short Sales (0.3)%

(749)

(747)

(k)

Securities with an aggregate market value of $7,653 have been pledged as collateral under the terms of master agreements as of March 31, 2020.

(1)

The average amount of borrowings outstanding during the period ended March 31, 2020 was $(3,673) at a weighted average interest rate of 1.242%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(l)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
																		Variation Margin
Description								Expiration Month				# of Contracts								Notional Amount											Unrealized Appreciation/ (Depreciation)									Asset												Liability
Euro-Bund 10-Year Bond June Futures								06/2020				15			$					2,854							$				(6)							$		17								$				(18)
U.S. Treasury 5-Year Note June Futures								06/2020				40								5,014											203									0												(2)
																										$				197							$		17								$				(20)
SHORT FUTURES CONTRACTS
																		Variation Margin
Description								Expiration Month				# of Contracts								Notional Amount											Unrealized Appreciation/ (Depreciation)									Asset												Liability
Call Options Strike @ EUR 177.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)								05/2020				26			$					(14)							$				9							$		8								$				(6)
Euro-BTP Italy Government Bond June Futures								06/2020				30								(4,679)											207									83												0
U.S. Treasury 10-Year Note June Futures								06/2020				113								(15,672)											(593)									16												0
U.S. Treasury 30-Year Bond June Futures								06/2020				126								(22,562)											233									209												0
																										$				(144)							$		316								$				(6)
Total Futures Contracts																			$				53									$		333							$					(26)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(2)
																		Variation Margin
Reference Entity	Fixed Receive Rate		Payment Frequency		Maturity Date		Implied Credit Spread at March 31, 2020(3)							Notional Amount(4)							Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)							Market Value(5)									Asset									Liability
AT&T, Inc.	1.000%		Quarterly		06/20/2024		1.978			%	$			700		$					(2)			$				(25)					$		(27)							$		0					$				(1)
Berkshire Hathaway, Inc.	1.000		Quarterly		09/20/2020		0.052							400							8							(6)							2									0									0
British Telecomminications	1.000		Quarterly		12/20/2024		1.162				EUR			700							2							(7)							(5)									0									0
MetLife, Inc.	1.000		Quarterly		12/20/2021		0.382				$			900							22							(12)							10									0									(1)
MetLife, Inc.	1.000		Quarterly		06/20/2022		0.439							400							10							(5)							5									0									(1)
MetLife, Inc.	1.000		Quarterly		12/20/2022		0.536							400							10							(5)							5									0									0
																	$					50			$				(60)					$		(10)							$		0					$				(3)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(6)
																		Variation Margin
Index/Tranches		Fixed (Pay) Rate		Payment Frequency		Maturity Date							Notional Amount(4)								Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)							Market Value(5)									Asset									Liability
iTraxx Europe Main 32 5-Year Index		(1.000)%		Quarterly		12/20/2024			EUR				1,700			$					(44)			$				39					$		(5)							$		3					$				0
iTraxx Europe Senior 27 5-Year Index		(1.000)		Quarterly		06/20/2022							2,500								(15)							(4)							(19)									3									0
																$					(59)			$				35					$		(24)							$		6					$				0
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
																		Variation Margin
Index/Tranches		Fixed Receive Rate		Payment Frequency		Maturity Date							Notional Amount(4)								Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)							Market Value(5)									Asset									Liability
CDX.EM-32 5-Year Index		1.000%		Quarterly		12/20/2024			$				600			$					(21)			$				(47)					$		(68)							$		2					$				0
CDX.HY-32 5-Year Index		5.000		Quarterly		06/20/2024							2,134								94							(197)							(103)									0									(25)
CDX.HY-33 5-Year Index		5.000		Quarterly		12/20/2024							2,832								164							(332)							(168)									0									(38)
CDX.IG-33 5-Year Index		1.000		Quarterly		12/20/2024							9,100								190							(220)							(30)									0									(26)
CDX.IG-34 5-Year Index		1.000		Quarterly		06/20/2025							5,600								(94)							57							(37)									0									(17)
																$					333			$				(739)					$		(406)							$		2					$				(106)

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


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 (7)		1-Day GBP-SONIO Compounded-OIS	0.500%	Annual	09/16/2025	GBP	6,900		$		(1)		$		(102)		$		(103)		$		0		$		(4)
Pay		3-Month CAD-Bank Bill	1.270	Semi-Annual	03/03/2022	CAD	2,100				0				14				14				0				0
Pay		3-Month CAD-Bank Bill	1.273	Semi-Annual	03/03/2022		600				0				4				4				0				0
Pay(7)		3-Month CAD-Bank Bill	1.500	Semi-Annual	06/17/2022		900				4				6				10				0				0
Pay		3-Month CAD-Bank Bill	1.220	Semi-Annual	03/03/2025		700				0				6				6				0				(1)
Pay		3-Month CAD-Bank Bill	1.275	Semi-Annual	03/03/2025		700				0				7				7				0				(1)
Pay		3-Month CAD-Bank Bill	1.276	Semi-Annual	03/03/2025		400				0				4				4				0				(1)
Pay		3-Month CAD-Bank Bill	1.290	Semi-Annual	03/03/2025		200				0				2				2				0				0
Pay		3-Month CAD-Bank Bill	1.235	Semi-Annual	03/04/2025		1,100				1				9				10				0				(1)
Pay		3-Month USD-LIBOR	2.700	Semi-Annual	12/14/2023	$	11,800				(125)				1,207				1,082				5				0
Pay		3-Month USD-LIBOR	0.611	Semi-Annual	03/17/2025		2,800				0				17				17				0				0
Pay		3-Month USD-LIBOR	0.613	Semi-Annual	03/17/2025		4,500				0				28				28				0				0
Pay		3-Month USD-LIBOR	0.622	Semi-Annual	03/20/2025		11,700				0				70				70				0				(2)
Receive		3-Month USD-LIBOR	1.750	Semi-Annual	12/21/2026		500				(3)				(38)				(41)				1				0
Receive		3-Month USD-LIBOR	1.750	Semi-Annual	12/21/2026		7,600				(136)				(487)				(623)				11				0
Receive		3-Month USD-LIBOR	1.500	Semi-Annual	06/21/2027		15,700				1,363				(2,425)				(1,062)				40				0
Receive		3-Month USD-LIBOR	2.250	Semi-Annual	06/20/2028		17,200				1,075				(3,415)				(2,340)				69				0
Receive		3-Month USD-LIBOR	2.000	Semi-Annual	12/10/2029		500				(1)				(64)				(65)				3				0
Receive		3-Month USD-LIBOR	1.750	Semi-Annual	01/15/2030		1,800				(21)				(157)				(178)				9				0
Receive		3-Month USD-LIBOR	2.000	Semi-Annual	02/12/2030		1,000				(18)				(106)				(124)				5				0
Receive		3-Month USD-LIBOR	2.000	Semi-Annual	03/10/2030		500				(1)				(62)				(63)				3				0
Pay(7)		3-Month USD-LIBOR	0.616	Semi-Annual	02/15/2036		2,700				0				(86)				(86)				0				(32)
Pay(7)		3-Month USD-LIBOR	0.727	Semi-Annual	02/15/2036		2,700				0				(41)				(41)				0				(32)
Pay(7)		3-Month USD-LIBOR	0.742	Semi-Annual	02/15/2036		2,700				0				(35)				(35)				0				(32)
Pay(7)		3-Month USD-LIBOR	0.779	Semi-Annual	02/15/2036		1,000				0				(7)				(7)				0				(12)
Pay(7)		3-Month USD-LIBOR	0.788	Semi-Annual	02/15/2036		1,600				0				(10)				(10)				0				(19)
Pay(7)		3-Month USD-LIBOR	0.808	Semi-Annual	02/15/2036		2,700				0				(8)				(8)				0				(32)
Pay(7)		3-Month USD-LIBOR	0.846	Semi-Annual	02/15/2036		2,700				0				7				7				0				(32)
Pay(7)		3-Month USD-LIBOR	0.910	Semi-Annual	02/15/2036		1,900				0				23				23				0				(23)
Receive		3-Month USD-LIBOR	2.250	Semi-Annual	12/11/2049		200				0				(75)				(75)				6				0
Receive		3-Month USD-LIBOR	2.000	Semi-Annual	01/15/2050		600				(4)				(175)				(179)				18				0
Receive		3-Month USD-LIBOR	1.625	Semi-Annual	01/16/2050		1,200				(2)				(233)				(235)				34				0
Receive		3-Month USD-LIBOR	1.750	Semi-Annual	01/22/2050		3,200				(12)				(725)				(737)				91				0
Receive		3-Month USD-LIBOR	1.625	Semi-Annual	02/03/2050		1,700				(7)				(326)				(333)				48				0
Receive		3-Month USD-LIBOR	1.875	Semi-Annual	02/07/2050		7,900				(13)				(2,080)				(2,093)				228				0
Receive		3-Month USD-LIBOR	2.250	Semi-Annual	03/12/2050		300				0				(111)				(111)				9				0
Receive		3-Month USD-LIBOR	0.710	Semi-Annual	03/17/2050		500				0				25				25				12				0
Receive		3-Month USD-LIBOR	0.713	Semi-Annual	03/17/2050		800				0				39				39				20				0
Receive		3-Month USD-LIBOR	0.772	Semi-Annual	03/20/2050		2,100				0				71				71				53				0
Receive		6-Month GBP-LIBOR	2.000	Semi-Annual	03/18/2022	GBP	700				(23)				(3)				(26)				0				0
Receive		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2025		13,800				15				(216)				(201)				0				(3)
Receive(7)		6-Month GBP-LIBOR	1.000	Semi-Annual	06/17/2025		700				(6)				(15)				(21)				0				0
Receive		6-Month JPY-LIBOR	0.300	Semi-Annual	03/18/2026	JPY	820,000				(16)				(142)				(158)				0				(5)
Pay		6-Month JPY-LIBOR	0.104	Semi-Annual	09/09/2029		89,000				0				(9)				(9)				1				0
Pay		6-Month JPY-LIBOR	0.078	Semi-Annual	09/10/2029		89,000				0				(7)				(7)				1				0
Pay		6-Month JPY-LIBOR	0.015	Semi-Annual	09/17/2029		91,000				0				(2)				(2)				1				0
Pay		6-Month JPY-LIBOR	0.068	Semi-Annual	09/25/2029		134,000				0				(10)				(10)				2				0
Pay		6-Month JPY-LIBOR	0.085	Semi-Annual	09/27/2029		108,000				0				(9)				(9)				1				0
Pay		28-Day MXN-TIIE	7.350	Lunar	09/30/2027	MXN	42,900				(24)				86				62				17				0
Pay		UKRPI	3.579	Maturity	10/15/2033	GBP	2,100				1				257				258				10				0
								$		2,046		$		(9,299)		$		(7,253)		$		698		$		(232)
Total Swap Agreements								$		2,370		$		(10,063)		$		(7,693)		$		706		$		(341)
(m)	Securities with an aggregate market value of $3,793 and cash of $3,533 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	Future styled option.
(2)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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, sovereign or U.S. municipal 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.

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


(4)	The maximum potential amount the Portfolio 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)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(7)	This instrument has a forward starting effective date.
(n)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
									Unrealized Appreciation/(Depreciation)
Counterparty			Settlement Month			Currency to be Delivered						Currency to be Received							Asset						Liability
BOA			04/2020		GBP	1,366				$		1,761				$			65				$		0
BPS			04/2020		EUR	905						990							5						(13)
			04/2020		NZD	1,027						649							36						0
			04/2020		$	931				EUR		836							1						(10)
			04/2020			292				GBP		246							13						0
			05/2020		COP	4,964,453				$		1,189							0						(29)
			06/2020		$	4				PLN		16							0						0
BRC			04/2020		JPY	5,400				$		49							0						(1)
			04/2020		$	3,235				GBP		2,646							51						0
			05/2020		GBP	2,646				$		3,237							0						(52)
CBK			04/2020		BRL	1,195						230							0						0
			04/2020		CAD	1,859						1,395							74						0
			04/2020		EUR	15,402						16,885							0						(102)
			04/2020		GBP	1,351						1,762							84						0
			04/2020		MXN	1,420						61							1						0
			04/2020		$	258				BRL		1,194							0						(28)
			04/2020			1,448				COP		4,947,483							0						(232)
			04/2020			1,267				EUR		1,133							1						(18)
			06/2020			82				RUB		6,533							1						0
DUB			04/2020		BRL	15,810				$		3,082							39						0
			04/2020		$	3,041				BRL		15,810							2						0
			05/2020			3,078						15,810							0						(42)
			01/2021			87						380							0						(15)
GLM			04/2020		BRL	2,343				$		451							0						0
			04/2020		MXN	1,302						59							5						0
			04/2020		RUB	4,151						53							0						0
			04/2020		$	505				BRL		2,343							0						(54)
			04/2020			1,314				EUR		1,216							27						0
			04/2020			1,517				RUB		97,077							0						(280)
			05/2020			52						4,150							0						0
HUS			04/2020		GBP	175				$		206							0						(11)
			04/2020		MXN	971						39							0						(2)
			04/2020		$	2,932				EUR		2,694							39						0
			01/2021		BRL	380				$		59							0						(13)
SCX			05/2020		EUR	10,428						11,457							0						(59)
			05/2020		$	43				RUB		3,355							0						0
SOG			04/2020			21						1,634							0						0
			05/2020			72						5,642							0						0
			06/2020			185						14,390							0						(2)
SSB			04/2020			2,798				BRL		12,272							0						(436)
UAG			04/2020		RUB	4,356				$		55							0						(1)
			04/2020		$	608				NZD		1,027							5						0
			04/2020			113				RUB		8,963							1						0
			05/2020		NZD	1,027				$		608							0						(5)
			06/2020		$	151				RUB		12,232							4						0
Total Forward Foreign Currency Contracts									$				454					$			(1,405)
PURCHASED OPTIONS:
INTEREST RATE SWAPTIONS
Counterparty		Description		Floating Rate Index			Pay/Receive Floating Rate	Exercise Rate					Expiration Date		Notional Amount(1)							Cost				Market Value
GLM		Put - OTC 30-Year Interest Rate Swap		6-Month GBP-LIBOR			Receive	0.860%					02/26/2021		440					$		27		$		26
Total Purchased Options									$		27			$			26

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


WRITTEN OPTIONS:
CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES
Counterparty		Description					Buy/Sell Protection				Exercise Rate					Expiration Date							Notional Amount(1)							Premiums (Received)								Market Value
BOA		Put - OTC CDX.HY-33 5-Year Index					Sell				102.000%					05/20/2020							1,000				$			(4)							$	(99)
BPS		Call - OTC CDX.IG-33 5-Year Index					Buy				0.475					04/15/2020							700							0								0
		Put - OTC CDX.IG-33 5-Year Index					Sell				0.700					04/15/2020							700							(1)								(13)
		Put - OTC CDX.IG-33 5-Year Index					Sell				0.800					06/17/2020							600							(1)								(10)
DUB		Put - OTC CDX.IG-33 5-Year Index					Sell				0.850					06/17/2020							700							(1)								(11)
GST		Put - OTC CDX.HY-33 5-Year Index					Sell				102.000					06/17/2020							400							(3)								(41)
		Call - OTC CDX.IG-33 5-Year Index					Buy				0.475					04/15/2020							700							0								0
		Put - OTC CDX.IG-33 5-Year Index					Sell				0.700					04/15/2020							700							(1)								(13)
		Put - OTC CDX.IG-33 5-Year Index					Sell				0.800					06/17/2020							900							(1)								(16)
		Put - OTC CDX.IG-33 5-Year Index					Sell				2.500					01/20/2021							500							0								(3)
		Put - OTC iTraxx Europe 32 5-Year Index					Sell				2.500					01/20/2021							400							0								(3)
MYC		Put - OTC CDX.IG-33 5-Year Index					Sell				0.850					06/17/2020							700							(1)								(11)
																											$			(13)							$	(220)
INTEREST RATE SWAPTIONS
Counterparty		Description	Floating Rate Index					Pay/Receive Floating Rate			Exercise Rate					Expiration Date							Notional Amount(1)							Premiums (Received)								Market Value
GLM		Put - OTC 10-Year Interest Rate Swap	6-Month GBP-LIBOR					Pay			0.780%					02/26/2021							1,250				$			(26)							$	(26)
Total Written Options													$		(39)							$				(246)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION(2)
													Swap Agreements, at Value (6)
Counterparty	Reference Entity			Fixed (Pay) Rate	Payment Frequency				Maturity Date			Implied Credit Spread at March 31, 2020(4)								Notional Amount(5)					Premiums Paid/(Received)							Unrealized Appreciation/ (Depreciation)				Asset						Liability
BOA	UBS AG			(1.000)%	Quarterly				06/20/2024			1.371%						$		100		$			6				$			(4)		$		2				$		0
BPS	UBS AG			(1.000)	Quarterly				06/20/2024			1.371								200					13							(10)				3						0
																						$			19				$			(14)		$		5				$		0
CREDIT DEFAULT SWAPS ON SOVEREIGN AND U.S. MUNICIPAL ISSUES - SELL PROTECTION(3)
													Swap Agreements, at Value (6)
Counterparty	Reference Entity			Fixed Receive Rate	Payment Frequency				Maturity Date			Implied Credit Spread at March 31, 2020(4)								Notional Amount(5)					Premiums Paid/(Received)							Unrealized Appreciation/ (Depreciation)				Asset						Liability
BPS	Colombia Government International Bond			1.000%	Quarterly				06/20/2021			1.025%						$		100		$			(3)				$			3		$		0				$		0
BRC	Argentine Republic Government International Bond			5.000	Quarterly				06/20/2022			227.790								350					28							(284)				0						(256)
	Colombia Government International Bond			1.000	Quarterly				06/20/2021			1.025								500					(16)							16				0						0
CBK	Colombia Government International Bond			1.000	Quarterly				12/20/2024			2.091								200					1							(11)				0						(10)
DUB	Turkey Government International Bond			1.000	Quarterly				06/20/2024			5.263								100					(15)							0				0						(15)
GST	Argentine Republic Government International Bond			5.000	Quarterly				06/20/2022			227.790								350					29							(285)				0						(256)
	Colombia Government International Bond			1.000	Quarterly				06/20/2021			1.025								400					(13)							13				0						0
	Colombia Government International Bond			1.000	Quarterly				12/20/2023			1.804								200					(3)							(3)				0						(6)
	South Africa Government International Bond			1.000	Quarterly				06/20/2024			3.864								1,600					(71)							(105)				0						(176)
MYC	California State General Obligation Bonds, Series 2003			1.000	Quarterly				09/20/2024			0.908								100					1							(1)				0						0
																						$			(62)				$			(657)		$		0				$		(719)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(3)
													Swap Agreements, at Value (6)
Counterparty	Index/Tranches					Fixed Receive Rate				Payment Frequency				Maturity Date					Notional Amount(5)					Premiums Paid/(Received)							Unrealized Appreciation/ (Depreciation)				Asset						Liability
BOA	ABX.HE.AAA.6-2 Index					0.110%				Monthly				05/25/2046			$		1,165		$			(243)				$			168		$		0				$		(75)
BRC	ABX.HE.AAA.6-2 Index					0.110				Monthly				05/25/2046					746					(157)							109				0						(48)
MYC	ABX.HE.AAA.6-2 Index					0.110				Monthly				05/25/2046					886					(187)							130				0						(57)
	CMBX.NA.AAA.10 Index					0.500				Monthly				11/17/2059					1,600					(55)							38				0						(17)

Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


UAG			CMBX.NA.AAA.10 Index	0.500	Monthly				11/17/2059			1,100					(38)					26						0			(12)
																$		(680)			$		471			$			0	$		(209)
Total Swap Agreements								$		(723)				$	(200)				$	5				$	(928)
(o)		Securities with an aggregate market value of $1,460 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)		Notional Amount represents the number of contracts.
(2)		If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(3)		If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)		Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, sovereign or U.S. municipal 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.
(5)		The maximum potential amount the Portfolio 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.
(6)		The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory						Level 1					Level 2							Level 3						Fair Value at 03/31/2020
Investments in Securities, at Value
Loan Participations and Assignments						$	0				$		2,012					$	0					$			2,012
Corporate Bonds & Notes
	Banking & Finance						0						40,127						0								40,127
	Industrials						0						21,425						50								21,475
	Utilities						0						4,836						0								4,836
Municipal Bonds & Notes
	Texas						0						172						0								172
	West Virginia						0						129						0								129
U.S. Government Agencies							0						117,819						0								117,819
U.S. Treasury Obligations							0						112,038						0								112,038
Non-Agency Mortgage-Backed Securities							0						16,277						0								16,277
Asset-Backed Securities							0						62,705						0								62,705
Sovereign Issues							400						11,635						0								12,035
Preferred Securities
	Banking & Finance						0						1,519						0								1,519
	Utilities						0						398						0								398
Short-Term Instruments
	Repurchase Agreements						0						748						0								748
	Argentina Treasury Bills						0						120						6								126
						$	400				$		391,960					$	56					$			392,416
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes					$	1,636				$		0					$	0					$			1,636
Total Investments						$	2,036				$		391,960					$	56					$			394,052
Short Sales, at Value - Liabilities
U.S. Government Agencies						$	0				$		(747)					$	0					$			(747)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared							333						706						0								1,039
Over the counter							0						485						0								485
						$	333				$		1,191					$	0					$			1,524
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared							(26)						(341)						0								(367)
Over the counter							0						(2,579)						0								(2,579)
						$	(26)				$		(2,920)					$	0					$			(2,946)
Total Financial Derivative Instruments						$	307				$		(1,729)					$	0					$			(1,422)
Totals						$	2,343				$		389,484					$	56					$			391,883

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Schedule of Investments PIMCO Emerging Markets Bond Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 107.6% ¤
ANGOLA 0.2%
SOVEREIGN ISSUES 0.2%
Angolan Government International Bond
8.250% due 05/09/2028	$	200	$	84
9.125% due 11/26/2049		200		81
9.375% due 05/08/2048		700		279
9.500% due 11/12/2025		200		86
Total Angola (Cost $1,354)				530
ARGENTINA 1.8%
SOVEREIGN ISSUES 1.8%
Argentina Government International Bond
3.380% due 12/31/2038 þ	EUR	1,600		479
3.750% due 12/31/2038 þ	$	4,700		1,426
5.250% due 01/15/2028	EUR	400		113
6.250% due 11/09/2047		270		75
6.875% due 01/11/2048	$	2,850		752
7.125% due 07/06/2036		600		157
7.820% due 12/31/2033	EUR	1,596		591
Provincia de Buenos Aires
9.950% due 06/09/2021	$	300		93
10.875% due 01/26/2021		67		21
Provincia de la Rioja 9.750% due 02/24/2025		200		79
Provincia de Neuquen 7.500% due 04/27/2025		160		102
Total Argentina (Cost $9,463)				3,888
ARMENIA 0.1%
SOVEREIGN ISSUES 0.1%
Republic of Armenia International Bond 3.950% due 09/26/2029	$	300		267
Total Armenia (Cost $294)				267
AUSTRIA 0.1%
CORPORATE BONDS & NOTES 0.1%
Sappi Papier Holding GmbH 3.125% due 04/15/2026	EUR	200		162
Total Austria (Cost $226)				162
AZERBAIJAN 0.7%
CORPORATE BONDS & NOTES 0.6%
Southern Gas Corridor CJSC 6.875% due 03/24/2026	$	1,400		1,436
SOVEREIGN ISSUES 0.1%
Azerbaijan Government International Bond 4.750% due 03/18/2024		200		196
Total Azerbaijan (Cost $1,672)				1,632
BAHAMAS 0.5%
SOVEREIGN ISSUES 0.5%
Bahamas Government International Bond 6.000% due 11/21/2028	$	1,250		1,098

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Bahamas (Cost $1,255)			1,098
BAHRAIN 0.1%
SOVEREIGN ISSUES 0.1%
Bahrain Government International Bond 5.625% due 09/30/2031	$	200	166
Total Bahrain (Cost $211)			166
BRAZIL 4.7%
CORPORATE BONDS & NOTES 3.4%
Banco BTG Pactual S.A. 4.500% due 01/10/2025	$	600	528
Brazil Minas SPE via State of Minas Gerais 5.333% due 02/15/2028		3,440	3,480
Centrais Eletricas Brasileiras S.A.
3.625% due 02/04/2025		200	178
4.625% due 02/04/2030		400	356
Odebrecht Oil & Gas Finance Ltd. 0.000% due 04/30/2020 (f)(g)		623	7
Petrobras Global Finance BV
6.850% due 06/05/2115		600	573
7.250% due 03/17/2044		500	511
Rede D'or Finance SARL 4.500% due 01/22/2030		300	262
Vale Overseas Ltd.
6.250% due 08/10/2026		800	868
6.875% due 11/21/2036		370	415
6.875% due 11/10/2039		350	389
			7,567
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7%
State of Rio de Janeiro 6.024% (LIBOR03M + 3.250%) due 12/20/2020 «~		1,600	1,604
SOVEREIGN ISSUES 0.6%
Brazil Government International Bond
4.750% due 01/14/2050		1,013	936
5.000% due 01/27/2045		318	304
5.625% due 01/07/2041		50	51
			1,291
Total Brazil (Cost $10,371)			10,462
CAYMAN ISLANDS 3.3%
ASSET-BACKED SECURITIES 0.1%
Garanti Diversified Payment Rights Finance Co. 4.550% due 10/09/2021 «•	$	233	232
CORPORATE BONDS & NOTES 3.2%
Bioceanico Sovereign Certificate Ltd. 0.000% due 06/05/2034 (f)		600	342
CK Hutchison International Ltd. 3.375% due 09/06/2049		500	514
Interoceanica Finance Ltd.
0.000% due 11/30/2025 (f)		267	248
0.000% due 05/15/2030 (f)		800	652
KSA Sukuk Ltd. 2.969% due 10/29/2029 (i)		300	295
Lima Metro Line Finance Ltd. 5.875% due 07/05/2034		109	117
Odebrecht Drilling Norbe Ltd. 6.350% due 12/01/2021 ^		95	80
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK) 7.350% due 12/01/2026 ^(b)		408	134
Odebrecht Offshore Drilling Finance Ltd. 6.720% due 12/01/2022 ^		1,541	1,240
Sands China Ltd.
5.125% due 08/08/2025		300	285
5.400% due 08/08/2028		700	662
Sunac China Holdings Ltd.
6.875% due 08/08/2020		200	198
8.625% due 07/27/2020		200	199

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Tencent Holdings Ltd. 3.975% due 04/11/2029 (i)		2,000	2,229
			7,195
Total Cayman Islands (Cost $7,612)			7,427
CHILE 3.0%
CORPORATE BONDS & NOTES 2.4%
Banco del Estado de Chile 2.704% due 01/09/2025	$	200	187
Banco Santander Chile 2.700% due 01/10/2025		200	193
Corp. Nacional del Cobre de Chile
3.700% due 01/30/2050		300	261
4.250% due 07/17/2042		400	385
4.500% due 09/16/2025		1,000	1,038
4.875% due 11/04/2044		600	620
Embotelladora Andina S.A. 3.950% due 01/21/2050		200	171
Empresa Nacional de Telecomunicaciones S.A. 4.875% due 10/30/2024		700	675
GNL Quintero S.A. 4.634% due 07/31/2029		800	767
Latam Airlines Pass-Through Trust
4.200% due 08/15/2029		995	904
4.500% due 08/15/2025		176	150
			5,351
SOVEREIGN ISSUES 0.6%
Chile Government International Bond 1.250% due 01/29/2040	EUR	1,500	1,432
Total Chile (Cost $7,159)			6,783
CHINA 1.8%
CORPORATE BONDS & NOTES 1.8%
CCCI Treasure Ltd. 3.500% due 04/21/2020 •(g)	$	800	798
Industrial & Commercial Bank of China Ltd. 3.538% due 11/08/2027		250	272
Sinopec Group Overseas Development Ltd.
3.680% due 08/08/2049		300	327
4.375% due 04/10/2024		500	535
4.875% due 05/17/2042		500	628
Three Gorges Finance Cayman Islands Ltd.
3.150% due 06/02/2026		1,000	1,059
3.700% due 06/10/2025		300	325
Total China (Cost $3,642)			3,944
COLOMBIA 1.7%
CORPORATE BONDS & NOTES 0.4%
Ecopetrol S.A.
5.875% due 09/18/2023	$	300	296
5.875% due 05/28/2045		400	358
7.375% due 09/18/2043		200	204
			858
SOVEREIGN ISSUES 1.3%
Colombia Government International Bond
2.625% due 03/15/2023		1,000	978
5.000% due 06/15/2045 (i)		1,300	1,345
5.200% due 05/15/2049		200	211
8.125% due 05/21/2024		300	349
			2,883
Total Colombia (Cost $3,562)			3,741
COSTA RICA 0.6%
SOVEREIGN ISSUES 0.6%
Costa Rica Government International Bond
4.250% due 01/26/2023	$	400	360
5.625% due 04/30/2043		400	292
6.125% due 02/19/2031		600	510
7.158% due 03/12/2045		200	162

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Costa Rica (Cost $1,592)			1,324
DOMINICAN REPUBLIC 2.4%
SOVEREIGN ISSUES 2.4%
Dominican Republic International Bond
5.500% due 01/27/2025	$	300	291
5.950% due 01/25/2027		400	382
6.000% due 07/19/2028		2,000	1,913
6.400% due 06/05/2049		1,000	890
6.500% due 02/15/2048		500	445
6.850% due 01/27/2045		400	371
6.875% due 01/29/2026		500	502
10.750% due 08/11/2028	DOP	27,200	488
10.875% due 01/14/2026		4,300	79
Total Dominican Republic (Cost $5,816)			5,361
ECUADOR 0.4%
SOVEREIGN ISSUES 0.4%
Ecuador Government International Bond
7.875% due 01/23/2028	$	1,400	398
7.950% due 06/20/2024		200	57
9.500% due 03/27/2030		800	240
9.625% due 06/02/2027		200	55
10.750% due 01/31/2029		800	230
Total Ecuador (Cost $3,330)			980
EGYPT 1.6%
SOVEREIGN ISSUES 1.6%
Egypt Government International Bond
4.750% due 04/11/2025	EUR	400	385
5.577% due 02/21/2023	$	1,000	930
6.375% due 04/11/2031	EUR	400	351
7.053% due 01/15/2032	$	400	325
7.500% due 01/31/2027		400	365
7.600% due 03/01/2029		200	180
7.903% due 02/21/2048		400	326
8.500% due 01/31/2047		700	578
8.700% due 03/01/2049		200	167
Total Egypt (Cost $4,246)			3,607
EL SALVADOR 0.6%
SOVEREIGN ISSUES 0.6%
El Salvador Government International Bond
5.875% due 01/30/2025	$	900	798
7.125% due 01/20/2050		600	467
7.650% due 06/15/2035		145	125
Total El Salvador (Cost $1,663)			1,390
GERMANY 0.4%
CORPORATE BONDS & NOTES 0.4%
Deutsche Bank AG
2.882% (US0003M + 1.190%) due 11/16/2022 ~	$	300	272
3.950% due 02/27/2023		400	398
5.000% due 02/14/2022		200	197
Total Germany (Cost $869)			867
GHANA 1.3%
SOVEREIGN ISSUES 1.3%
Ghana Government International Bond
6.375% due 02/11/2027	$	600	442
7.875% due 03/26/2027		300	224
8.125% due 03/26/2032		1,100	785
8.750% due 03/11/2061		900	629
8.950% due 03/26/2051		300	213
Republic of Ghana Government Bonds 19.500% due 10/18/2021	GHS	2,800	479

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Ghana (Cost $3,712)			2,772
GUATEMALA 0.8%
SOVEREIGN ISSUES 0.8%
Guatemala Government International Bond
4.375% due 06/05/2027	$	300	291
4.875% due 02/13/2028		410	401
4.900% due 06/01/2030		300	290
6.125% due 06/01/2050		700	702
Total Guatemala (Cost $1,689)			1,684
HONG KONG 1.0%
CORPORATE BONDS & NOTES 1.0%
CNOOC Nexen Finance ULC 4.250% due 04/30/2024 (i)	$	1,400	1,498
Nexen, Inc.
6.400% due 05/15/2037		50	69
7.500% due 07/30/2039		450	705
Total Hong Kong (Cost $2,025)			2,272
HUNGARY 0.2%
SOVEREIGN ISSUES 0.2%
MFB Magyar Fejlesztesi Bank Zrt 6.250% due 10/21/2020	$	500	513
Total Hungary (Cost $500)			513
INDIA 1.5%
CORPORATE BONDS & NOTES 0.9%
Adani Electricity Mumbai Ltd. 3.949% due 02/12/2030	$	500	416
Adani Transmission Ltd. 4.250% due 05/21/2036		200	181
Delhi International Airport Ltd. 6.450% due 06/04/2029		400	331
Indian Railway Finance Corp. Ltd.
3.249% due 02/13/2030		200	178
3.950% due 02/13/2050		200	165
Muthoot Finance Ltd. 4.400% due 09/02/2023		300	237
Shriram Transport Finance Co. Ltd. 5.100% due 07/16/2023		700	490
			1,998
SOVEREIGN ISSUES 0.6%
Export-Import Bank of India
3.250% due 01/15/2030		500	447
3.375% due 08/05/2026		700	670
3.875% due 03/12/2024		200	198
			1,315
Total India (Cost $3,917)			3,313
INDONESIA 8.4%
CORPORATE BONDS & NOTES 3.4%
Indonesia Asahan Aluminium Persero PT
5.230% due 11/15/2021	$	400	403
5.710% due 11/15/2023		400	410
Pelabuhan Indonesia Persero PT
4.500% due 05/02/2023		800	799
4.875% due 10/01/2024		500	509
Pelabuhan Indonesia PT 4.250% due 05/05/2025		400	394
Pertamina Persero PT
4.175% due 01/21/2050		400	346
4.875% due 05/03/2022		500	503
6.000% due 05/03/2042 (i)		900	958
6.000% due 05/03/2042		600	639
6.450% due 05/30/2044		2,100	2,309
Perusahaan Listrik Negara PT
4.125% due 05/15/2027		200	194

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


4.375% due 02/05/2050		200	179
			7,643
SOVEREIGN ISSUES 5.0%
Indonesia Government International Bond
2.625% due 06/14/2023	EUR	700	775
3.375% due 04/15/2023	$	2,000	2,004
3.375% due 07/30/2025	EUR	100	113
4.350% due 01/11/2048	$	700	722
4.450% due 02/11/2024 (i)		1,100	1,141
4.750% due 01/08/2026		1,200	1,273
5.125% due 01/15/2045		200	224
5.250% due 01/17/2042		400	459
5.250% due 01/08/2047		600	667
6.625% due 02/17/2037		900	1,139
6.750% due 01/15/2044		300	393
7.750% due 01/17/2038		100	139
Perusahaan Penerbit SBSN Indonesia
4.400% due 03/01/2028 (i)		700	709
4.450% due 02/20/2029 (i)		1,200	1,230
			10,988
Total Indonesia (Cost $18,064)			18,631
IRELAND 1.4%
CORPORATE BONDS & NOTES 1.4%
Vnesheconombank Via VEB Finance PLC 5.942% due 11/21/2023	$	3,100	3,177
Total Ireland (Cost $3,173)			3,177
ISRAEL 0.6%
SOVEREIGN ISSUES 0.6%
State of Israel 3.375% due 01/15/2050	$	1,400	1,365
Total Israel (Cost $1,366)			1,365
IVORY COAST 0.3%
SOVEREIGN ISSUES 0.3%
Ivory Coast Government International Bond 5.250% due 03/22/2030	EUR	600	570
Total Ivory Coast (Cost $717)			570
JAMAICA 0.1%
CORPORATE BONDS & NOTES 0.1%
TransJamaican Highway Ltd. 5.750% due 10/10/2036	$	200	194
Total Jamaica (Cost $200)			194
JERSEY, CHANNEL ISLANDS 0.1%
ASSET-BACKED SECURITIES 0.1%
ARTS Ltd. 2.521% due 09/15/2021 «•	$	185	182
Total Jersey, Channel Islands (Cost $183)			182
JORDAN 0.5%
SOVEREIGN ISSUES 0.5%
Jordan Government International Bond
5.750% due 01/31/2027	$	1,000	887
6.125% due 01/29/2026		300	274
Total Jordan (Cost $1,301)			1,161
KAZAKHSTAN 1.4%
CORPORATE BONDS & NOTES 1.1%
KazMunayGas National Co. JSC
4.750% due 04/24/2025	$	1,700	1,701
4.750% due 04/19/2027		400	385

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


5.750% due 04/19/2047		400	399
			2,485
SOVEREIGN ISSUES 0.3%
Kazakhstan Government International Bond 4.875% due 10/14/2044		600	679
Total Kazakhstan (Cost $3,101)			3,164
KENYA 0.7%
SOVEREIGN ISSUES 0.7%
Kenya Government International Bond
6.875% due 06/24/2024	$	800	766
7.250% due 02/28/2028		800	748
Total Kenya (Cost $1,639)			1,514
LUXEMBOURG 4.7%
CORPORATE BONDS & NOTES 4.7%
Constellation Oil Services Holding S.A. (10.000% PIK)
10.000% due 11/09/2024 ^(b)(c)	$	706	282
10.000% due 11/09/2024 ^«(b)(c)		103	3
Gazprom Neft OAO Via GPN Capital S.A.
4.375% due 09/19/2022		1,600	1,602
6.000% due 11/27/2023		300	316
Gazprom OAO Via Gaz Capital S.A.
4.950% due 07/19/2022		700	711
5.150% due 02/11/2026		1,700	1,782
5.999% due 01/23/2021		2,000	2,038
6.510% due 03/07/2022		750	778
QGOG Constellation S.A. 9.000% due 11/09/2024 ^«(c)		704	0
Sberbank of Russia Via SB Capital S.A.
5.717% due 06/16/2021		200	205
6.125% due 02/07/2022		2,200	2,280
Unigel Luxembourg S.A. 8.750% due 10/01/2026		600	363
Total Luxembourg (Cost $10,622)			10,360
MALAYSIA 0.1%
CORPORATE BONDS & NOTES 0.1%
Petronas Capital Ltd. 4.500% due 03/18/2045	$	200	209
Total Malaysia (Cost $198)			209
MAURITIUS 0.2%
CORPORATE BONDS & NOTES 0.2%
Greenko Solar Mauritius Ltd. 5.950% due 07/29/2026	$	500	415
Total Mauritius (Cost $500)			415
MEXICO 6.9%
		SHARES
COMMON STOCKS 0.0%
Desarrolladora Homex S.A.B. de C.V. (d)		17,978	0
Hipotecaria Su Casita S.A. «		5,259	0
Urbi Desarrollos Urbanos S.A.B. de C.V. (d)		1,907	0
			0
		PRINCIPAL AMOUNT (000s)
CORPORATE BONDS & NOTES 4.5%
America Movil S.A.B. de C.V. 6.450% due 12/05/2022	MXN	6,000	238
Banco Mercantil del Norte S.A. 7.500% due 06/27/2029 •(g)(h)	$	200	153

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Cibanco S.A. Ibm 4.962% due 07/18/2029		400	354
Minera Mexico S.A. de C.V. 4.500% due 01/26/2050		600	510
Petroleos Mexicanos
5.350% due 02/12/2028		500	349
5.950% due 01/28/2031		500	346
6.350% due 02/12/2048		1,256	798
6.625% due 06/15/2038		700	464
6.750% due 09/21/2047		600	390
6.840% due 01/23/2030		600	437
6.950% due 01/28/2060 (i)		2,150	1,459
7.690% due 01/23/2050		5,454	3,847
Trust Fibra Uno
4.869% due 01/15/2030		400	348
6.390% due 01/15/2050		400	372
			10,065
SOVEREIGN ISSUES 2.4%
Mexico Government International Bond
3.250% due 04/16/2030		400	376
4.000% due 03/15/2115	EUR	1,000	984
4.500% due 01/31/2050 (i)	$	1,892	1,881
4.600% due 01/23/2046		1,108	1,108
4.600% due 02/10/2048		200	202
5.750% due 10/12/2110		700	729
			5,280
Total Mexico (Cost $20,806)			15,345
MONGOLIA 0.5%
SOVEREIGN ISSUES 0.5%
Mongolia Government International Bond
5.125% due 12/05/2022	$	530	477
5.625% due 05/01/2023		700	630
Total Mongolia (Cost $1,229)			1,107
MOROCCO 0.1%
CORPORATE BONDS & NOTES 0.1%
OCP S.A. 5.625% due 04/25/2024	$	300	299
Total Morocco (Cost $308)			299
NAMIBIA 0.1%
SOVEREIGN ISSUES 0.1%
Namibia Government International Bond 5.250% due 10/29/2025	$	300	258
Total Namibia (Cost $298)			258
NETHERLANDS 0.9%
CORPORATE BONDS & NOTES 0.9%
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/2042	$	500	522
Metinvest BV
7.750% due 04/23/2023		200	144
7.750% due 10/17/2029		700	472
8.500% due 04/23/2026		400	285
Mong Duong Finance Holdings BV 5.125% due 05/07/2029		400	341
Prosus NV 3.680% due 01/21/2030		200	182
Total Netherlands (Cost $2,483)			1,946
NIGERIA 1.0%
SOVEREIGN ISSUES 1.0%
Nigeria Government International Bond
6.375% due 07/12/2023	$	200	167
6.500% due 11/28/2027		1,400	980
7.143% due 02/23/2030		200	140
7.875% due 02/16/2032		1,300	920

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Nigeria (Cost $3,117)			2,207
OMAN 1.7%
SOVEREIGN ISSUES 1.7%
Oman Government International Bond
5.375% due 03/08/2027	$	1,300	938
5.625% due 01/17/2028		2,400	1,728
6.000% due 08/01/2029		1,000	722
6.500% due 03/08/2047		700	461
Total Oman (Cost $5,287)			3,849
PAKISTAN 0.4%
CORPORATE BONDS & NOTES 0.2%
Third Pakistan International Sukuk Co. Ltd.
5.500% due 10/13/2021	$	200	192
5.625% due 12/05/2022		200	188
			380
SOVEREIGN ISSUES 0.2%
Pakistan Government International Bond 6.875% due 12/05/2027		400	334
Total Pakistan (Cost $787)			714
PANAMA 1.9%
CORPORATE BONDS & NOTES 0.3%
Aeropuerto Internacional de Tocumen S.A. 6.000% due 11/18/2048	$	700	763
SOVEREIGN ISSUES 1.6%
Panama Government International Bond
4.300% due 04/29/2053		1,100	1,195
4.500% due 05/15/2047		300	332
4.500% due 04/01/2056 (a)		1,900	2,076
			3,603
Total Panama (Cost $3,889)			4,366
PARAGUAY 0.5%
SOVEREIGN ISSUES 0.5%
Paraguay Government International Bond
5.400% due 03/30/2050	$	600	612
6.100% due 08/11/2044		400	426
Total Paraguay (Cost $1,092)			1,038
PERU 1.3%
CORPORATE BONDS & NOTES 0.5%
Banco de Credito del Peru 4.650% due 09/17/2024	PEN	1,800	531
Petroleos del Peru S.A.
4.750% due 06/19/2032	$	400	368
5.625% due 06/19/2047		300	273
			1,172
SOVEREIGN ISSUES 0.8%
Fondo MIVIVIENDA S.A. 3.500% due 01/31/2023		200	190
Peru Government International Bond
5.350% due 08/12/2040	PEN	3,700	1,029
8.750% due 11/21/2033	$	400	638
			1,857
Total Peru (Cost $3,022)			3,029
PHILIPPINES 0.5%
CORPORATE BONDS & NOTES 0.5%
Power Sector Assets & Liabilities Management Corp. 7.390% due 12/02/2024	$	900	1,057

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Philippines (Cost $1,057)			1,057
POLAND 0.1%
SOVEREIGN ISSUES 0.1%
Poland Government International Bond 3.250% due 04/06/2026	$	200	217
Total Poland (Cost $199)			217
QATAR 2.7%
CORPORATE BONDS & NOTES 0.2%
Nakilat, Inc. 6.067% due 12/31/2033	$	100	113
Ras Laffan Liquefied Natural Gas Co. Ltd. 5.838% due 09/30/2027		350	372
			485
SOVEREIGN ISSUES 2.5%
Qatar Government International Bond
3.375% due 03/14/2024 (i)		800	816
4.000% due 03/14/2029 (i)		1,600	1,718
4.817% due 03/14/2049		1,600	1,892
5.103% due 04/23/2048		900	1,096
			5,522
Total Qatar (Cost $5,338)			6,007
ROMANIA 0.7%
SOVEREIGN ISSUES 0.7%
Romania Government International Bond
2.124% due 07/16/2031	EUR	1,400	1,422
3.500% due 04/03/2034		100	112
Total Romania (Cost $1,681)			1,534
RUSSIA 3.2%
CORPORATE BONDS & NOTES 0.4%
SCF Capital Designated Activity Co. 5.375% due 06/16/2023	$	800	805
SOVEREIGN ISSUES 2.8%
Russia Government International Bond
5.625% due 04/04/2042		1,900	2,321
6.000% due 10/06/2027 (i)	RUB	86,400	1,070
7.250% due 05/10/2034 (i)		86,800	1,156
7.650% due 04/10/2030 (i)		113,900	1,556
7.700% due 03/23/2033		4,000	55
			6,158
Total Russia (Cost $7,431)			6,963
SAUDI ARABIA 3.0%
SOVEREIGN ISSUES 3.0%
Saudi Government International Bond
3.250% due 10/26/2026	$	200	200
3.625% due 03/04/2028		1,500	1,530
3.750% due 01/21/2055		1,200	1,110
4.000% due 04/17/2025		1,000	1,042
4.375% due 04/16/2029 (i)		1,400	1,511
4.500% due 10/26/2046		1,200	1,223
Total Saudi Arabia (Cost $6,645)			6,616
SENEGAL 0.9%
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%
Republic of Senegal 3.000% (EUR003M + 3.000%) due 06/03/2020 «~	EUR	1,000	1,078
SOVEREIGN ISSUES 0.4%
Senegal Government International Bond
4.750% due 03/13/2028		100	101
6.250% due 05/23/2033	$	700	633

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


6.750% due 03/13/2048		200	165
			899
Total Senegal (Cost $2,128)			1,977
SERBIA 0.9%
SOVEREIGN ISSUES 0.9%
Serbia Government International Bond 1.500% due 06/26/2029	EUR	1,900	1,923
Total Serbia (Cost $2,126)			1,923
SINGAPORE 0.5%
CORPORATE BONDS & NOTES 0.5%
BOC Aviation Ltd. 2.750% due 09/18/2022	$	900	927
Flex Ltd. 4.875% due 06/15/2029		100	95
Medco Bell Pte Ltd. 6.375% due 01/30/2027		300	178
Total Singapore (Cost $1,300)			1,200
SOUTH AFRICA 3.0%
CORPORATE BONDS & NOTES 1.3%
AngloGold Ashanti Holdings PLC 6.500% due 04/15/2040	$	100	89
Eskom Holdings SOC Ltd.
5.750% due 01/26/2021		800	684
6.350% due 08/10/2028		500	429
7.125% due 02/11/2025		1,000	720
Growthpoint Properties International Pty. Ltd. 5.872% due 05/02/2023		500	467
Prosus NV 5.500% due 07/21/2025		200	199
Sasol Financing USA LLC 6.500% due 09/27/2028		600	247
			2,835
SOVEREIGN ISSUES 1.7%
South Africa Government International Bond
4.850% due 09/30/2029		1,300	1,073
4.875% due 04/14/2026		200	179
5.000% due 10/12/2046		300	209
5.750% due 09/30/2049		1,400	1,022
5.875% due 06/22/2030		1,500	1,313
			3,796
Total South Africa (Cost $8,429)			6,631
SRI LANKA 0.8%
SOVEREIGN ISSUES 0.8%
Sri Lanka Government International Bond
6.125% due 06/03/2025	$	900	558
6.250% due 07/27/2021		368	254
6.825% due 07/18/2026		700	434
6.850% due 11/03/2025		400	248
7.850% due 03/14/2029		300	180
Total Sri Lanka (Cost $2,606)			1,674
TANZANIA 0.3%
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3%
The Ministry of Finance and Planning, Government of the United Republic of Tanzania 7.116% (LIBOR03M + 5.200%) due 06/23/2022 «~	$	571	574
Total Tanzania (Cost $570)			574
THAILAND 0.5%
CORPORATE BONDS & NOTES 0.5%
Bangkok Bank PCL 3.733% due 09/25/2034 •(h)	$	900	804
Thaioil Treasury Center Co. Ltd. 5.375% due 11/20/2048		200	245

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Thailand (Cost $1,098)			1,049
TRINIDAD AND TOBAGO 0.1%
CORPORATE BONDS & NOTES 0.1%
Trinidad Petroleum Holdings Ltd. 6.000% due 05/08/2022	$	146	140
Total Trinidad and Tobago (Cost $144)			140
TURKEY 4.9%
CORPORATE BONDS & NOTES 0.3%
Hazine Mustesarligi Varlik Kiralama A/S 5.004% due 04/06/2023	$	200	187
Turkish Airlines Pass-Through Trust 4.200% due 09/15/2028		276	231
Turkiye Is Bankasi A/S 6.125% due 04/25/2024		200	178
Yapi ve Kredi Bankasi A/S 5.850% due 06/21/2024		200	177
			773
SOVEREIGN ISSUES 4.6%
Turkey Government International Bond
4.875% due 04/16/2043		1,100	770
5.125% due 02/17/2028		1,500	1,261
5.750% due 05/11/2047		1,000	740
6.000% due 03/25/2027		2,100	1,879
6.000% due 01/14/2041		600	472
6.125% due 10/24/2028		800	706
6.750% due 05/30/2040		1,200	1,028
6.875% due 03/17/2036		1,600	1,418
7.250% due 03/05/2038		700	643
Turkiye Ihracat Kredi Bankasi A/S
4.250% due 09/18/2022		500	440
5.375% due 10/24/2023		200	176
8.250% due 01/24/2024		800	757
			10,290
Total Turkey (Cost $13,344)			11,063
UKRAINE 3.6%
SOVEREIGN ISSUES 3.6%
Ukraine Government International Bond
0.000% due 05/31/2040 ~	$	1,600	1,185
4.375% due 01/27/2030	EUR	700	620
6.750% due 06/20/2026		200	196
7.375% due 09/25/2032	$	600	548
7.750% due 09/01/2021		2,900	2,800
7.750% due 09/01/2022		1,300	1,237
7.750% due 09/01/2023		700	659
7.750% due 09/01/2024		900	833
Total Ukraine (Cost $8,458)			8,078
UNITED ARAB EMIRATES 0.5%
CORPORATE BONDS & NOTES 0.3%
DP World PLC 6.850% due 07/02/2037	$	600	577
SOVEREIGN ISSUES 0.2%
Emirate of Abu Dhabi Government International Bond 2.500% due 10/11/2022		400	402
Total United Arab Emirates (Cost $926)			979
UNITED KINGDOM 0.3%
CORPORATE BONDS & NOTES 0.3%
Barclays PLC 3.250% due 02/12/2027	GBP	100	118
HSBC Holdings PLC 4.041% due 03/13/2028 •	$	200	204
Royal Bank of Scotland Group PLC 6.000% due 12/19/2023		200	208

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


State Savings Bank of Ukraine Via SSB PLC 9.375% due 03/10/2023 þ		60	56
Total United Kingdom (Cost $629)			586
UNITED STATES 15.9%
ASSET-BACKED SECURITIES 1.7%
Countrywide Asset-Backed Certificates Trust
1.187% due 02/25/2037 •	$	859	771
1.697% due 11/25/2035 •		380	340
Credit-Based Asset Servicing & Securitization Trust 3.460% due 01/25/2037 ^þ		678	295
Morgan Stanley ABS Capital, Inc. Trust
1.712% due 01/25/2035 •		69	58
1.742% due 03/25/2034 •		611	560
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates 1.467% due 09/25/2035 •		500	339
Soundview Home Loan Trust 1.847% due 10/25/2037 •		177	134
Wells Fargo Home Equity Asset-Backed Securities Trust 1.267% due 03/25/2037 •		1,500	1,182
			3,679
CORPORATE BONDS & NOTES 1.3%
Ford Motor Credit Co. LLC 3.550% due 10/07/2022		300	281
Rio Oil Finance Trust
8.200% due 04/06/2028		500	455
9.250% due 07/06/2024		1,059	1,045
9.750% due 01/06/2027		811	775
Rutas 2 and 7 Finance Ltd. 0.000% due 09/30/2036 (f)		500	295
			2,851
NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0%
American Home Mortgage Investment Trust 3.033% due 09/25/2045 •		2	2
Banc of America Mortgage Trust 3.653% due 02/25/2036 ^~		1	1
BCAP LLC Trust 3.638% due 05/26/2037 ~		907	712
Bear Stearns Adjustable Rate Mortgage Trust
3.724% due 01/25/2035 ~		1	1
4.093% due 05/25/2047 ^~		12	11
Citigroup Mortgage Loan Trust
3.447% due 08/25/2035 ~		9	8
4.128% due 09/25/2037 ^~		27	24
CitiMortgage Alternative Loan Trust 1.597% due 10/25/2036 •		141	103
Civic Mortgage LLC 4.349% due 11/25/2022 þ		26	26
Countrywide Alternative Loan Trust 1.297% due 05/25/2036 ^•		157	65
GSR Mortgage Loan Trust 3.932% due 01/25/2036 ^~		4	4
IndyMac Mortgage Loan Trust
1.127% due 02/25/2037 •		231	187
1.587% due 07/25/2045 •		131	109
3.633% due 11/25/2037 ~		127	109
Lehman XS Trust
1.137% due 09/25/2046 •		173	155
1.197% due 08/25/2037 •		399	340
Morgan Stanley Mortgage Loan Trust 3.798% due 06/25/2036 ~		2	1
SunTrust Adjustable Rate Mortgage Loan Trust 4.176% due 10/25/2037 ^~		104	86
WaMu Mortgage Pass-Through Certificates Trust
3.668% due 03/25/2036 ~		221	188
3.725% due 02/25/2037 ^~		18	16
Washington Mutual Mortgage Pass-Through Certificates Trust 2.716% due 02/25/2047 ^•		223	172
			2,320
U.S. GOVERNMENT AGENCIES 11.9%
Freddie Mac 3.940% due 03/01/2036 •		13	13
Uniform Mortgage-Backed Security 4.000% due 07/01/2048		165	177
Uniform Mortgage-Backed Security, TBA
2.500% due 06/01/2050		10,300	10,631
3.500% due 05/01/2050		6,200	6,553

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


4.000% due 05/01/2050		8,500		9,073
				26,447
Total United States (Cost $35,415)				35,297
URUGUAY 1.1%
SOVEREIGN ISSUES 1.1%
Uruguay Government International Bond
4.975% due 04/20/2055	$	500		571
5.100% due 06/18/2050		1,700		1,954
Total Uruguay (Cost $2,204)				2,525
VENEZUELA 0.6%
CORPORATE BONDS & NOTES 0.3%
Petroleos de Venezuela S.A.
5.375% due 04/12/2027 ^(c)	$	3,750		262
5.500% due 04/12/2037 ^(c)		4,350		305
6.000% due 05/16/2024 ^(c)		380		27
6.000% due 11/15/2026 ^(c)		1,200		84
				678
SOVEREIGN ISSUES 0.3%
Venezuela Government International Bond
7.000% due 03/31/2038 ^(c)		300		30
7.650% due 04/21/2025 ^(c)		630		63
8.250% due 10/13/2024 ^(c)		3,850		385
9.000% due 05/07/2023 ^(c)		800		80
9.250% due 09/15/2027 ^(c)		1,190		119
9.375% due 01/13/2034 ^(c)		40		4
11.950% due 08/05/2031 ^(c)		490		49
				730
Total Venezuela (Cost $9,865)				1,408
VIRGIN ISLANDS (BRITISH) 0.2%
CORPORATE BONDS & NOTES 0.2%
Gold Fields Orogen Holdings BVI Ltd. 4.875% due 10/07/2020	$	390		377
Total Virgin Islands (British) (Cost $390)				377
ZAMBIA 0.2%
SOVEREIGN ISSUES 0.2%
Zambia Government International Bond
5.375% due 09/20/2022	$	500		212
8.500% due 04/14/2024		400		162
8.970% due 07/30/2027		400		159
Total Zambia (Cost $918)				533
SHORT-TERM INSTRUMENTS 0.5%
U.S. TREASURY BILLS 0.5%
0.532% due 04/07/2020 - 05/28/2020 (e)(f)(l)	$	1,153		1,153
Total Short-Term Instruments (Cost $1,152)				1,153
Total Investments in Securities (Cost $273,615)				238,844
		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		2,688,418		26,403
Total Short-Term Instruments (Cost $26,515)				26,403
Total Investments in Affiliates (Cost $26,515)				26,403
Total Investments 119.5% (Cost $300,130)			$	265,247
Financial Derivative Instruments (j)(k) 0.0%(Cost or Premiums, net $(1,061))				121

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Other Assets and Liabilities, net (19.5)%		(43,355)
Net Assets 100.0%	$	222,013

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(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).
~	Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.
•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.
þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.
(a)	When-issued security.
(b)	Payment in-kind security.
(c)	Security is not accruing income as of the date of this report.
(d)	Security did not produce income within the last twelve months.
(e)	Coupon represents a weighted average yield to maturity.
(f)	Zero coupon security.
(g)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(h)	Contingent convertible security.
BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:
Counterparty		Borrowing Rate(1)	Settlement Date			Maturity Date						Amount Borrowed(1)						Payable for Reverse Repurchase Agreements
BPS		1.250%	03/17/2020			04/16/2020				$		(4,562)					$	(4,564)
		1.250	03/18/2020			04/16/2020						(1,786)						(1,787)
		1.300	03/12/2020			04/09/2020						(827)						(828)
BRC		2.000	03/25/2020			TBD(2)						(1,023)						(1,023)
		2.250	03/25/2020			TBD(2)						(1,020)						(1,021)
CFR		1.850	03/02/2020			04/06/2020						(2,163)						(2,166)
		1.850	03/13/2020			04/06/2020						(300)						(300)
		1.850	03/16/2020			04/06/2020						(1,561)						(1,562)
FOB		1.750	03/30/2020			TBD(2)						(1,354)						(1,354)
JML		1.300	03/05/2020			TBD(2)						(2,809)						(2,812)
		7.700	03/27/2020			04/03/2020				RUB		(244,211)						(3,113)
SCX		2.250	03/20/2020			04/21/2020				$		(1,014)						(1,015)
Total Reverse Repurchase Agreements																	$	(21,545)
SHORT SALES:
Description				Coupon	Maturity Date			Principal Amount					Proceeds			Payable for Short Sales(3)
United States (1.1)%
U.S. Treasury Obligations (1.1)%
U.S. Treasury Bonds				3.375%	11/15/2048		$		1,100		$			(1,657)	$				(1,648)
U.S. Treasury Notes				2.625	02/15/2029				1400					(1,636)					(1,641)
U.S. Treasury Notes				2.375	02/29/2024				700					(754)					(758)
Total Short Sales (1.1)%											$			(4,047)	$				(4,047)
(i)	Securities with an aggregate market value of $22,614 and cash of $1,215 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(20,441) at a weighted average interest rate of 1.876%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(2)	Open maturity reverse repurchase agreement.
(3)	Payable for short sales includes $20 of accrued interest.
(j)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
																							Variation Margin
Description													Expiration Month					# of Contracts								Notional Amount														Unrealized Appreciation/ (Depreciation)											Asset														Liability
U.S. Treasury 5-Year Note June Futures													06/2020					122				$				15,294									$					608									$		0									$					(6)
U.S. Treasury Ultra Long-Term Bond June Futures													06/2020					55								12,203														1,040											0														(179)
																																		$					1,648									$		0									$					(185)
SHORT FUTURES CONTRACTS
																							Variation Margin
Description													Expiration Month					# of Contracts								Notional Amount														Unrealized Appreciation/ (Depreciation)											Asset														Liability
Euro-Bund 10-Year Bond June Futures													06/2020					81				$				(15,411)									$					167									$		97									$					(93)
U.S. Treasury 2-Year Note June Futures													06/2020					21								(4,628)														(78)											1														0
U.S. Treasury 10-Year Note June Futures													06/2020					4								(555)														(28)											1														0
																																		$					61									$		99									$					(93)
Total Futures Contracts																								$						1,709								$			99							$					(278)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)
																							Variation Margin
Reference Entity			Fixed Receive Rate		Payment Frequency			Maturity Date			Implied Credit Spread at March 31, 2020(2)										Notional Amount(3)							Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)										Market Value(4)											Asset									Liability
General Electric Co.			1.000%		Quarterly			12/20/2023			1.948				%		$				100			$				(7)				$				4							$			(3)								$			1					$				0
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)
																							Variation Margin
Index/Tranches				Fixed Receive Rate			Payment Frequency			Maturity Date									Notional Amount(3)									Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)										Market Value(4)											Asset									Liability
CDX.EM-30 5-Year Index				1.000%			Quarterly			12/20/2023				$					1,600					$				(54)				$				(90)							$			(144)								$			5					$				0
CDX.EM-32 5-Year Index				1.000			Quarterly			12/20/2024									1,800									(102)								(103)										(205)											6									0
CDX.EM-33 5-Year Index				1.000			Quarterly			06/20/2025									200									(22)								(1)										(23)											0									0
																								$				(178)				$				(194)							$			(372)								$			11					$				0
INTEREST RATE SWAPS
																							Variation Margin
Pay/ Receive Floating Rate		Floating Rate Index				Fixed Rate			Payment Frequency			Maturity Date								Notional Amount									Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)										Market Value											Asset									Liability
Receive		1-Year BRL-CDI				11.680%			Maturity			01/04/2021				BRL				800					$				4				$				(26)							$			(22)								$			0					$				0
Receive		1-Year BRL-CDI				12.850			Maturity			01/04/2021								1,290									(15)								(36)										(51)											0									0
Receive		1-Year BRL-CDI				16.150			Maturity			01/04/2021								6,900									(237)								(161)										(398)											1									0
Pay		3-Month USD-LIBOR				1.500			Semi-Annual			06/21/2027				$				5,700									(494)								878										384											0									(12)
Pay		6-Month CLP-CHILIBOR				3.315			Semi-Annual			11/15/2029				CLP				792,000									0								58										58											4									0
Pay		6-Month CLP-CHILIBOR				3.460			Semi-Annual			11/18/2029								79,300									0								7										7											0									0
Receive		6-Month EUR-EURIBOR				0.500			Annual			03/18/2025				EUR				1,200									12								5										17											0									0
Receive		6-Month EUR-EURIBOR				0.150			Annual			03/18/2030								1,000									18								(4)										14											1									0
Pay		28-Day MXN-TIIE				6.100			Lunar			02/26/2025				MXN				43,600									0								(23)										(23)											13									0
Pay		28-Day MXN-TIIE				6.100			Lunar			02/28/2025								23,200									0								(12)										(12)											7									0
																								$				(712)				$				686							$			(26)								$			26					$				(12)
Total Swap Agreements																							$				(897)				$			496								$			(401)							$				38					$				(12)
Cash of $2,324 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


(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 Portfolio 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.
(k)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
								Unrealized Appreciation/(Depreciation)
Counterparty			Settlement Month				Currency to be Delivered						Currency to be Received										Asset					Liability
BOA			04/2020		BRL		1,527		$				294								$		0			$		0
			04/2020		$		348		BRL				1,527										0					(54)
BPS			04/2020		GBP		1,060		$				1,387										71					0
			04/2020		$		895		EUR				803										0					(9)
			04/2020				1,203		GBP				941										0					(35)
			05/2020		EUR		226		$				251										1					0
			05/2020		$		1,062		COP				4,434,538										25					0
BRC			04/2020				2,041		JPY				224,300										45					0
CBK			04/2020		COP		4,336,268		$				1,269										203					0
			04/2020		EUR		14,128						15,496										5					(91)
			04/2020		JPY		221,800						2,064										2					0
			04/2020		MXN		2,779						122										5					0
			04/2020		$		1,228		EUR				1,098										6					(23)
			04/2020				108		MXN				2,531										0					(1)
			05/2020		PEN		11,990		$				3,518										32					0
			05/2020		$		1,401		EGP				22,227										0					(20)
			05/2020				2,259		PEN				7,618										0					(43)
DUB			04/2020		BRL		1,527		$				298										4					0
			04/2020		$		294		BRL				1,527										0					0
			04/2020				761		EGP				12,690										38					0
			05/2020				297		BRL				1,527										0					(4)
GLM			04/2020		MXN		1,448		$				66										5					0
			04/2020		RUB		248,206						3,996										833					0
			04/2020		$		3,089		RUB				244,212										23					0
			05/2020		RUB		18,639		$				231										0					(6)
HUS			04/2020		MXN		4,917						216										9					0
			09/2020		NGN		231,750						600										101					0
			09/2020		$		640		NGN				247,968										0					(106)
MYI			04/2020				621		EGP				10,371										32					0
			05/2020				1,315						20,917										0					(16)
			06/2020				1,377		IDR				19,127,642										0					(219)
SCX			05/2020		EUR		12,227		$				13,433										0					(69)
			05/2020		RUB		2,562						33										0					0
SOG			04/2020				1,248						16										0					0
			06/2020				10,989						141										2					0
UAG			04/2020				3,518						44										0					(1)
Total Forward Foreign Currency Contracts								$				1,442						$				(697)
WRITTEN OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty		Description									Strike Price				Expiration Date					Notional Amount(1)					Premiums (Received)				Market Value
CBK		Call - OTC EUR versus RUB						RUB			74.300				04/24/2020					800				$	(7)		$		(124)
INFLATION-CAPPED OPTIONS
Counterparty		Description		Initial Index		Floating Rate								Expiration Date			Notional Amount(1)								Premiums (Received)				Market Value
CBK		Floor - OTC CPURNSA		217.965		Maximum of [(1 + 0.000%)10- (Final Index/Initial Index)] or 0								09/29/2020						800				$	(10)		$		0
DUB		Floor - OTC CPURNSA		218.011		Maximum of [0.000% - (Final Index/Initial Index - 1)] or 0								10/13/2020						700					(7)				0
																								$	(17)		$		0
Total Written Options								$		(24)						$			(124)

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION(2)
					Swap Agreements, at Value (6)
Counterparty	Reference Entity	Fixed (Pay) Rate	Payment Frequency	Maturity Date		Implied Credit Spread at March 31, 2020(4)		Notional Amount(5)		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Asset		Liability
CBK	Turkey Government International Bond	(1.000)%	Quarterly	09/20/2020		3.441%	$	300	$	26	$	(23)	$	3	$	0
GST	Turkey Government International Bond	(1.000)	Quarterly	09/20/2020		3.441		100		9		(8)		1		0
	Turkey Government International Bond	(1.000)	Quarterly	12/20/2024		5.366		2,700		338		139		477		0
HUS	Dubai Government International Bond	(1.000)	Quarterly	12/20/2024		2.779		100		0		8		8		0
	Turkey Government International Bond	(1.000)	Quarterly	12/20/2024		5.366		200		12		23		35		0
JPM	Dubai Government International Bond	(1.000)	Quarterly	12/20/2024		2.779		200		0		16		16		0
									$	385	$	155	$	540	$	0
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION(3)
					Swap Agreements, at Value (6)
Counterparty	Reference Entity	Fixed Receive Rate	Payment Frequency	Maturity Date		Implied Credit Spread at March 31, 2020(4)		Notional Amount(5)		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Asset		Liability
BOA	Brazil Government International Bond	1.000%	Quarterly	06/20/2020		0.748%	$	300	$	(18)	$	18	$	0	$	0
	Colombia Government International Bond	1.000	Quarterly	09/20/2020		0.749		300		(16)		16		0		0
	Huarong Finance Co. Ltd.	1.000	Quarterly	10/23/2020		0.652		200		0		1		1		0
	Indonesia Government International Bond	1.000	Quarterly	09/20/2020		0.605		400		(25)		26		1		0
	Peru Government International Bond	1.000	Quarterly	09/20/2020		0.307		200		(8)		9		1		0
	Saudi Arabia Government International Bond	1.000	Quarterly	06/20/2024		1.538		1,500		20		(52)		0		(32)
BPS	Egypt Government International Bond	1.000	Quarterly	06/20/2020		3.702		300		0		(2)		0		(2)
	Indonesia Government International Bond	1.000	Quarterly	12/20/2021		0.895		500		(15)		16		1		0
BRC	Chile Government International Bond	1.000	Quarterly	12/20/2021		0.648		3,000		41		(22)		19		0
	Colombia Government International Bond	1.000	Quarterly	09/20/2020		0.749		400		(23)		24		1		0
	Indonesia Government International Bond	1.000	Quarterly	03/20/2024		1.651		100		(14)		12		0		(2)
	Nigeria Government International Bond	5.000	Quarterly	12/20/2021		7.046		400		22		(35)		0		(13)
	Saudi Arabia Government International Bond	1.000	Quarterly	12/20/2024		1.645		500		5		(19)		0		(14)
	South Africa Government International Bond	1.000	Quarterly	12/20/2021		3.063		500		(36)		19		0		(17)
CBK	Indonesia Government International Bond	1.000	Quarterly	03/20/2024		1.651		300		(41)		34		0		(7)
	Saudi Arabia Government International Bond	1.000	Quarterly	12/20/2024		1.645		1,900		(64)		9		0		(55)
	South Africa Government International Bond	1.000	Quarterly	12/20/2020		2.429		400		2		(6)		0		(4)
	Uruguay Government International Bond	1.000	Quarterly	06/20/2020		0.824		1,800		(17)		18		1		0
DUB	Colombia Government International Bond	1.000	Quarterly	09/20/2020		0.749		200		(11)		11		0		0
	Egypt Government International Bond	1.000	Quarterly	06/20/2020		3.702		400		(12)		10		0		(2)
FBF	Colombia Government International Bond	1.000	Quarterly	09/20/2020		0.749		200		(11)		11		0		0
	Ecuador Government International Bond	5.000	Quarterly	06/20/2021		106.795		600		(39)		(290)		0		(329)
	Ecuador Government International Bond	5.000	Quarterly	12/20/2021		99.148		300		(23)		(160)		0		(183)
	Egypt Government International Bond	1.000	Quarterly	12/20/2021		4.791		700		(60)		16		0		(44)
	Indonesia Government International Bond	1.000	Quarterly	06/20/2021		0.669		2,900		(188)		201		13		0
GST	Brazil Government International Bond	1.000	Quarterly	06/20/2020		0.748		200		(12)		12		0		0
	Indonesia Government International Bond	1.000	Quarterly	03/20/2024		1.651		100		(14)		12		0		(2)
	Mexico Government International Bond	1.000	Quarterly	12/20/2024		2.175		100		(1)		(4)		0		(5)
	Saudi Arabia Government International Bond	1.000	Quarterly	12/20/2024		1.645		300		3		(12)		0		(9)
HUS	Brazil Government International Bond	1.000	Quarterly	06/20/2020		0.748		700		1		0		1		0
	Mexico Government International Bond	1.000	Quarterly	06/20/2020		0.695		1,700		9		(7)		2		0
	Mexico Government International Bond	1.000	Quarterly	12/20/2023		1.895		400		(6)		(7)		0		(13)

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


		Mexico Government International Bond	1.000	Quarterly	06/20/2024			2.001					200			(3)			(5)				0		(8)
		Saudi Arabia Government International Bond	1.000	Quarterly	06/20/2024			1.538					4,100			43			(132)				0		(89)
JPM		Indonesia Government International Bond	1.000	Quarterly	09/20/2020			0.605					300			(19)			20				1		0
		Israel Government International Bond	1.000	Quarterly	06/20/2024			0.658					400			10			(4)				6		0
MYC		Indonesia Government International Bond	1.000	Quarterly	06/20/2024			1.719					1,700			(3)			(46)				0		(49)
		Mexico Government International Bond	1.000	Quarterly	12/20/2024			2.175					500			(3)			(23)				0		(26)
		Saudi Arabia Government International Bond	1.000	Quarterly	06/20/2024			1.538					1,400			8			(38)				0		(30)
UAG		Indonesia Government International Bond	1.000	Quarterly	06/20/2021			0.669					100			(7)			7				0		0
														$		(525)		$	(362)			$	48	$	(935)
Total Swap Agreements							$		(140)		$	(207)		$	588		$			(935)
(l)	Securities with an aggregate market value of $913 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)	Notional Amount represents the number of contracts.
(2)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(3)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	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.
(5)	The maximum potential amount the Portfolio 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.
(6)	The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory						Level 1				Level 2						Level 3					Fair Value at 03/31/2020

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Investments in Securities, at Value
Angola
	Sovereign Issues	$	0	$	530	$	0	$	530
Argentina
	Sovereign Issues		0		3,888		0		3,888
Armenia
	Sovereign Issues		0		267		0		267
Austria
	Corporate Bonds & Notes		0		162		0		162
Azerbaijan
	Corporate Bonds & Notes		0		1,436		0		1,436
	Sovereign Issues		0		196		0		196
Bahamas
	Sovereign Issues		0		1,098		0		1,098
Bahrain
	Sovereign Issues		0		166		0		166
Brazil
	Corporate Bonds & Notes		0		7,567		0		7,567
	Loan Participations and Assignments		0		0		1,604		1,604
	Sovereign Issues		0		1,291		0		1,291
Cayman Islands
	Asset-Backed Securities		0		0		232		232
	Corporate Bonds & Notes		0		7,195		0		7,195
Chile
	Corporate Bonds & Notes		0		5,351		0		5,351
	Sovereign Issues		0		1,432		0		1,432
China
	Corporate Bonds & Notes		0		3,944		0		3,944
Colombia
	Corporate Bonds & Notes		0		858		0		858
	Sovereign Issues		0		2,883		0		2,883
Costa Rica
	Sovereign Issues		0		1,324		0		1,324
Dominican Republic
	Sovereign Issues		0		5,361		0		5,361
Ecuador
	Sovereign Issues		0		980		0		980
Egypt
	Sovereign Issues		0		3,607		0		3,607
El Salvador
	Sovereign Issues		0		1,390		0		1,390
Germany
	Corporate Bonds & Notes		0		867		0		867
Ghana
	Sovereign Issues		0		2,772		0		2,772
Guatemala
	Sovereign Issues		0		1,684		0		1,684
Hong Kong
	Corporate Bonds & Notes		0		2,272		0		2,272
Hungary
	Sovereign Issues		0		513		0		513
India
	Corporate Bonds & Notes		0		1,998		0		1,998
	Sovereign Issues		0		1,315		0		1,315
Indonesia
	Corporate Bonds & Notes		0		7,643		0		7,643
	Sovereign Issues		0		10,988		0		10,988
Ireland
	Corporate Bonds & Notes		0		3,177		0		3,177
Israel
	Sovereign Issues		0		1,365		0		1,365
Ivory Coast
	Sovereign Issues		0		570		0		570
Jamaica
	Corporate Bonds & Notes		0		194		0		194
Jersey, Channel Islands
	Asset-Backed Securities		0		0		182		182
Jordan
	Sovereign Issues		0		1,161		0		1,161
Kazakhstan
	Corporate Bonds & Notes		0		2,485		0		2,485
	Sovereign Issues		0		679		0		679
Kenya
	Sovereign Issues		0		1,514		0		1,514
Luxembourg
	Corporate Bonds & Notes		0		10,357		3		10,360
Malaysia
	Corporate Bonds & Notes		0		209		0		209
Mauritius
	Corporate Bonds & Notes		0		415		0		415
Mexico
	Corporate Bonds & Notes		0		10,065		0		10,065
	Sovereign Issues		0		5,280		0		5,280
Mongolia
	Sovereign Issues		0		1,107		0		1,107
Morocco

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


	Corporate Bonds & Notes		0		299		0		299
Namibia
	Sovereign Issues		0		258		0		258
Netherlands
	Corporate Bonds & Notes		0		1,946		0		1,946
Nigeria
	Sovereign Issues		0		2,207		0		2,207
Oman
	Sovereign Issues		0		3,849		0		3,849
Pakistan
	Corporate Bonds & Notes		0		380		0		380
	Sovereign Issues		0		334		0		334
Panama
	Corporate Bonds & Notes		0		763		0		763
	Sovereign Issues		0		3,603		0		3,603
Paraguay
	Sovereign Issues		0		1,038		0		1,038
Peru
	Corporate Bonds & Notes		0		1,172		0		1,172
	Sovereign Issues		0		1,857		0		1,857
Philippines
	Corporate Bonds & Notes		0		1,057		0		1,057
Poland
	Sovereign Issues		0		217		0		217
Qatar
	Corporate Bonds & Notes		0		485		0		485
	Sovereign Issues		0		5,522		0		5,522
Romania
	Sovereign Issues		0		1,534		0		1,534
Russia
	Corporate Bonds & Notes		0		805		0		805
	Sovereign Issues		0		6,158		0		6,158
Saudi Arabia
	Sovereign Issues		0		6,616		0		6,616
Senegal
	Loan Participations and Assignments		0		0		1,078		1,078
	Sovereign Issues		0		899		0		899
Serbia
	Sovereign Issues		0		1,923		0		1,923
Singapore
	Corporate Bonds & Notes		0		1,200		0		1,200
South Africa
	Corporate Bonds & Notes		0		2,835		0		2,835
	Sovereign Issues		0		3,796		0		3,796
Sri Lanka
	Sovereign Issues		0		1,674		0		1,674
Tanzania
	Loan Participations and Assignments		0		0		574		574
Thailand
	Corporate Bonds & Notes		0		1,049		0		1,049
Trinidad and Tobago
	Corporate Bonds & Notes		0		140		0		140
Turkey
	Corporate Bonds & Notes		0		773		0		773
	Sovereign Issues		0		10,290		0		10,290
Ukraine
	Sovereign Issues		0		8,078		0		8,078
United Arab Emirates
	Corporate Bonds & Notes		0		577		0		577
	Sovereign Issues		0		402		0		402
United Kingdom
	Corporate Bonds & Notes		0		586		0		586
United States
	Asset-Backed Securities		0		3,679		0		3,679
	Corporate Bonds & Notes		0		2,851		0		2,851
	Non-Agency Mortgage-Backed Securities		0		2,320		0		2,320
	U.S. Government Agencies		0		26,447		0		26,447
Uruguay
	Sovereign Issues		0		2,525		0		2,525
Venezuela
	Corporate Bonds & Notes		0		678		0		678
	Sovereign Issues		0		730		0		730
Virgin Islands (British)
	Corporate Bonds & Notes		0		377		0		377
Zambia
	Sovereign Issues		0		533		0		533
Short-Term Instruments
	U.S. Treasury Bills		0		1,153		0		1,153
		$	0	$	235,171	$	3,673	$	238,844
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes	$	26,403	$	0	$	0	$	26,403
Total Investments		$	26,403	$	235,171	$	3,673	$	265,247

Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.)

March 31, 2020

(Unaudited)


Short Sales, at Value - Liabilities
United States
U.S. Treasury Obligations																	$		0							$			(4,047)				$	0			$			(4,407)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared																			99										38					0						137
Over the counter																			0										2,030					0						2,030
																	$		99							$			2,068				$	0			$			2,167
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared																			(278)										(12)					0						(290)
Over the counter																			0										(1,756)					0						(1,756)
																	$		(278)							$			(1,768)				$	0			$			(2,046)
Total Financial Derivative Instruments																	$		(179)							$			300				$	0			$			121
Totals																	$		26,224							$			231,424				$	3,673			$			261,321



The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended March 31, 2020:
Category and Subcategory			Beginning Balance at 12/31/2019				Net Purchases				Net Sales/Settlements					Accrued Discounts/ (Premiums)						Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)(1)						Transfers into Level 3				Transfers out of Level 3				Ending Balance at 03/31/2020			Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 03/31/2020(1)
Investments in Securities, at Value
Brazil
	Loan Participations and Assignments			$		1,613	$		0		$			0	$			0			$		0	$				(9)		$		0			$	0			$		1,604	$		(9)
Cayman Islands
	Asset-Backed Securities					267			0					(33)				0					0					(2)				0				0					232			(1)
Jersey, Channel Islands
	Asset-Backed Securities					214			0					(31)				0					0					(1)				0				0					182			(1)
Luxembourg
	Corporate Bonds & Notes					336			0					0				1					0					(52)				0				(282)					3			2
Senegal
	Loan Participations and Assignments					1,126			0					0				0					0					(48)				0				0					1,078			(48)
Tanzania
	Loan Participations and Assignments					574			0					0				0					0					0				0				0					574			0
Totals			$		4,130		$		0		$			(64)	$			1			$		0	$				(112)		$		0			$	(282)			$		3,673	$		(57)
The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:
																				(% Unless Noted Otherwise)
Category and Subcategory								Ending Balance at 03/31/2020				Valuation Technique															Unobservable Inputs											Input Value(s)					Weighted Average
Investments in Securities, at Value
Brazil
	Loan Participations and Assignments							$		1,604			Proxy Pricing														Base Price											100.830					—
Cayman Islands
	Asset-Backed Securities									232			Indicative Market Quotation														Broker Quote											99.630					—
Jersey, Channel Islands
	Asset-Backed Securities									182			Other Valuation Techniques(2)														—											—					—
Luxembourg
	Corporate Bonds & Notes									3			Other Valuation Techniques(2)														—											—					—
Senegal
	Loan Participations and Assignments									1,078			Proxy Pricing														Base Price											98.080					—
Tanzania
	Loan Participations and Assignments									574			Third Party Vendor														Broker Quote											100.500					—
Total								$		3,673
(1)		Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2020 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 Portfolio.

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged)

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 149.5% ¤
ARGENTINA 0.1%
CORPORATE BONDS & NOTES 0.0%
YPF S.A. 35.421% (BADLARPP + 6.000%) due 03/04/2021 ~	ARS	1,680	$	19
SOVEREIGN ISSUES 0.1%
Argentina Government International Bond
36.575% (BADLARPP + 2.000%) due 04/03/2022 ~		3,640		28
38.039% (ARLLMONP) due 06/21/2020 ~		6,980		50
Autonomous City of Buenos Aires Argentina 37.247% (BADLARPP + 5.000%) due 01/23/2022 ~		500		5
Provincia de Buenos Aires 37.463% (BADLARPP + 3.750%) due 04/12/2025 ~		620		4
				87
Total Argentina (Cost $551)				106
AUSTRALIA 1.8%
CORPORATE BONDS & NOTES 0.4%
Sydney Airport Finance Co. Pty. Ltd. 3.900% due 03/22/2023	$	600		615
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%
Liberty Funding Pty. Ltd. 1.859% due 01/25/2049 •	AUD	298		183
SOVEREIGN ISSUES 1.3%
New South Wales Treasury Corp.
2.000% due 03/20/2031		200		128
3.000% due 02/20/2030		200		141
Queensland Treasury Corp.
1.750% due 08/21/2031		300		187
3.500% due 08/21/2030		700		515
4.250% due 07/21/2023		800		549
South Australian Government Financing Authority 1.750% due 05/24/2032		200		123
Treasury Corp. of Victoria
1.500% due 11/20/2030		600		370
2.500% due 10/22/2029		100		67
4.250% due 12/20/2032		100		80
Western Australia Treasury Corp. 2.750% due 07/24/2029		100		69
				2,229
Total Australia (Cost $3,447)				3,027
BRAZIL 0.7%
CORPORATE BONDS & NOTES 0.7%
Banco Bradesco S.A. 2.850% due 01/27/2023	$	300		284
Petrobras Global Finance BV 5.093% due 01/15/2030		1,060		971
Total Brazil (Cost $1,402)				1,255
CANADA 1.1%
CORPORATE BONDS & NOTES 0.7%
Air Canada Pass-Through Trust 3.300% due 07/15/2031	$	92		89
Enbridge, Inc. 1.441% (US0003M + 0.700%) due 06/15/2020 ~		200		198
Fairfax Financial Holdings Ltd. 2.750% due 03/29/2028	EUR	300		321

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


HSBC Bank Canada 3.300% due 11/28/2021	$	500	513
			1,121
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3%
Canadian Mortgage Pools
1.843% (CDOR01 + 0.100%) due 06/01/2020 ~	CAD	127	90
2.043% (CDOR01 + 0.300%) due 07/01/2020 ~		403	287
2.043% (CDOR01 + 0.300%) due 08/01/2020 ~		143	101
Real Estate Asset Liquidity Trust 3.072% due 08/12/2053		158	113
			591
SOVEREIGN ISSUES 0.1%
Canada Government Real Return Bond 1.500% due 12/01/2044		237	210
Total Canada (Cost $1,997)			1,922
CAYMAN ISLANDS 2.8%
ASSET-BACKED SECURITIES 1.8%
California Street CLO Ltd. 2.861% due 10/15/2025 •	$	613	608
Evans Grove CLO Ltd. 2.533% due 05/28/2028 •		100	97
Figueroa CLO Ltd. 2.731% due 01/15/2027 •		222	222
Gallatin CLO Ltd. 2.869% due 01/21/2028 •		300	293
Jamestown CLO Ltd. 3.056% due 01/17/2027 •		649	641
Palmer Square Loan Funding Ltd. 2.592% due 11/15/2026 •		327	319
Symphony CLO Ltd. 2.788% due 07/14/2026 •		466	453
THL Credit Wind River CLO Ltd. 2.711% due 01/15/2026 •		294	293
Venture CDO Ltd. 2.711% due 04/15/2027 •		100	97
			3,023
CORPORATE BONDS & NOTES 1.0%
Avolon Holdings Funding Ltd. 5.500% due 01/15/2023		300	270
KSA Sukuk Ltd.
2.894% due 04/20/2022		300	301
4.303% due 01/19/2029		500	538
Sands China Ltd.
5.125% due 08/08/2025		200	190
5.400% due 08/08/2028		200	189
Sunac China Holdings Ltd. 7.875% due 02/15/2022		200	192
			1,680
Total Cayman Islands (Cost $4,795)			4,703
CHINA 5.6%
SOVEREIGN ISSUES 5.6%
China Development Bank
3.050% due 08/25/2026	CNY	5,200	734
3.680% due 02/26/2026		20,200	2,960
3.800% due 01/25/2036		1,000	146
4.040% due 04/10/2027		15,600	2,327
4.150% due 10/26/2025		2,500	375
4.240% due 08/24/2027		19,400	2,933
Total China (Cost $9,301)			9,475
DENMARK 5.2%
CORPORATE BONDS & NOTES 5.2%
Jyske Realkredit A/S
1.000% due 10/01/2050	DKK	18,253	2,579
1.500% due 10/01/2037		1,083	164
1.500% due 10/01/2050		2,694	396
3.000% due 10/01/2047		1	0
Nordea Kredit Realkreditaktieselskab
1.000% due 10/01/2050		2,600	367

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


1.500% due 10/01/2037		381	58
1.500% due 10/01/2050		781	115
2.000% due 10/01/2047		3,643	556
2.000% due 10/01/2050		1,018	154
Nykredit Realkredit A/S
1.000% due 10/01/2050		21,520	3,058
1.500% due 10/01/2037		1,315	198
1.500% due 10/01/2050		8,544	1,259
2.500% due 10/01/2036		67	10
2.500% due 10/01/2047		9	1
Realkredit Danmark A/S
2.500% due 04/01/2036		37	6
2.500% due 07/01/2047		24	4
Total Denmark (Cost $9,207)			8,925
FINLAND 0.7%
SOVEREIGN ISSUES 0.7%
Finland Government Bond
0.500% due 04/15/2026 (k)	EUR	200	231
0.875% due 09/15/2025 (k)		800	939
Total Finland (Cost $1,166)			1,170
FRANCE 5.1%
CORPORATE BONDS & NOTES 0.2%
Dexia Credit Local S.A. 1.625% due 10/16/2024	$	400	414
SOVEREIGN ISSUES 4.9%
France Government International Bond
1.500% due 05/25/2050	EUR	100	132
2.000% due 05/25/2048 (k)		4,100	5,959
3.250% due 05/25/2045 (k)		1,300	2,287
			8,378
Total France (Cost $6,818)			8,792
GERMANY 1.5%
CORPORATE BONDS & NOTES 1.4%
Deutsche Bank AG
2.625% due 02/12/2026	EUR	100	100
3.961% due 11/26/2025 •	$	500	463
4.250% due 10/14/2021		1,100	1,047
IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) 6.375% due 05/15/2029 (b)		400	310
Landwirtschaftliche Rentenbank
4.250% due 01/24/2023	AUD	200	134
5.375% due 04/23/2024	NZD	500	348
			2,402
SOVEREIGN ISSUES 0.1%
State of North Rhine-Westphalia 1.100% due 03/13/2034	EUR	200	246
Total Germany (Cost $2,930)			2,648
GUERNSEY, CHANNEL ISLANDS 0.5%
CORPORATE BONDS & NOTES 0.5%
Credit Suisse Group Funding Guernsey Ltd. 3.800% due 06/09/2023	$	600	614
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust 5.125% due 11/30/2024		164	167
Total Guernsey, Channel Islands (Cost $763)			781
INDIA 0.4%
CORPORATE BONDS & NOTES 0.4%
ICICI Bank Ltd. 5.750% due 11/16/2020	$	500	508
Shriram Transport Finance Co. Ltd. 5.950% due 10/24/2022		200	155

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Total India (Cost $712)			663
INDONESIA 0.3%
CORPORATE BONDS & NOTES 0.3%
Indonesia Asahan Aluminium Persero PT 5.230% due 11/15/2021	$	500	504
Total Indonesia (Cost $511)			504
IRELAND 1.0%
ASSET-BACKED SECURITIES 1.0%
Arbour CLO DAC 0.870% due 01/15/2030 •	EUR	400	425
CVC Cordatus Loan Fund Ltd. 0.970% due 04/22/2030 •		600	641
Dorchester Park CLO DAC 2.719% due 04/20/2028 •	$	600	587
Total Ireland (Cost $1,725)			1,653
ISRAEL 0.3%
SOVEREIGN ISSUES 0.3%
Israel Government International Bond
3.250% due 01/17/2028	$	200	213
4.125% due 01/17/2048		200	215
Total Israel (Cost $397)			428
ITALY 2.0%
CORPORATE BONDS & NOTES 1.0%
Banca Carige SpA
1.085% (EUR003M + 1.500%) due 05/25/2022 ~	EUR	500	545
1.314% (EUR003M + 1.700%) due 10/25/2021 ~		600	668
UniCredit SpA 7.830% due 12/04/2023	$	500	535
			1,748
SOVEREIGN ISSUES 1.0%
Italy Buoni Poliennali Del Tesoro
2.100% due 07/15/2026 (k)	EUR	800	934
2.500% due 11/15/2025 (k)		700	834
			1,768
Total Italy (Cost $3,467)			3,516
JAPAN 5.0%
CORPORATE BONDS & NOTES 1.6%
Mitsubishi UFJ Financial Group, Inc.
2.623% due 07/18/2022	$	500	500
2.950% due 03/01/2021		200	200
Mitsubishi UFJ Lease & Finance Co. Ltd. 2.250% due 09/07/2021		500	492
Mizuho Financial Group, Inc.
2.309% (US0003M + 0.630%) due 05/25/2024 ~		200	182
2.721% due 07/16/2023 •		700	705
ORIX Corp. 3.250% due 12/04/2024		100	105
Sumitomo Mitsui Financial Group, Inc. 2.679% (US0003M + 1.680%) due 03/09/2021 ~		300	297
Takeda Pharmaceutical Co. Ltd. 1.125% due 11/21/2022	EUR	200	220
			2,701
SOVEREIGN ISSUES 3.4%
Development Bank of Japan, Inc. 3.125% due 09/06/2023	$	500	539
Japan Bank for International Cooperation
1.750% due 10/17/2024		600	621
3.250% due 07/20/2023		300	323
Japan Finance Organization for Municipalities 2.625% due 04/20/2022		600	621
Japan Government International Bond
0.100% due 03/10/2028	JPY	172,305	1,602
0.500% due 03/20/2049		160,000	1,521

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


0.700% due 12/20/2048		10,000	100
Tokyo Metropolitan Government 2.000% due 05/17/2021	$	500	507
			5,834
Total Japan (Cost $8,370)			8,535
KUWAIT 1.0%
SOVEREIGN ISSUES 1.0%
Kuwait International Government Bond 3.500% due 03/20/2027	$	1,600	1,668
Total Kuwait (Cost $1,589)			1,668
LITHUANIA 0.2%
SOVEREIGN ISSUES 0.2%
Lithuania Government International Bond 6.125% due 03/09/2021	$	400	415
Total Lithuania (Cost $410)			415
LUXEMBOURG 0.3%
CORPORATE BONDS & NOTES 0.3%
Emerald Bay S.A. 0.000% due 10/08/2020 (d)	EUR	541	579
Total Luxembourg (Cost $623)			579
NETHERLANDS 3.0%
ASSET-BACKED SECURITIES 0.9%
Accunia European CLO BV 0.950% due 07/15/2030 •	EUR	250	267
Babson Euro CLO BV 0.434% due 10/25/2029 •		500	544
Dryden Euro CLO BV 0.880% due 01/15/2030 •		400	424
Penta CLO BV 0.790% due 08/04/2028 •		258	281
			1,516
CORPORATE BONDS & NOTES 2.0%
Cooperatieve Rabobank UA
2.092% (US0003M + 0.860%) due 09/26/2023 ~	$	500	465
3.875% due 09/26/2023		600	618
6.625% due 06/29/2021 •(g)(h)	EUR	200	212
Enel Finance International NV 2.650% due 09/10/2024	$	200	191
ING Groep NV
2.451% (US0003M + 1.000%) due 10/02/2023 ~		700	660
4.100% due 10/02/2023		500	514
JT International Financial Services BV 3.500% due 09/28/2023		500	522
Mondelez International Holdings Netherlands BV 2.000% due 10/28/2021		200	199
			3,381
		SHARES
PREFERRED SECURITIES 0.1%
Stichting AK Rabobank Certificaten 6.500% due 12/29/2049 (g)		100,000	100
Total Netherlands (Cost $5,167)			4,997
		PRINCIPAL AMOUNT (000s)
NORWAY 0.1%
SOVEREIGN ISSUES 0.1%
Norway Government International Bond 3.750% due 05/25/2021	NOK	1,600	160

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Total Norway (Cost $220)			160
PERU 1.5%
SOVEREIGN ISSUES 1.5%
Peru Government International Bond
5.350% due 08/12/2040	PEN	300	83
5.940% due 02/12/2029		4,100	1,279
6.350% due 08/12/2028		3,900	1,261
Total Peru (Cost $2,511)			2,623
QATAR 1.9%
SOVEREIGN ISSUES 1.9%
Qatar Government International Bond
3.875% due 04/23/2023	$	1,600	1,650
4.000% due 03/14/2029		600	644
4.500% due 04/23/2028		800	879
Total Qatar (Cost $2,997)			3,173
SAUDI ARABIA 2.1%
SOVEREIGN ISSUES 2.1%
Saudi Government International Bond
2.375% due 10/26/2021	$	1,900	1,884
2.875% due 03/04/2023		200	200
3.250% due 10/26/2026		300	301
3.625% due 03/04/2028		200	204
4.000% due 04/17/2025		800	833
4.375% due 04/16/2029		200	216
Total Saudi Arabia (Cost $3,583)			3,638
SINGAPORE 0.2%
CORPORATE BONDS & NOTES 0.2%
BOC Aviation Ltd. 3.500% due 09/18/2027	$	200	203
DBS Bank Ltd. 3.300% due 11/27/2021		200	207
Total Singapore (Cost $400)			410
SOUTH KOREA 0.1%
CORPORATE BONDS & NOTES 0.1%
Kookmin Bank 2.125% due 10/21/2020	$	200	200
Total South Korea (Cost $199)			200
SPAIN 5.9%
CORPORATE BONDS & NOTES 0.1%
Telefonica Emisiones S.A. 5.134% due 04/27/2020	$	200	200
SOVEREIGN ISSUES 5.8%
Autonomous Community of Catalonia 4.220% due 04/26/2035	EUR	100	136
Spain Government International Bond
0.250% due 07/30/2024		400	443
0.600% due 10/31/2029 (k)		2,500	2,751
1.400% due 07/30/2028		2,700	3,187
1.450% due 04/30/2029		2,800	3,321
2.150% due 10/31/2025		20	25
			9,863
Total Spain (Cost $10,188)			10,063
SUPRANATIONAL 0.2%
CORPORATE BONDS & NOTES 0.2%
European Investment Bank 0.500% due 07/21/2023	AUD	600	366

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Total Supranational (Cost $474)			366
SWITZERLAND 1.0%
CORPORATE BONDS & NOTES 1.0%
Credit Suisse AG
2.100% due 11/12/2021	$	500	498
6.500% due 08/08/2023 (h)		400	409
UBS AG 7.625% due 08/17/2022 (h)		750	773
Total Switzerland (Cost $1,755)			1,680
UNITED ARAB EMIRATES 0.3%
SOVEREIGN ISSUES 0.3%
Emirate of Abu Dhabi Government International Bond 3.125% due 10/11/2027	$	500	511
Total United Arab Emirates (Cost $498)			511
UNITED KINGDOM 12.4%
CORPORATE BONDS & NOTES 7.9%
Barclays Bank PLC
7.625% due 11/21/2022 (h)	$	500	512
10.000% due 05/21/2021	GBP	100	132
Barclays PLC
3.122% (US0003M + 1.430%) due 02/15/2023 ~	$	200	188
3.844% (US0003M + 2.110%) due 08/10/2021 ~		400	386
4.338% due 05/16/2024 •		400	387
4.836% due 05/09/2028		400	413
4.972% due 05/16/2029 •		400	432
5.200% due 05/12/2026		200	206
7.750% due 09/15/2023 •(g)(h)		300	263
8.000% due 12/15/2020 •(g)(h)	EUR	700	737
Clydesdale Bank PLC 2.250% due 04/21/2020	GBP	500	620
Co-operative Group Holdings Ltd. 6.875% due 07/08/2020 þ		200	243
HSBC Holdings PLC
3.803% due 03/11/2025 •	$	200	209
3.973% due 05/22/2030 •		300	309
4.041% due 03/13/2028 •		200	204
6.750% due 09/11/2028	GBP	200	301
Lloyds Bank Corporate Markets PLC 1.750% due 07/11/2024		200	236
Lloyds Bank PLC 4.875% due 03/30/2027		600	938
Lloyds Banking Group PLC
4.650% due 03/24/2026	$	400	413
7.875% due 06/27/2029 •(g)(h)	GBP	200	228
Nationwide Building Society
1.700% due 02/13/2023	$	500	513
2.000% due 01/27/2023		400	392
Natwest Markets PLC 0.625% due 03/02/2022	EUR	100	108
RAC Bond Co. PLC 4.870% due 05/06/2046	GBP	200	246
Reckitt Benckiser Treasury Services PLC 1.764% (US0003M + 0.560%) due 06/24/2022 ~	$	300	289
Royal Bank of Scotland Group PLC
2.500% due 03/22/2023	EUR	500	548
4.892% due 05/18/2029 •	$	400	425
7.500% due 08/10/2020 •(g)(h)		900	830
Santander UK Group Holdings PLC
2.875% due 10/16/2020		900	900
2.875% due 08/05/2021		300	295
3.571% due 01/10/2023		200	199
6.750% due 06/24/2024 •(g)(h)	GBP	400	404
7.375% due 06/24/2022 •(g)(h)		200	205
Tesco PLC 6.125% due 02/24/2022		83	110
Tesco Property Finance PLC 5.801% due 10/13/2040		146	228
Virgin Media Secured Finance PLC 5.000% due 04/15/2027		300	357
			13,406
NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4%
Durham Mortgages B PLC 1.351% due 03/31/2054 •		330	406

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Eurohome UK Mortgages PLC 0.656% due 06/15/2044 •	471	552
Eurosail PLC 1.456% due 06/13/2045 •	423	519
Finsbury Square PLC 1.410% due 09/12/2068 •	358	436
Hawksmoor Mortgages 1.761% due 05/25/2053 •	647	791
Lanark Master Issuer PLC 1.555% due 12/22/2069 •	328	407
Residential Mortgage Securities PLC
1.487% due 12/20/2046 •	289	348
1.737% due 09/20/2065 •	328	406
Ripon Mortgages PLC 1.551% due 08/20/2056 •	1,058	1,290
Stanlington PLC 1.460% due 06/12/2046 •	597	736
Towd Point Mortgage Funding 1.611% due 07/20/2045 •	774	942
Towd Point Mortgage Funding PLC 1.724% due 10/20/2051 •	503	606
		7,439
	SHARES
PREFERRED SECURITIES 0.1%
Nationwide Building Society 10.250% ~	1,360	221
Total United Kingdom (Cost $22,811)		21,066
	PRINCIPAL AMOUNT (000s)
UNITED STATES 81.2%
ASSET-BACKED SECURITIES 6.3%
ACE Securities Corp. Home Equity Loan Trust 1.847% due 08/25/2035 •	500	443
Amortizing Residential Collateral Trust 1.647% due 10/25/2031 •	1	1
Bayview Koitere Fund Trust 3.967% due 07/28/2033 þ	91	82
Bayview Opportunity Master Fund Trust 3.967% due 03/28/2034 þ	43	43
Citigroup Mortgage Loan Trust, Inc. 1.607% due 07/25/2035 •	500	427
Conseco Finance Securitizations Corp. 7.490% due 07/01/2031 þ	814	835
Countrywide Asset-Backed Certificates
1.167% due 06/25/2047 •	1,000	883
1.347% due 08/25/2034 •	134	118
Countrywide Asset-Backed Certificates Trust 1.687% due 08/25/2047 •	106	95
Credit-Based Asset Servicing & Securitization Trust 1.007% due 11/25/2036 •	17	9
EMC Mortgage Loan Trust 1.847% due 05/25/2043 •	23	23
GSAMP Trust 1.197% due 05/25/2046 •	500	423
Home Equity Mortgage Trust 6.000% due 01/25/2037 ^þ	158	86
JPMorgan Mortgage Acquisition Trust 1.227% due 03/25/2047 •	1,632	1,169
Morgan Stanley ABS Capital, Inc. Trust
1.057% due 03/25/2037 •	978	453
1.197% due 08/25/2036 •	2,313	1,253
New Century Home Equity Loan Trust 1.682% due 06/25/2035 •	500	486
NovaStar Mortgage Funding Trust
1.077% due 03/25/2037 •	759	499
1.487% due 05/25/2036 •	500	395
Renaissance Home Equity Loan Trust 5.294% due 01/25/2037 þ	458	202
Securitized Asset-Backed Receivables LLC Trust 0.997% due 12/25/2036 •	6	4
Soundview Home Loan Trust 1.197% due 11/25/2036 •	600	487
Structured Asset Securities Corp. Mortgage Loan Trust 3.081% due 04/25/2035 •	6	5

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Terwin Mortgage Trust 1.887% due 11/25/2033 •		13	11
Towd Point Mortgage Trust 2.900% due 10/25/2059 ~		1,779	1,743
Toyota Auto Loan Extended Note Trust 2.560% due 11/25/2031		500	511
Washington Mutual Asset-Backed Certificates Trust 1.007% due 10/25/2036 •		37	16
			10,702
CORPORATE BONDS & NOTES 10.3%
Allergan Sales LLC 5.000% due 12/15/2021		200	207
American Honda Finance Corp. 2.142% (US0003M + 0.450%) due 02/15/2022 ~		100	96
American Tower Corp. 3.800% due 08/15/2029		400	411
Arrow Electronics, Inc. 3.500% due 04/01/2022		400	398
AT&T, Inc.
1.800% due 09/05/2026	EUR	500	558
2.781% (US0003M + 0.950%) due 07/15/2021 ~	$	900	885
Bayer U.S. Finance LLC
1.751% (US0003M + 1.010%) due 12/15/2023 ~		300	278
4.250% due 12/15/2025		200	208
British Airways Pass-Through Trust 3.350% due 12/15/2030		100	95
Campbell Soup Co.
3.300% due 03/15/2021		100	100
3.650% due 03/15/2023		29	29
CenterPoint Energy Resources Corp. 3.550% due 04/01/2023		100	102
Charter Communications Operating LLC
4.464% due 07/23/2022		900	931
6.384% due 10/23/2035		600	715
Comcast Corp. 1.763% (US0003M + 0.330%) due 10/01/2020 ~		200	199
Constellation Brands, Inc. 2.650% due 11/07/2022		500	478
Continental Resources, Inc. 4.375% due 01/15/2028		100	47
CVS Health Corp. 3.700% due 03/09/2023		100	104
Dominion Energy Gas Holdings LLC 1.341% (US0003M + 0.600%) due 06/15/2021 ~		200	192
Duke Energy Corp. 2.400% due 08/15/2022		500	500
EPR Properties 4.500% due 06/01/2027		300	270
Equifax, Inc. 2.562% (US0003M + 0.870%) due 08/15/2021 ~		100	98
ERAC USA Finance LLC 5.250% due 10/01/2020		500	508
Fidelity National Information Services, Inc. 0.750% due 05/21/2023	EUR	100	109
Fiserv, Inc. 3.200% due 07/01/2026	$	500	516
Ford Motor Credit Co. LLC
0.000% due 12/01/2021 •	EUR	800	777
0.017% due 05/14/2021 •		100	104
GLP Capital LP 5.300% due 01/15/2029	$	400	345
Harley-Davidson Financial Services, Inc. 2.520% (US0003M + 0.940%) due 03/02/2021 ~		200	200
International Lease Finance Corp. 8.250% due 12/15/2020		300	298
Kinder Morgan Energy Partners LP 6.500% due 04/01/2020		100	100
L3Harris Technologies, Inc. 2.250% (US0003M + 0.480%) due 04/30/2020 ~		300	300
McDonald's Corp. 2.225% (US0003M + 0.430%) due 10/28/2021 ~		100	98
Molson Coors Brewing Co. 2.100% due 07/15/2021		300	293
Morgan Stanley 2.281% (CDOR03 + 0.300%) due 02/03/2023 ~(i)	CAD	900	607
MPT Operating Partnership LP 2.550% due 12/05/2023	GBP	400	486
MUFG Union Bank N.A. 0.816% (SOFRRATE + 0.710%) due 12/09/2022 ~	$	250	238
National Rural Utilities Cooperative Finance Corp. 2.300% due 09/15/2022		400	397
New York Life Global Funding 2.250% due 07/12/2022		500	503

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


NextEra Energy Capital Holdings, Inc. 1.950% due 09/01/2022	300	295
Sempra Energy 1.191% (US0003M + 0.450%) due 03/15/2021 ~	200	197
Spectra Energy Partners LP 2.014% (US0003M + 0.700%) due 06/05/2020 ~	100	99
Spirit AeroSystems, Inc.
1.541% (US0003M + 0.800%) due 06/15/2021 ~	100	95
3.950% due 06/15/2023	400	347
Sprint Spectrum Co. LLC
3.360% due 03/20/2023	225	225
4.738% due 09/20/2029	200	206
Textron, Inc. 2.284% (US0003M + 0.550%) due 11/10/2020 ~	400	400
Verizon Communications, Inc. 4.329% due 09/21/2028	305	352
Volkswagen Group of America Finance LLC
2.477% (US0003M + 0.770%) due 11/13/2020 ~	200	197
2.653% (US0003M + 0.940%) due 11/12/2021 ~	300	294
WEA Finance LLC 3.750% due 09/17/2024	200	191
Wells Fargo & Co. 2.911% (US0003M + 1.110%) due 01/24/2023 ~	600	559
Wells Fargo Bank N.A. 3.550% due 08/14/2023	500	525
Zimmer Biomet Holdings, Inc.
2.700% due 04/01/2020	100	100
3.150% due 04/01/2022	400	400
3.375% due 11/30/2021	300	301
		17,563
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1%
CenturyLink, Inc. 3.239% (LIBOR03M + 2.250%) due 03/15/2027 ~	231	215
NON-AGENCY MORTGAGE-BACKED SECURITIES 6.2%
Adjustable Rate Mortgage Trust 4.402% due 09/25/2035 ^~	7	6
American Home Mortgage Assets Trust
1.137% due 05/25/2046 ^•	192	146
1.157% due 10/25/2046 •	349	209
Banc of America Alternative Loan Trust 6.500% due 04/25/2036 ^	510	479
Banc of America Funding Trust
3.975% due 10/20/2046 ^~	69	51
4.365% due 02/20/2036 ~	89	77
5.500% due 01/25/2036	155	128
BCAP LLC Trust
1.117% due 01/25/2037 ^•	163	148
5.250% due 04/26/2037	558	417
Bear Stearns Adjustable Rate Mortgage Trust
3.120% due 05/25/2034 ~	6	4
3.973% due 08/25/2033 ~	5	4
4.093% due 05/25/2047 ^~	145	127
4.149% due 10/25/2033 ~	4	3
4.364% due 11/25/2034 ~	3	2
4.459% due 05/25/2034 ~	15	13
Bear Stearns ALT-A Trust
3.858% due 11/25/2035 ^~	89	74
3.884% due 08/25/2036 ^~	140	85
3.958% due 09/25/2035 ^~	80	59
Bear Stearns Structured Products, Inc. Trust 2.207% due 12/26/2046 ^~	64	53
Chase Mortgage Finance Trust 3.896% due 07/25/2037 ~	19	16
Chevy Chase Funding LLC Mortgage-Backed Certificates 1.127% due 07/25/2036 •	478	411
Citigroup Mortgage Loan Trust 3.880% due 10/25/2035 ^•	279	259
Citigroup Mortgage Loan Trust, Inc. 4.550% due 09/25/2035 •	11	10
Countrywide Alternative Loan Trust
0.000% due 11/25/2035 •	35	30
0.968% due 12/20/2046 ^•	273	203
0.983% due 03/20/2046 •	87	67
0.983% due 07/20/2046 ^•	178	122
1.117% due 01/25/2037 ^•	74	72
1.227% due 02/25/2037 •	101	81
1.297% due 05/25/2037 ^•	46	16
3.676% due 11/25/2035 ^~	158	137
5.250% due 06/25/2035 ^	13	11
6.000% due 04/25/2037 ^	47	30
6.250% due 08/25/2037 ^	24	18
6.500% due 06/25/2036 ^	121	80

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Countrywide Home Loan Mortgage Pass-Through Trust
1.217% due 04/25/2046 •	1,066	403
1.407% due 05/25/2035 •	46	37
1.527% due 04/25/2035 •	8	7
1.547% due 03/25/2035 •	418	320
1.567% due 02/25/2035 •	379	300
1.587% due 03/25/2035 •	51	40
1.607% due 02/25/2035 •	5	4
1.707% due 09/25/2034 •	4	3
3.207% due 05/25/2047 ~	75	59
3.785% due 08/25/2034 ^~	1	1
3.793% due 02/20/2036 ^•	240	206
3.826% due 11/25/2034 ~	9	8
5.500% due 10/25/2035	60	46
Credit Suisse Mortgage Capital Trust
3.319% due 10/27/2059 ~	493	484
6.500% due 07/26/2036 ^	106	46
Deutsche ALT-B Securities, Inc. Mortgage Loan Trust 5.886% due 10/25/2036 ^þ	168	147
GreenPoint Mortgage Funding Trust 1.487% due 11/25/2045 •	7	5
GSR Mortgage Loan Trust
2.930% due 03/25/2033 •	4	4
3.680% due 06/25/2034 ~	2	2
4.098% due 09/25/2035 ~	66	63
HarborView Mortgage Loan Trust 2.816% due 12/19/2036 ^•	107	88
IndyMac Mortgage Loan Trust 3.558% due 09/25/2035 ^~	132	100
JPMorgan Mortgage Trust
3.659% due 11/25/2033 ~	3	3
3.803% due 01/25/2037 ^~	138	114
4.370% due 02/25/2035 ~	3	2
Luminent Mortgage Trust 1.187% due 04/25/2036 •	295	227
MASTR Adjustable Rate Mortgages Trust 3.763% due 05/25/2034 ~	335	290
MASTR Alternative Loan Trust 1.347% due 03/25/2036 ^•	44	3
Mellon Residential Funding Corp. Mortgage Pass-Through Trust 1.145% due 12/15/2030 •	4	4
Merrill Lynch Mortgage Investors Trust
1.157% due 02/25/2036 •	50	47
3.678% due 02/25/2036 ~	21	19
3.747% due 02/25/2033 ~	6	5
Merrill Lynch Mortgage-Backed Securities Trust 3.740% due 04/25/2037 ^~	5	5
New Century Home Equity Loan Trust 2.750% due 11/25/2059 ~	491	496
New Residential Mortgage Loan Trust 2.750% due 07/25/2059 ~	568	569
Nomura Asset Acceptance Corp. Alternative Loan Trust 3.322% due 10/25/2035 ~	9	8
OBX Trust 1.597% due 06/25/2057 •	244	230
Residential Accredit Loans, Inc. Trust
1.157% due 04/25/2046 •	139	51
6.000% due 12/25/2036 ^	259	226
Residential Funding Mortgage Securities, Inc. Trust 5.500% due 11/25/2035 ^	60	53
Structured Adjustable Rate Mortgage Loan Trust
3.872% due 02/25/2034 ~	5	5
4.087% due 09/25/2034 ~	4	3
4.111% due 04/25/2034 ~	11	10
Structured Asset Mortgage Investments Trust
1.000% due 07/19/2035 •	89	78
1.137% due 07/25/2046 ^•	277	195
1.157% due 05/25/2036 •	61	51
1.167% due 05/25/2036 •	303	264
1.167% due 09/25/2047 •	297	250
1.227% due 02/25/2036 ^•	343	290
1.330% due 07/19/2034 •	1	1
1.450% due 03/19/2034 •	3	2
Structured Asset Securities Corp. 1.227% due 01/25/2036 •	90	76
SunTrust Alternative Loan Trust 1.597% due 12/25/2035 ^•	509	388
WaMu Mortgage Pass-Through Certificates Trust
1.217% due 12/25/2045 •	24	22
1.257% due 01/25/2045 •	4	3
1.587% due 01/25/2045 •	4	4
2.484% due 07/25/2046 •	139	110
2.666% due 02/25/2047 ^•	239	193
3.063% due 01/25/2037 ^~	18	15
3.357% due 12/25/2036 ^~	3	3
3.366% due 08/25/2042 •	3	2

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


3.716% due 06/25/2037 ^~	45	35
3.740% due 12/25/2036 ^~	24	21
3.773% due 02/25/2033 ~	39	35
3.812% due 09/25/2036 ~	54	45
3.838% due 03/25/2034 ~	13	12
4.645% due 06/25/2033 ~	4	3
Washington Mutual Mortgage Pass-Through Certificates Trust 2.906% due 07/25/2046 ^•	43	27
		10,516
	SHARES
PREFERRED SECURITIES 0.3%
AT&T, Inc. 2.875% due 03/02/2025 •(g)	200,000	199
Bank of America Corp. 5.875% due 03/15/2028 •(g)	300,000	304
		503
	PRINCIPAL AMOUNT (000s)
U.S. GOVERNMENT AGENCIES 53.5%
Fannie Mae
1.067% due 03/25/2034 •	2	2
1.097% due 08/25/2034 •	1	1
1.347% due 06/25/2036 •	17	17
3.500% due 01/01/2059	659	712
3.516% due 12/01/2034 •	2	2
3.544% due 10/01/2034 •	1	1
4.349% due 11/01/2034 •	15	16
6.000% due 07/25/2044	14	17
Fannie Mae, TBA 3.000% due 06/01/2040	14,300	14,944
Freddie Mac
1.087% due 09/25/2031 •	12	12
2.005% due 01/15/2038 •	212	211
2.441% due 01/15/2038 ~(a)	212	14
3.000% due 03/01/2045	580	615
3.166% due 10/25/2044 •	25	24
3.500% due 07/01/2048	3,372	3,575
4.401% due 02/01/2029 •	1	1
4.564% due 04/01/2037 •	17	17
6.000% due 04/15/2036	192	229
Ginnie Mae
3.125% (H15T1Y + 1.500%) due 11/20/2024 ~	1	1
6.000% due 09/20/2038	3	3
Uniform Mortgage-Backed Security
3.000% due 08/01/2042 - 10/01/2049	586	621
3.500% due 10/01/2034 - 05/01/2049	278	297
4.000% due 08/01/2049	300	321
Uniform Mortgage-Backed Security, TBA
2.500% due 06/01/2050	11,100	11,456
3.500% due 05/01/2050	23,800	25,154
4.000% due 04/01/2050	30,700	32,781
		91,044
U.S. TREASURY OBLIGATIONS 4.5%
U.S. Treasury Inflation Protected Securities (f)
0.125% due 04/15/2022 (n)	1,273	1,255
0.375% due 07/15/2025 (n)	413	422
0.500% due 01/15/2028 (k)(n)	2,091	2,181
0.625% due 01/15/2026 (n)	391	404
1.750% due 01/15/2028 (k)	2,462	2,803
3.875% due 04/15/2029 (n)	251	339
U.S. Treasury Notes
2.625% due 06/15/2021 (n)	200	206

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


				7,610
Total United States (Cost $137,533)				138,153
SHORT-TERM INSTRUMENTS 4.0%
REPURCHASE AGREEMENTS (j) 1.1%				1,947
ARGENTINA TREASURY BILLS 0.0%
32.393% due 08/28/2020 ~	ARS	950		9
36.751% due 04/03/2020 ~		200		2
53.823% due 05/13/2020 (d)(e)		690		5
				16
SOUTH AFRICA TREASURY BILLS 0.1%
7.250% due 07/22/2020 (d)(e)	ZAR	4,100		226
U.S. TREASURY BILLS 2.8%
0.045% due 04/07/2020 - 06/18/2020 (c)(d)(n)	$	4,748		4,747
Total Short-Term Instruments (Cost $7,053)				6,936
Total Investments in Securities (Cost $255,570)				254,741
		SHARES
INVESTMENTS IN AFFILIATES 5.3%
SHORT-TERM INSTRUMENTS 5.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.3%
PIMCO Short Asset Portfolio		702,459		6,820
PIMCO Short-Term Floating NAV Portfolio III		216,984		2,131
Total Short-Term Instruments (Cost $9,141)				8,951
Total Investments in Affiliates (Cost $9,141)				8,951
Total Investments 154.8% (Cost $264,711)			$	263,692
Financial Derivative Instruments (l)(m) (2.8)% (Cost or Premiums, net $376)				(4,780)
Other Assets and Liabilities, net (52.0)%				(88,597)
Net Assets 100.0%			$	170,315

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

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

Security is in default.

•

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)

Coupon represents a weighted average yield to maturity.

(d)

Zero coupon security.

(e)

Coupon represents a yield to maturity.

(f)

Principal amount of security is adjusted for inflation.

(g)

Perpetual maturity; date shown, if applicable, represents next contractual call date.

(h)

Contingent convertible security.

(i)

RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

Morgan Stanley

2.281

02/03/2023

01/30/2020

682

607

0.36

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(j)

REPURCHASE AGREEMENTS:

Counterparty

Lending
Rate

Settlement
Date

Maturity
Date

Principal
Amount

Collateralized By

Collateral
(Received)

Repurchase
Agreements,
at Value

Repurchase
Agreement
Proceeds
to be
Received(1)

BPS

0.730%

01/22/2020

01/20/2022

GBP

916

United Kingdom Gilt 1.750% due 01/22/2049

(1,232)

1,138

1,140

FICC

0.000

03/31/2020

04/01/2020

809

U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021

(826)

809

Total Repurchase Agreements

(2,058)

1,947

1,949

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(2)

Settlement Date

Maturity Date

Amount
Borrowed(2)

Payable for
Reverse
Repurchase
Agreements

BPS

(0.470)%

02/27/2020

05/27/2020

EUR

(2,611)

(2,879)

(0.410)

02/27/2020

05/27/2020

(786)

(866)

(0.370)

03/20/2020

08/20/2020

(2,132)

(2,351)

(0.300)

03/25/2020

08/20/2020

(1,055)

(1,163)

JML

(0.420)

03/17/2020

08/20/2020

(1,985)

(2,189)

RCY

0.940

03/11/2020

04/09/2020

(3,447)

(3,449)

Total Reverse Repurchase Agreements

(12,897)

SHORT SALES:

Description

Coupon

Maturity
Date

Principal
Amount

Proceeds

Payable for
Short Sales(3)

Canada (0.4)%

Sovereign Issues (0.4)%

Canada Government International Bond

2.750%

12/01/2048

CAD

800

(811)

(770)

United Kingdom (0.7)%

Sovereign Issues (0.7)%

United Kingdom Gilt

1.750%

01/22/2049

GBP

800

(1,160)

(1,231)

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)



United States (0.1)%
U.S. Government Agencies (0.1)%
Uniform Mortgage-Backed Security, TBA			3.500%				04/01/2035					$		100						(105)						(105)
Total Short Sales (1.2)%																$				(2,076)				$		(2,106)
(k)	Securities with an aggregate market value of $12,969 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	Includes accrued interest.
(2)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(7,995) at a weighted average interest rate of 0.341%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(3)	Payable for short sales includes $11 of accrued interest.
(l)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
PURCHASED OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description					Strike Price				Expiration Date						# of Contracts			Notional Amount					Cost						Market Value
Put - CBOT U.S. Treasury 2-Year Note June 2020 Futures			$		104.750				05/22/2020						1		$	2				$	0					$	0
Put - CBOT U.S. Treasury 2-Year Note June 2020 Futures					105.000				05/22/2020						6			12					0						0
Put - CBOT U.S. Treasury 2-Year Note June 2020 Futures					105.250				05/22/2020						42			84					0						0
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures					113.000				05/22/2020						327			327					3						13
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures					113.250				05/22/2020						7			7					0						0
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures					121.500				05/22/2020						8			8					0						0
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures					122.000				05/22/2020						1			1					0						0
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures					147.500				05/22/2020						1			1					0						0
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures					200.000				05/22/2020						39			39					37						1
Call - CME 90-Day Eurodollar June 2022 Futures					99.750				06/13/2022						13			33					3						8
Call - CME 90-Day Eurodollar March 2022 Futures					99.750				03/14/2022						7			18					1						4
Call - MSE Canada Government 10-Year Bond June 2020 Futures			CAD		189.000				05/15/2020						70						70		1						0
Total Purchased Options			$			45				$			26
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
			Variation Margin
Description		Expiration Month		# of Contracts							Notional Amount								Unrealized Appreciation/ (Depreciation)								Asset				Liability
Australia Government 3-Year Note June Futures		06/2020		221				$			15,919					$			73						$		9			$	0
Australia Government 10-Year Bond June Futures		06/2020		35							3,242								9								43				0
Call Options Strike @ EUR 113.200 on Euro-Schatz June 2020 Futures (1)		05/2020		52							1								1								1				0
Call Options Strike @ EUR 113.400 on Euro-Schatz June 2020 Futures (1)		05/2020		29							1								0								1				0
Call Options Strike @ EUR 116.500 on Euro-Schatz June 2020 Futures (1)		05/2020		63							1								0								0				0
Call Options Strike @ EUR 185.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)		05/2020		43							0								0								0				0
Call Options Strike @ EUR 187.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)		05/2020		114							8								6								4				(2)
Call Options Strike @ EUR 189.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)		05/2020		35							2								1								1				(1)
Call Options Strike @ EUR 190.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)		05/2020		88							1								0								0				0
Call Options Strike @ EUR 194.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)		05/2020		31							0								0								0				0
Call Options Strike @ EUR 197.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)		05/2020		1							0								0								0				0
Call Options Strike @ EUR 198.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)		05/2020		11							0								0								0				0
Call Options Strike @ EUR 210.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)		05/2020		1							0								0								0				0
Call Options Strike @ GBP 151.000 on United Kingdom Long Gilt June 2020 Futures (1)		05/2020		13							0								0								0				0
Call Options Strike @ GBP 152.000 on United Kingdom Long Gilt June 2020 Futures (1)		05/2020		90							0								(1)								0				0
Call Options Strike @ GBP 158.000 on United Kingdom Long Gilt June 2020 Futures (1)		05/2020		4							—								0								0				0
Call Options Strike @ GBP 163.000 on United Kingdom Long Gilt June 2020 Futures (1)		05/2020		12							0								0								0				0
Call Options Strike @ GBP 165.000 on United Kingdom Long Gilt June 2020 Futures (1)		05/2020		9							0								0								0				0
Euro-Bobl June Futures		06/2020		144							21,474								(115)								52				(48)
Euro-BTP Italy Government Bond June Futures		06/2020		73							11,385								(468)								0				(191)
Euro-Buxl 30-Year Bond June Futures		06/2020		6							1,389								(53)								15				(30)

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Japan Government 10-Year Bond June Futures								06/2020					3								4,257												(58)									11										(4)
Put Options Strike @ EUR 106.000 on Euro-BTP Italy Government Bond June 2020 Futures (1)								05/2020					70								1												0									0										0
Put Options Strike @ EUR 130.500 on Euro-Bobl June 2020 Futures (1)								05/2020					124								2												1									1										(1)
Put Options Strike @ EUR 131.500 on Euro-Bobl June 2020 Futures (1)								05/2020					21								1												1									0										0
U.S. Treasury 2-Year Note June Futures								06/2020					49								10,799												155									0										(1)
U.S. Treasury 5-Year Note June Futures								06/2020					334								41,870												1,541									0										(16)
																												$				1,093							$		138						$				(294)
SHORT FUTURES CONTRACTS
												Variation Margin
Description								Expiration Month					# of Contracts								Notional Amount												Unrealized Appreciation/ (Depreciation)									Asset										Liability
Call Options Strike @ EUR 177.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)								05/2020					12					$			(7)								$				4							$		3						$				(3)
Canada Government 10-Year Bond June Futures								06/2020					70								(7,319)												(333)									2										(7)
Euro-Bund 10-Year Bond June Futures								06/2020					152								(28,920)												285									183										(174)
Euro-OAT France Government 10-Year Bond June Futures								06/2020					114								(21,023)												568									162										(83)
Euro-Schatz June Futures								06/2020					87								(10,765)												(7)									5										(6)
U.S. Treasury 10-Year Note June Futures								06/2020					8								(1,110)												(5)									1										0
United Kingdom Long Gilt June Futures								06/2020					104								(17,593)												(221)									64										(52)
																												$				291							$		420						$				(325)
Total Futures Contracts														$			1,384							$	558					$				(619)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION(2)
												Variation Margin (7)
Reference Entity	Fixed (Pay) Rate		Payment Frequency		Maturity Date		Implied Credit Spread at March 31, 2020(4)									Notional Amount(5)						Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)							Market Value(6)								Asset								Liability
BASF SE	(1.000)%		Quarterly		12/20/2020		0.141			%	EUR					200			$			(6)				$				5					$		(1)						$		0				$				0
Reynolds American, Inc.	(1.000)		Quarterly		12/20/2020		0.048				$					700						(19)								14							(5)								0								0
United Utilities PLC	(1.000)		Quarterly		12/20/2020		0.095				EUR					200						(4)								2							(2)								0								0
																				$			(29)				$				21					$		(8)						$		0				$				0
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(3)
												Variation Margin (7)
Reference Entity	Fixed Receive Rate		Payment Frequency		Maturity Date		Implied Credit Spread at March 31, 2020(4)									Notional Amount(5)						Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)							Market Value(6)								Asset								Liability
Daimler AG	1.000%		Quarterly		12/20/2020		0.688			%	EUR					100			$			1				$				(1)					$		0						$		0				$				0
Rolls-Royce PLC	1.000		Quarterly		06/20/2024		4.014									200						1								(26)							(25)								0								(6)
Shell International Finance BV	1.000		Quarterly		12/20/2026		1.387									200						(3)								(3)							(6)								0								(1)
Tesco PLC	1.000		Quarterly		06/20/2025		1.069									400						(13)								12							(1)								1								0
																				$			(14)				$				(18)					$		(32)						$		1				$				(7)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(2)
												Variation Margin (7)
Index/Tranches		Fixed (Pay) Rate		Payment Frequency		Maturity Date									Notional Amount(5)							Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)							Market Value(6)								Asset								Liability
CDX.IG-33 10-Year Index		(1.000)%		Quarterly		12/20/2029			$						1,000				$			6				$				27					$		33						$		8				$				0
iTraxx Europe Main 32 10-Year Index		(1.000)		Quarterly		12/20/2029			EUR						500							(9)								22							13								1								0
																			$			(3)				$				49					$		46						$		9				$				0
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(3)
												Variation Margin (7)
Index/Tranches		Fixed Receive Rate		Payment Frequency		Maturity Date									Notional Amount(5)							Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)							Market Value(6)								Asset								Liability
CDX.EM-28 5-Year Index		1.000%		Quarterly		12/20/2022			$						1,067				$			(4)				$				(49)					$		(53)						$		2				$				0
CDX.EM-29 5-Year Index		1.000		Quarterly		06/20/2023									1,100							(21)								(67)							(88)								3								0
CDX.EM-30 5-Year Index		1.000		Quarterly		12/20/2023									6,800							(316)								(298)							(614)								19								0
CDX.EM-32 5-Year Index		1.000		Quarterly		12/20/2024									1,700							(74)								(120)							(194)								5								0

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


CDX.EM-33 5-Year Index			1.000		Quarterly				06/20/2025							100							(11)						0						(11)						0						0
CDX.IG-33 5-Year Index			1.000		Quarterly				12/20/2024							500							13						(15)						(2)						0						(2)
CDX.IG-34 5-Year Index			1.000		Quarterly				06/20/2025							4,400							(74)						45						(29)						0						(13)
iTraxx Crossover 32 5-Year Index			5.000		Quarterly				12/20/2024				EUR			400							59						(67)						(8)						1						0
iTraxx Europe Main 32 5-Year Index			1.000		Quarterly				12/20/2024							3,600							42						(33)						9						0						(6)
																				$			(386)			$			(604)			$			(990)			$			30			$			(21)
INTEREST RATE SWAPS -BASIS SWAPS
															Variation Margin
Pay Floating Rate Index		Receive Floating Rate Index					Payment Frequency				Maturity Date							Notional Amount					Premiums Paid/ (Received)						Unrealized Appreciation/ (Depreciation)						Market Value						Asset						Liability
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.091%						Quarterly				03/18/2022			$				41,600		$			(1)			$			(9)			$			(10)			$			0			$			(3)
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.084%						Quarterly				04/26/2022							12,800					0						(2)						(2)						0						(3)
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.084%						Quarterly				06/12/2022							2,900					0						2						2						0						0
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.070%						Quarterly				06/12/2022							2,000					0						2						2						0						0
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.085%						Quarterly				06/19/2022							10,400					1						13						14						1						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.073%						Quarterly				04/27/2023							6,300					0						(2)						(2)						2						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.070%						Quarterly				03/07/2024							1,400					0						(1)						(1)						0						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.088%						Quarterly				09/06/2024							4,400					1						(5)						(4)						1						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.105%						Quarterly				09/27/2024							1,100					0						(1)						(1)						0						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.102%						Quarterly				10/04/2024							3,300					0						(4)						(4)						1						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.088%						Quarterly				05/23/2029							1,100					0						(3)						(3)						0						0
																				$			1			$			(10)			$			(9)			$			5			$			(6)
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(8)	1-Day GBP-SONIO Compounded-OIS			0.905%		Quarterly				12/03/2039				GBP			500					$			0			$			(30)			$			(30)			$			0			$			0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS			1.080		Annual				09/15/2021				$			6,500								0						(92)						(92)						0						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS			1.304		Annual				09/15/2021							3,800								0						(69)						(69)						0						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS			2.673		Annual				04/30/2025							500								0						(66)						(66)						0						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS			2.683		Annual				04/30/2025							1,500								1						(201)						(200)						1						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS			2.684		Annual				04/30/2025							400								0						(52)						(52)						0						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS			2.696		Annual				04/30/2025							500								0						(67)						(67)						0						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS			2.710		Annual				04/30/2025							500								0						(67)						(67)						0						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS			2.714		Annual				04/30/2025							900								0						(121)						(121)						1						0
Receive	1-Year BRL-CDI			6.295		Maturity				01/02/2025				BRL			400								0						1						1						0						0
Pay(8)	3-Month CAD-Bank Bill			1.500		Semi-Annual				06/17/2025				CAD			1,100								(9)						30						21						0						(2)
Pay	3-Month CAD-Bank Bill			2.500		Semi-Annual				06/19/2029							400								25						11						36						0						(2)
Pay	3-Month CAD-Bank Bill			1.713		Semi-Annual				10/02/2029							3,700								1						140						141						0						(17)
Pay	3-Month CAD-Bank Bill			1.900		Semi-Annual				12/18/2029							7,700								114						287						401						0						(35)

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Pay(8)		3-Month CAD-Bank Bill	1.500	Semi-Annual	06/17/2030				3,000			(60)						137			77					0			(14)
Pay		3-Month CAD-Bank Bill	2.750	Semi-Annual	12/18/2048				600			8						127			135					0			(11)
Pay		3-Month CAD-Bank Bill	2.565	Semi-Annual	03/07/2049				700			0						135			135					0			(12)
Receive		3-Month CAD-Bank Bill	1.390	Semi-Annual	03/18/2050				300			0						5			5					5			0
Pay(8)		3-Month GBP-LIBOR	1.080	Quarterly	12/03/2039	GBP			500			0						29			29					1			0
Receive		3-Month USD-LIBOR	1.750	Semi-Annual	06/20/2020	$			16,200			317						(413)			(96)					1			0
Pay(8)		3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2021				9,700			32						53			85					3			0
Receive		3-Month USD-LIBOR	1.500	Semi-Annual	12/18/2021				2,200			8						(57)			(49)					0			(1)
Receive		3-Month USD-LIBOR	2.500	Semi-Annual	12/18/2021				16,300			(235)						(458)			(693)					0			(4)
Receive		3-Month USD-LIBOR	1.540	Semi-Annual	02/26/2022				4,300			(10)						(76)			(86)					0			(3)
Receive		3-Month USD-LIBOR	1.570	Semi-Annual	02/27/2022				5,200			(12)						(96)			(108)					0			(4)
Pay(8)		3-Month USD-LIBOR	1.000	Semi-Annual	06/17/2022				6,100			(17)						97			80					5			0
Receive		3-Month USD-LIBOR	2.250	Semi-Annual	12/20/2022				2,500			18						(157)			(139)					0			0
Receive(8)		3-Month USD-LIBOR	1.305	Semi-Annual	08/21/2023				3,600			0						(100)			(100)					0			0
Receive		3-Month USD-LIBOR	1.750	Semi-Annual	12/21/2023				2,900			(61)						(92)			(153)					1			0
Receive(8)		3-Month USD-LIBOR	1.298	Semi-Annual	08/25/2024				3,150			0						(79)			(79)					1			0
Receive(8)		3-Month USD-LIBOR	1.249	Semi-Annual	08/31/2024				3,900			0						(91)			(91)					1			0
Receive(8)		3-Month USD-LIBOR	1.360	Semi-Annual	09/17/2024				2,100			0						(55)			(55)					0			0
Receive		3-Month USD-LIBOR	1.500	Semi-Annual	12/18/2024				1,900			13						(112)			(99)					0			0
Receive(8)		3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2025				800			3						(34)			(31)					0			0
Receive		3-Month USD-LIBOR	3.000	Semi-Annual	06/19/2026				3,000			(85)						(392)			(477)					5			0
Pay		3-Month USD-LIBOR	2.500	Semi-Annual	12/20/2027				2,600			(98)						487			389					0			(7)
Pay		3-Month USD-LIBOR	3.200	Semi-Annual	10/11/2028				1,400			(5)						318			313					0			(5)
Pay		3-Month USD-LIBOR	3.000	Semi-Annual	06/19/2029				3,500			116						647			763					0			(17)
Pay		3-Month USD-LIBOR	1.500	Semi-Annual	12/18/2029				300			(1)						25			24					0			(2)
Pay		3-Month USD-LIBOR	2.750	Semi-Annual	12/18/2029				400			28						53			81					0			(2)
Pay(8)		3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2030				1,000			(28)						81			53					0			(6)
Receive		3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2030				600			5						37			32					3			0
Receive		3-Month USD-LIBOR	2.250	Semi-Annual	03/12/2050				800			0						(297)			(297)					25			0
Pay(8)		3-Month USD-LIBOR	1.500	Semi-Annual	06/17/2050				1,500			29						217			246					0			(43)
Pay		3-Month ZAR-JIBAR	7.250	Quarterly	06/20/2023	ZAR			7,100			1						17			18					3			0
Pay		3-Month ZAR-JIBAR	6.975	Quarterly	01/07/2025				44,700			12						26			38					41			0
Receive		3-Month ZAR-JIBAR	6.590	Quarterly	03/06/2025				44,700			0						15			15					0			(43)
Pay		6-Month CHF-LIBOR	0.620	Annual	03/18/2025	CHF			1,500			9						(17)			(8)					3			0
Pay		6-Month CHF-LIBOR	0.050	Annual	03/16/2026				600			(4)						24			20					1			0
Receive		6-Month EUR-EURIBOR	0.500	Annual	03/18/2022	EUR			65,300			88						133			221					0			(9)
Receive(8)		6-Month EUR-EURIBOR	0.300	Annual	06/17/2022				7,800			0						(5)			(5)					0			(2)
Pay		6-Month EUR-EURIBOR	2.500	Annual	03/21/2023				7,800			831						(97)			734					1			0
Pay		6-Month EUR-EURIBOR	0.500	Annual	03/18/2025				1,800			(17)						(8)			(25)					0			0
Pay(8)		6-Month EUR-EURIBOR	0.150	Annual	06/17/2025				19,300			(1)						83			82					0			(5)
Pay(8)		6-Month EUR-EURIBOR	1.310	Annual	06/19/2029				1,200			40						40			80					0			(1)
Pay		6-Month EUR-EURIBOR	0.150	Annual	03/18/2030				18,200			(429)						178			(251)					3			(12)
Pay(8)		6-Month EUR-EURIBOR	0.150	Annual	06/17/2030				7,500			35						96			131					0			(9)
Receive		6-Month EUR-EURIBOR	0.250	Annual	03/18/2050				6,100			355						(500)			(145)					76			0
Pay		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2022	GBP			8,400			(10)						66			56					0			(1)
Pay(8)		6-Month GBP-LIBOR	0.737	Semi-Annual	02/14/2024				4,100			0						10			10					0			0
Pay(8)		6-Month GBP-LIBOR	0.745	Semi-Annual	02/17/2024				6,200			0						16			16					1			0
Pay		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2025				12,400			16						164			180					2			0
Pay(8)		6-Month GBP-LIBOR	1.000	Semi-Annual	06/17/2025				5,700			47						125			172					4			0
Receive(8)		6-Month GBP-LIBOR	0.803	Semi-Annual	02/14/2028				800			0						(10)			(10)					0			(1)
Receive(8)		6-Month GBP-LIBOR	0.811	Semi-Annual	02/17/2028				1,300			0						(17)			(17)					0			(1)
Pay		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2030				1,200			(19)						44			25					2			0
Receive(8)		6-Month GBP-LIBOR	0.672	Semi-Annual	02/26/2031				300			0						(3)			(3)					0			0
Receive		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2050				800			19						(64)			(45)					0			(3)
Pay(8)		6-Month GBP-LIBOR	0.722	Semi-Annual	02/26/2051				110			0						5			5					0			0
Receive		6-Month JPY-LIBOR	0.200	Semi-Annual	06/19/2029	JPY			730,000			(67)						(55)			(122)					0			(8)
Receive		6-Month JPY-LIBOR	0.400	Semi-Annual	06/19/2039				530,000			9						(272)			(263)					0			(19)
Pay		6-Month JPY-LIBOR	0.500	Semi-Annual	06/19/2049				120,000			(12)						118			106					8			0
Receive		6-Month NOK-NIBOR	1.993	Annual	11/12/2024	NOK			1,900			(1)						(9)			(10)					0			(1)
Receive		6-Month NOK-NIBOR	1.635	Annual	03/18/2025				2,300			0						(9)			(9)					0			(1)
Receive		6-Month PLN-WIBOR	1.873	Annual	01/09/2025	PLN			4,100			0						(47)			(47)					0			(2)
Pay		6-Month PLN-WIBOR	1.830	Annual	02/05/2025				5,100			0						56			56					2			0
Receive		6-Month PLN-WIBOR	1.248	Annual	03/10/2025				1,000			0						(4)			(4)					0			0
Pay		UKRPI	3.386	Maturity	01/15/2030	GBP			300			0						3			3					0			0
Pay		UKRPI	3.436	Maturity	02/15/2030				200			0						3			3					0			0
Pay		UKRPI	3.450	Maturity	02/15/2030				400			0						7			7					0			0
Pay		UKRPI	3.453	Maturity	02/15/2030				900			0						16			16					1			0
										$	999			$			(303)		$	696			$		201		$	(305)
Total Swap Agreements							$	568		$			(865)		$	(297)			$	246		$		(339)
Cash of $6,264 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	Future styled option.

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


(2)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(3)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.
(5)	The maximum potential amount the Portfolio 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.
(6)	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.
(7)	Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end.
(8)	This instrument has a forward starting effective date.
(m)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
					Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Month		Currency to be Delivered			Currency to be Received		Asset		Liability
BOA		04/2020	AUD	430		$	281	$	17	$	0
		04/2020	ILS	223			61		0		(2)
		04/2020	NZD	107			61		0		(3)
		04/2020	$	8,126		DKK	55,788		128		(12)
		04/2020		316		RUB	24,887		1		0
		05/2020	EUR	4,105		$	4,513		52		(73)
		05/2020	$	1,429		EUR	1,297		16		(13)
		05/2020		10,270		NOK	94,655		0		(1,163)
		07/2020	DKK	51,533		$	7,515		0		(122)
		07/2020	ZAR	4,100			277		51		0
BPS		04/2020	BRL	1,749			396		59		0
		04/2020	CAD	2,963			2,080		13		(39)
		04/2020	$	336		BRL	1,748		0		0
		04/2020		559		CAD	756		0		(22)
		04/2020		561		GBP	438		0		(17)
		04/2020		279		NOK	2,597		0		(29)
		05/2020		2,217		CHF	2,066		0		(66)
		05/2020		938		COP	3,917,450		23		0
		05/2020		819		EUR	725		0		(18)
		05/2020		2,607		INR	191,536		0		(94)
		05/2020		326		JPY	35,800		7		0
		06/2020	CNH	2,994		$	430		9		0
		06/2020	IDR	10,376,448			686		57		0
		06/2020	$	87		TWD	2,576		0		(1)
		09/2020	HKD	1,407		$	179		0		(2)
BRC		04/2020	INR	192,989			2,660		127		0
		05/2020	EUR	1,299			1,440		5		0
		05/2020	NOK	6,145			656		65		0
		05/2020	$	1,587		CHF	1,465		0		(62)
		05/2020		533		JPY	55,000		0		(20)
		05/2020		416		SEK	4,320		21		0
		06/2020		265		CNH	1,850		0		(5)
		09/2020		1,972		HKD	15,465		22		0
BSH		05/2020		3,338		MXN	65,473		0		(591)
CBK		04/2020	BRL	4,319		$	947		116		0
		04/2020	CAD	9,629			6,827		0		(15)
		04/2020	COP	3,898,703			1,141		183		0
		04/2020	MXN	15,661			689		30		0
		04/2020	PEN	2,057			616		17		0
		04/2020	$	831		BRL	4,319		0		0
		04/2020		8,082		CAD	10,777		0		(424)
		04/2020		607		DKK	4,220		16		0
		04/2020		718		NZD	1,135		0		(40)
		04/2020		379		ZAR	5,849		0		(52)
		05/2020	AUD	1,180		$	689		0		(37)
		05/2020	EUR	3,954			4,303		0		(65)
		05/2020	GBP	2,217			2,891		134		0
		05/2020	JPY	179,700			1,618		3		(59)
		05/2020	PEN	4,000			1,187		24		0
		05/2020	$	6,316		CAD	8,903		12		0
		05/2020		216		EUR	197		1		0
		05/2020		1,831		GBP	1,415		6		(78)
		05/2020		20,387		JPY	2,198,437		232		(133)

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


	06/2020	CNH	8,862	$	1,256	8	0
	06/2020	TWD	2,784		93	0	0
	06/2020	$	95	IDR	1,570,350	0	0
	07/2020	PEN	2,722	$	783	0	(7)
DUB	04/2020	BRL	2,513		491	7	0
	04/2020	PEN	84		24	0	(1)
	04/2020	$	483	BRL	2,513	0	0
	05/2020		481		2,471	0	(7)
FBF	05/2020		155	CHF	152	3	0
GLM	04/2020	BRL	1,148	$	251	30	0
	04/2020	CAD	2,356		1,637	0	(37)
	04/2020	DKK	60,193		8,990	99	(1)
	04/2020	GBP	1,132	EUR	1,337	69	0
	04/2020	JPY	30,057	$	279	0	(1)
	04/2020	RUB	2,639		34	0	0
	04/2020	$	221	BRL	1,148	0	0
	04/2020		987	RUB	61,724	0	(200)
	05/2020	CHF	21	$	22	0	0
	05/2020	GBP	2,130		2,628	46	(66)
	05/2020	NOK	2,610		277	26	0
	05/2020	PEN	18		5	0	0
	05/2020	$	318	EUR	293	6	0
	05/2020		481	GBP	413	32	0
	05/2020		1,330	RUB	107,174	34	0
	05/2020		114	SEK	1,065	0	(6)
	06/2020		0	CLP	360	0	0
	06/2020		2,097	MYR	8,845	0	(49)
	07/2020	DKK	440	$	65	0	(1)
HUS	04/2020	BRL	4,475		993	132	0
	04/2020	ILS	244		66	0	(3)
	04/2020	NZD	94		59	3	0
	04/2020	SEK	2,439		257	10	0
	04/2020	$	861	BRL	4,475	0	0
	04/2020		2,630	INR	192,989	0	(97)
	04/2020		1,975	NZD	3,154	0	(93)
	05/2020	AUD	6,425	$	4,243	290	0
	05/2020	CHF	992		1,011	0	(21)
	05/2020	EUR	764		847	3	0
	05/2020	GBP	1,136		1,468	56	0
	05/2020	JPY	181,400		1,656	0	(35)
	05/2020	$	5,811	EUR	5,202	8	(72)
	05/2020		2,217	GBP	1,722	6	(82)
	05/2020		798	JPY	85,600	0	(1)
	05/2020		154	SEK	1,440	0	(8)
	06/2020	CNH	85,575	$	12,217	162	0
	06/2020	HKD	591		76	0	0
JPM	04/2020	RON	27		6	0	0
	04/2020	$	1,208	CAD	1,642	3	(45)
	04/2020	ZAR	2,095	$	133	16	0
	05/2020	EUR	775		848	0	(9)
	05/2020	INR	95,685		1,328	72	0
	05/2020	NOK	130		14	1	0
	05/2020	$	10,135	CHF	9,826	96	0
	05/2020		1,150	EUR	1,061	22	0
	06/2020	IDR	3,215,980	$	226	31	0
MYI	04/2020	EUR	1,273		1,425	21	0
	04/2020	NZD	3,174		2,010	116	0
	04/2020	$	1,207	CAD	1,744	32	0
	05/2020	EUR	16,229	$	17,814	0	(114)
	05/2020	GBP	285		339	0	(15)
	05/2020	NOK	5,205		472	0	(29)
	05/2020	$	1,490	GBP	1,145	0	(67)
	05/2020		10,029	SEK	96,050	0	(310)
	06/2020	IDR	1,140,370	$	77	8	0
	06/2020	$	4,446	IDR	61,738,496	0	(708)
	06/2021		15	EUR	12	0	(2)
RBC	04/2020	CAD	304	$	220	4	0
RYL	05/2020	SEK	9,665		935	0	(43)
	05/2020	$	213	AUD	326	0	(13)
	05/2020		2,293	EUR	2,129	59	0
	05/2020		1,328	MXN	26,055	0	(235)
SCX	05/2020		70	EUR	63	0	(1)
	05/2020		182	RUB	14,368	1	0
	06/2020		3,840	CNH	26,951	0	(44)
	09/2020	HKD	14,241	$	1,812	0	(24)
SOG	04/2020	$	90	RUB	6,999	0	(1)
	05/2020		690	GBP	530	0	(31)
	06/2020		791	RUB	61,633	0	(10)
SSB	04/2020		3,242	BRL	14,204	0	(508)
	05/2020	INR	95,851	$	1,333	76	0
TOR	05/2020	NOK	70		7	1	0
UAG	04/2020	CAD	373		280	15	0
	04/2020	CHF	1,076		1,127	9	0
	04/2020	RUB	2,770		35	0	0
	04/2020	$	1,327	NZD	2,240	10	0
	04/2020		284	RUB	22,501	3	0

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


		05/2020		NZD	2,240									$				1,326								0									(10)
		05/2020		$	11,693									AUD				17,305								0									(1,047)
		05/2020			2,184									EUR				1,984								8									0
Total Forward Foreign Currency Contracts						$					3,081								$		(7,311)
PURCHASED OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty	Description											Strike Price				Expiration Date						Notional Amount(1)			Cost							Market Value
BOA	Put - OTC AUD versus USD									$		0.500				04/16/2020						3,500		$	9						$	1
	Put - OTC AUD versus USD											0.550				04/22/2020						12,900			1							19
	Call - OTC EUR versus GBP									GBP		0.950				04/23/2020						2,548			0							3
	Call - OTC USD versus CAD									CAD		1.430				04/02/2020						8,000			1							9
	Call - OTC USD versus CHF									CHF		1.050				04/16/2020						9,800			1							1
	Call - OTC USD versus JPY									JPY		116.200				04/02/2020						11,700			1							0
	Call - OTC USD versus SEK									SEK		10.950				04/02/2020						10,400			1							0
	Call - OTC USD versus SEK											11.300				04/16/2020						900			0							0
GLM	Put - OTC EUR versus GBP									GBP		0.833				04/22/2020						2,548			15							1
	Put - OTC EUR versus USD									$		1.085				04/08/2020						1,928			7							4
	Call - OTC EUR versus USD											1.420				05/08/2020						2,000			0							0
HUS	Call - OTC USD versus CHF									CHF		1.150				05/14/2020						3,100			0							0
	Call - OTC USD versus JPY									JPY		128.000				05/14/2020						8,200			1							1
																											$		37				$			39
INTEREST RATE SWAPTIONS
Counterparty	Description		Floating Rate Index					Pay/Receive Floating Rate					Exercise Rate							Expiration Date			Notional Amount(1)							Cost							Market Value
BOA	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR					Receive					2.175%							09/15/2021			900					$		37				$			12
DUB	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR					Receive					2.300							12/21/2021			400							16							5
FBF	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR					Receive					1.733							08/26/2021			1,100							81							30
GLM	Put - OTC 30-Year Interest Rate Swap		6-Month GBP-LIBOR					Receive					0.860							02/26/2021			250							15							15
MYC	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR					Receive					2.005							06/08/2020			600							24							1
	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR					Receive					1.984							06/09/2020			300							12							1
	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR					Receive					1.752							08/23/2021			900							67							23
	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR					Receive					2.300							12/21/2021			700							27							9
																												$		279				$			96
OPTIONS ON SECURITIES
Counterparty	Description										Strike Price				Expiration Date								Notional Amount(1)							Cost							Market Value
JPM	Put - OTC Uniform Mortgage-Backed Security, TBA 3.500% due 05/01/2050						$				73.000				05/06/2020								13,000					$		1				$			0
Total Purchased Options						$			317						$		135
WRITTEN OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty	Description											Strike Price				Expiration Date						Notional Amount(1)			Premiums (Received)							Market Value
GLM	Call - OTC EUR versus RUB									RUB		73.000				04/02/2020						1,183		$	(11)						$	(202)
	Call - OTC EUR versus USD									$		1.105				04/08/2020						1,928			(8)							(11)
HUS	Call - OTC EUR versus CNH									CNH		7.850				04/02/2020						1,270			(6)							(3)
																											$		(25)				$			(216)
INTEREST RATE SWAPTIONS
Counterparty	Description		Floating Rate Index					Pay/Receive Floating Rate					Exercise Rate							Expiration Date			Notional Amount(1)							Premiums (Received)							Market Value
BOA	Put - OTC 3-Year Interest Rate Swap		3-Month USD-LIBOR					Pay					1.880%							09/15/2021			7,500					$		(37)				$			(3)
DUB	Put - OTC 3-Year Interest Rate Swap		3-Month USD-LIBOR					Pay					2.020							12/21/2021			3,400							(15)							(2)
FBF	Put - OTC 3-Year Interest Rate Swap		3-Month USD-LIBOR					Pay					1.399							08/26/2021			9,200							(82)							(9)

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


GLM		Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR					Receive		1.450					08/06/2020						6,900						(10)							(76)
		Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR					Receive		1.450					08/11/2020						6,900						(10)							(77)
		Put - OTC 10-Year Interest Rate Swap	6-Month GBP-LIBOR					Pay		0.780					02/26/2021						700						(15)							(15)
		Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR					Receive		0.000					08/27/2020						200						(6)							(10)
		Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR					Receive		0.000					08/28/2020						400						(16)							(20)
JPM		Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR					Receive		0.000					08/25/2020						100						(3)							(5)
MYC		Put - OTC 1-Year Interest Rate Swap (2)	3-Month USD-LIBOR					Pay		1.600					06/08/2020						14,400						(24)							0
		Put - OTC 1-Year Interest Rate Swap (2)	3-Month USD-LIBOR					Pay		1.600					06/09/2020						7,200						(11)							0
		Put - OTC 2-Year Interest Rate Swap	3-Month JPY-LIBOR					Pay		0.047					06/29/2020						331,000						(1)							(2)
		Put - OTC 3-Year Interest Rate Swap	3-Month USD-LIBOR					Pay		1.448					08/23/2021						7,500						(67)							(6)
		Put - OTC 3-Year Interest Rate Swap	3-Month USD-LIBOR					Pay		2.020					12/21/2021						5,900						(27)							(3)
		Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR					Receive		0.000					08/24/2020						200						(7)							(10)
																								$			(331)					$		(238)
INTEREST RATE-CAPPED OPTIONS
Counterparty		Description	Exercise Rate			Floating Rate Index								Expiration Date				Notional Amount(1)								Premiums (Received)							Market Value
MYC		Call - OTC 1-Year Interest Rate Floor (2)	0.000%			3-Month USD-LIBOR								10/07/2022						3,250			$			(3)					$		(5)
		Call - OTC 1-Year Interest Rate Floor (2)	0.000			3-Month USD-LIBOR								10/08/2022						1,750						(2)							(3)
																							$			(5)					$		(8)
Total Written Options							$		(361)			$	(462)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION(3)
							Swap Agreements, at Value (7)
Counterparty	Reference Entity			Fixed (Pay) Rate	Payment Frequency				Maturity Date		Implied Credit Spread at March 31, 2020(5)						Notional Amount(6)					Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)		Asset						Liability
BOA	Japan Government International Bond			(1.000)%	Quarterly				06/20/2022		0.159%					$	100		$			(3)			$			1	$	0					$	(2)
BPS	Japan Government International Bond			(1.000)	Quarterly				06/20/2022		0.159						1,000					(36)						17		0						(19)
	South Korea Government International Bond			(1.000)	Quarterly				06/20/2023		0.237						800					(20)						0		0						(20)
BRC	China Government International Bond			(1.000)	Quarterly				06/20/2023		0.263						700					(17)						0		0						(17)
	Japan Government International Bond			(1.000)	Quarterly				06/20/2022		0.159						800					(28)						13		0						(15)
	South Korea Government International Bond			(1.000)	Quarterly				06/20/2023		0.237						900					(23)						1		0						(22)
CBK	Japan Government International Bond			(1.000)	Quarterly				06/20/2022		0.159						400					(14)						6		0						(8)
GST	China Government International Bond			(1.000)	Quarterly				06/20/2023		0.263						700					(14)						(3)		0						(17)
	Japan Government International Bond			(1.000)	Quarterly				06/20/2022		0.159						700					(24)						11		0						(13)
HUS	South Korea Government International Bond			(1.000)	Quarterly				06/20/2023		0.237						300					(7)						0		0						(7)
JPM	South Korea Government International Bond			(1.000)	Quarterly				06/20/2023		0.237						400					(10)						0		0						(10)
																			$			(196)			$			46	$	0					$	(150)
CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION(4)
							Swap Agreements, at Value (7)
Counterparty	Reference Entity			Fixed Receive Rate	Payment Frequency				Maturity Date		Implied Credit Spread at March 31, 2020(5)						Notional Amount(6)					Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)		Asset						Liability
JPM	South Africa Government International Bond			1.000%	Quarterly				06/20/2023		3.617%					$	100		$			(5)			$			(3)	$	0					$	(8)

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


CROSS-CURRENCY SWAPS
											Swap Agreements, at Value
Counterparty		Receive			Pay	Payment Frequency			Maturity Date(8)								Notional Amount of Currency Received												Notional Amount of Currency Delivered							Premiums Paid/(Received)				Unrealized Appreciation/(Depreciation)				Asset				Liability
CBK		Floating rate equal to 3-Month AUD-LIBOR plus 0.420% based on the notional amount of currency received			Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered	Maturity			07/31/2029					AUD			1,500						$						1,035					$		0		$		(105)		$		0		$		(105)
		Floating rate equal to 3-Month EUR-EURIBOR less 0.172% based on the notional amount of currency received			Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered	Maturity			01/23/2030					EUR			1,200												1,332							6				(16)				0				(10)
GLM		Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency received			Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered	Maturity			08/01/2029					AUD			1,400												966							(5)				(93)				0				(98)
MYI		Floating rate equal to 3-Month EUR-EURIBOR less 0.162% based on the notional amount of currency received			Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered	Maturity			03/18/2030					EUR			600												670							(3)				(2)				0				(5)
																																		$		(2)		$		(216)		$		0		$		(218)
INTEREST RATE SWAPS
											Swap Agreements, at Value
Counterparty		Pay/ Receive Floating Rate		Floating Rate Index				Fixed Rate					Payment Frequency					Maturity Date									Notional Amount									Premiums Paid/(Received)				Unrealized Appreciation/ (Depreciation)				Asset				Liability
BOA		Pay		3-Month ILS-TELBOR				0.243%					Annual					03/05/2025						ILS			800							$		0		$		(3)		$		0		$		(3)
HUS		Pay		3-Month CNY-CNREPOFIX				2.630					Quarterly					03/18/2025						CNY			11,700									0				31				31				0
JPM		Pay		3-Month ILS-TELBOR				1.018					Annual					03/01/2024						ILS			16,200									0				108				108				0
																																			$		0		$		136		$		139		$		(3)
TOTAL RETURN SWAPS ON INTEREST RATE INDICES
											Swap Agreements, at Value
Counterparty		Pay/Receive(9)		Underlying Reference			# of Units			Financing Rate						Payment Frequency						Maturity Date									Notional Amount						Premiums Paid/(Received)				Unrealized Appreciation/ (Depreciation)				Asset				Liability
GST		Receive	iBoxx USD Liquid Investment Grade Index				N/A			1.116% (3-Month USD-LIBOR plus a specified spread)					Maturity						06/22/2020							$				3,000			$		10		$		134		$		144		$		0
Total Swap Agreements											$	(193)							$	97					$	283				$			(379)
(n)	Securities with an aggregate market value of $6,128 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)	Notional Amount represents the number of contracts.
(2)	The underlying instrument has a forward starting effective date.
(3)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(5)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.
(6)	The maximum potential amount the Portfolio 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.

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


(7)		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.
(8)		At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.
(9)		Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory			Level 1			Level 2			Level 3			Fair Value at 03/31/2020
Investments in Securities, at Value
Argentina
	Corporate Bonds & Notes			$	0		$	19		$	0		$	19
	Sovereign Issues				0			87			0			87
Australia
	Corporate Bonds & Notes				0			615			0			615
	Non-Agency Mortgage-Backed Securities				0			183			0			183
	Sovereign Issues				0			2,229			0			2,229
Brazil
	Corporate Bonds & Notes				0			1,255			0			1,255
Canada
	Corporate Bonds & Notes				0			1,121			0			1,121
	Non-Agency Mortgage-Backed Securities				0			591			0			591
	Sovereign Issues				0			210			0			210
Cayman Islands
	Asset-Backed Securities				0			3,023			0			3,023
	Corporate Bonds & Notes				0			1,680			0			1,680
China
	Sovereign Issues				0			9,475			0			9,475
Denmark
	Corporate Bonds & Notes				0			8,925			0			8,925
Finland
	Sovereign Issues				0			1,170			0			1,170
France
	Corporate Bonds & Notes				0			414			0			414
	Sovereign Issues				0			8,378			0			8,378
Germany
	Corporate Bonds & Notes				0			2,402			0			2,402
	Sovereign Issues				0			246			0			246
Guernsey, Channel Islands
	Corporate Bonds & Notes				0			781			0			781
India
	Corporate Bonds & Notes				0			663			0			663
Indonesia
	Corporate Bonds & Notes				0			504			0			504
Ireland
	Asset-Backed Securities				0			1,653			0			1,653
Israel
	Sovereign Issues				0			428			0			428
Italy
	Corporate Bonds & Notes				0			1,748			0			1,748
	Sovereign Issues				0			1,768			0			1,768
Japan
	Corporate Bonds & Notes				0			2,701			0			2,701
	Sovereign Issues				0			5,834			0			5,834
Kuwait
	Sovereign Issues				0			1,668			0			1,668
Lithuania
	Sovereign Issues				0			415			0			415
Luxembourg
	Corporate Bonds & Notes				0			579			0			579
Netherlands
	Asset-Backed Securities				0			1,516			0			1,516
	Corporate Bonds & Notes				0			3,381			0			3,381
	Preferred Securities				0			100			0			100
Norway
	Sovereign Issues				0			160			0			160
Peru
	Sovereign Issues				0			2,623			0			2,623
Qatar
	Sovereign Issues				0			3,173			0			3,173
Saudi Arabia
	Sovereign Issues				0			3,638			0			3,638
Singapore
	Corporate Bonds & Notes				0			410			0			410
South Korea
	Corporate Bonds & Notes				0			200			0			200
Spain
	Corporate Bonds & Notes				0			200			0			200

Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


	Sovereign Issues				0				9,863				0				9,863
Supranational
	Corporate Bonds & Notes				0				366				0				366
Switzerland
	Corporate Bonds & Notes				0				1,680				0				1,680
United Arab Emirates
	Sovereign Issues				0				511				0				511
United Kingdom
	Corporate Bonds & Notes				0				13,406				0				13,406
	Non-Agency Mortgage-Backed Securities				0				7,439				0				7,439
	Preferred Securities				0				221				0				221
United States
	Asset-Backed Securities				0				10,702				0				10,702
	Corporate Bonds & Notes				0				17,563				0				17,563
	Loan Participations and Assignments				0				215				0				215
	Non-Agency Mortgage-Backed Securities				0				10,516				0				10,516
	Preferred Securities				0				503				0				503
	U.S. Government Agencies				0				91,044				0				91,044
	U.S. Treasury Obligations				0				7,610				0				7,610
Short-Term Instruments
	Repurchase Agreements				0				1,947				0				1,947
	Argentina Treasury Bills				0				16				0				16
	South Africa Treasury Bills				0				226				0				226
	U.S. Treasury Bills				0				4,747				0				4,747
		$		0		$		254,741		$		0		$		254,741
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes		$		8,951		$		0		$		0		$		8,951
Total Investments		$		8,951		$		254,741		$		0		$		263,692
Short Sales, at Value - Liabilities
Canada
	Sovereign Issues		$		0		$		(770)		$		0		$		(770)
United Kingdom
	Sovereign Issues				0				(1,231)				0				(1,231)
United States
	U.S. Government Agencies				0				(105)				0				(105)
		$		0		$		(2,106)		$		0		$		(2,106)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared				570				260				0				830
Over the counter				0				3,499				0				3,499
		$		570		$		3,759		$		0		$		4,329
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared				(619)				(339)				0				(958)
Over the counter				0				(8,152)				0				(8,152)
		$		(619)		$		(8,491)		$		0		$		(9,110)
Total Financial Derivative Instruments		$		(49)		$		(4,732)		$		0		$		(4,781)
Totals		$		8,902		$		247,903		$		0		$		256,805

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 153.2% ¤
ARGENTINA 0.1%
CORPORATE BONDS & NOTES 0.0%
YPF S.A. 35.421% (BADLARPP + 6.000%) due 03/04/2021 ~	ARS	830	$	9
SOVEREIGN ISSUES 0.1%
Argentina Government International Bond
36.575% (BADLARPP + 2.000%) due 04/03/2022 ~		1,680		13
38.039% (ARLLMONP) due 06/21/2020 ~		3,580		26
Autonomous City of Buenos Aires Argentina 37.247% (BADLARPP + 5.000%) due 01/23/2022 ~		200		2
Provincia de Buenos Aires 37.463% (BADLARPP + 3.750%) due 04/12/2025 ~		340		2
				43
Total Argentina (Cost $266)				52
AUSTRALIA 1.8%
CORPORATE BONDS & NOTES 0.5%
Sydney Airport Finance Co. Pty. Ltd. 3.625% due 04/28/2026	$	400		430
SOVEREIGN ISSUES 1.3%
New South Wales Treasury Corp.
2.000% due 03/20/2031	AUD	200		128
3.000% due 02/20/2030		300		212
Northern Territory Treasury Corp. 2.000% due 04/21/2031		200		124
Queensland Treasury Corp.
1.750% due 08/21/2031		150		94
3.500% due 08/21/2030		300		220
South Australian Government Financing Authority 1.750% due 05/24/2032		100		61
Treasury Corp. of Victoria
1.500% due 11/20/2030		300		185
2.500% due 10/22/2029		50		34
4.250% due 12/20/2032		130		104
Western Australia Treasury Corp. 2.750% due 07/24/2029		50		34
				1,196
Total Australia (Cost $1,709)				1,626
BRAZIL 0.4%
CORPORATE BONDS & NOTES 0.4%
Odebrecht Oil & Gas Finance Ltd. 0.000% due 04/30/2020 (c)(f)	$	101		1
Petrobras Global Finance BV
5.093% due 01/15/2030		341		313
6.125% due 01/17/2022		34		34
Total Brazil (Cost $394)				348
CANADA 3.2%
CORPORATE BONDS & NOTES 0.3%
Air Canada Pass-Through Trust 3.300% due 07/15/2031	$	92		89
Enbridge, Inc. 1.441% (US0003M + 0.700%) due 06/15/2020 ~		100		99

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


Fairfax Financial Holdings Ltd. 2.750% due 03/29/2028	EUR	100	107
			295
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5%
Canadian Mortgage Pools
1.843% (CDOR01 + 0.100%) due 06/01/2020 ~	CAD	127	90
2.043% (CDOR01 + 0.300%) due 07/01/2020 ~		314	223
2.043% (CDOR01 + 0.300%) due 08/01/2020 ~		95	68
Real Estate Asset Liquidity Trust 3.072% due 08/12/2053		79	56
			437
SOVEREIGN ISSUES 2.4%
Canada Government Real Return Bond 1.500% due 12/01/2044		118	105
Canada Housing Trust 2.400% due 12/15/2022		2,800	2,077
			2,182
Total Canada (Cost $3,068)			2,914
CAYMAN ISLANDS 3.3%
ASSET-BACKED SECURITIES 2.6%
Avery Point CLO Ltd. 2.939% due 01/18/2025 •	$	36	36
B&M CLO Ltd. 2.573% due 04/16/2026 •		70	70
Cent CLO Ltd. 2.901% due 10/15/2026 •		300	294
Evans Grove CLO Ltd. 2.533% due 05/28/2028 •		100	97
JMP Credit Advisors CLO Ltd. 2.686% due 01/17/2028 •		300	294
LCM LP 2.859% due 10/20/2027 •		300	290
Monarch Grove CLO 2.674% due 01/25/2028 •		300	291
Sudbury Mill CLO Ltd. 2.986% due 01/17/2026 •		277	276
TICP CLO Ltd. 2.659% due 04/20/2028 •		300	293
Venture CDO Ltd. 2.711% due 04/15/2027 •		100	97
Zais CLO Ltd. 2.981% due 04/15/2028 •		300	293
			2,331
CORPORATE BONDS & NOTES 0.7%
Odebrecht Offshore Drilling Finance Ltd. 6.720% due 12/01/2022 ^		149	119
Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK) 7.720% due 12/01/2026 ^(b)		733	92
Sands China Ltd. 5.400% due 08/08/2028		200	189
Sunac China Holdings Ltd. 7.875% due 02/15/2022		200	192
			592
Total Cayman Islands (Cost $3,461)			2,923
CHILE 0.1%
SOVEREIGN ISSUES 0.1%
Bonos de la Tesoreria de la Republica en pesos 4.000% due 03/01/2023	CLP	95,000	119
Total Chile (Cost $124)			119
CHINA 4.1%
SOVEREIGN ISSUES 4.1%
China Development Bank
3.050% due 08/25/2026	CNY	1,300	183
3.180% due 04/05/2026		2,500	357
3.680% due 02/26/2026		2,900	425
3.740% due 09/10/2025		1,600	236
3.800% due 01/25/2036		1,000	146

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


4.040% due 04/10/2027		1,700	254
4.040% due 07/06/2028		400	60
4.150% due 10/26/2025		400	60
4.240% due 08/24/2027		7,900	1,194
4.880% due 02/09/2028		3,600	568
China Government Bond
2.950% due 06/16/2023		300	43
3.220% due 12/06/2025		300	44
3.290% due 10/18/2023		900	131
Total China (Cost $3,666)			3,701
DENMARK 4.8%
CORPORATE BONDS & NOTES 4.8%
Jyske Realkredit A/S
1.000% due 10/01/2050	DKK	5,768	819
1.500% due 10/01/2050		1,520	224
Nordea Kredit Realkreditaktieselskab
1.000% due 10/01/2050		5,299	749
1.500% due 10/01/2050		1,292	190
2.000% due 10/01/2050		778	118
3.000% due 10/01/2047		13	2
Nykredit Realkredit A/S
1.000% due 10/01/2050		9,790	1,378
1.500% due 10/01/2037		299	45
1.500% due 10/01/2050		5,576	822
2.500% due 10/01/2036		41	6
2.500% due 10/01/2047		4	1
Realkredit Danmark A/S
2.500% due 04/01/2036		18	3
2.500% due 07/01/2047		31	5
Total Denmark (Cost $4,510)			4,362
FINLAND 0.9%
SOVEREIGN ISSUES 0.9%
Finland Government Bond
0.500% due 04/15/2026 (i)	EUR	300	346
0.875% due 09/15/2025 (i)		400	470
Total Finland (Cost $815)			816
FRANCE 3.2%
CORPORATE BONDS & NOTES 1.2%
Altice France S.A. 7.375% due 05/01/2026	$	300	305
BNP Paribas S.A. 3.375% due 01/23/2026	GBP	100	126
Credit Agricole S.A. 2.821% (US0003M + 1.020%) due 04/24/2023 ~	$	250	237
Danone S.A. 3.000% due 06/15/2022		200	203
Dexia Credit Local S.A. 1.625% due 10/16/2024		250	259
			1,130
SOVEREIGN ISSUES 2.0%
France Government International Bond
1.500% due 05/25/2050	EUR	150	197
2.000% due 05/25/2048 (i)		900	1,308
3.250% due 05/25/2045 (i)		200	352
			1,857
Total France (Cost $2,673)			2,987
GERMANY 1.4%
CORPORATE BONDS & NOTES 1.4%
Deutsche Bank AG
2.617% (US0003M + 0.815%) due 01/22/2021 ~	$	200	193
2.625% due 02/12/2026	EUR	100	100
3.041% (US0003M + 1.290%) due 02/04/2021 ~	$	150	144
3.961% due 11/26/2025 •		200	185
4.250% due 10/14/2021		500	476
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK) 6.000% due 05/15/2027 (b)		200	142
Landwirtschaftliche Rentenbank 4.250% due 01/24/2023	AUD	100	67

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Germany (Cost $1,444)			1,307
IRELAND 0.7%
ASSET-BACKED SECURITIES 0.4%
Toro European CLO DAC 0.900% due 10/15/2030 •	EUR	300	321
CORPORATE BONDS & NOTES 0.3%
GE Capital European Funding Unlimited Co. 0.000% due 05/17/2021 •		100	109
SMBC Aviation Capital Finance DAC 2.650% due 07/15/2021	$	200	199
			308
Total Ireland (Cost $660)			629
ISRAEL 0.2%
SOVEREIGN ISSUES 0.2%
Israel Government International Bond 3.250% due 01/17/2028	$	200	213
Total Israel (Cost $199)			213
ITALY 2.6%
CORPORATE BONDS & NOTES 1.1%
Banca Carige SpA
1.085% (EUR003M + 1.500%) due 05/25/2022 ~	EUR	300	327
1.314% (EUR003M + 1.700%) due 10/25/2021 ~		300	334
UniCredit SpA 7.830% due 12/04/2023	$	350	374
			1,035
SOVEREIGN ISSUES 1.5%
Italy Buoni Poliennali Del Tesoro
2.100% due 07/15/2026	EUR	400	467
2.500% due 11/15/2025		400	476
Italy Government International Bond 6.000% due 08/04/2028	GBP	300	462
			1,405
Total Italy (Cost $2,488)			2,440
JAPAN 10.8%
CORPORATE BONDS & NOTES 1.8%
Central Nippon Expressway Co. Ltd. 2.362% due 05/28/2021	$	500	506
Mitsubishi UFJ Financial Group, Inc.
2.950% due 03/01/2021		200	200
3.455% due 03/02/2023		300	308
Mizuho Financial Group, Inc.
2.721% due 07/16/2023 •		200	201
3.922% due 09/11/2024 •		300	317
Takeda Pharmaceutical Co. Ltd. 1.125% due 11/21/2022	EUR	100	110
			1,642
SOVEREIGN ISSUES 9.0%
Development Bank of Japan, Inc. 3.125% due 09/06/2023	$	500	539
Japan Bank for International Cooperation
1.750% due 10/17/2024		200	207
3.250% due 07/20/2023		200	216
Japan Finance Organization for Municipalities 2.125% due 04/13/2021		600	608
Japan Government International Bond
0.100% due 03/10/2028	JPY	91,220	848
0.100% due 03/20/2029		110,000	1,036
0.400% due 03/20/2036		210,000	1,989
0.500% due 03/20/2049		90,000	855
0.700% due 12/20/2048		134,000	1,339
1.300% due 06/20/2035		30,000	322

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


Tokyo Metropolitan Government 2.000% due 05/17/2021	$	300	304
			8,263
Total Japan (Cost $9,686)			9,905
KUWAIT 0.8%
SOVEREIGN ISSUES 0.8%
Kuwait International Government Bond 3.500% due 03/20/2027	$	700	730
Total Kuwait (Cost $695)			730
LITHUANIA 0.4%
SOVEREIGN ISSUES 0.4%
Lithuania Government International Bond
1.100% due 04/26/2027	EUR	100	118
6.125% due 03/09/2021	$	200	207
Total Lithuania (Cost $323)			325
LUXEMBOURG 0.8%
CORPORATE BONDS & NOTES 0.8%
Emerald Bay S.A. 0.000% due 10/08/2020 (c)	EUR	286	306
Medtronic Global Holdings S.C.A. 0.000% due 12/02/2022 (c)		200	215
NORD/LB Luxembourg S.A. Covered Bond Bank 2.875% due 02/16/2021	$	200	204
Total Luxembourg (Cost $756)			725
NETHERLANDS 3.2%
ASSET-BACKED SECURITIES 1.3%
Babson Euro CLO BV 0.434% due 10/25/2029 •	EUR	250	272
Dryden Euro CLO BV 0.880% due 01/15/2030 •		250	265
Jubilee CLO BV 0.311% due 12/15/2029 •		400	411
Ozlme BV 0.820% due 01/18/2030 •		250	263
			1,211
CORPORATE BONDS & NOTES 1.8%
British Transco International Finance BV 0.000% due 11/04/2021	$	200	195
Cooperatieve Rabobank UA
2.092% (US0003M + 0.860%) due 09/26/2023 ~		300	279
3.875% due 09/26/2023		300	309
Deutsche Telekom International Finance BV 2.820% due 01/19/2022		200	199
Mylan NV 3.750% due 12/15/2020		10	10
NXP BV 4.625% due 06/01/2023		200	206
Syngenta Finance NV 3.698% due 04/24/2020		200	199
Teva Pharmaceutical Finance Netherlands BV 3.250% due 04/15/2022	EUR	200	212
			1,609
		SHARES
PREFERRED SECURITIES 0.1%
Stichting AK Rabobank Certificaten 6.500% due 12/29/2049 (f)		50,000	50

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Netherlands (Cost $3,011)			2,870
		PRINCIPAL AMOUNT (000s)
NORWAY 0.3%
CORPORATE BONDS & NOTES 0.3%
DNB Boligkreditt A/S 2.500% due 03/28/2022		300	311
Total Norway (Cost $300)			311
PERU 0.7%
SOVEREIGN ISSUES 0.7%
Peru Government International Bond
5.940% due 02/12/2029	PEN	800	250
6.350% due 08/12/2028		800	259
6.950% due 08/12/2031		500	169
Total Peru (Cost $672)			678
POLAND 0.2%
SOVEREIGN ISSUES 0.2%
Poland Government International Bond 2.250% due 04/25/2022	PLN	900	224
Total Poland (Cost $227)			224
QATAR 1.8%
SOVEREIGN ISSUES 1.8%
Qatar Government International Bond
3.875% due 04/23/2023	$	1,000	1,031
4.000% due 03/14/2029		200	215
4.500% due 04/23/2028		400	439
Total Qatar (Cost $1,597)			1,685
RUSSIA 0.1%
SOVEREIGN ISSUES 0.1%
Russia Government International Bond 7.250% due 05/10/2034	RUB	6,200	83
Total Russia (Cost $91)			83
SAUDI ARABIA 2.2%
SOVEREIGN ISSUES 2.2%
Saudi Government International Bond
2.375% due 10/26/2021	$	1,000	992
2.875% due 03/04/2023		300	300
3.250% due 10/26/2026		200	200
4.000% due 04/17/2025		400	417
4.500% due 04/17/2030		100	108
Total Saudi Arabia (Cost $1,991)			2,017
SINGAPORE 0.3%
CORPORATE BONDS & NOTES 0.3%
BOC Aviation Ltd. 2.750% due 09/18/2022	$	200	206
DBS Bank Ltd. 3.300% due 11/27/2021		100	103
Total Singapore (Cost $299)			309
SOUTH KOREA 1.3%
SOVEREIGN ISSUES 1.3%
Korea Government International Bond
2.125% due 06/10/2027	KRW	125,000	107
2.375% due 12/10/2027		150,000	131

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


2.375% due 12/10/2028		630,000	551
2.625% due 06/10/2028		250,000	223
5.500% due 03/10/2028		150,000	160
Total South Korea (Cost $1,227)			1,172
SPAIN 4.6%
CORPORATE BONDS & NOTES 0.8%
Merlin Properties Socimi S.A. 2.225% due 04/25/2023	EUR	400	454
Telefonica Emisiones S.A. 5.134% due 04/27/2020	$	300	300
			754
		SHARES
PREFERRED SECURITIES 0.2%
Banco Santander S.A. 6.250% due 09/11/2021 •(f)(g)		200,000	199
		PRINCIPAL AMOUNT (000s)
SOVEREIGN ISSUES 3.6%
Autonomous Community of Catalonia 4.900% due 09/15/2021	EUR	50	59
Spain Government International Bond
0.250% due 07/30/2024		500	554
0.600% due 10/31/2029 (i)		800	880
1.400% due 07/30/2028 (i)		600	708
1.450% due 04/30/2029 (i)		800	949
2.700% due 10/31/2048		100	141
			3,291
Total Spain (Cost $4,321)			4,244
SWITZERLAND 1.3%
CORPORATE BONDS & NOTES 1.3%
Credit Suisse AG 6.500% due 08/08/2023 (g)	$	200	204
Credit Suisse Group AG
4.282% due 01/09/2028		250	257
7.125% due 07/29/2022 •(f)(g)		300	278
UBS AG
2.450% due 12/01/2020		200	199
5.125% due 05/15/2024 (g)		200	202
Total Switzerland (Cost $1,213)			1,140
UNITED ARAB EMIRATES 0.2%
SOVEREIGN ISSUES 0.2%
Emirate of Abu Dhabi Government International Bond 3.125% due 10/11/2027	$	200	204
Total United Arab Emirates (Cost $199)			204
UNITED KINGDOM 14.1%
CORPORATE BONDS & NOTES 9.6%
Barclays Bank PLC 7.625% due 11/21/2022 (g)	$	500	512
Barclays PLC
3.122% (US0003M + 1.430%) due 02/15/2023 ~		300	283
4.610% due 02/15/2023 •		300	305
4.972% due 05/16/2029 •		200	216
7.125% due 06/15/2025 •(f)(g)	GBP	200	213
8.000% due 12/15/2020 •(f)(g)	EUR	200	211
British Telecommunications PLC 9.625% due 12/15/2030	$	100	154
Clydesdale Bank PLC 2.250% due 04/21/2020	GBP	200	248
HSBC Holdings PLC
1.434% (US0003M + 0.650%) due 09/11/2021 ~	$	600	587
2.292% (US0003M + 0.600%) due 05/18/2021 ~		200	196

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


3.000% due 07/22/2028 •	GBP	100	123
Lloyds Bank PLC
4.875% due 03/30/2027		500	781
5.125% due 03/07/2025		400	596
Lloyds Banking Group PLC
3.900% due 03/12/2024	$	200	203
4.582% due 12/10/2025		200	206
7.500% due 06/27/2024 •(f)(g)		200	173
Marks & Spencer PLC 3.000% due 12/08/2023	GBP	100	119
Nationwide Building Society
2.000% due 01/27/2023	$	200	196
4.302% due 03/08/2029 •		400	423
Natwest Markets PLC 0.625% due 03/02/2022	EUR	600	648
NatWest Markets PLC 1.000% due 05/28/2024		100	105
Royal Bank of Scotland Group PLC
2.766% (US0003M + 1.550%) due 06/25/2024 ~	$	500	453
6.100% due 06/10/2023		300	309
7.500% due 08/10/2020 •(f)(g)		200	184
Santander UK Group Holdings PLC
2.875% due 08/05/2021		300	295
2.920% due 05/08/2026 •	GBP	100	123
4.796% due 11/15/2024 •	$	600	630
Tesco Property Finance PLC 5.744% due 04/13/2040	GBP	48	75
Virgin Media Secured Finance PLC
4.875% due 01/15/2027		100	116
5.000% due 04/15/2027		100	119
			8,802
NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4%
Alba PLC 0.922% due 11/25/2042		320	359
Durham Mortgages B PLC 1.351% due 03/31/2054 •		247	304
Eurosail PLC 1.456% (BP0003M + 0.950%) due 06/13/2045 ~		448	532
Hawksmoor Mortgages 1.761% due 05/25/2053 •		370	452
Lanark Master Issuer PLC 1.555% due 12/22/2069 •		164	203
Newgate Funding PLC 0.617% due 12/15/2050 •		53	66
Ripon Mortgages PLC 1.551% due 08/20/2056 •		494	602
RMAC Securities PLC 0.630% due 06/12/2044 •		256	273
Silverstone Master Issuer PLC 1.461% due 01/21/2070 •		166	203
Southern Pacific Financing PLC 0.714% due 06/10/2043 •		79	93
Towd Point Mortgage Funding 1.611% due 07/20/2045 •		387	471
Towd Point Mortgage Funding PLC
1.551% (BP0003M + 0.800%) due 02/20/2045 ~		162	196
1.724% due 10/20/2051 •		251	303
			4,057
		SHARES
PREFERRED SECURITIES 0.1%
Nationwide Building Society 10.250% ~		250	41
Total United Kingdom (Cost $14,063)			12,900
		PRINCIPAL AMOUNT (000s)
UNITED STATES 82.0%
ASSET-BACKED SECURITIES 5.3%
Argent Securities Trust
1.097% due 07/25/2036 •		368	137
1.107% due 05/25/2036 •		649	217
Bear Stearns Asset-Backed Securities Trust 1.267% due 01/25/2047 •		14	14

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


Countrywide Asset-Backed Certificates
1.087% due 07/25/2037 ^•		171	154
1.087% due 07/25/2037 •		66	53
4.701% due 07/25/2036 ~		22	21
Countrywide Asset-Backed Certificates Trust 2.197% due 07/25/2035 •		700	515
Credit-Based Asset Servicing & Securitization Mortgage Loan Trust 3.689% due 03/25/2037 ^þ		265	126
First Franklin Mortgage Loan Trust 2.222% due 07/25/2034 •		107	102
GSAA Home Equity Trust 1.397% due 08/25/2037 •		42	39
Home Equity Mortgage Loan Asset-Backed Trust 1.187% due 04/25/2037 •		277	191
MASTR Asset-Backed Securities Trust 1.157% due 05/25/2037 •		311	281
Morgan Stanley ABS Capital, Inc. Trust 1.177% due 10/25/2036 •		590	323
Morgan Stanley Mortgage Loan Trust 6.000% due 02/25/2037 ^~		27	23
New Century Home Equity Loan Trust 3.553% due 06/20/2031 ~		404	377
NovaStar Mortgage Funding Trust 1.077% due 03/25/2037 •		576	379
Option One Mortgage Loan Trust 1.087% due 03/25/2037 •		69	55
Renaissance Home Equity Loan Trust 5.294% due 01/25/2037 þ		366	162
Soundview Home Loan Trust 1.197% due 11/25/2036 •		300	244
Structured Asset Investment Loan Trust 2.672% due 10/25/2034 •		232	190
Terwin Mortgage Trust 1.887% due 11/25/2033 •		5	5
Towd Point Mortgage Trust 2.900% due 10/25/2059 ~		937	917
Toyota Auto Loan Extended Note Trust 2.560% due 11/25/2031		300	306
			4,831
CORPORATE BONDS & NOTES 12.1%
AbbVie, Inc. 2.900% due 11/06/2022		300	304
Allergan Sales LLC 5.000% due 12/15/2021		200	207
American Honda Finance Corp. 2.142% (US0003M + 0.450%) due 02/15/2022 ~		100	96
American Tower Corp.
2.800% due 06/01/2020		100	99
3.800% due 08/15/2029		200	205
AT&T, Inc.
1.800% due 09/05/2026	EUR	200	223
1.964% (US0003M + 1.180%) due 06/12/2024 ~	$	200	186
2.330% (US0003M + 0.750%) due 06/01/2021 ~		200	194
2.781% (US0003M + 0.950%) due 07/15/2021 ~		400	393
Baker Hughes a GE Co. LLC 2.773% due 12/15/2022		100	95
Bayer U.S. Finance LLC
1.846% (US0003M + 0.630%) due 06/25/2021 ~		200	194
4.250% due 12/15/2025		300	312
BMW U.S. Capital LLC 3.400% due 08/13/2021		100	100
Broadcom Corp. 2.200% due 01/15/2021		100	99
Charter Communications Operating LLC
4.464% due 07/23/2022		500	517
6.384% due 10/23/2035		200	238
Continental Resources, Inc. 4.375% due 01/15/2028		100	47
D.R. Horton, Inc. 4.375% due 09/15/2022		100	102
DISH DBS Corp. 5.125% due 05/01/2020		200	199
Dominion Energy Gas Holdings LLC 1.341% (US0003M + 0.600%) due 06/15/2021 ~		100	96
Energy Transfer Operating LP 4.650% due 06/01/2021		300	292
EQT Corp. 4.875% due 11/15/2021		46	38
Fiserv, Inc. 2.750% due 07/01/2024		300	299
Ford Motor Credit Co. LLC
2.728% (US0003M + 0.880%) due 10/12/2021 ~		300	276
3.021% due 03/06/2024	EUR	200	181
5.750% due 02/01/2021	$	200	195

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


GATX Corp. 2.461% (US0003M + 0.720%) due 11/05/2021 ~		400	392
General Mills, Inc. 2.383% (US0003M + 0.540%) due 04/16/2021 ~		100	97
General Motors Financial Co., Inc. 2.728% (US0003M + 0.850%) due 04/09/2021 ~		100	90
Goldman Sachs Group, Inc. 4.223% due 05/01/2029 •		300	321
Harley-Davidson Financial Services, Inc. 2.520% (US0003M + 0.940%) due 03/02/2021 ~		100	100
International Lease Finance Corp. 8.250% due 12/15/2020		300	298
Komatsu Finance America, Inc. 2.437% due 09/11/2022		300	301
Kraft Heinz Foods Co. 2.304% (US0003M + 0.570%) due 02/10/2021 ~		100	95
L3Harris Technologies, Inc. 2.250% (US0003M + 0.480%) due 04/30/2020 ~		100	100
MPT Operating Partnership LP 2.550% due 12/05/2023	GBP	200	243
Nissan Motor Acceptance Corp. 2.800% due 01/13/2022	$	100	95
Northwell Healthcare, Inc. 4.260% due 11/01/2047		100	108
Occidental Petroleum Corp. 2.900% due 08/15/2024		200	109
Penske Truck Leasing Co. LP 3.950% due 03/10/2025		300	311
Public Service Enterprise Group, Inc. 2.000% due 11/15/2021		100	98
Rio Oil Finance Trust 9.250% due 07/06/2024		279	275
Sabine Pass Liquefaction LLC 5.625% due 02/01/2021		100	98
Spectra Energy Partners LP 2.014% (US0003M + 0.700%) due 06/05/2020 ~		100	99
Spirit AeroSystems, Inc.
1.541% (US0003M + 0.800%) due 06/15/2021 ~		100	95
3.950% due 06/15/2023		200	174
VEREIT Operating Partnership LP 4.875% due 06/01/2026		400	386
Verizon Communications, Inc.
2.625% due 08/15/2026		100	104
4.125% due 03/16/2027		100	112
4.329% due 09/21/2028		99	114
VMware, Inc. 2.300% due 08/21/2020		100	99
Volkswagen Group of America Finance LLC
2.477% (US0003M + 0.770%) due 11/13/2020 ~		200	198
2.653% (US0003M + 0.940%) due 11/12/2021 ~		200	196
4.000% due 11/12/2021		200	198
Wells Fargo & Co. 2.911% (US0003M + 1.110%) due 01/24/2023 ~		300	280
WRKCo, Inc. 3.750% due 03/15/2025		100	101
Zimmer Biomet Holdings, Inc.
3.150% due 04/01/2022		300	300
3.375% due 11/30/2021		300	301
			11,075
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1%
CenturyLink, Inc. 3.239% (LIBOR03M + 2.250%) due 03/15/2027 ~		77	71
NON-AGENCY MORTGAGE-BACKED SECURITIES 3.2%
Banc of America Alternative Loan Trust 6.500% due 04/25/2036 ^		382	359
Banc of America Funding Trust
0.983% due 04/20/2047 ^•		105	87
6.000% due 07/25/2037 ^		86	76
BCAP LLC Trust 1.157% due 05/25/2047 •		144	121
Chase Mortgage Finance Trust
3.696% due 03/25/2037 ^~		53	46
3.896% due 07/25/2037 ~		10	8
Citigroup Mortgage Loan Trust 3.855% due 04/25/2037 ^~		55	43
Citigroup Mortgage Loan Trust, Inc. 4.403% due 08/25/2035 ^~		1,072	879
Countrywide Home Loan Mortgage Pass-Through Trust 6.250% due 09/25/2036 ^		53	35
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust 1.097% due 02/25/2047 •		232	143

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


Deutsche ALT-B Securities, Inc. Mortgage Loan Trust 5.945% due 02/25/2036 ^þ	80	73
GreenPoint Mortgage Funding Trust 1.407% due 06/25/2045 •	81	64
JPMorgan Alternative Loan Trust 3.422% due 12/25/2036 ~	17	16
Merrill Lynch Mortgage Investors Trust 3.656% due 03/25/2036 ^~	159	100
Morgan Stanley Mortgage Loan Trust
3.670% due 05/25/2036 ^~	94	63
4.334% due 09/25/2035 ^~	61	33
New Century Home Equity Loan Trust 2.750% due 11/25/2059 ~	197	198
New Residential Mortgage Loan Trust 2.750% due 07/25/2059 ~	284	284
PHH Alternative Mortgage Trust 6.000% due 05/25/2037 ^	60	52
Prime Mortgage Trust 6.000% due 06/25/2036 ^	76	69
Residential Accredit Loans, Inc. Trust 1.077% due 02/25/2037 •	45	44
Residential Funding Mortgage Securities, Inc. Trust 6.000% due 06/25/2037 ^	47	43
Structured Asset Mortgage Investments Trust 1.177% due 02/25/2036 •	16	16
Structured Asset Securities Corp. 1.227% due 01/25/2036 •	45	38
WaMu Mortgage Pass-Through Certificates Trust 3.812% due 09/25/2036 ~	27	22
		2,912
	SHARES
PREFERRED SECURITIES 0.3%
AT&T, Inc. 2.875% due 03/02/2025 •(f)	100,000	99
Bank of America Corp. 5.875% due 03/15/2028 •(f)	200,000	203
		302
	PRINCIPAL AMOUNT (000s)
U.S. GOVERNMENT AGENCIES 53.2%
Fannie Mae
1.347% due 06/25/2036 •	8	8
3.500% due 08/01/2058 - 01/01/2059	369	399
Fannie Mae, TBA 3.000% due 06/01/2040	6,500	6,793
Freddie Mac
2.005% due 01/15/2038 •	142	141
2.441% due 01/15/2038 ~(a)	142	9
3.000% due 02/01/2046	623	660
3.500% due 11/01/2047 - 04/01/2048	801	853
4.398% due 09/01/2037 •	283	286
Ginnie Mae
2.442% due 09/20/2066 •	581	575
4.993% due 09/20/2066 ~	424	459
Uniform Mortgage-Backed Security
3.000% due 10/01/2049	198	209
3.500% due 10/01/2034 - 05/01/2049	187	200
Uniform Mortgage-Backed Security, TBA
2.500% due 06/01/2050	3,300	3,406
3.500% due 05/01/2050	14,100	14,902
4.000% due 04/01/2050 - 05/01/2050	18,500	19,751
		48,651
U.S. TREASURY OBLIGATIONS 7.8%
U.S. Treasury Inflation Protected Securities (e)
0.125% due 04/15/2022 (i)	530	523
0.375% due 07/15/2025 (i)	1,893	1,931
0.500% due 01/15/2028 (i)	1,046	1,091
0.625% due 01/15/2026 (i)	912	942
U.S. Treasury Notes
2.625% due 06/15/2021	200	206
2.875% due 04/30/2025 (i)	2,200	2,473

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


				7,166
Total United States (Cost $75,046)				75,008
SHORT-TERM INSTRUMENTS 1.3%
REPURCHASE AGREEMENTS (h) 1.0%				949
ARGENTINA TREASURY BILLS 0.0%
32.393% due 08/28/2020 ~	ARS	486		4
36.751% due 04/03/2020 ~		130		2
53.823% due 05/13/2020 (c)(d)		340		3
				9
U.S. TREASURY BILLS 0.3%
0.005% due 06/18/2020 (c)(d)	$	291		291
Total Short-Term Instruments (Cost $1,261)				1,249
Total Investments in Securities (Cost $142,455)				140,216
		SHARES
INVESTMENTS IN AFFILIATES 5.2%
SHORT-TERM INSTRUMENTS 5.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2%
PIMCO Short Asset Portfolio		423,211		4,109
PIMCO Short-Term Floating NAV Portfolio III		61,583		605
Total Short-Term Instruments (Cost $4,843)				4,714
Total Investments in Affiliates (Cost $4,843)				4,714
Total Investments 158.4% (Cost $147,298)			$	144,930
Financial Derivative Instruments (j)(k) (0.2)%(Cost or Premiums, net $127)				(132)
Other Assets and Liabilities, net (58.2)%				(53,297)
Net Assets 100.0%			$	91,501

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

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

Security is in default.

•

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)

Zero coupon security.

(d)

Coupon represents a yield to maturity.

(e)

Principal amount of security is adjusted for inflation.

(f)

Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g)

Contingent convertible security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(h)

REPURCHASE AGREEMENTS:

Counterparty

Lending
Rate

Settlement
Date

Maturity
Date

Principal
Amount

Collateralized By

Collateral
(Received)

Repurchase
Agreements,
at Value

Repurchase
Agreement
Proceeds
to be
Received(1)

BPS

0.730%

01/22/2020

01/20/2022

GBP

115

United Kingdom Gilt 1.750% due 01/22/2049

(154)

142

FICC

0.000

03/31/2020

04/01/2020

807

U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021

(826)

807

Total Repurchase Agreements

(980)

949

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(2)

Settlement Date

Maturity Date

Amount
Borrowed(2)

Payable for
Reverse
Repurchase
Agreements

BPS

(0.470)%

02/27/2020

05/27/2020

EUR

(836)

(921)

(0.450)

02/27/2020

05/27/2020

(1,143)

(1,260)

(0.440)

02/27/2020

05/27/2020

(672)

(740)

(0.430)

02/27/2020

05/27/2020

(906)

(999)

(0.300)

03/25/2020

08/20/2020

(735)

(811)

BSN

1.690

01/13/2020

04/13/2020

(3,406)

(3,419)

1.690

01/16/2020

04/13/2020

(1,079)

(1,083)

Total Reverse Repurchase Agreements

(9,233)

SALE-BUYBACK TRANSACTIONS:

Counterparty

Borrowing Rate(2)

Borrowing Date

Maturity Date

Amount
Borrowed(2)

Payable for
Sale-Buyback
Transactions(3)

UBS

1.710%

02/13/2020

04/13/2020

(1,622)

(1,625)

Total Sale-Buyback Transactions

(1,625)

SHORT SALES:

Description

Coupon

Maturity
Date

Principal
Amount

Proceeds

Payable for
Short Sales(4)

Canada (0.7)%

Sovereign Issues (0.7)%

Canada Government International Bond

2.750%

12/01/2048

CAD

700

(714)

(674)

United Kingdom (0.2)%

Sovereign Issues (0.2)%

United Kingdom Gilt

1.750%

01/22/2049

GBP

100

(145)

(154)

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)



United States (0.1)%
U.S. Government Agencies (0.1)%
Uniform Mortgage-Backed Security, TBA				3.500%				04/01/2035				$			100								(104)									(105)
Total Short Sales (1.0)%																						$	(963)						$			(933)
(i)	Securities with an aggregate market value of $10,958 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	Includes accrued interest.
(2)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(11,077) at a weighted average interest rate of 0.946%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(3)	Payable for sale-buyback transactions includes $(1) of deferred price drop.
(4)	Payable for short sales includes $8 of accrued interest.
(j)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
PURCHASED OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description					Strike Price				Expiration Date				# of Contracts								Notional Amount					Cost										Market Value
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures				$	111.750				05/22/2020				1							$	1				$	0							$			0
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures					113.000				05/22/2020				40								40					0										2
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures					119.500				05/22/2020				37								37					0										2
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures					121.500				05/22/2020				10								10					0										0
Put - CBOT U.S. Treasury Ultra Long-Term Bond June 2020 Futures					134.000				05/22/2020				14								14					0										0
Put - CBOT U.S. Treasury Ultra Long-Term Bond June 2020 Futures					135.000				05/22/2020				2								2					0										0
Call - CME 90-Day Eurodollar June 2022 Futures					99.750				06/13/2022				7								18					2										4
Call - CME 90-Day Eurodollar March 2022 Futures					99.750				03/14/2022				4											10		1										2
Total Purchased Options				$		3					$			10
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
				Variation Margin
Description		Expiration Month	# of Contracts							Notional Amount									Unrealized Appreciation/ (Depreciation)												Asset							Liability
Australia Government 3-Year Note June Futures		06/2020	47				$			3,386							$		16									$			2				$			0
Call Options Strike @ EUR 113.400 on Euro-Schatz June 2020 Futures (1)		05/2020	126							3									2												2							0
Call Options Strike @ EUR 116.500 on Euro-Schatz June 2020 Futures (1)		05/2020	29							0									0												0							0
Call Options Strike @ EUR 189.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)		05/2020	34							1									1												1							(1)
Call Options Strike @ EUR 190.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)		05/2020	7							0									0												0							0
Call Options Strike @ EUR 194.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)		05/2020	5							0									0												0							0
Call Options Strike @ GBP 152.000 on United Kingdom Long Gilt June 2020 Futures (1)		05/2020	23							0									0												0							0
Euro-Bobl June Futures		06/2020	11							1,640									(9)												4							(3)
Euro-BTP Italy Government Bond June Futures		06/2020	42							6,550									(249)												0							(110)
Euro-Buxl 30-Year Bond June Futures		06/2020	3							694									(26)												8							(15)
Japan Government 10-Year Bond June Futures		06/2020	2							2,838									(39)												7							(3)
Put Options Strike @ EUR 106.000 on Euro-BTP Italy Government Bond June 2020 Futures (1)		05/2020	40							0									0												0							0
Put Options Strike @ EUR 131.500 on Euro-Bobl June 2020 Futures (1)		05/2020	11							0									0												0							0
U.S. Treasury 5-Year Note June Futures		06/2020	41							5,140									208												0							(2)
U.S. Treasury 10-Year Note June Futures		06/2020	18							2,496									20												0							(2)
U.S. Treasury Ultra Long-Term Bond June Futures		06/2020	16							3,550									378												0							(52)
																$		302									$			24				$			(188)
SHORT FUTURES CONTRACTS
				Variation Margin
Description		Expiration Month	# of Contracts							Notional Amount									Unrealized Appreciation/ (Depreciation)												Asset							Liability
Australia Government 10-Year Bond June Futures		06/2020	20				$			(1,853)							$		11									$			0				$			(25)
Call Options Strike @ EUR 177.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)		05/2020	6							(3)									2												2							(1)
Canada Government 10-Year Bond June Futures		06/2020	27							(2,823)									(129)												1							(3)
Euro-Bund 10-Year Bond June Futures		06/2020	28							(5,327)									16												34							(32)
Euro-OAT France Government 10-Year Bond June Futures		06/2020	9							(1,660)									47												13							(13)

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


Euro-Schatz June Futures													06/2020					110									(13,611)														(9)											6												(8)
United Kingdom Long Gilt June Futures													06/2020					9									(1,522)														(30)											6												(5)
																																				$				(92)										$	62								$				(87)
Total Futures Contracts																						$	210								$				86							$							(275)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION(2)
																				Variation Margin (7)
Reference Entity	Fixed (Pay) Rate			Payment Frequency		Maturity Date				Implied Credit Spread at March 31, 2020(4)											Notional Amount(5)							Premiums Paid/ (Received)									Unrealized Appreciation/ (Depreciation)									Market Value(6)										Asset									Liability
BASF SE	(1.000)%			Quarterly		12/20/2020				0.141					%	EUR					200			$				(6)				$					5						$			(1)							$			0				$					0
Reynolds American, Inc.	(1.000)			Quarterly		12/20/2020				0.048						$					400							(11)									8									(3)										0									0
United Utilities PLC	(1.000)			Quarterly		12/20/2020				0.095						EUR					300							(5)									3									(2)										0									0
																									$				(22)				$					16						$			(6)							$			0				$					0
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(3)
																				Variation Margin (7)
Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date				Implied Credit Spread at March 31, 2020(4)											Notional Amount(5)							Premiums Paid/ (Received)									Unrealized Appreciation/ (Depreciation)									Market Value(6)										Asset									Liability
Marks & Spencer PLC	1.000%			Quarterly		06/20/2023				3.589					%	EUR					200			$				(6)				$					(11)						$			(17)							$			0				$					(2)
Shell International Finance BV	1.000			Quarterly		12/20/2026				1.387											200							(6)									0									(6)										0									(1)
																									$				(12)				$					(11)						$			(23)							$			0				$					(3)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(2)
																				Variation Margin (7)
Index/Tranches			Fixed (Pay) Rate		Payment Frequency				Maturity Date										Notional Amount(5)									Premiums Paid/ (Received)									Unrealized Appreciation/ (Depreciation)									Market Value(6)										Asset									Liability
CDX.IG-32 10-Year Index			(1.000)%		Quarterly				06/20/2029					$					100					$				0				$					3						$			3							$			1				$					0
CDX.IG-33 10-Year Index			(1.000)		Quarterly				12/20/2029										4,600									10									141									151										38									0
iTraxx Europe Main 31 10-Year Index			(1.000)		Quarterly				06/20/2029					EUR					1,500									(12)									41									29										3									0
iTraxx Europe Main 32 10-Year Index			(1.000)		Quarterly				12/20/2029										300									(5)									13									8										1									0
																								$				(7)				$					198						$			191							$			43				$					0
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(3)
																				Variation Margin (7)
Index/Tranches			Fixed Receive Rate		Payment Frequency				Maturity Date										Notional Amount(5)									Premiums Paid/ (Received)									Unrealized Appreciation/ (Depreciation)									Market Value(6)										Asset									Liability
CDX.EM-32 5-Year Index			1.000%		Quarterly				12/20/2024					$					1,600					$				(72)				$					(110)						$			(182)							$			5				$					0
CDX.EM-33 5-Year Index			1.000		Quarterly				06/20/2025										100									(11)									0									(11)										0									0
CDX.IG-33 5-Year Index			1.000		Quarterly				12/20/2024										4,400									115									(130)									(15)										0									(13)
iTraxx Crossover 32 5-Year Index			5.000		Quarterly				12/20/2024					EUR					200									29									(33)									(4)										1									0
iTraxx Europe Main 32 5-Year Index			1.000		Quarterly				12/20/2024										1,900									23									(18)									5										0									(3)
																								$				84				$					(291)						$			(207)							$			6				$					(16)
INTEREST RATE SWAPS -BASIS SWAPS
																				Variation Margin (7)
Pay Floating Rate Index		Receive Floating Rate Index					Payment Frequency				Maturity Date										Notional Amount							Premiums Paid/ (Received)									Unrealized Appreciation/ (Depreciation)									Market Value										Asset									Liability
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.091%						Quarterly				03/18/2022					$					22,800				$				0				$					(5)						$			(5)							$			0				$					(2)
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.084%						Quarterly				04/26/2022										6,900								0									(1)									(1)										0									(1)
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.084%						Quarterly				06/12/2022										1,200								0									1									1										0									0
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.070%						Quarterly				06/12/2022										900								0									1									1										0									0
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.085%						Quarterly				06/19/2022										4,700								0									6									6										0									0

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.073%			Quarterly		04/27/2023			3,600				0					(1)					(1)					1					0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.070%			Quarterly		03/07/2024			700				0					0					0					0					0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.088%			Quarterly		09/06/2024			2,400				0					(3)					(3)					1					0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.105%			Quarterly		09/27/2024			600				0					(1)					(1)					0					0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.102%			Quarterly		10/04/2024			1,800				0					(2)					(2)					0					0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.088%			Quarterly		05/23/2029			700				0					(2)					(2)					0					0
											$		0			$		(7)			$		(7)			$		2			$		(3)
INTEREST RATE SWAPS
									Variation Margin (7)
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(8)	1-Day GBP-SONIO Compounded-OIS		0.905%	Quarterly		12/03/2039		GBP	200			$			0		$			(12)		$			(12)		$			0		$			0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.684	Annual		04/30/2025		$	300						0					(39)					(39)					0					0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.696	Annual		04/30/2025			200						0					(26)					(26)					0					0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.710	Annual		04/30/2025			300						0					(40)					(40)					0					0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.714	Annual		04/30/2025			400						0					(53)					(53)					0					0
Pay	1-Year BRL-CDI		8.880	Maturity		01/04/2021		BRL	200						0					3					3					0					0
Pay	3-Month CAD-Bank Bill		1.270	Semi-Annual		03/03/2022		CAD	700						0					5					5					0					0
Pay(8)	3-Month CAD-Bank Bill		1.500	Semi-Annual		06/17/2022			200						1					1					2					0					0
Pay	3-Month CAD-Bank Bill		1.220	Semi-Annual		03/03/2025			1,700						0					15					15					0					(2)
Pay(8)	3-Month CAD-Bank Bill		1.500	Semi-Annual		06/17/2025			500						(4)					14					10					0					(1)
Pay	3-Month CAD-Bank Bill		2.500	Semi-Annual		06/19/2029			1,500						52					82					134					0					(6)
Pay	3-Month CAD-Bank Bill		1.713	Semi-Annual		10/02/2029			600						0					23					23					0					(3)
Pay	3-Month CAD-Bank Bill		1.900	Semi-Annual		12/18/2029			1,600						21					62					83					0					(7)
Pay(8)	3-Month CAD-Bank Bill		1.500	Semi-Annual		06/17/2030			1,500						(30)					68					38					0					(7)
Pay	3-Month CAD-Bank Bill		2.750	Semi-Annual		12/18/2048			500						4					108					112					0					(9)
Pay	3-Month CAD-Bank Bill		2.565	Semi-Annual		03/07/2049			300						0					58					58					0					(5)
Receive	3-Month CAD-Bank Bill		1.390	Semi-Annual		03/18/2050			100						0					2					2					2					0
Pay(8)	3-Month GBP-LIBOR		1.080	Quarterly		12/03/2039		GBP	200						0					12					12					0					0
Pay	3-Month SEK-STIBOR		1.000	Annual		06/19/2029		SEK	1,100						4					3					7					1					0
Receive	3-Month USD-LIBOR		1.750	Semi-Annual		06/20/2020		$	8,900						174					(226)					(52)					0					0
Receive	3-Month USD-LIBOR		2.750	Semi-Annual		12/19/2020			1,700						10					(49)					(39)					0					0
Pay(8)	3-Month USD-LIBOR		1.250	Semi-Annual		06/17/2021			5,000						16					28					44					1					0
Receive	3-Month USD-LIBOR		1.500	Semi-Annual		12/18/2021			1,900						7					(50)					(43)					0					(1)
Receive	3-Month USD-LIBOR		2.500	Semi-Annual		12/18/2021			4,100						(57)					(117)					(174)					0					(1)
Receive	3-Month USD-LIBOR		1.540	Semi-Annual		02/26/2022			2,200						(5)					(39)					(44)					0					(2)
Receive	3-Month USD-LIBOR		1.570	Semi-Annual		02/27/2022			2,800						(6)					(52)					(58)					0					(2)
Pay(8)	3-Month USD-LIBOR		1.000	Semi-Annual		06/17/2022			5,100						(16)					83					67					5					0
Receive(8)	3-Month USD-LIBOR		1.305	Semi-Annual		08/21/2023			1,300						0					(36)					(36)					0					0
Receive(8)	3-Month USD-LIBOR		1.298	Semi-Annual		08/25/2024			1,050						0					(26)					(26)					0					0
Receive(8)	3-Month USD-LIBOR		1.249	Semi-Annual		08/31/2024			1,400						0					(33)					(33)					1					0
Receive(8)	3-Month USD-LIBOR		1.360	Semi-Annual		09/17/2024			700						0					(18)					(18)					0					0
Receive	3-Month USD-LIBOR		1.500	Semi-Annual		12/18/2024			1,500						9					(87)					(78)					0					0
Receive(8)	3-Month USD-LIBOR		1.250	Semi-Annual		06/17/2025			200						5					(13)					(8)					0					0
Receive	3-Month USD-LIBOR		2.250	Semi-Annual		06/20/2028			600						45					(127)					(82)					3					0
Receive	3-Month USD-LIBOR		1.500	Semi-Annual		12/18/2029			300						7					(31)					(24)					2					0
Receive	3-Month USD-LIBOR		1.625	Semi-Annual		01/06/2030			3,000						(54)					(205)					(259)					16					0
Receive	3-Month USD-LIBOR		2.000	Semi-Annual		01/15/2030			2,100						(10)					(251)					(261)					12					0
Receive(8)	3-Month USD-LIBOR		1.250	Semi-Annual		06/17/2030			1,400						43					(117)					(74)					8					0

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


Pay		3-Month USD-LIBOR	1.854	Semi-Annual	05/15/2045		700					0				159				159					0				(16)
Pay		3-Month USD-LIBOR	1.857	Semi-Annual	05/15/2045		200					0				46				46					0				(5)
Pay		3-Month USD-LIBOR	1.750	Semi-Annual	12/18/2049		1,000					(17)				255				238					0				(28)
Pay(8)		3-Month USD-LIBOR	1.500	Semi-Annual	06/17/2050		600					12				87				99					0				(17)
Pay		3-Month ZAR-JIBAR	7.250	Quarterly	06/20/2023	ZAR	2,900					1				6				7					1				0
Receive		6-Month CLP-CHILIBOR	1.900	Semi-Annual	03/01/2023	CLP	330,000					0				(10)				(10)					0				0
Pay		6-Month CLP-CHILIBOR	1.190	Semi-Annual	03/19/2023		110,000					0				0				0					0				0
Pay		6-Month CLP-CHILIBOR	1.290	Semi-Annual	03/26/2023		62,200					0				1				1					0				0
Pay		6-Month CLP-CHILIBOR	1.183	Semi-Annual	03/27/2023		41,900					0				0				0					0				0
Pay		6-Month CLP-CHILIBOR	1.200	Semi-Annual	03/27/2023		12,100					0				0				0					0				0
Pay		6-Month CLP-CHILIBOR	1.280	Semi-Annual	03/27/2023		5,100					0				0				0					0				0
Pay		6-Month CZK-PRIBOR	1.913	Annual	01/30/2029	CZK	1,600					0				6				6					0				0
Receive(8)		6-Month EUR-EURIBOR	0.300	Annual	06/17/2022	EUR	5,200					(1)				(2)				(3)					0				(1)
Pay		6-Month EUR-EURIBOR	0.500	Annual	03/18/2025		3,400					(32)				(16)				(48)					0				(1)
Pay(8)		6-Month EUR-EURIBOR	0.150	Annual	06/17/2025		1,600					0				7				7					0				0
Pay(8)		6-Month EUR-EURIBOR	1.310	Annual	06/19/2029		600					20				20				40					0				(1)
Pay		6-Month EUR-EURIBOR	0.150	Annual	03/18/2030		3,500					(93)				45				(48)					0				(4)
Pay(8)		6-Month EUR-EURIBOR	0.150	Annual	06/17/2030		1,600					21				7				28					0				(2)
Receive		6-Month EUR-EURIBOR	0.250	Annual	03/18/2050		1,000					88				(112)				(24)					13				0
Pay(8)		6-Month EUR-EURIBOR	0.500	Annual	06/17/2050		200					34				(13)				21					0				(3)
Pay		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2022	GBP	400					0				3				3					0				0
Pay(8)		6-Month GBP-LIBOR	0.737	Semi-Annual	02/14/2024		2,200					0				5				5					0				0
Pay(8)		6-Month GBP-LIBOR	0.745	Semi-Annual	02/17/2024		3,300					0				8				8					0				0
Pay(8)		6-Month GBP-LIBOR	1.000	Semi-Annual	06/17/2025		1,900					16				41				57					1				0
Receive(8)		6-Month GBP-LIBOR	0.803	Semi-Annual	02/14/2028		450					0				(6)				(6)					0				0
Receive(8)		6-Month GBP-LIBOR	0.811	Semi-Annual	02/17/2028		700					0				(9)				(9)					0				(1)
Pay		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2030		400					(1)				9				8					1				0
Receive(8)		6-Month GBP-LIBOR	0.672	Semi-Annual	02/26/2031		200					0				(2)				(2)					0				0
Pay		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2050		200					(4)				15				11					1				0
Pay(8)		6-Month GBP-LIBOR	1.000	Semi-Annual	06/17/2050		150					0				22				22					1				0
Pay(8)		6-Month GBP-LIBOR	0.722	Semi-Annual	02/26/2051		70					0				3				3					0				0
Pay		6-Month JPY-LIBOR	0.200	Semi-Annual	06/19/2029	JPY	50,000					8				0				8					1				0
Pay		6-Month JPY-LIBOR	0.035	Semi-Annual	11/29/2029		30,000					(1)				2				1					0				0
Receive		6-Month JPY-LIBOR	0.400	Semi-Annual	06/19/2039		140,000					3				(72)				(69)					0				(5)
Pay		6-Month JPY-LIBOR	0.500	Semi-Annual	06/19/2049		60,000					(6)				59				53					4				0
Pay		28-Day MXN-TIIE	5.825	Lunar	01/12/2023	MXN	6,700					(30)				30				0					1				0
Pay		UKRPI	3.386	Maturity	01/15/2030	GBP	100					0				1				1					0				0
Pay		UKRPI	3.436	Maturity	02/15/2030		100					0				2				2					0				0
Pay		UKRPI	3.450	Maturity	02/15/2030		300					0				5				5					0				0
Pay		UKRPI	3.453	Maturity	02/15/2030		500					0				9				9					0				0
									$		234			$	(469)			$	(235)			$		75			$	(130)
Total Swap Agreements							$	277		$			(564)		$		(287)			$	126		$			(152)
Cash of $1,764 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	Future styled option.
(2)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(3)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	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.
(5)	The maximum potential amount the Portfolio 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.
(6)	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.

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


(7)	Unsettled variation margin asset of $7 for closed swap agreements is outstanding at period end.
(8)	This instrument has a forward starting effective date.
(k)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
					Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Month		Currency to be Delivered			Currency to be Received		Asset		Liability
BOA		04/2020	AUD	38		$	25	$	1	$	0
		04/2020	GBP	5,646			7,280		267		0
		04/2020	ILS	82			23		0		(1)
		04/2020	NOK	2,375			224		0		(4)
		04/2020	$	363		DKK	2,410		0		(7)
		05/2020		224		NOK	2,375		4		0
		06/2020	KRW	1,438,821		$	1,213		30		0
		06/2020	PLN	499			129		9		0
BPS		04/2020	AUD	197			130		9		0
		04/2020	BRL	327			74		11		0
		04/2020	CAD	692			482		0		(10)
		04/2020	EUR	218			242		2		0
		04/2020	GBP	273			349		10		0
		04/2020	JPY	3,500			32		0		(1)
		04/2020	NZD	218			138		8		0
		04/2020	$	63		BRL	327		0		0
		04/2020		138		CAD	189		0		(4)
		04/2020		1,253		EUR	1,149		19		(5)
		04/2020		607		GBP	472		2		(22)
		04/2020		2,073		JPY	220,800		7		(27)
		04/2020		25		NOK	231		0		(3)
		05/2020	AUD	30		$	18		0		0
		05/2020	EUR	369			408		1		0
		05/2020	$	508		INR	37,323		0		(18)
		06/2020	IDR	2,096,415		$	139		12		0
		06/2020	$	44		TWD	1,310		0		0
		09/2020	HKD	275		$	35		0		0
BRC		04/2020	INR	37,497			517		25		0
		04/2020	JPY	773,562			7,038		0		(156)
		04/2020	$	6,912		GBP	5,653		110		0
		05/2020	GBP	5,653		$	6,916		0		(110)
		06/2020	$	119		CNH	830		0		(2)
		09/2020		384		HKD	3,011		4		0
BSH		04/2020		227		CLP	192,768		0		(2)
		05/2020	CLP	117,594		$	146		9		0
CBK		04/2020	AUD	632			413		25		(1)
		04/2020	BRL	2,683			534		18		0
		04/2020	CAD	4,329			3,233		158		(2)
		04/2020	CHF	601			623		0		(1)
		04/2020	COP	1,509			0		0		0
		04/2020	EUR	12,750			13,993		11		(80)
		04/2020	GBP	406			527		23		0
		04/2020	MXN	1,808			79		3		0
		04/2020	PEN	1,253			372		7		0
		04/2020	$	126		AUD	214		5		0
		04/2020		611		BRL	2,683		0		(95)
		04/2020		3,226		CAD	4,544		6		(4)
		04/2020		4,814		DKK	33,125		82		(3)
		04/2020		796		EUR	736		16		0
		04/2020		277		GBP	238		19		0
		04/2020		142		JPY	15,300		0		0
		04/2020		84		MXN	1,660		0		(15)
		04/2020		135		NZD	214		0		(8)
		04/2020		191		PEN	648		0		(2)
		05/2020	CAD	4,379		$	3,106		0		(6)
		05/2020	PEN	1,299			386		8		0
		05/2020	$	625		CHF	601		1		0
		06/2020	CNH	1,816		$	257		2		0
		07/2020	DKK	28,255			4,118		0		(70)
		07/2020	$	105		PEN	365		1		0
		08/2020	PEN	648		$	190		2		0
DUB		04/2020	BRL	746			145		2		0
		04/2020	$	143		BRL	746		0		0
		05/2020		145			746		0		(2)
GLM		04/2020	BRL	67		$	15		2		0
		04/2020	CAD	118			82		0		(1)
		04/2020	GBP	216		EUR	255		13		0
		04/2020	JPY	5,973		$	56		0		0
		04/2020	RUB	7,361			109		15		0
		04/2020	SEK	1,160			120		3		0
		04/2020	$	1,222		AUD	2,006		12		0
		04/2020		13		BRL	67		0		0
		04/2020		69		CLP	58,223		0		(1)

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


		04/2020			84						EUR		78								2						0
		04/2020			298						RUB		18,935								0						(56)
		05/2020		AUD	2,006						$		1,222								0						(12)
		05/2020		$	6						RUB		517								0						0
		06/2020		JPY	70,000						$		666								13						0
		06/2020		$	0						CLP		235								0						0
		06/2020			632						JPY		70,000								21						0
		07/2020		DKK	530						$		78								0						(1)
HUS		04/2020		BRL	889								197								26						0
		04/2020		CLP	176,284								207								1						0
		04/2020		ILS	97								26								0						(1)
		04/2020		SEK	217								23								1						0
		04/2020		$	171						BRL		889								0						0
		04/2020			271						EUR		249								4						0
		04/2020			113						GBP		96								6						0
		04/2020			511						INR		37,497								0						(19)
		04/2020			123						JPY		12,700								0						(5)
		04/2020			175						NZD		280								0						(8)
		05/2020		JPY	15,300						$		142								0						0
		06/2020		CNH	31,236								4,459								59						0
		06/2020		HKD	475								61								0						0
JPM		04/2020		$	185						CAD		252								1						(7)
		04/2020			645						EUR		578								0						(8)
		05/2020		CLP	57,639						$		72								4						0
		05/2020		INR	18,645								259								14						0
		06/2020		IDR	626,120								44								6						0
MYI		04/2020		AUD	1,299								854								55						0
		04/2020		DKK	35,624								5,365								103						0
		04/2020		EUR	113								126								2						0
		04/2020		NOK	225								24								2						0
		04/2020		NZD	278								176								10						0
		04/2020		$	646						CHF		601								0						(21)
		06/2020		IDR	236,960						$		16								2						0
		06/2021		$	8						EUR		6								0						(1)
RBC		04/2020		CAD	151						$		109								2						0
RYL		04/2020		$	131						SEK		1,350								6						0
		05/2020			270						MXN		5,296								0						(48)
SCX		04/2020		AUD	17						$		11								1						0
		05/2020		EUR	10,178								11,182								0						(58)
		06/2020		PLN	426								110								7						0
		06/2020		$	734						CNH		5,154								0						(8)
		06/2020			431						IDR		5,972,029								0						(69)
		09/2020		HKD	2,766						$		352								0						(5)
SSB		05/2020		INR	18,678								260								15						0
TOR		04/2020		$	4,924						JPY		531,562								19						0
		05/2020		JPY	531,562						$		4,935								0						(17)
UAG		04/2020		AUD	75								43								0						(3)
		04/2020		CAD	33								25								1						0
		04/2020		CHF	96								101								1						0
		04/2020		RUB	543								7								0						0
		04/2020		$	277						NOK		2,600								0						(27)
		04/2020			167						NZD		282								1						0
		04/2020			7						RUB		543								0						0
		05/2020		NZD	282						$		167								0						(1)
Total Forward Foreign Currency Contracts							$		1,359						$			(1,038)
PURCHASED OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty	Description									Strike Price		Expiration Date					Notional Amount(1)					Cost				Market Value
GLM	Put - OTC EUR versus GBP							GBP		0.833		04/22/2020				$	485			$		3		$		0
	Put - OTC EUR versus USD							$		1.085		04/08/2020					373					1				1
																						$	4		$			1
INTEREST RATE SWAPTIONS
Counterparty	Description		Floating Rate Index			Pay/Receive Floating Rate				Exercise Rate				Expiration Date					Notional Amount(1)				Cost					Market Value
BOA	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive				2.175%				09/15/2021				$	300			$	12		$			4
DUB	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive				2.300				12/21/2021					200				8					3
FBF	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive				1.733				08/26/2021					400				30					11
GLM	Put - OTC 30-Year Interest Rate Swap		6-Month GBP-LIBOR			Receive				0.860				02/26/2021					150				9					9
MYC	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive				2.005				06/08/2020					300				12					0
	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive				1.984				06/09/2020					200				8					0

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


		Put - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR				Receive					1.752			08/23/2021									300					22							8
		Put - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR				Receive					2.300			12/21/2021									200					8							3
																											$		109					$		38
Total Purchased Options								$			113				$		39
WRITTEN OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty		Description										Strike Price		Expiration Date						Notional Amount(1)							Premiums (Received)								Market Value
GLM		Call - OTC EUR versus RUB								RUB		73.000		04/02/2020					$	228						$	(2)				$				(39)
		Call - OTC EUR versus USD								$		1.105		04/08/2020						373							(2)								(2)
HUS		Call - OTC EUR versus CNH								CNH		7.850		04/02/2020						240							(1)								(1)
																											$		(5)					$		(42)
INTEREST RATE SWAPTIONS
Counterparty		Description	Floating Rate Index				Pay/Receive Floating Rate					Exercise Rate			Expiration Date									Notional Amount(1)					Premiums (Received)							Market Value
BOA		Put - OTC 3-Year Interest Rate Swap	3-Month USD-LIBOR				Pay					1.880%			09/15/2021						$			2,500			$		(12)					$		(1)
DUB		Put - OTC 3-Year Interest Rate Swap	3-Month USD-LIBOR				Pay					2.020			12/21/2021									1,700					(8)							(1)
FBF		Put - OTC 3-Year Interest Rate Swap	3-Month USD-LIBOR				Pay					1.399			08/26/2021									3,300					(29)							(3)
GLM		Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR				Receive					1.450			08/06/2020									3,600					(5)							(40)
		Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR				Receive					1.450			08/11/2020									3,600					(5)							(40)
		Put - OTC 10-Year Interest Rate Swap	6-Month GBP-LIBOR				Pay					0.780			02/26/2021									450					(10)							(10)
		Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR				Receive					0.000			08/27/2020									100					(3)							(5)
		Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR				Receive					0.000			08/28/2020									200					(8)							(10)
JPM		Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR				Receive					0.000			08/25/2020									100					(3)							(5)
MYC		Put - OTC 1-Year Interest Rate Swap (2)	3-Month USD-LIBOR				Pay					1.600			06/08/2020									7,200					(12)							0
		Put - OTC 1-Year Interest Rate Swap (2)	3-Month USD-LIBOR				Pay					1.600			06/09/2020									4,800					(8)							0
		Put - OTC 2-Year Interest Rate Swap	3-Month JPY-LIBOR				Pay					0.047			06/29/2020									175,000					(1)							(1)
		Put - OTC 3-Year Interest Rate Swap	3-Month USD-LIBOR				Pay					1.448			08/23/2021									2,500					(22)							(2)
		Put - OTC 3-Year Interest Rate Swap	3-Month USD-LIBOR				Pay					2.020			12/21/2021									1,600					(7)							(1)
		Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR				Receive					0.000			08/24/2020									100					(3)							(5)
																											$		(136)					$		(124)
INTEREST RATE-CAPPED OPTIONS
Counterparty		Description	Exercise Rate			Floating Rate Index									Expiration Date							Notional Amount(1)							Premiums (Received)							Market Value
MYC		Call - OTC 1-Year Interest Rate Floor (2)	0.000%			3-Month USD-LIBOR									10/07/2022						$			1,750			$		(2)					$		(3)
		Call - OTC 1-Year Interest Rate Floor (2)	0.000			3-Month USD-LIBOR									10/08/2022									1,000					(1)							(1)
																											$		(3)					$		(4)
Total Written Options								$			(144)				$		(170)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION(3)
								Swap Agreements, at Value (7)
Counterparty	Reference Entity			Fixed (Pay) Rate	Payment Frequency				Maturity Date				Implied Credit Spread at March 31, 2020(5)					Notional Amount(6)							Premiums Paid/(Received)					Unrealized Appreciation/ (Depreciation)			Asset					Liability
BPS	China Government International Bond			(1.000)%	Quarterly				06/20/2020				0.083%			$		3,100					$		(15)			$		8		$	0				$	(7)
	Japan Government International Bond			(1.000)	Quarterly				06/20/2022				0.159					500							(18)					8			0					(10)
	South Korea Government International Bond			(1.000)	Quarterly				06/20/2023				0.237					400							(10)					0			0					(10)

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


BRC	China Government International Bond				(1.000)			Quarterly			06/20/2023					0.263								200							(4)							(1)						0						(5)
	Japan Government International Bond				(1.000)			Quarterly			06/20/2022					0.159								400							(14)							6						0						(8)
	South Korea Government International Bond				(1.000)			Quarterly			06/20/2023					0.237								500							(12)							0						0						(12)
CBK	Japan Government International Bond				(1.000)			Quarterly			06/20/2022					0.159								100							(3)							1						0						(2)
GST	China Government International Bond				(1.000)			Quarterly			06/20/2023					0.263								300							(6)							(1)						0						(7)
	Japan Government International Bond				(1.000)			Quarterly			06/20/2022					0.159								400							(14)							6						0						(8)
HUS	South Korea Government International Bond				(1.000)			Quarterly			06/20/2023					0.237								200							(5)							0						0						(5)
JPM	South Korea Government International Bond				(1.000)			Quarterly			06/20/2023					0.237								200							(5)							0						0						(5)
																												$			(106)				$			27			$			0			$			(79)
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION(4)
										Swap Agreements, at Value (7)
Counterparty	Reference Entity				Fixed Receive Rate			Payment Frequency			Maturity Date					Implied Credit Spread at March 31, 2020(5)								Notional Amount(6)							Premiums Paid/(Received)							Unrealized Appreciation/ (Depreciation)						Asset						Liability
GST	South Africa Government International Bond				1.000%			Quarterly			06/20/2024					3.864%					$			200				$			(9)				$			(13)			$			0			$			(22)
JPM	AP Moller - Maersk				1.000			Quarterly			06/20/2022					1.322					EUR			200							(1)							0						0						(1)
	South Africa Government International Bond				1.000			Quarterly			06/20/2023					3.617					$			100							(5)							(3)						0						(8)
																												$			(15)				$			(16)			$			0			$			(31)
CROSS-CURRENCY SWAPS
										Swap Agreements, at Value
Counterparty		Receive		Pay		Payment Frequency			Maturity Date(8)					Notional Amount of Currency Received									Notional Amount of Currency Delivered							Premiums Paid/(Received)							Unrealized Appreciation/(Depreciation)						Asset						Liability
CBK		Floating rate equal to 3-Month AUD-LIBOR plus 0.420% based on the notional amount of currency received		Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered		Maturity			07/31/2029			AUD		800				$					552				$			0				$			(56)			$			0			$			(56)
		Floating rate equal to 3-Month EUR-EURIBOR less 0.172% based on the notional amount of currency received		Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered		Maturity			01/23/2030			EUR		600									666							3							(8)						0						(5)
GLM		Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency received		Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered		Maturity			08/01/2029			AUD		700									483							(2)							(47)						0						(49)
MYI		Floating rate equal to 3-Month EUR-EURIBOR less 0.162% based on the notional amount of currency received		Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered		Maturity			03/18/2030			GLM		300									335							(2)							0						0						(2)
																											$			(1)				$			(111)			$			0			$			(112)
INTEREST RATE SWAPS
										Swap Agreements, at Value
Counterparty		Pay/ Receive Floating Rate	Floating Rate Index				Fixed Rate				Payment Frequency				Maturity Date							Notional Amount										Premiums Paid/(Received)							Unrealized Appreciation/ (Depreciation)						Asset						Liability
BPS		Pay	3-Month ILS-TELBOR				1.180%				Annual				01/30/2024					ILS		700							$			0				$			6			$			6			$			0
		Pay	3-Month ILS-TELBOR				1.786				Annual				05/01/2029							200										0							6						6						0
CBK		Pay	3-Month ILS-TELBOR				1.755				Annual				04/29/2029							400										0							11						11						0
GLM		Pay	3-Month ILS-TELBOR				1.780				Annual				04/22/2029							400										0							11						11						0
		Pay	3-Month ILS-TELBOR				1.779				Annual				04/30/2029							400										0							11						11						0
JPM		Pay	3-Month ILS-TELBOR				1.775				Annual				04/25/2029							700										0							19						19						0
SCX		Pay	3-Month CNY-CNREPOFIX				2.840				Quarterly				07/25/2024					CNY		8,700										0							34						34						0
																												$			0				$			98			$			98			$			0
Total Swap Agreements										$			(122)				$		(2)						$	98				$			(222)

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


(1)		Notional Amount represents the number of contracts.
(2)		The underlying instrument has a forward starting effective date.
(3)		If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)		If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(5)		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.
(6)		The maximum potential amount the Portfolio 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.
(7)		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.
(8)		At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory			Level 1			Level 2			Level 3			Fair Value at 03/31/2020
Investments in Securities, at Value
Argentina
	Corporate Bonds & Notes			$	0		$	9		$	0		$	9
	Sovereign Issues				0			43			0			43
Australia
	Corporate Bonds & Notes				0			430			0			430
	Sovereign Issues				0			1,196			0			1,196
Brazil
	Corporate Bonds & Notes				0			348			0			348
Canada
	Corporate Bonds & Notes				0			295			0			295
	Non-Agency Mortgage-Backed Securities				0			437			0			437
	Sovereign Issues				0			2,182			0			2,182
Cayman Islands
	Asset-Backed Securities				0			2,331			0			2,331
	Corporate Bonds & Notes				0			592			0			592
Chile
	Sovereign Issues				0			119			0			119
China
	Sovereign Issues				0			3,701			0			3,701
Denmark
	Corporate Bonds & Notes				0			4,362			0			4,362
Finland
	Sovereign Issues				0			816			0			816
France
	Corporate Bonds & Notes				0			1,130			0			1,130
	Sovereign Issues				0			1,857			0			1,857
Germany
	Corporate Bonds & Notes				0			1,307			0			1,307
Ireland
	Asset-Backed Securities				0			321			0			321
	Corporate Bonds & Notes				0			308			0			308
Israel
	Sovereign Issues				0			213			0			213
Italy
	Corporate Bonds & Notes				0			1,035			0			1,035
	Sovereign Issues				0			1,405			0			1,405
Japan
	Corporate Bonds & Notes				0			1,642			0			1,642
	Sovereign Issues				0			8,263			0			8,263
Kuwait
	Sovereign Issues				0			730			0			730
Lithuania
	Sovereign Issues				0			325			0			325
Luxembourg
	Corporate Bonds & Notes				0			725			0			725
Netherlands
	Asset-Backed Securities				0			1,211			0			1,211
	Corporate Bonds & Notes				0			1,609			0			1,609
	Preferred Securities				0			50			0			50
Norway
	Corporate Bonds & Notes				0			311			0			311

Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.)

March 31, 2020

(Unaudited)


Peru
		Sovereign Issues						0				678					0						678
Poland
		Sovereign Issues						0				224					0						224
Qatar
		Sovereign Issues						0				1,685					0						1,685
Russia
		Sovereign Issues						0				83					0						83
Saudi Arabia
		Sovereign Issues						0				2,017					0						2,017
Singapore
		Corporate Bonds & Notes						0				309					0						309
South Korea
		Sovereign Issues						0				1,172					0						1,172
Spain
		Corporate Bonds & Notes						0				754					0						754
		Preferred Securities						0				199					0						199
		Sovereign Issues						0				3,291					0						3,291
Switzerland
		Corporate Bonds & Notes						0				1,140					0						1,140
United Arab Emirates
		Sovereign Issues						0				204					0						204
United Kingdom
		Corporate Bonds & Notes						0				8,802					0						8,802
		Non-Agency Mortgage-Backed Securities						0				4,057					0						4,057
		Preferred Securities						0				41					0						41
United States
		Asset-Backed Securities						0				4,831					0						4,831
		Corporate Bonds & Notes						0				11,075					0						11,075
		Loan Participations and Assignments						0				71					0						71
		Non-Agency Mortgage-Backed Securities						0				2,912					0						2,912
		Preferred Securities						0				302					0						302
		U.S. Government Agencies						0				48,651					0						48,651
		U.S. Treasury Obligations						0				7,166					0						7,166
Short-Term Instruments
		Repurchase Agreements						0				949					0						949
		Argentina Treasury Bills						0				9					0						9
		U.S. Treasury Bills						0				291					0						291
			$			0			$		140,216		$			0			$			140,216
Investments in Affiliates, at Value
Short-Term Instruments
		Central Funds Used for Cash Management Purposes			$			4,714		$		0		$			0			$			4,714
Total Investments			$			4,714			$		140,216		$			0			$			144,930
Short Sales, at Value - Liabilities
Canada
	Sovereign Issues			$			0			$		(674)			$			0			$			(674)
United Kingdom
	Sovereign Issues						0					(154)						0						(154)
United States
	U.S. Government Agencies						0					(105)						0						(105)
			$			0			$		(933)		$			0			$			(933)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared						92					130					0						222
Over the counter						0					1,496					0						1,496
			$			92			$		1,626		$			0			$			1,718
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared						(275)					(152)					0						(427)
Over the counter						0					(1,430)					0						(1,430)
			$			(275)			$		(1,582)		$			0			$			(1,857)
Total Financial Derivative Instruments			$			(183)			$		44		$			0			$			(139)
Totals			$			4,531			$		139,327		$			0			$			143,858

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 53.4% ¤
CORPORATE BONDS & NOTES 10.3%
BANKING & FINANCE 7.9%
AerCap Ireland Capital DAC 4.250% due 07/01/2020	$	900	$	888
Ally Financial, Inc. 8.000% due 11/01/2031 (h)		800		924
Credit Suisse Group Funding Guernsey Ltd. 3.800% due 09/15/2022		800		814
Deutsche Bank AG 4.250% due 10/14/2021		3,400		3,237
FCE Bank PLC 0.869% due 09/13/2021	EUR	600		593
Goldman Sachs Group, Inc. 1.941% (US0003M + 1.200%) due 09/15/2020 ~	$	6,200		6,196
ING Bank NV 2.625% due 12/05/2022		1,000		1,048
Jyske Realkredit A/S 1.000% due 10/01/2050	DKK	29,856		4,245
Lloyds Banking Group PLC 1.995% (US0003M + 0.800%) due 06/21/2021 ~	$	500		488
Nordea Kredit Realkreditaktieselskab 1.000% due 10/01/2050	DKK	24,016		3,418
Nykredit Realkredit A/S 1.000% due 10/01/2050		36,790		5,245
Royal Bank of Scotland Group PLC
2.766% (US0003M + 1.550%) due 06/25/2024 ~	$	700		634
4.519% due 06/25/2024 •		400		403
State Bank of India 2.850% (US0003M + 0.950%) due 04/06/2020 ~		1,600		1,600
UBS AG 2.450% due 12/01/2020		3,300		3,292
UniCredit SpA 7.830% due 12/04/2023		6,150		6,576
				39,601
INDUSTRIALS 1.4%
BAT Capital Corp. 2.294% due 08/14/2020 •		1,100		1,082
Broadcom, Inc.
3.125% due 04/15/2021		200		198
3.125% due 10/15/2022		200		198
Campbell Soup Co. 1.371% (US0003M + 0.630%) due 03/15/2021 ~		610		591
Dell International LLC 4.420% due 06/15/2021		800		809
Dominion Energy Gas Holdings LLC 1.341% (US0003M + 0.600%) due 06/15/2021 ~(h)		400		384
eBay, Inc. 2.750% due 01/30/2023		500		491
Hyundai Capital America 1.689% due 09/18/2020 •		2,500		2,487
Microchip Technology, Inc. 3.922% due 06/01/2021 (h)		100		97
Mylan NV 3.750% due 12/15/2020 (h)		50		50
NXP BV 4.125% due 06/01/2021		200		202
VMware, Inc. 3.900% due 08/21/2027 (h)		200		198
YPF S.A. 35.421% (BADLARPP + 6.000%) due 03/04/2021 ~	ARS	5,090		58
				6,845
UTILITIES 1.0%
AT&T, Inc.
2.330% (US0003M + 0.750%) due 06/01/2021 ~	$	900		874
2.781% (US0003M + 0.950%) due 07/15/2021 ~		3,500		3,440

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


Sempra Energy 1.191% (US0003M + 0.450%) due 03/15/2021 ~		1,000	986
			5,300
Total Corporate Bonds & Notes (Cost $52,594)			51,746
U.S. GOVERNMENT AGENCIES 25.2%
Fannie Mae 4.230% due 05/01/2038 •		1,392	1,412
Fannie Mae, TBA 3.000% due 06/01/2040		10,600	11,077
Ginnie Mae
1.173% due 02/20/2049 •		2,542	2,517
2.266% due 08/20/2068 •		1,099	1,061
Uniform Mortgage-Backed Security 4.000% due 06/01/2048 - 11/01/2048		61,030	65,200
Uniform Mortgage-Backed Security, TBA
2.500% due 06/01/2050		26,200	27,041
3.500% due 05/01/2050		100	106
4.000% due 05/01/2050		17,500	18,681
Total U.S. Government Agencies (Cost $123,797)			127,095
NON-AGENCY MORTGAGE-BACKED SECURITIES 1.8%
Alliance Bancorp Trust 1.187% due 07/25/2037 •		468	356
Bear Stearns Adjustable Rate Mortgage Trust
3.677% due 02/25/2036 ^~		35	32
4.183% due 07/25/2036 ^~		155	137
Countrywide Home Loan Mortgage Pass-Through Trust 6.000% due 04/25/2036		377	272
Hawksmoor Mortgages 1.761% due 05/25/2053 •	GBP	2,311	2,824
Residential Accredit Loans, Inc. Trust 1.127% due 06/25/2046 •	$	261	77
Residential Asset Securitization Trust 1.347% due 05/25/2035 •		512	377
Towd Point Mortgage Funding PLC 1.724% due 10/20/2051 •	GBP	2,010	2,426
WaMu Mortgage Pass-Through Certificates Trust 1.277% due 01/25/2045 •	$	2,699	2,307
Total Non-Agency Mortgage-Backed Securities (Cost $9,704)			8,808
ASSET-BACKED SECURITIES 4.7%
ACE Securities Corp. Home Equity Loan Trust 2.747% due 06/25/2034 •		134	117
Argent Mortgage Loan Trust 1.427% due 05/25/2035 •		755	617
Argent Securities Trust 1.097% due 07/25/2036 •		508	392
Aurium CLO DAC 0.680% due 10/13/2029 •	EUR	800	864
California Street CLO Ltd. 2.861% due 10/15/2025 •	$	971	963
CIT Mortgage Loan Trust 2.297% due 10/25/2037 •		1,962	1,908
Countrywide Asset-Backed Certificates
1.087% due 05/25/2035 •		575	515
1.197% due 03/25/2037 •		700	574
CVP Cascade CLO Ltd. 2.993% due 01/16/2026 •		145	144
Dryden Senior Loan Fund 2.731% due 10/15/2027 •		1,571	1,506
First Franklin Mortgage Loan Trust 1.417% due 11/25/2036 •		1,600	1,246
Fremont Home Loan Trust
1.082% due 10/25/2036 •		1,003	822
1.097% due 10/25/2036 •		2,393	1,003
Halcyon Loan Advisors Funding Ltd. 2.747% due 04/20/2027 •		361	359
IndyMac Mortgage Loan Trust 1.017% due 07/25/2036 •		1,007	375
Lehman ABS Manufactured Housing Contract Trust 7.170% due 04/15/2040 ^~		714	519
Lehman XS Trust
1.107% due 05/25/2036 •		826	736
5.201% due 06/25/2036 þ		766	732
Long Beach Mortgage Loan Trust 1.247% due 01/25/2036 •		1,525	1,263
Man GLG Euro CLO DAC 0.870% due 01/15/2030 •	EUR	300	309

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


Marlette Funding Trust 2.690% due 09/17/2029	$	124	120
Morgan Stanley ABS Capital, Inc. Trust 1.922% due 07/25/2035 •		47	46
Mountain View CLO Ltd. 2.631% due 10/15/2026 •		395	391
Sound Point CLO Ltd. 2.956% due 01/23/2029 •		2,900	2,819
SpringCastle Funding Asset-Backed Notes 3.200% due 05/27/2036		2,596	2,447
Sudbury Mill CLO Ltd. 2.986% due 01/17/2026 •		1,051	1,050
THL Credit Wind River CLO Ltd. 2.711% due 01/15/2026 •		352	351
Tralee CLO Ltd. 2.849% due 10/20/2027 •		904	890
Venture CLO Ltd. 2.711% due 07/15/2027 •		745	731
Total Asset-Backed Securities (Cost $24,868)			23,809
SOVEREIGN ISSUES 0.4%
Argentina Government International Bond
1.000% due 08/05/2021 (d)	ARS	789	5
15.500% due 10/17/2026		10,280	43
36.575% (BADLARPP + 2.000%) due 04/03/2022 ~		2,035	15
38.039% (ARLLMONP) due 06/21/2020 ~		44,337	322
42.781% (BADLARPP) due 10/04/2022 ~		3,700	46
Autonomous City of Buenos Aires Argentina 37.247% (BADLARPP + 5.000%) due 01/23/2022 ~		3,390	31
Qatar Government International Bond 3.875% due 04/23/2023	$	1,400	1,444
Total Sovereign Issues (Cost $4,173)			1,906
		SHARES
PREFERRED SECURITIES 0.1%
BANKING & FINANCE 0.1%
Bank of America Corp. 5.875% due 03/15/2028 •(e)		420,000	426
Total Preferred Securities (Cost $420)			426
REAL ESTATE INVESTMENT TRUSTS 0.3%
REAL ESTATE 0.3%
Alexandria Real Estate Equities, Inc. (h)		744	102
American Tower Corp.		542	118
Apartment Investment & Management Co. (h)		2,275	80
Duke Realty Corp. (h)		3,386	110
Equinix, Inc.		261	163
Equity LifeStyle Properties, Inc. (h)		1,124	65
Equity Residential (h)		1,447	89
First Industrial Realty Trust, Inc. (h)		1,890	63
Gaming and Leisure Properties, Inc. (h)		1,801	50
Invitation Homes, Inc. (h)		3,918	84
Life Storage, Inc.		720	68
SBA Communications Corp.		476	128
Simon Property Group, Inc. (h)		557	30
Sun Communities, Inc. (h)		815	102
Welltower, Inc.		950	43
Total Real Estate Investment Trusts (Cost $1,306)			1,295
SHORT-TERM INSTRUMENTS 10.6%
REPURCHASE AGREEMENTS (g) 7.7%			38,791
		PRINCIPAL AMOUNT (000s)
ARGENTINA TREASURY BILLS 0.0%
31.246% due 07/31/2020 «~	ARS	328	3
32.393% due 08/28/2020 ~		5,568	51
36.751% due 04/03/2020 ~		4,160	47

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


53.823% due 05/13/2020 (b)(c)		12,420		92
				193
U.S. TREASURY BILLS 2.9%
0.229% due 04/07/2020 - 09/24/2020 (a)(b)(j)(l)	$	14,834		14,831
Total Short-Term Instruments (Cost $53,983)				53,815
Total Investments in Securities (Cost $270,845)				268,900
		SHARES
INVESTMENTS IN AFFILIATES 51.0%
MUTUAL FUNDS 17.4% (f)
PIMCO Mortgage Opportunities and Bond Fund		8,424,076		87,358
Total Mutual Funds (Cost $92,235)				87,358
SHORT-TERM INSTRUMENTS 33.6%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 33.6%
PIMCO Short-Term Floating NAV Portfolio III		17,239,835		169,312
Total Short-Term Instruments (Cost $169,945)				169,312
Total Investments in Affiliates (Cost $262,180)				256,670
Total Investments 104.4% (Cost $533,025)			$	525,570
Financial Derivative Instruments (i)(k) (0.6)%(Cost or Premiums, net $1,892)				(3,042)
Other Assets and Liabilities, net (3.8)%				(19,124)
Net Assets 100.0%			$	503,404

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)



NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

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

¤	The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.
^	Security is in default.
«	Security valued using significant unobservable inputs (Level 3).
~	Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.
•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.
þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.
(a)	Coupon represents a weighted average yield to maturity.
(b)	Zero coupon security.
(c)	Coupon represents a yield to maturity.
(d)	Principal amount of security is adjusted for inflation.
(e)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(f)	Institutional Class Shares of each Fund.
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(g)	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
BPS		0.000%	03/31/2020	04/01/2020	$	10,000		U.S. Treasury Notes 3.000% due 09/30/2025						$		(10,217)			$		10,000		$		10,000
FICC		0.000	03/31/2020	04/01/2020		452		U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021								(463)					452				452
SAL		0.000	03/31/2020	04/01/2020		10,000		U.S. Treasury Notes 2.000% due 05/31/2024								(10,208)					10,000				10,000
SSB		0.000	03/31/2020	04/01/2020		539		U.S. Treasury Notes 2.000% due 08/31/2021(1)								(550)					539				539
TDM		0.000	03/31/2020	04/01/2020		17,800		U.S. Treasury Bonds 2.250% due 08/15/2049								(8,026)					17,800				17,800
								U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026								(10,166)					0				0
Total Repurchase Agreements														$		(39,630)			$		38,791		$		38,791
(h)	Securities with an aggregate market value of $1,426 have been pledged as collateral as of March 31, 2020 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.
(1)	Collateral is held in custody by the counterparty.
(i)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
PURCHASED OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description									Strike Price	Expiration Date	# of Contracts		Notional Amount					Cost					Market Value
Put - CBOT U.S. Treasury 2-Year Note June 2020 Futures							$		106.000	05/22/2020	1	$	2				$	0				$	0
Call - CBOT U.S. Treasury 2-Year Note June 2020 Futures									110.750	05/22/2020	100		200					1					3
Call - CBOT U.S. Treasury 2-Year Note June 2020 Futures									110.875	05/22/2020	85		170					1					1
Call - CBOT U.S. Treasury 2-Year Note June 2020 Futures									111.000	05/22/2020	5		10					0					0
Call - CBOT U.S. Treasury 2-Year Note June 2020 Futures									112.125	05/22/2020	25		50					0					0
Call - CBOT U.S. Treasury 2-Year Note June 2020 Futures									112.250	05/22/2020	169		338					1					0
Call - CBOT U.S. Treasury 2-Year Note June 2020 Futures									112.375	05/22/2020	4		8					0					0
Call - CBOT U.S. Treasury 5-Year Note June 2020 Futures									128.750	05/22/2020	129		129					1					6
Call - CBOT U.S. Treasury 5-Year Note June 2020 Futures									129.000	05/22/2020	13		13					0					1
Call - CBOT U.S. Treasury 5-Year Note June 2020 Futures									129.500	05/22/2020	91		91					1					3
Call - CBOT U.S. Treasury 5-Year Note June 2020 Futures									130.000	05/22/2020	2		2					0					0
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures									103.000	05/22/2020	174		174					3					3
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures									117.500	05/22/2020	244		244					2					8
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures									118.000	05/22/2020	2		2					0					0
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures									122.000	05/22/2020	29		29					0					1
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures									128.000	05/22/2020	187		187					2					12
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures									130.000	05/22/2020	12		12					0					1

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures				136.000							05/22/2020	23									23				0						2
Put - CBOT U.S. Treasury Ultra Long-Term Bond June 2020 Futures				115.000							05/22/2020	2									2				0						0
Put - MSE Canada Government 10-Year Bond June 2020 Futures			CAD	111.000							05/15/2020	173										173			2						1
Total Purchased Options						$			14						$				42
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
						Variation Margin
Description	Expiration Month	# of Contracts						Notional Amount										Unrealized Appreciation/ (Depreciation)									Asset						Liability
Australia Government 3-Year Note June Futures	06/2020	1			$			72						$				0						$			0			$			0
Brent Crude September Futures	07/2020	12						410										(3)									0						(3)
Call Options Strike @ EUR 113.200 on Euro-Schatz June 2020 Futures (1)	05/2020	775						21										17									13						0
Call Options Strike @ EUR 116.500 on Euro-Schatz June 2020 Futures (1)	05/2020	831						9										4									5						0
Call Options Strike @ GBP 175.000 on United Kingdom Long Gilt June 2020 Futures (1)	05/2020	115						0										(2)									0						0
Canada Government 10-Year Bond June Futures	06/2020	173						18,088										878									17						(5)
DAX Index June Futures	06/2020	17						4,644										736									154						0
E-mini NASDAQ 100 Index June Futures	06/2020	96						14,950										(186)									0						(132)
E-mini S&P 500 Index June Futures	06/2020	1,644						211,229										(8,601)									0						(3,315)
Euro-Bobl June Futures	06/2020	104						15,509										(83)									38						(34)
Euro-BTP Italy Government Bond June Futures	06/2020	407						50,242										(641)									0						(244)
Euro-Bund 10-Year Bond June Futures	06/2020	225						42,809										(127)									258						(270)
FTSE 100 Index June Futures	06/2020	125						8,750										1,106									263						0
FTSE/MIB Index June Futures	06/2020	1						93										13									2						0
Gold 100 oz. June Futures	06/2020	12						1,916										(1)									3						(4)
IBEX 35 Index April Futures	04/2020	1						75										11									1						(1)
Mini MSCI Emerging Markets Index June Futures	06/2020	105						4,425										107									39						0
Nikkei 225 Yen-denominated June Futures	06/2020	60						5,202										(11)									81						(82)
Put Options Strike @ EUR 130.000 on Euro-Bobl June 2020 Futures (1)	05/2020	105						1										0									1						(1)
Put Options Strike @ EUR 156.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)	05/2020	181						12										10									0						(8)
Put Options Strike @ EUR 157.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)	05/2020	22						2										1									0						(1)
Put Options Strike @ EUR 158.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)	05/2020	22						2										2									0						(1)
RBOB Gasoline July Futures	06/2020	6						181										6									0						(2)
S&P/Toronto Stock Exchange 60 June Futures	06/2020	1						116										0									7						0
SPI 200 Index June Futures	06/2020	66						5,185										69									369						(83)
STOXX Europe 600 Price Index June Futures	06/2020	2,817						49,073										7,742									1,724						0
Topix Index June Futures	06/2020	175						22,834										319									0						(789)
U.S. Treasury 5-Year Note June Futures	06/2020	53						6,644										26									0						(2)
U.S. Treasury 10-Year Note June Futures	06/2020	810						112,337										3,594									4						(114)
U.S. Treasury 30-Year Bond June Futures	06/2020	133						23,815										1,815									0						(220)
U.S. Treasury Ultra Long-Term Bond June Futures	06/2020	14						3,106										138									0						(46)
													$				6,939						$			2,979			$			(5,357)
SHORT FUTURES CONTRACTS
						Variation Margin
Description	Expiration Month	# of Contracts						Notional Amount										Unrealized Appreciation/ (Depreciation)									Asset						Liability
Brent Crude June Futures	04/2020	12			$			(316)						$				13						$			1			$			0
CAC 40 Index April Futures	04/2020	1						(48)										(8)									0						(1)
Euro STOXX 50 June Futures	06/2020	154						(4,666)										(499)									0						(158)
Euro-Buxl 30-Year Bond June Futures	06/2020	47						(10,880)										408									236						(118)
Euro-Schatz June Futures	06/2020	1,606						(198,717)										393									89						(115)
OMX Stockholm 30 Index April Futures	04/2020	1						(15)										(2)									0						(1)
RBOB Gasoline May Futures	04/2020	6						(149)										0									6						0
U.S. Treasury 2-Year Note June Futures	06/2020	388						(85,509)										(1,369)									12						0
United Kingdom Long Gilt June Futures	06/2020	115						(19,454)										(244)									71						(57)
													$				(1,308)						$			415			$			(450)
Total Futures Contracts							$			5,631						$				3,394				$				(5,807)

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(2)
																			Variation Margin
Reference Entity		Fixed Receive Rate		Payment Frequency			Maturity Date			Implied Credit Spread at March 31, 2020(4)								Notional Amount(5)				Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)				Market Value(6)				Asset				Liability
Daimler AG		1.000%		Quarterly			12/20/2020			0.688			%		EUR			480		$		8		$		(7)		$		1		$		0		$		(1)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(3)
																			Variation Margin
Index/Tranches			Fixed (Pay) Rate			Payment Frequency			Maturity Date							Notional Amount(5)						Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)				Market Value(6)				Asset				Liability
CDX.IG-33 5-Year Index			(1.000)%			Quarterly			12/20/2024			$				59,320				$		238		$		(238)		$		0		$		87		$		(87)
iTraxx Crossover 32 5-Year Index			(5.000)			Quarterly			12/20/2024			EUR				100						(16)				18				2				0				0
																				$		222		$		(220)		$		2		$		87		$		(87)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
																			Variation Margin
Index/Tranches			Fixed Receive Rate			Payment Frequency			Maturity Date							Notional Amount(5)						Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)				Market Value(6)				Asset				Liability
CDX.HY-33 5-Year Index			5.000%			Quarterly			12/20/2024			$				98				$		8		$		(14)		$		(6)		$		0		$		(1)
iTraxx Europe Main 32 5-Year Index			1.000			Quarterly			12/20/2024			EUR				16,300						200				(156)				44				0				(28)
																				$		208		$		(170)		$		38		$		0		$		(29)
INTEREST RATE SWAPS
																			Variation Margin
Pay/ Receive Floating Rate	Floating Rate Index				Fixed Rate			Payment Frequency			Maturity Date						Notional Amount						Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)				Market Value				Asset				Liability
Pay	3-Month CAD-Bank Bill				1.520%			Semi-Annual			12/05/2021			CAD			73,200				$		(377)		$		999		$		622		$		0		$		(1)
Pay	3-Month CAD-Bank Bill				1.440			Semi-Annual			12/05/2024						28,100						(346)				775				429				0				(35)
Receive	3-Month CAD-Bank Bill				1.510			Semi-Annual			12/05/2029						23,100						387				(971)				(584)				87				0
Receive	3-Month CAD-Bank Bill				2.010			Semi-Annual			12/05/2049						1,900						26				(208)				(182)				42				0
Pay	3-Month USD-LIBOR				1.320			Semi-Annual			12/05/2021			$			161,100						(765)				3,578				2,813				66				0
Receive	3-Month USD-LIBOR				1.210			Semi-Annual			12/05/2024						76,800						1,389				(4,179)				(2,790)				0				(22)
Receive(7)	3-Month USD-LIBOR				1.250			Semi-Annual			06/17/2025						25,000						410				(1,364)				(954)				1				0
Pay	3-Month USD-LIBOR				2.750			Semi-Annual			12/19/2025						27,700						(63)				3,759				3,696				0				(13)
Receive(7)	3-Month USD-LIBOR				2.000			Semi-Annual			07/27/2026						2,600						76				(259)				(183)				3				0
Receive(7)	3-Month USD-LIBOR				2.400			Semi-Annual			12/07/2026						15,300						173				(1,516)				(1,343)				25				0
Receive	3-Month USD-LIBOR				1.750			Semi-Annual			12/21/2026						14,660						830				(2,035)				(1,205)				32				0
Receive(7)	3-Month USD-LIBOR				3.100			Semi-Annual			04/17/2028						5,380						(15)				(599)				(614)				20				0
Pay	3-Month USD-LIBOR				3.000			Semi-Annual			12/19/2028						11,100						275				2,040				2,315				0				(46)
Receive	3-Month USD-LIBOR				1.614			Semi-Annual			10/11/2029						1,280						(11)				(102)				(113)				6				0
Receive	3-Month USD-LIBOR				1.310			Semi-Annual			12/05/2029						1,700						40				(142)				(102)				8				0
Receive	3-Month USD-LIBOR				1.480			Semi-Annual			03/06/2030						2,400						(6)				(175)				(181)				13				0
Receive	3-Month USD-LIBOR				1.610			Semi-Annual			03/06/2030						2,400						(17)				(194)				(211)				13				0
Receive	3-Month USD-LIBOR				1.465			Semi-Annual			03/13/2030						2,450						(5)				(177)				(182)				13				0
Receive	3-Month USD-LIBOR				1.595			Semi-Annual			03/13/2030						2,450						(17)				(197)				(214)				13				0
Receive	3-Month USD-LIBOR				1.385			Semi-Annual			03/20/2030						2,450						(7)				(154)				(161)				14				0
Receive	3-Month USD-LIBOR				1.520			Semi-Annual			03/20/2030						2,450						(18)				(175)				(193)				14				0
Receive	3-Month USD-LIBOR				1.117			Semi-Annual			03/27/2030						2,430						(9)				(85)				(94)				14				0
Receive	3-Month USD-LIBOR				1.282			Semi-Annual			03/27/2030						2,430						(22)				(111)				(133)				14				0
Pay(7)	3-Month USD-LIBOR				1.250			Semi-Annual			06/17/2030						18,300						(503)				1,465				962				0				(104)
Pay	3-Month USD-LIBOR				2.500			Semi-Annual			06/20/2048						5,120						(515)				2,678				2,163				0				(148)
Pay	3-Month USD-LIBOR				1.500			Semi-Annual			12/05/2049						3,600						(237)				834				597				0				(100)
Pay	6-Month EUR-EURIBOR				0.600			Annual			12/05/2021			EUR			127,400						(608)				(141)				(749)				19				0
Receive	6-Month EUR-EURIBOR				0.540			Annual			12/05/2024						60,080						832				109				941				2				0
Receive	6-Month EUR-EURIBOR				0.500			Annual			03/18/2025						27,500						268				119				387				6				0
Receive	6-Month EUR-EURIBOR				0.270			Annual			12/05/2029						7,500						190				(1)				189				7				0
Pay	6-Month EUR-EURIBOR				0.080			Annual			12/05/2049						5,400						(505)				332				(173)				0				(65)

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


Pay		6-Month GBP-LIBOR		0.550	Semi-Annual		12/05/2021		GBP	78,700						(285)						254							(31)					12							0
Receive		6-Month GBP-LIBOR		0.500	Semi-Annual		12/05/2024			85,900						1,172						(959)							213					0							(37)
Pay		6-Month GBP-LIBOR		0.550	Semi-Annual		12/05/2049			10,000						(1,607)						1,434							(173)					36							0
Pay		28-Day MXN-TIIE		6.570	Lunar		12/31/2024		MXN	258,200						0						115							115					77							0
Pay		28-Day MXN-TIIE		6.620	Lunar		01/02/2025			255,800						0						131							131					76							0
												$			130				$		4,878				$			5,008			$		633					$		(571)
Total Swap Agreements											$			568				$		4,481				$		5,049				$		720				$			(688)
(j)	Securities with an aggregate market value of $2,630 and cash of $40,538 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	Future styled option.
(2)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(5)	The maximum potential amount the Portfolio 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.
(6)	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.
(7)	This instrument has a forward starting effective date.
(k)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
											Unrealized Appreciation/(Depreciation)
Counterparty			Settlement Month					Currency to be Delivered									Currency to be Received										Asset										Liability
BOA			04/2020			GBP		1,442					$				1,859						$				68								$		0
			04/2020			SEK		103,809									10,328										0										(165)
			04/2020			$		9,124					CHF				8,845										66										0
			04/2020					12,466					DKK				85,831										213										0
			04/2020					1,103					EUR				987										0										(15)
			04/2020					259					ILS				944										7										0
			04/2020					1,394					JPY				150,346										4										0
			04/2020					278					NOK				2,950										6										0
			04/2020			ZAR		43,077					$				2,869										462										0
			05/2020			EUR		18,761									21,063										338										0
			05/2020			JPY		404,646									3,833										66										(4)
			05/2020			NOK		2,950									278										0										(5)
			05/2020			$		8,763					EUR				8,066										158										(10)
			05/2020					896					JPY				98,000										17										0
			05/2020					8,355					NOK				77,002										0										(946)
			05/2020					10,338					SEK				103,809										163										0
			06/2020			KRW		15,078,130					$				12,715										312										0
			06/2020			PHP		559,286									10,982										152										0
			07/2020			DKK		85,831									12,517										0										(204)
BPS			04/2020			CAD		2,677									1,990										88										0
			04/2020			GBP		1,555									1,951										59										(40)
			04/2020			$		3,078					EUR				2,751										0										(44)
			04/2020					713					GBP				600										32										0
			04/2020					892					MXN				21,456										12										(2)
			04/2020					7,669					NZD				12,133										0										(429)
			05/2020			COP		33,757					$				8										0										0
			05/2020			$		2,022					EUR				1,833										3										0
			05/2020					585					JPY				64,200										13										0
			06/2020			CNH		5,012					$				712										6										0
			06/2020			$		13					PLN				50										0										(1)
BRC			04/2020			JPY		150,346					$				1,368										0										(30)
			04/2020			$		865					MXN				20,801										10										0
BSH			07/2020					9,831					BRL				50,214										0										(220)
CBK			04/2020			AUD		2,371					$				1,481										42										(20)
			04/2020			CAD		2,781									2,087										111										0
			04/2020			CHF		7,279									7,552										0										(11)
			04/2020			EUR		15,773									17,292										0										(104)
			04/2020			GBP		552									679										0										(7)
			04/2020			MXN		104,238									4,585										197										0
			04/2020			$		5,892					CAD				8,307										11										0
			04/2020					251					MXN				5,892										0										(3)
			05/2020			AUD		359					$				221										0										0

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


	05/2020	CAD	8,307				5,894			0	(12)
	05/2020	EUR	2,445				2,662			0	(40)
	05/2020	JPY	239,600				2,224			18	(27)
	05/2020	PEN	27,866				8,263			155	0
	05/2020	$	592		CAD		808			0	(17)
	05/2020		7,566		CHF		7,279			9	0
	05/2020		2,032		EUR		1,864			27	0
	05/2020		43,968		JPY		4,814,200			892	0
	05/2020		4,019		NOK		37,160			0	(444)
	06/2020		2,091		IDR		34,676,889			9	0
	07/2020	BRL	50,214		$		12,355			2,744	0
	07/2020	PEN	9,534				2,742			0	(25)
DUB	04/2020	BRL	2,083				401			0	0
	04/2020	$	406		BRL		2,083			0	(5)
	04/2020		7,019		NOK		66,583			0	(615)
	05/2020	BRL	2,083		$		406			6	0
FBF	06/2020	$	8,196		IDR		113,561,995			0	(1,320)
GLM	04/2020	BRL	2,083		$		475			74	0
	04/2020	CAD	2,850				2,105			80	0
	04/2020	DKK	88,582				13,236			150	0
	04/2020	MXN	10,877				496			38	0
	04/2020	RUB	10,704				136			0	0
	04/2020	$	10,839		AUD		17,792			105	0
	04/2020		401		BRL		2,083			0	0
	04/2020		157		MXN		3,806			3	0
	04/2020		6,196		RUB		382,654			0	(1,320)
	04/2020		10,770		SEK		103,809			0	(276)
	05/2020	AUD	17,792		$		10,841			0	(105)
	05/2020	JPY	237,200				2,236			26	0
	05/2020	NOK	119,035				11,466			14	0
	05/2020	$	3,899		CAD		5,166			0	(226)
	05/2020		1,863		EUR		1,719			36	0
	05/2020		1,249		JPY		138,400			41	0
	05/2020		135		RUB		10,704			1	0
	06/2020	CLP	193,695		$		242			15	0
	06/2020	TWD	20,903				701			2	0
	06/2020	$	1		MYR		4			0	0
HUS	04/2020	GBP	399		$		470			0	(25)
	04/2020	NZD	3,809				2,374			101	0
	04/2020	$	548		AUD		911			12	0
	04/2020		282		ILS		1,037			11	0
	04/2020		2,346		MXN		56,339			64	(40)
	05/2020	CAD	379		$		263			0	(7)
	05/2020	EUR	5,752				6,474			120	0
	05/2020	JPY	192,400				1,795			2	0
	05/2020	$	606		CAD		810			0	(31)
	05/2020		5,122		EUR		4,646			21	(11)
	05/2020		629		JPY		69,200			16	0
	06/2020	HKD	2,696		$		347			0	(1)
	06/2020	IDR	76,999,820				5,165			502	0
	06/2020	THB	4,217				135			6	0
	06/2020	$	2,667		HKD		20,790			14	0
JPM	04/2020	TRY	2,743		$		416			4	0
	04/2020	$	2,629		ZAR		39,190			0	(439)
	05/2020	CHF	4,979		$		5,136			0	(48)
	05/2020	$	678		JPY		71,000			0	(17)
	06/2020		5,020		MXN		95,951			0	(1,021)
	06/2020		1,395		SGD		1,955			0	(17)
MYI	04/2020	AUD	14,925		$		9,818			637	0
	04/2020	$	1,924		DKK		12,840			0	(27)
	05/2020		66,159		EUR		60,271			424	0
RBC	04/2020		7,620		DKK		51,130			0	(66)
SCX	04/2020	AUD	1,407		$		904			43	(5)
	04/2020	CZK	3,265				135			4	0
	04/2020	RUB	173,846				2,220			5	0
	04/2020	TRY	8,531				1,291			9	0
	05/2020	EUR	12,035				13,222			0	(68)
	05/2020	JPY	116,500				1,062			0	(24)
	05/2020	$	15,015		CAD		19,915			0	(857)
	05/2020		2,021		EUR		1,833			4	0
	05/2020		234		RUB		18,442			1	0
SOG	04/2020	DKK	10,445		$		1,567			24	0
	04/2020	$	116		RUB		8,984			0	(1)
SSB	05/2020	CHF	108		$		111			0	(2)
	06/2020	$	11,367		INR		822,846			0	(666)
UAG	04/2020	CHF	1,566		$		1,626			0	(1)
	04/2020	DKK	52,160				8,165			460	0
	04/2020	NOK	69,533				7,399			710	0
	04/2020	NZD	8,324				4,930			0	(37)
	04/2020	RUB	11,235				141			0	(2)
	04/2020	$	181		DKK		1,160			0	(10)
	04/2020		1,115		RUB		78,113			6	(125)
	05/2020		4,929		NZD		8,324			37	0
Total Forward Foreign Currency Contracts				$		10,298		$	(10,240)

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


PURCHASED OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty	Description									Strike Price		Expiration Date				Notional Amount(1)		Cost		Market Value
BOA	Call - OTC USD versus JPY						JPY			121.000		04/23/2020				10,000	$	1	$	1
	Call - OTC USD versus SEK						SEK			10.950		05/04/2020				8,400		1		12
HUS	Call - OTC AUD versus USD						$			0.710		04/01/2020				12,800		1		0
	Call - OTC USD versus CAD						CAD			1.460		04/01/2020				11,100		1		0
																	$	4	$	13
INTEREST RATE SWAPTIONS
Counterparty	Description	Floating Rate Index			Pay/Receive Floating Rate			Exercise Rate			Expiration Date					Notional Amount(1)		Cost		Market Value
JPM	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR			Receive			5.500%			08/24/2021					53,400	$	2,114	$	3
MYC	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR			Receive			5.500			08/24/2021					42,550		1,811		3
																	$	3,925	$	6
OPTIONS ON SECURITIES
Counterparty	Description					Strike Price			Expiration Date							Notional Amount(1)		Cost		Market Value
FAR	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 04/01/2050			$		60.000			04/08/2020							6,300	$	0	$	0
	Put - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 04/01/2050					67.500			04/08/2020							10,600		0		0
JPM	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 05/01/2050					70.000			05/06/2020							12,100		1		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2050					74.000			04/08/2020							18,600		1		0
SAL	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 04/01/2050					65.000			04/08/2020							7,800		0		0
																	$	2	$	0
Total Purchased Options							$			3,931			$		19
WRITTEN OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty	Description									Strike Price		Expiration Date				Notional Amount(1)		Premiums (Received)		Market Value
JPM	Call - OTC USD versus MXN						MXN			19.606		04/01/2020				1,600	$	(23)	$	(280)
	Put - OTC USD versus MXN									19.606		04/01/2020				1,600		(24)		0
																	$	(47)	$	(280)
INFLATION-CAPPED OPTIONS
Counterparty	Description	Initial Index	Floating Rate								Expiration Date(2)			Notional Amount(1)				Premiums (Received)		Market Value
GLM	Cap - OTC CPALEMU	100.152	Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0								06/22/2035					5,600	$	(255)	$	(2)
JPM	Cap - OTC CPURNSA	234.781	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0								05/16/2024					1,100		(7)		0
	Cap - OTC YOY CPURNSA	233.707	Maximum of [(3 + 0.000%) - (Final Index/Initial Index)] or 0								04/10/2020					7,800		(21)		20
	Floor - OTC YOY CPURNSA	233.707	Maximum of [0.000% - (Final Index/Initial Index - 1)] or 0								04/10/2020					7,800		(21)		21
	Floor - OTC YOY CPURNSA	238.654	Maximum of [0.000% - (Final Index/Initial Index - 1)] or 0								10/02/2020					4,500		(83)		(36)
																	$	(387)	$	3
Total Written Options							$			(434)			$		(277)

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(3)
														Swap Agreements, at Value (5)
Counterparty		Index/Tranches							Fixed Receive Rate		Payment Frequency				Maturity Date							Notional Amount(4)							Premiums Paid/(Received)							Unrealized Appreciation/ (Depreciation)						Asset						Liability
DUB		CMBX.NA.AAA.6 Index							0.500%		Monthly				05/11/2063				$			2,141			$				(46)			$				46			$			0			$			0
GST		CMBX.NA.AAA.10 Index							0.500		Monthly				11/17/2059							2,200							(65)							41						0						(24)
		CMBX.NA.AAA.7 Index							0.500		Monthly				01/17/2047							596							(19)							19						0						0
		CMBX.NA.AAA.8 Index							0.500		Monthly				10/17/2057							7,900							(364)							342						0						(22)
		CMBX.NA.AAA.9 Index							0.500		Monthly				09/17/2058							11,100							(685)							613						0						(72)
MEI		CMBX.NA.AAA.8 Index							0.500		Monthly				10/17/2057							11,100							(576)							546						0						(30)
MYC		CMBX.NA.AAA.10 Index							0.500		Monthly				11/17/2059							9,600							(318)							213						0						(105)
SAL		CMBX.NA.AAA.12 Index							0.500		Monthly				08/17/2061							1,600							(4)							(41)						0						(45)
UAG		CMBX.NA.AAA.10 Index							0.500		Monthly				11/17/2059							3,800							(110)							68						0						(42)
																										$				(2,187)			$				1,847			$			0			$			(340)
INTEREST RATE SWAPS
														Swap Agreements, at Value
Counterparty			Pay/ Receive Floating Rate		Floating Rate Index		Fixed Rate			Payment Frequency			Maturity Date								Notional Amount										Premiums Paid/(Received)							Unrealized Appreciation/ (Depreciation)						Asset						Liability
CBK			Pay		3-Month KRW-KORIBOR		1.430%			Quarterly			07/01/2029					KRW			100						$				0			$				0			$			0			$			0
TOTAL RETURN SWAPS ON COMMODITY, EQUITY AND INTEREST RATE INDICES
														Swap Agreements, at Value
Counterparty			Pay/Receive(6)	Underlying Reference		# of Units		Financing Rate				Payment Frequency					Maturity Date						Notional Amount							Premiums Paid/(Received)							Unrealized Appreciation/ (Depreciation)						Asset						Liability
BOA			Receive	iBoxx USD Liquid Investment Grade Index		N/A		1.116% (3-Month USD-LIBOR plus a specified spread)				Maturity					06/22/2020			$			100			$				0			$				10			$			10			$			0
BPS			Pay	DWRTFT Index		19		1.795% (1-Month USD-LIBOR plus a specified spread)				Monthly					04/22/2020						156							0							0						0						0
FBF			Pay	Swiss Market Index		10		0.000%				Maturity					06/19/2020			CHF			80							0							(11)						0						(11)
			Pay	DWRTFT Index		43		1.845% (1-Month USD-LIBOR plus a specified spread)				Monthly					08/05/2020			$			353							0							1						1						0
GST			Receive	CMDSKEWLS Index		13,639		0.250%				Monthly					02/16/2021						1,750							0							(180)						0						(180)
JPM			Receive	JMABFNJ2 Index		102,831		0.000%				Monthly					12/31/2020						8,995							0							0						0						0
			Receive	JMABDEWE Index		3,756		0.300%				Monthly					02/16/2021						4,013							0							28						28						0
MYC			Receive	iBoxx USD Liquid High Yield Index		N/A		1.116% (3-Month USD-LIBOR plus a specified spread)				Maturity					06/22/2020						100							0							(11)						0						(11)
																										$				0			$				(163)			$			39			$			(202)
Total Swap Agreements														$		(2,187)				$				1,684				$	39			$			(542)
(l)	Securities with an aggregate market value of $9,899 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)	Notional Amount represents the number of contracts.
(2)	YOY options may have a series of expirations.
(3)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	The maximum potential amount the Portfolio 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)	Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference.
FAIR VALUE MEASUREMENTS

Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.)

March 31, 2020

(Unaudited)


The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory		Level 1		Level 2		Level 3		Fair Value at 03/31/2020
Investments in Securities, at Value
Corporate Bonds & Notes
	Banking & Finance	$	0	$	39,601	$	0	$	39,601
	Industrials		0		6,845		0		6,845
	Utilities		0		5,300		0		5,300
U.S. Government Agencies			0		127,095		0		127,095
Non-Agency Mortgage-Backed Securities			0		8,808		0		8,808
Asset-Backed Securities			0		23,809		0		23,809
Sovereign Issues			0		1,906		0		1,906
Preferred Securities
	Banking & Finance		0		426		0		426
Real Estate Investment Trusts
	Real Estate		1,295		0		0		1,295
Short-Term Instruments
	Repurchase Agreements		0		38,791		0		38,791
	Argentina Treasury Bills		0		190		3		193
	U.S. Treasury Bills		0		14,831		0		14,831
		$	1,295	$	267,602	$	3	$	268,900
Investments in Affiliates, at Value
Mutual Funds			87,358		0		0		87,358
Short-Term Instruments
	Central Funds Used for Cash Management Purposes		169,312		0		0		169,312
		$	256,670	$	0	$	0	$	256,670
Total Investments		$	257,965	$	267,602	$	3	$	525,570
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared			3,395		761		0		4,156
Over the counter			0		10,356		0		10,356
		$	3,395	$	11,117	$	0	$	14,512
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared			(5,807)		(688)		0		(6,495)
Over the counter			0		(11,059)		0		(11,059)
		$	(5,807)	$	(11,747)	$	0	$	(17,554)
Total Financial Derivative Instruments		$	(2,412)	$	(630)	$	0	$	(3,042)
Totals		$	255,553	$	266,972	$	3	$	522,528

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Schedule of Investments PIMCO High Yield Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 95.6% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 2.4%
API Group, Inc. 3.489% (LIBOR03M + 2.500%) due 10/01/2026 ~	$	1,250	$	1,150
CommScope, Inc. 4.239% (LIBOR03M + 3.250%) due 04/06/2026 «~		995		945
Diamond Sports Group LLC 4.180% (LIBOR03M + 3.250%) due 08/24/2026 «~		995		781
Emerald TopCo, Inc. 4.489% (LIBOR03M + 3.500%) due 07/24/2026 ~		746		684
Envision Healthcare Corp. 4.739% (LIBOR03M + 3.750%) due 10/10/2025 ~		1,980		1,061
Getty Images, Inc. 5.500% (LIBOR03M + 4.500%) due 02/19/2026 ~		1,710		1,393
NCI Building Systems, Inc. 4.561% (LIBOR03M + 3.750%) due 04/12/2025 «~		997		873
RegionalCare Hospital Partners Holdings, Inc. 4.739% (LIBOR03M + 3.750%) due 11/17/2025 ~		838		771
Sotera Health Holdings LLC 5.500% (LIBOR03M + 4.500%) due 12/11/2026 ~		6,500		5,796
Starfruit Finco BV 3.863% (LIBOR03M + 3.000%) due 10/01/2025 «~		995		910
U.S. Renal Care, Inc. 6.000% (LIBOR03M + 5.000%) due 06/26/2026 ~		2,488		2,237
Western Institutional Review Board, Inc. 5.872% (LIBOR03M + 4.000%) due 01/08/2027 ~		1,000		934
Total Loan Participations and Assignments (Cost $20,234)				17,535
CORPORATE BONDS & NOTES 87.3%
BANKING & FINANCE 6.5%
Allied Universal Holdco LLC 6.625% due 07/15/2026		1,500		1,477
Ally Financial, Inc.
5.125% due 09/30/2024		1,000		981
8.000% due 11/01/2031		1,401		1,612
Altice France Holding S.A. 6.000% due 02/15/2028		1,000		887
Barclays PLC 7.750% due 09/15/2023 •(b)(c)		1,000		878
BNP Paribas S.A. 7.375% due 08/19/2025 •(b)(c)		2,000		1,911
CIT Group, Inc.
5.000% due 08/15/2022		2,000		1,965
6.125% due 03/09/2028		500		474
Credit Acceptance Corp. 5.125% due 12/31/2024		750		688
Credit Agricole S.A. 7.875% due 01/23/2024 •(b)(c)		2,000		1,941
Credit Suisse Group AG
6.250% due 12/18/2024 •(b)(c)		1,000		929
7.500% due 07/17/2023 •(b)(c)		500		461
ESH Hospitality, Inc.
4.625% due 10/01/2027		1,000		786
5.250% due 05/01/2025		1,000		846
Fortress Transportation & Infrastructure Investors LLC 6.500% due 10/01/2025		1,500		1,112
Freedom Mortgage Corp. 8.250% due 04/15/2025		1,000		792
Greystar Real Estate Partners LLC 5.750% due 12/01/2025		1,000		912
Howard Hughes Corp. 5.375% due 03/15/2025		2,500		2,437
Intesa Sanpaolo SpA
5.017% due 06/26/2024		1,250		1,278
5.710% due 01/15/2026		1,000		977
7.700% due 09/17/2025 •(b)(c)		1,000		851
iStar, Inc. 4.250% due 08/01/2025		1,500		1,245
Lloyds Banking Group PLC 7.500% due 06/27/2024 •(b)(c)		4,000		3,456
MGM Growth Properties Operating Partnership LP
4.500% due 09/01/2026		1,000		837

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


5.625% due 05/01/2024 (e)	1,000	966
5.750% due 02/01/2027	750	655
Navient Corp.
5.875% due 10/25/2024	1,000	925
6.125% due 03/25/2024	1,500	1,414
6.500% due 06/15/2022	1,000	978
6.625% due 07/26/2021	500	516
6.750% due 06/25/2025	500	464
7.250% due 01/25/2022	500	491
Quicken Loans, Inc.
5.250% due 01/15/2028	1,000	985
5.750% due 05/01/2025	500	501
RHP Hotel Properties LP 5.000% due 04/15/2023	1,500	1,183
Royal Bank of Scotland Group PLC 7.500% due 08/10/2020 •(b)(c)	2,000	1,844
Ryman Hospitality Properties, Inc. 4.750% due 10/15/2027	1,000	756
Springleaf Finance Corp.
5.375% due 11/15/2029	1,000	921
5.625% due 03/15/2023	1,000	987
6.125% due 03/15/2024	1,000	995
6.625% due 01/15/2028	750	706
6.875% due 03/15/2025	1,000	1,015
7.125% due 03/15/2026	1,000	984
VICI Properties LP
4.125% due 08/15/2030	500	477
4.625% due 12/01/2029	500	458
		47,954
INDUSTRIALS 72.3%
Acadia Healthcare Co., Inc.
5.625% due 02/15/2023	1,500	1,423
6.500% due 03/01/2024	500	491
Adient Global Holdings Ltd. 4.875% due 08/15/2026	2,000	1,385
Adient U.S. LLC 7.000% due 05/15/2026	250	233
ADT Security Corp.
4.125% due 06/15/2023	1,000	984
4.875% due 07/15/2032	1,000	857
6.250% due 10/15/2021	1,000	983
Air Medical Group Holdings, Inc. 6.375% due 05/15/2023	2,500	2,241
Albertsons Cos., Inc.
4.625% due 01/15/2027	250	250
4.875% due 02/15/2030	500	499
6.625% due 06/15/2024	1,000	1,022
7.500% due 03/15/2026	1,500	1,625
Alcoa Nederland Holding BV
6.125% due 05/15/2028	500	458
6.750% due 09/30/2024	500	489
7.000% due 09/30/2026	250	234
Allison Transmission, Inc. 5.000% due 10/01/2024	2,000	1,955
Altice Financing S.A.
5.000% due 01/15/2028	1,000	893
7.500% due 05/15/2026	1,250	1,223
Altice Finco S.A. 7.625% due 02/15/2025	1,000	959
Altice France S.A.
5.500% due 01/15/2028 (e)	2,000	1,884
7.375% due 05/01/2026	2,500	2,539
8.125% due 02/01/2027	1,000	1,048
AMC Networks, Inc.
4.750% due 12/15/2022	667	650
4.750% due 08/01/2025	500	489
5.000% due 04/01/2024 (e)	1,000	965
American Builders & Contractors Supply Co., Inc.
4.000% due 01/15/2028	1,000	916
5.875% due 05/15/2026	1,750	1,677
Amsted Industries, Inc.
4.625% due 05/15/2030	1,000	900
5.625% due 07/01/2027	500	491
Antero Resources Corp. 5.125% due 12/01/2022	1,000	525
Aramark Services, Inc. 5.000% due 02/01/2028	1,500	1,404
Arconic, Inc.
5.125% due 10/01/2024	1,000	989
5.950% due 02/01/2037	1,000	873
Ardagh Packaging Finance PLC
4.125% due 08/15/2026	750	750
5.250% due 08/15/2027	1,000	1,031
6.000% due 02/15/2025	1,500	1,515

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


Ascend Learning LLC 6.875% due 08/01/2025	1,500	1,468
Ascent Resources Utica Holdings LLC 7.000% due 11/01/2026	1,000	296
Ashland LLC 4.750% due 08/15/2022	225	223
Avantor, Inc.
6.000% due 10/01/2024	1,000	1,054
9.000% due 10/01/2025	1,250	1,324
Avon International Capital PLC 6.500% due 08/15/2022	750	670
Avon International Operations, Inc. 7.875% due 08/15/2022	1,000	901
B.C. Unlimited Liability Co.
3.875% due 01/15/2028	1,000	956
4.250% due 05/15/2024	1,000	1,004
5.000% due 10/15/2025	3,000	2,884
Ball Corp. 5.250% due 07/01/2025	1,500	1,640
Bausch Health Americas, Inc.
8.500% due 01/31/2027	2,000	2,101
9.250% due 04/01/2026	1,500	1,574
Bausch Health Cos., Inc.
5.000% due 01/30/2028	1,000	954
5.250% due 01/30/2030	1,000	943
5.500% due 03/01/2023	373	369
5.500% due 11/01/2025	2,500	2,541
5.750% due 08/15/2027 (e)	1,000	1,035
5.875% due 05/15/2023	167	166
6.125% due 04/15/2025	1,250	1,239
6.500% due 03/15/2022	500	507
7.000% due 03/15/2024	1,250	1,289
7.000% due 01/15/2028	1,000	1,043
7.250% due 05/30/2029	1,000	1,043
9.000% due 12/15/2025	1,000	1,062
BCD Acquisition, Inc. 9.625% due 09/15/2023	1,500	1,252
Beacon Roofing Supply, Inc. 4.875% due 11/01/2025	5,000	4,544
Berry Global, Inc.
4.500% due 02/15/2026	1,000	979
5.125% due 07/15/2023	1,000	1,010
6.000% due 10/15/2022	500	498
Boise Cascade Co. 5.625% due 09/01/2024	1,000	956
Bombardier, Inc.
5.750% due 03/15/2022	250	191
6.000% due 10/15/2022	500	379
7.500% due 12/01/2024	1,000	669
7.500% due 03/15/2025	2,000	1,400
7.875% due 04/15/2027	1,500	1,046
8.750% due 12/01/2021	1,500	1,255
Boyd Gaming Corp.
4.750% due 12/01/2027	1,000	831
6.375% due 04/01/2026	1,000	871
Bruin E&P Partners LLC 8.875% due 08/01/2023	1,000	85
Buckeye Partners LP
4.125% due 03/01/2025	875	744
4.500% due 03/01/2028	625	517
Builders FirstSource, Inc. 5.000% due 03/01/2030	1,250	1,132
Cablevision Systems Corp. 5.875% due 09/15/2022	1,000	1,015
Caesars Resort Collection LLC 5.250% due 10/15/2025	3,000	2,189
Callon Petroleum Co. 6.375% due 07/01/2026	1,500	253
Camelot Finance S.A. 4.500% due 11/01/2026	1,000	976
Cargo Aircraft Management, Inc. 4.750% due 02/01/2028	1,000	935
Cascades, Inc.
5.125% due 01/15/2026	500	488
5.375% due 01/15/2028	500	481
Catalent Pharma Solutions, Inc.
4.875% due 01/15/2026	2,000	1,957
5.000% due 07/15/2027	1,000	976
CCO Holdings LLC
4.750% due 03/01/2030	1,000	1,003
5.000% due 02/01/2028	1,000	1,010
5.125% due 05/01/2023 (e)	2,000	2,033
5.125% due 05/01/2027	1,000	1,012
5.250% due 09/30/2022	2,000	1,976
5.375% due 05/01/2025	1,000	1,031
5.375% due 06/01/2029	1,500	1,550

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


5.750% due 02/15/2026	3,000	3,048
5.875% due 04/01/2024	1,000	1,029
5.875% due 05/01/2027	1,000	1,037
Cedar Fair LP 5.250% due 07/15/2029	1,250	1,063
Centene Corp.
3.375% due 02/15/2030	1,000	934
4.250% due 12/15/2027	750	756
4.625% due 12/15/2029	1,500	1,516
4.750% due 01/15/2025	1,000	1,019
5.250% due 04/01/2025 (e)	1,250	1,283
5.375% due 06/01/2026 (e)	500	518
5.375% due 08/15/2026	1,000	1,031
Centennial Resource Production LLC 5.375% due 01/15/2026	2,500	621
CF Industries, Inc. 5.150% due 03/15/2034	2,000	2,042
Change Healthcare Holdings LLC 5.750% due 03/01/2025	3,000	2,797
Chemours Co.
6.625% due 05/15/2023	1,500	1,284
7.000% due 05/15/2025 (e)	1,000	839
Cheniere Corpus Christi Holdings LLC 7.000% due 06/30/2024	1,000	880
Cheniere Energy Partners LP
4.500% due 10/01/2029	1,000	896
5.250% due 10/01/2025 (e)	2,500	2,344
5.625% due 10/01/2026	500	468
Churchill Downs, Inc.
4.750% due 01/15/2028	2,000	1,751
5.500% due 04/01/2027	750	711
Cirsa Finance International SARL 7.875% due 12/20/2023	900	760
Clean Harbors, Inc.
4.875% due 07/15/2027	750	738
5.125% due 07/15/2029	375	352
Clear Channel Worldwide Holdings, Inc. 9.250% due 02/15/2024	1,489	1,290
Cleveland-Cliffs, Inc.
4.875% due 01/15/2024	500	462
5.875% due 06/01/2027	500	302
CNX Midstream Partners LP 6.500% due 03/15/2026	1,000	699
Colfax Corp.
6.000% due 02/15/2024	500	501
6.375% due 02/15/2026	500	494
CommScope Technologies LLC
5.000% due 03/15/2027	1,000	875
6.000% due 06/15/2025	1,250	1,153
CommScope, Inc.
5.500% due 06/15/2024	1,250	1,164
6.000% due 03/01/2026	250	251
8.250% due 03/01/2027	750	727
Community Health Systems, Inc.
6.250% due 03/31/2023	2,500	2,392
6.625% due 02/15/2025	1,000	933
8.000% due 03/15/2026	875	836
8.625% due 01/15/2024	1,000	995
Comstock Resources, Inc. 7.500% due 05/15/2025	2,000	1,430
Connect Finco SARL 6.750% due 10/01/2026	1,250	1,037
Constellium SE
5.750% due 05/15/2024	1,000	901
5.875% due 02/15/2026	1,000	878
Cooper-Standard Automotive, Inc. 5.625% due 11/15/2026	1,500	1,108
Core & Main Holdings LP (8.625% Cash or 9.375% PIK) 8.625% due 09/15/2024 (a)	625	577
Core & Main LP 6.125% due 08/15/2025	4,000	3,750
Cornerstone Building Brands, Inc. 8.000% due 04/15/2026	3,500	3,037
Coty, Inc. 6.500% due 04/15/2026	1,500	1,339
CPG Merger Sub LLC 8.000% due 10/01/2021	2,000	1,958
Crown Americas LLC
4.250% due 09/30/2026	1,000	994
4.500% due 01/15/2023	1,000	1,031
4.750% due 02/01/2026	1,000	1,033
CSC Holdings LLC
5.250% due 06/01/2024	2,000	2,017
5.375% due 02/01/2028 (e)	500	513
5.500% due 05/15/2026	2,000	2,083
5.500% due 04/15/2027	1,000	1,040

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


5.750% due 01/15/2030	2,750	2,784
6.500% due 02/01/2029	1,000	1,084
6.625% due 10/15/2025	1,000	1,059
DaVita, Inc.
5.000% due 05/01/2025	1,500	1,507
5.125% due 07/15/2024	1,500	1,505
DCP Midstream Operating LP
5.125% due 05/15/2029	1,000	636
5.375% due 07/15/2025	1,500	1,027
Dell International LLC
5.875% due 06/15/2021	331	331
7.125% due 06/15/2024	1,000	1,036
Diamond Offshore Drilling, Inc.
4.875% due 11/01/2043	750	109
5.700% due 10/15/2039	1,000	165
7.875% due 08/15/2025	500	132
Diamond Resorts International, Inc. 7.750% due 09/01/2023	1,500	1,091
Diamond Sports Group LLC
5.375% due 08/15/2026	2,000	1,636
6.625% due 08/15/2027 (e)	1,500	1,011
Digicel Group One Ltd. (7.125% Cash and 2.000% PIK) 9.125% due 04/01/2024 (a)	1,014	152
DISH DBS Corp.
5.000% due 03/15/2023	2,000	1,935
5.875% due 07/15/2022	1,500	1,469
5.875% due 11/15/2024	2,000	1,960
6.750% due 06/01/2021	500	510
7.750% due 07/01/2026	1,250	1,291
DKT Finance ApS 9.375% due 06/17/2023	1,000	1,047
Dun & Bradstreet Corp. 6.875% due 08/15/2026	2,000	2,091
Eldorado Resorts, Inc.
6.000% due 09/15/2026	750	681
7.000% due 08/01/2023 (e)	1,000	906
Element Solutions, Inc. 5.875% due 12/01/2025	1,750	1,728
EMC Corp. 3.375% due 06/01/2023	1,000	992
Endo Dac
6.000% due 07/15/2023	1,100	805
6.000% due 02/01/2025	750	516
Energizer Holdings, Inc.
5.500% due 06/15/2025	2,500	2,441
6.375% due 07/15/2026	1,500	1,523
7.750% due 01/15/2027	375	390
EnLink Midstream Partners LP
4.150% due 06/01/2025	1,500	736
5.450% due 06/01/2047	750	253
Entegris, Inc. 4.625% due 02/10/2026	1,500	1,433
Entercom Media Corp.
6.500% due 05/01/2027	250	219
7.250% due 11/01/2024	1,500	1,266
EW Scripps Co. 5.125% due 05/15/2025	1,000	889
Extraction Oil & Gas, Inc.
5.625% due 02/01/2026	250	43
7.375% due 05/15/2024	500	93
Fairstone Financial, Inc. 7.875% due 07/15/2024	1,500	1,423
Flex Acquisition Co., Inc.
6.875% due 01/15/2025	1,750	1,649
7.875% due 07/15/2026	1,000	928
Freeport-McMoRan, Inc.
3.550% due 03/01/2022	196	189
3.875% due 03/15/2023	2,000	1,918
4.125% due 03/01/2028	1,000	879
5.000% due 09/01/2027	875	817
5.250% due 09/01/2029	750	711
5.400% due 11/14/2034	2,500	2,330
Front Range BidCo, Inc.
4.000% due 03/01/2027	750	722
6.125% due 03/01/2028	1,250	1,195
Garda World Security Corp. 4.625% due 02/15/2027	1,500	1,354
GCP Applied Technologies, Inc. 5.500% due 04/15/2026	2,000	1,877
goeasy Ltd. 5.375% due 12/01/2024	1,000	938
Graphic Packaging International LLC
3.500% due 03/15/2028	750	680
4.125% due 08/15/2024	500	477
4.875% due 11/15/2022	500	484

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


Gray Television, Inc. 5.125% due 10/15/2024	1,000	973
Griffon Corp. 5.750% due 03/01/2028	1,250	1,182
Grinding Media, Inc. 7.375% due 12/15/2023	1,000	940
Gulfport Energy Corp.
6.000% due 10/15/2024	1,000	253
6.375% due 05/15/2025	500	126
6.625% due 05/01/2023	250	72
H-Food Holdings LLC 8.500% due 06/01/2026	2,000	1,599
Hanesbrands, Inc.
4.625% due 05/15/2024	1,000	996
4.875% due 05/15/2026	1,500	1,482
Harsco Corp. 5.750% due 07/31/2027	1,000	933
HCA, Inc.
3.500% due 09/01/2030	2,000	1,823
5.375% due 02/01/2025	2,000	2,047
5.875% due 05/01/2023	2,000	2,100
Herc Holdings, Inc. 5.500% due 07/15/2027	750	703
Hertz Corp.
6.000% due 01/15/2028	500	265
7.125% due 08/01/2026	1,000	529
Hill-Rom Holdings, Inc. 5.000% due 02/15/2025	1,250	1,273
Hilton Domestic Operating Co., Inc.
4.250% due 09/01/2024	1,000	944
4.875% due 01/15/2030	1,000	857
5.125% due 05/01/2026	1,375	1,328
Hilton Worldwide Finance LLC
4.625% due 04/01/2025	1,000	939
4.875% due 04/01/2027	750	717
Hughes Satellite Systems Corp.
5.250% due 08/01/2026	500	499
7.625% due 06/15/2021	1,000	1,025
IAA, Inc. 5.500% due 06/15/2027	750	730
IHO Verwaltungs GmbH (4.750% Cash or 5.500% PIK) 4.750% due 09/15/2026 (a)	2,000	1,574
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK) 6.000% due 05/15/2027 (a)	500	354
IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) 6.375% due 05/15/2029 (a)	500	387
Indigo Natural Resources LLC 6.875% due 02/15/2026	1,000	668
Intelsat Jackson Holdings S.A.
5.500% due 08/01/2023	1,000	621
8.000% due 02/15/2024	2,000	1,945
International Game Technology PLC
6.250% due 02/15/2022	1,000	925
6.250% due 01/15/2027	500	438
6.500% due 02/15/2025	1,500	1,339
IQVIA, Inc.
5.000% due 10/15/2026	2,000	2,054
5.000% due 05/15/2027	1,000	1,029
Jagged Peak Energy LLC 5.875% due 05/01/2026	1,500	1,132
Jaguar Holding Co. 6.375% due 08/01/2023	4,000	4,100
Jeld-Wen, Inc.
4.625% due 12/15/2025	1,500	1,333
4.875% due 12/15/2027	1,750	1,559
Kaiser Aluminum Corp. 4.625% due 03/01/2028	1,000	893
KAR Auction Services, Inc. 5.125% due 06/01/2025	1,000	961
KFC Holding Co.
4.750% due 06/01/2027	750	710
5.250% due 06/01/2026	2,000	2,012
Kinetic Concepts, Inc. 12.500% due 11/01/2021	1,250	1,261
Kraft Heinz Foods Co.
4.375% due 06/01/2046	1,000	907
4.875% due 10/01/2049 (e)	625	572
5.000% due 07/15/2035	500	500
5.000% due 06/04/2042	2,000	1,904
5.200% due 07/15/2045	1,750	1,692
LABL Escrow Issuer LLC 6.750% due 07/15/2026	2,000	1,851
Lamar Media Corp. 3.750% due 02/15/2028	1,000	945
Lamb Weston Holdings, Inc.
4.625% due 11/01/2024	1,000	991

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


4.875% due 11/01/2026	1,000	1,023
Lennar Corp.
4.750% due 11/29/2027	1,000	1,003
5.000% due 06/15/2027	1,500	1,385
5.250% due 06/01/2026	1,250	1,254
5.375% due 10/01/2022	1,000	1,028
5.875% due 11/15/2024	750	765
Level 3 Financing, Inc.
5.125% due 05/01/2023	1,250	1,236
5.250% due 03/15/2026	1,000	1,005
5.375% due 01/15/2024	1,000	1,009
5.375% due 05/01/2025	1,000	1,001
LifePoint Health, Inc. 4.375% due 02/15/2027	500	475
Live Nation Entertainment, Inc. 4.875% due 11/01/2024	1,000	918
Magnolia Oil & Gas Operating LLC 6.000% due 08/01/2026	1,250	781
Marriott Ownership Resorts, Inc.
4.750% due 01/15/2028	500	379
6.500% due 09/15/2026	1,000	876
Masonite International Corp. 5.375% due 02/01/2028	1,500	1,483
Matador Resources Co. 5.875% due 09/15/2026	1,000	287
Mattel, Inc. 5.875% due 12/15/2027	1,000	1,026
Mauser Packaging Solutions Holding Co. 5.500% due 04/15/2024	2,500	2,319
MDC Holdings, Inc. 6.000% due 01/15/2043	1,000	951
MDC Partners, Inc. 6.500% due 05/01/2024	500	379
MEG Energy Corp.
7.000% due 03/31/2024	600	281
7.125% due 02/01/2027	1,500	758
MGM China Holdings Ltd. 5.875% due 05/15/2026	500	443
MGM Resorts International
4.625% due 09/01/2026	766	657
5.500% due 04/15/2027	327	299
5.750% due 06/15/2025	657	593
6.000% due 03/15/2023	2,000	1,943
7.750% due 03/15/2022	2,000	1,992
MPH Acquisition Holdings LLC 7.125% due 06/01/2024	2,000	1,755
MSCI, Inc.
3.625% due 09/01/2030	500	477
4.000% due 11/15/2029	1,000	999
5.375% due 05/15/2027	500	511
5.750% due 08/15/2025	1,000	1,040
Murphy Oil Corp.
5.750% due 08/15/2025	500	271
6.875% due 08/15/2024	1,000	599
Nabors Industries, Inc. 5.750% due 02/01/2025	2,000	457
NCR Corp.
5.000% due 07/15/2022	1,000	944
6.375% due 12/15/2023	500	497
Netflix, Inc.
4.375% due 11/15/2026	2,500	2,520
4.875% due 04/15/2028	1,500	1,541
4.875% due 06/15/2030	1,000	1,021
5.375% due 11/15/2029	500	525
5.875% due 02/15/2025 (e)	500	531
Nexstar Broadcasting, Inc.
5.625% due 08/01/2024	750	711
5.625% due 07/15/2027	1,750	1,720
NextEra Energy Operating Partners LP
4.250% due 07/15/2024	625	613
4.250% due 09/15/2024	500	491
4.500% due 09/15/2027 (e)	750	736
Nielsen Co. Luxembourg SARL 5.000% due 02/01/2025	1,500	1,402
Nielsen Finance LLC 5.000% due 04/15/2022	2,000	1,854
Noble Holding International Ltd. 7.875% due 02/01/2026	1,500	373
Novelis Corp.
4.750% due 01/30/2030	2,000	1,791
5.875% due 09/30/2026	2,500	2,471
Nufarm Australia Ltd. 5.750% due 04/30/2026	750	662
Open Text Corp. 5.875% due 06/01/2026	1,500	1,582

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022		1,500	1,429
7.250% due 02/01/2028		2,000	1,735
Outfront Media Capital LLC 5.000% due 08/15/2027		1,000	926
Panther BF Aggregator LP
6.250% due 05/15/2026		1,000	951
8.500% due 05/15/2027		1,250	1,097
Par Pharmaceutical, Inc. 7.500% due 04/01/2027		1,000	1,003
Park-Ohio Industries, Inc. 6.625% due 04/15/2027		1,000	799
Parkland Fuel Corp. 5.875% due 07/15/2027		1,750	1,650
PDC Energy, Inc.
5.750% due 05/15/2026		1,000	567
6.125% due 09/15/2024		1,000	542
Performance Food Group, Inc.
5.500% due 06/01/2024		500	469
5.500% due 10/15/2027		500	468
PetSmart, Inc. 5.875% due 06/01/2025 (e)		750	744
Pilgrim's Pride Corp.
5.750% due 03/15/2025		1,000	1,011
5.875% due 09/30/2027		1,000	1,002
Post Holdings, Inc.
4.625% due 04/15/2030		1,000	965
5.000% due 08/15/2026		3,000	3,104
5.500% due 12/15/2029 (e)		1,000	1,043
5.625% due 01/15/2028 (e)		1,250	1,279
5.750% due 03/01/2027		2,000	2,063
PQ Corp. 6.750% due 11/15/2022		750	759
Precision Drilling Corp. 7.750% due 12/15/2023		750	307
Prestige Brands, Inc. 5.125% due 01/15/2028		1,000	998
Prime Security Services Borrower LLC
5.250% due 04/15/2024		1,000	994
5.750% due 04/15/2026		1,000	986
6.250% due 01/15/2028		1,000	870
Qorvo, Inc. 5.500% due 07/15/2026		1,500	1,576
Qualitytech LP 4.750% due 11/15/2025		1,500	1,461
Range Resources Corp.
4.875% due 05/15/2025		1,000	603
5.000% due 03/15/2023		750	561
RBS Global, Inc. 4.875% due 12/15/2025		2,000	1,885
Refinitiv U.S. Holdings, Inc.
6.250% due 05/15/2026		2,000	2,076
8.250% due 11/15/2026		3,000	3,172
Revlon Consumer Products Corp. 6.250% due 08/01/2024		750	179
Reynolds Group Issuer, Inc.
5.125% due 07/15/2023 (e)		2,000	1,997
7.000% due 07/15/2024		1,000	1,022
Sabre GLBL, Inc.
5.250% due 11/15/2023		500	459
5.375% due 04/15/2023		1,500	1,382
Scientific Games International, Inc.
5.000% due 10/15/2025		1,500	1,316
7.000% due 05/15/2028		750	465
Scripps Escrow, Inc. 5.875% due 07/15/2027 (e)		750	664
Sealed Air Corp.
4.875% due 12/01/2022		500	505
5.125% due 12/01/2024		1,000	1,012
5.250% due 04/01/2023		1,500	1,553
5.500% due 09/15/2025		1,000	1,021
Select Medical Corp. 6.250% due 08/15/2026		1,000	1,006
Sensata Technologies BV
4.875% due 10/15/2023		1,500	1,436
5.000% due 10/01/2025		1,000	954
5.625% due 11/01/2024		1,250	1,230
Sensata Technologies UK Financing Co. PLC 6.250% due 02/15/2026		1,500	1,478
Sensata Technologies, Inc. 4.375% due 02/15/2030		500	454
Sigma Holdco BV
5.750% due 05/15/2026	EUR	1,000	1,013
7.875% due 05/15/2026	$	3,000	2,717
Signature Aviation U.S. Holdings, Inc. 5.375% due 05/01/2026		1,000	974

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


Silgan Holdings, Inc. 4.125% due 02/01/2028	1,500	1,395
Simmons Foods, Inc.
5.750% due 11/01/2024	1,000	914
7.750% due 01/15/2024	500	504
Sinclair Television Group, Inc.
5.125% due 02/15/2027	1,000	854
5.500% due 03/01/2030	1,000	833
Sirius XM Radio, Inc.
5.000% due 08/01/2027	1,000	1,020
5.375% due 04/15/2025	2,000	2,032
5.500% due 07/01/2029	500	513
Southwestern Energy Co.
7.500% due 04/01/2026	2,000	1,325
7.750% due 10/01/2027	500	333
Spectrum Brands, Inc.
5.000% due 10/01/2029	750	644
5.750% due 07/15/2025	1,500	1,414
6.125% due 12/15/2024	1,000	964
Speedway Motorsports LLC 4.875% due 11/01/2027	1,375	1,248
SPX FLOW, Inc. 5.875% due 08/15/2026	2,000	1,937
Standard Industries, Inc.
4.750% due 01/15/2028	1,000	928
5.000% due 02/15/2027	500	458
5.375% due 11/15/2024	3,000	2,903
6.000% due 10/15/2025	1,000	990
Staples, Inc.
7.500% due 04/15/2026	2,500	2,202
10.750% due 04/15/2027	500	386
Starfruit Finco BV 8.000% due 10/01/2026	4,000	3,827
Stars Group Holdings BV 7.000% due 07/15/2026	875	828
Station Casinos LLC
4.500% due 02/15/2028	750	613
5.000% due 10/01/2025	1,000	840
Sunoco LP
4.875% due 01/15/2023	750	731
5.500% due 02/15/2026	500	437
5.875% due 03/15/2028	500	419
T-Mobile USA, Inc.
4.500% due 02/01/2026	1,000	1,023
4.750% due 02/01/2028	750	779
6.375% due 03/01/2025	2,000	2,058
6.500% due 01/15/2026	2,000	2,111
Team Health Holdings, Inc. 6.375% due 02/01/2025	2,000	717
TEGNA, Inc.
4.625% due 03/15/2028	1,000	884
4.875% due 09/15/2021	500	492
5.000% due 09/15/2029	1,000	904
5.500% due 09/15/2024	1,000	954
Teine Energy Ltd. 6.875% due 09/30/2022	750	704
Telenet Finance Luxembourg Notes SARL 5.500% due 03/01/2028	1,000	945
Tempo Acquisition LLC 6.750% due 06/01/2025	2,500	2,306
Tempur Sealy International, Inc.
5.500% due 06/15/2026	1,000	881
5.625% due 10/15/2023	750	702
Tenet Healthcare Corp.
4.625% due 07/15/2024	1,000	958
4.625% due 09/01/2024	1,125	1,083
4.875% due 01/01/2026	500	478
5.125% due 05/01/2025	2,000	1,905
5.125% due 11/01/2027	500	479
6.250% due 02/01/2027	2,000	1,957
6.750% due 06/15/2023	2,000	1,858
8.125% due 04/01/2022	3,500	3,326
Tennant Co. 5.625% due 05/01/2025	1,000	971
Terex Corp. 5.625% due 02/01/2025	1,000	944
Teva Pharmaceutical Finance Netherlands BV
2.200% due 07/21/2021	389	374
3.150% due 10/01/2026	1,750	1,487
TopBuild Corp. 5.625% due 05/01/2026	2,000	1,857
TransDigm, Inc.
5.500% due 11/15/2027	2,000	1,806
6.250% due 03/15/2026	1,500	1,501
6.375% due 06/15/2026	2,000	1,926
6.500% due 07/15/2024	1,500	1,438

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


Transocean Guardian Ltd. 5.875% due 01/15/2024	1,044	843
Transocean Pontus Ltd. 6.125% due 08/01/2025	835	683
Transocean, Inc.
6.800% due 03/15/2038	2,000	476
7.250% due 11/01/2025	1,000	510
7.500% due 01/15/2026	1,250	596
7.500% due 04/15/2031	2,250	590
TreeHouse Foods, Inc.
4.875% due 03/15/2022	1,000	998
6.000% due 02/15/2024	1,000	999
Triumph Group, Inc.
6.250% due 09/15/2024	500	449
7.750% due 08/15/2025	750	539
Trivium Packaging Finance BV 5.500% due 08/15/2026	1,500	1,501
U.S. Concrete, Inc. 6.375% due 06/01/2024 (e)	1,250	1,136
U.S. Foods, Inc. 5.875% due 06/15/2024	1,250	1,136
United Rentals North America, Inc.
4.000% due 07/15/2030	1,500	1,348
4.625% due 10/15/2025	1,000	951
4.875% due 01/15/2028	1,000	976
5.500% due 05/15/2027	1,500	1,474
6.500% due 12/15/2026	500	510
Univar Solutions USA, Inc. 5.125% due 12/01/2027	1,000	916
Univision Communications, Inc.
5.125% due 05/15/2023	1,500	1,339
5.125% due 02/15/2025	3,750	3,225
UPC Holding BV 5.500% due 01/15/2028	2,000	1,891
USA Compression Partners LP
6.875% due 04/01/2026	1,250	788
6.875% due 09/01/2027	500	313
Valaris PLC 4.875% due 06/01/2022	500	113
VeriSign, Inc.
4.625% due 05/01/2023	1,000	996
5.250% due 04/01/2025 (e)	1,000	1,029
ViaSat, Inc.
5.625% due 09/15/2025 (e)	1,500	1,412
5.625% due 04/15/2027	250	248
Viking Cruises Ltd. 5.875% due 09/15/2027	1,250	738
Virgin Media Finance PLC
5.750% due 01/15/2025	1,000	979
6.000% due 10/15/2024	1,000	994
Virgin Media Secured Finance PLC 5.500% due 05/15/2029	1,500	1,508
VOC Escrow Ltd. 5.000% due 02/15/2028	1,000	737
Wabash National Corp. 5.500% due 10/01/2025	1,500	1,206
Welbilt, Inc. 9.500% due 02/15/2024	1,000	859
WESCO Distribution, Inc. 5.375% due 06/15/2024	1,000	859
West Street Merger Sub, Inc. 6.375% due 09/01/2025	3,500	3,077
Whiting Petroleum Corp. 6.625% due 01/15/2026	500	38
WMG Acquisition Corp.
5.000% due 08/01/2023	1,000	1,001
5.500% due 04/15/2026	1,000	986
WPX Energy, Inc.
4.500% due 01/15/2030	750	410
5.250% due 10/15/2027 (e)	1,000	556
5.750% due 06/01/2026	500	288
8.250% due 08/01/2023	1,000	744
WR Grace & Co-Conn
5.125% due 10/01/2021	1,000	1,019
5.625% due 10/01/2024	1,000	993
Wyndham Destinations, Inc. 4.625% due 03/01/2030	1,500	1,163
Wynn Las Vegas LLC
5.250% due 05/15/2027	2,000	1,817
5.500% due 03/01/2025	1,000	937
Wynn Macau Ltd. 5.500% due 10/01/2027	1,000	894
Wynn Resorts Finance LLC 5.125% due 10/01/2029	1,000	916
XPO Logistics, Inc. 6.500% due 06/15/2022	1,125	1,134

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


Ziggo Bond Co. BV
5.125% due 02/28/2030	1,500	1,478
6.000% due 01/15/2027	1,000	977
Ziggo BV
4.875% due 01/15/2030	500	490
5.500% due 01/15/2027	2,697	2,712
		534,312
UTILITIES 8.5%
Antero Midstream Partners LP
5.375% due 09/15/2024	500	351
5.750% due 03/01/2027	500	324
Archrock Partners LP 6.250% due 04/01/2028	1,000	698
Blue Racer Midstream LLC
6.125% due 11/15/2022	2,000	1,511
6.625% due 07/15/2026	1,000	589
Calpine Corp.
4.500% due 02/15/2028	1,000	973
5.125% due 03/15/2028	1,125	1,043
5.250% due 06/01/2026	750	718
5.750% due 01/15/2025	2,000	1,865
CenturyLink, Inc.
4.000% due 02/15/2027	500	481
5.800% due 03/15/2022	2,000	2,029
6.450% due 06/15/2021	1,000	1,020
Clearway Energy Operating LLC
4.750% due 03/15/2028	500	466
5.000% due 09/15/2026	1,500	1,464
Covanta Holding Corp.
5.875% due 03/01/2024	1,025	975
5.875% due 07/01/2025	1,000	929
6.000% due 01/01/2027	500	421
Crestwood Midstream Partners LP 5.625% due 05/01/2027	1,000	557
CrownRock LP 5.625% due 10/15/2025	2,500	1,319
Embarq Corp. 7.995% due 06/01/2036	1,000	995
Endeavor Energy Resources LP 5.750% due 01/30/2028	2,000	1,371
Genesis Energy LP
6.000% due 05/15/2023	750	551
6.500% due 10/01/2025	1,000	730
Jonah Energy LLC 7.250% due 10/15/2025	1,000	50
NGL Energy Partners LP
6.125% due 03/01/2025	750	262
7.500% due 11/01/2023	500	177
NRG Energy, Inc.
5.250% due 06/15/2029	1,000	1,036
6.625% due 01/15/2027	1,500	1,568
NSG Holdings LLC 7.750% due 12/15/2025	1,068	1,078
Parsley Energy LLC
4.125% due 02/15/2028	500	344
5.250% due 08/15/2025	1,000	769
5.375% due 01/15/2025	1,000	780
5.625% due 10/15/2027	1,500	1,066
Sprint Capital Corp. 8.750% due 03/15/2032	2,000	2,656
Sprint Communications, Inc. 6.000% due 11/15/2022	1,500	1,569
Sprint Corp.
7.125% due 06/15/2024	2,000	2,210
7.250% due 09/15/2021	2,000	2,072
7.625% due 02/15/2025	2,000	2,228
7.625% due 03/01/2026	1,000	1,137
7.875% due 09/15/2023	4,000	4,435
Talen Energy Supply LLC
6.500% due 06/01/2025	1,000	656
6.625% due 01/15/2028	500	423
7.250% due 05/15/2027	1,000	909
Tallgrass Energy Partners LP
5.500% due 09/15/2024	2,000	1,115
5.500% due 01/15/2028	500	263
Targa Resources Partners LP
5.000% due 01/15/2028	1,000	813
5.250% due 05/01/2023 (e)	1,000	876
5.500% due 03/01/2030	1,000	781
5.875% due 04/15/2026	1,000	838
6.500% due 07/15/2027	750	645
6.875% due 01/15/2029	750	609
Telecom Italia Capital S.A. 6.375% due 11/15/2033	1,000	1,021

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


Telecom Italia SpA 5.303% due 05/30/2024	2,000		2,025
TerraForm Power Operating LLC
4.250% due 01/31/2023	1,000		1,000
4.750% due 01/15/2030	500		488
5.000% due 01/31/2028 (e)	1,000		1,053
Vistra Operations Co. LLC
5.000% due 07/31/2027 (e)	1,000		1,021
5.500% due 09/01/2026	1,500		1,555
5.625% due 02/15/2027 (e)	2,000		2,074
			62,982
Total Corporate Bonds & Notes (Cost $714,974)			645,248
U.S. TREASURY OBLIGATIONS 5.7%
U.S. Treasury Notes
1.375% due 01/31/2025 (g)(i)	5,000		5,239
2.250% due 11/15/2024	33,800		36,714
Total U.S. Treasury Obligations (Cost $39,843)			41,953
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%
Bear Stearns ALT-A Trust 3.965% due 11/25/2036 ^~	352		281
Countrywide Alternative Loan Trust 1.003% due 05/20/2046 ^•	59		41
Countrywide Home Loan Mortgage Pass-Through Trust
1.587% due 03/25/2035 •	29		23
3.433% due 05/20/2036 ^~	162		145
GSR Mortgage Loan Trust 4.461% due 04/25/2035 ~	3		3
IndyMac Mortgage Loan Trust 6.000% due 07/25/2037 ^	293		252
WaMu Mortgage Pass-Through Certificates Trust 3.357% due 12/25/2036 ^~	206		183
Washington Mutual Mortgage Pass-Through Certificates Trust 2.936% due 05/25/2046 ^•	20		15
Total Non-Agency Mortgage-Backed Securities (Cost $694)			943
ASSET-BACKED SECURITIES 0.0%
Credit-Based Asset Servicing & Securitization Trust 1.017% due 01/25/2037 ^•	75		28
Total Asset-Backed Securities (Cost $53)			28
SHORT-TERM INSTRUMENTS 0.1%
REPURCHASE AGREEMENTS (d) 0.1%			649
Total Short-Term Instruments (Cost $649)			649
Total Investments in Securities (Cost $776,447)			706,356
	SHARES
INVESTMENTS IN AFFILIATES 6.1%
SHORT-TERM INSTRUMENTS 6.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.1%
PIMCO Short-Term Floating NAV Portfolio III	4,637,004		45,540
Total Short-Term Instruments (Cost $45,753)			45,540
Total Investments in Affiliates (Cost $45,753)			45,540
Total Investments 101.7% (Cost $822,200)		$	751,896
Financial Derivative Instruments (f)(h) (0.4)%(Cost or Premiums, net $1,843)			(3,134)
Other Assets and Liabilities, net (1.3)%			(9,571)
Net Assets 100.0%		$	739,191

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(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).
~	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.
(a)	Payment in-kind security.
(b)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(c)	Contingent convertible security.
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(d)	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
FICC		0.000%		03/31/2020		04/01/2020		$		649			U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021									$			(668)			$			649				$		649
Total Repurchase Agreements																						$			(668)			$			649				$		649
REVERSE REPURCHASE AGREEMENTS:
Counterparty									Borrowing Rate(1)					Settlement Date				Maturity Date							Amount Borrowed(1)								Payable for Reverse Repurchase Agreements
BRC									(0.250)%					03/25/2020				TBD(2)			$				(548)							$	(548)
									0.650					03/25/2020				TBD(2)							(440)								(440)
JPS									1.250					03/05/2020				TBD(2)							(589)								(590)
									1.250					03/05/2020				03/04/2022							(5,175)								(5,180)
									1.750					03/23/2020				03/20/2022							(2,332)								(2,333)
									1.850					03/16/2020				TBD(2)							(2,987)								(2,989)
									2.000					03/23/2020				03/20/2022							(411)								(411)
									2.250					03/23/2020				03/20/2022							(9,845)								(9,851)
Total Reverse Repurchase Agreements																																$	(22,342)
(e)	Securities with an aggregate market value of $30,294 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(8,610) at a weighted average interest rate of 1.350%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(2)	Open maturity reverse repurchase agreement.
(f)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)
																										Variation Margin
Index/Tranches			Fixed Receive Rate		Payment Frequency		Maturity Date					Notional Amount(2)				Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)				Market Value(3)							Asset							Liability
CDX.HY-32 5-Year Index			5.000%		Quarterly		06/20/2024				$	9,700			$	713	$		(1,179)	$			(466)				$			0				$			(113)
CDX.HY-33 5-Year Index			5.000		Quarterly		12/20/2024					15,876				1,265			(2,206)				(941)							0							(211)
Total Swap Agreements															$	1,978	$		(3,385)	$			(1,407)				$			0				$			(324)
(g)	Securities with an aggregate market value of $555 and cash of $2,017 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.

Schedule of Investments PIMCO High Yield Portfolio (Cont.)

March 31, 2020

(Unaudited)


(2)		The maximum potential amount the Portfolio 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.
(h)		FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
																								Unrealized Appreciation/(Depreciation)
Counterparty				Settlement Month					Currency to be Delivered									Currency to be Received											Asset											Liability
BPS				04/2020			EUR		852						$			949							$				9							$				0
Total Forward Foreign Currency Contracts																								$				9							$				0
SWAP AGREEMENTS:
TOTAL RETURN SWAPS ON INTEREST RATE INDICES
																																			Swap Agreements, at Value
Counterparty			Pay/Receive(1)			Underlying Reference	# of Units			Financing Rate			Payment Frequency				Maturity Date					Notional Amount					Premiums Paid/(Received)					Unrealized Appreciation/ (Depreciation)						Asset					Liability
GST			Receive		iBoxx USD Liquid High Yield Index		N/A	1.116% (3-Month USD-LIBOR plus a specified spread)				Maturity				06/22/2020				$	27,900		$			(135)				$	(2,684)			$			0				$	(2,819)
Total Swap Agreements																							$			(135)				$	(2,684)			$			0				$	(2,819)
(i)		Securities with an aggregate market value of $2,837 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)		Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory											Level 1								Level 2							Level 3							Fair Value at 03/31/2020
Investments in Securities, at Value
Loan Participations and Assignments											$			0					$		14,026					$		3,509					$		17,535
Corporate Bonds & Notes
	Banking & Finance													0							47,954							0							47,954
	Industrials													0							534,312							0							534,312
	Utilities													0							62,982							0							62,982
U.S. Treasury Obligations														0							41,953							0							41,953
Non-Agency Mortgage-Backed Securities														0							943							0							943
Asset-Backed Securities														0							28							0							28
Short-Term Instruments
	Repurchase Agreements													0							649							0							649
											$			0					$		702,847					$		3,509					$		706,356
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes										$			45,540					$		0					$		0					$		45,540
Total Investments											$			45,540					$		702,847					$		3,509					$		751,896
Financial Derivative Instruments - Assets
Over the counter											$			0					$		9					$		0					$		9
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared											$			0					$		(324)					$		0					$		(324)
Over the counter														0							(2,819)							0							(2,819)
											$			0					$		(3,143)					$		0					$		(3,143)
Total Financial Derivative Instruments											$			0					$		(3,134)					$		0					$		(3,134)
Totals											$			45,540					$		699,713					$		3,509					$		748,762

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Schedule of Investments PIMCO Income Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 149.6% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 3.9%
Advanz Pharma Corp. 6.568% (LIBOR03M + 5.500%) due 09/06/2024 ~	$	98	$	85
Altice France S.A. 4.705% (LIBOR03M + 4.000%) due 08/14/2026 ~		99		93
Arconic Rolled Products Corp. TBD% due 02/04/2027 «		17		16
Avantor, Inc. 3.250% (LIBOR03M + 2.250%) due 11/21/2024 ~		17		16
Avolon TLB Borrower (U.S.) LLC
2.273% (LIBOR03M + 1.500%) due 02/12/2027 «~		30		27
2.523% (LIBOR03M + 1.750%) due 01/15/2025 ~		63		57
Axalta Coating Systems U.S. Holdings, Inc. 3.200% (LIBOR03M + 1.750%) due 06/01/2024 ~		9		8
Bausch Health Cos., Inc.
3.362% (LIBOR03M + 2.750%) due 11/27/2025 ~		51		49
3.612% (LIBOR03M + 3.000%) due 06/02/2025 ~		4		4
Beacon Roofing Supply, Inc. 3.239% (LIBOR03M + 2.250%) due 01/02/2025 ~		20		18
BWAY Holding Co. 5.084% (LIBOR03M + 3.250%) due 04/03/2024 ~		19		16
Caesars Resort Collection LLC 3.739% (LIBOR03M + 2.750%) due 12/23/2024 ~		196		161
CommScope, Inc. 4.239% (LIBOR03M + 3.250%) due 04/06/2026 «~		100		94
Core & Main LP 4.330% - 4.331% (LIBOR03M + 2.750%) due 08/01/2024 ~		10		9
Diamond Resorts Corp. 4.750% (LIBOR03M + 3.750%) due 09/02/2023 ~		294		223
Dubai World (3.000% Cash and 1.750% PIK) 4.750% (LIBOR03M + 2.000%) due 09/30/2022 ~(a)		497		463
Elanco Animal Health, Inc. TBD% due 02/04/2027		76		73
Emerald TopCo, Inc. 4.489% (LIBOR03M + 3.500%) due 07/24/2026 ~		16		15
Envision Healthcare Corp. 4.739% (LIBOR03M + 3.750%) due 10/10/2025 ~		1,165		625
EyeCare Partners LLC
TBD% due 02/18/2027 µ		6		5
4.822% (LIBOR03M + 3.750%) due 02/05/2027 ~		26		21
Financial & Risk U.S. Holdings, Inc. 4.239% (LIBOR03M + 3.250%) due 10/01/2025 ~		444		430
Fleet U.S. Bidco, Inc. 4.322% (LIBOR03M + 3.250%) due 10/07/2026 «~		7		6
Forest City Enterprises LP 4.489% (LIBOR03M + 3.500%) due 12/08/2025 «~		99		85
Froneri International PLC
3.239% (LIBOR03M + 2.250%) due 01/29/2027 «~		64		61
6.739% (LIBOR03M + 5.750%) due 01/31/2028 «~		5		5
Frontier Communications Corp. 5.210% - 5.350% (LIBOR03M + 3.750%) due 06/15/2024 ~		152		144
Hilton Worldwide Finance LLC 2.697% (LIBOR03M + 1.750%) due 06/22/2026 ~		1,104		1,035
Ingersoll Rand Co. Ltd. 2.739% (LIBOR03M + 1.750%) due 03/01/2027 ~		54		51
Intelsat Jackson Holdings S.A.
5.682% (LIBOR03M + 3.750%) due 11/27/2023 ~		750		699
6.625% due 01/02/2024		57		54
Jefferies Finance LLC 4.239% - 4.250% (LIBOR03M + 3.250%) due 06/03/2026 ~		22		18
KFC Holding Co. 2.362% (LIBOR03M + 1.750%) due 04/03/2025 ~		1,545		1,470
McDermott International, Inc.
10.647% (LIBOR03M + 9.000%) due 10/22/2020 ~		87		86
10.647% - 10.806% (LIBOR03M + 9.000%) due 10/21/2020 ~		146		135
McDermott Technology Americas, Inc.
TBD% due 10/21/2021 ^«(b)		24		22
TBD% due 05/09/2025 ^(b)		81		25
Messer Industrie GmbH 3.950% (LIBOR03M + 2.500%) due 03/01/2026 ~		64		58
MH Sub LLC 4.822% (LIBOR03M + 3.750%) due 09/13/2024 ~		39		34
Nascar Holdings, Inc. 3.674% (LIBOR03M + 2.750%) due 10/19/2026 ~		14		12

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


NCI Building Systems, Inc. 4.561% (LIBOR03M + 3.750%) due 04/12/2025 «~		128	112
Neiman Marcus Group Ltd. LLC 7.500% (LIBOR03M + 6.000%) due 10/25/2023 ~		142	58
Neiman Marcus Group Ltd. LLC (6.516% Cash and 1.000% PIK) 7.516% (LIBOR03M + 5.500%) due 10/25/2023 ~(a)		1,348	536
Pacific Gas & Electric Co. TBD% due 02/22/2049 ^«(b)		1,150	1,153
PetSmart, Inc. 5.000% (LIBOR03M + 4.000%) due 03/11/2022 ~		1,305	1,258
PG&E Corp.
TBD% - 4.950% (PRIME + 0.200%) due 04/16/2020 «~		159	141
3.120% (LIBOR03M + 2.250%) due 12/31/2020 ~		665	662
PUG LLC 4.489% - 4.950% (LIBOR03M + 3.500%) due 01/29/2027 «~		20	17
RPI Intermediate Finance Trust 2.739% (LIBOR03M + 1.750%) due 02/11/2027 ~		29	27
Sequa Mezzanine Holdings LLC
6.742% (LIBOR03M + 5.000%) due 11/28/2021 «~		206	167
10.770% (LIBOR03M + 9.000%) due 04/28/2022 ~		40	29
Sinclair Television Group, Inc. 3.210% (LIBOR03M + 2.500%) due 09/30/2026 ~		31	29
Sotera Health Holdings LLC 5.500% (LIBOR03M + 4.500%) due 12/11/2026 ~		73	65
Sprint Communications, Inc. 3.500% (LIBOR03M + 2.500%) due 02/02/2024 «~		97	97
SS&C Technologies Holdings Europe SARL 2.739% (LIBOR03M + 1.750%) due 04/16/2025 ~		76	69
SS&C Technologies, Inc. 2.739% (LIBOR03M + 1.750%) due 04/16/2025 ~		114	104
Starfruit Finco BV 3.863% (LIBOR03M + 3.000%) due 10/01/2025 «~		96	88
Sunshine Luxembourg SARL 5.322% (LIBOR03M + 4.250%) due 10/01/2026 «~		125	114
Syniverse Holdings, Inc. 6.873% (LIBOR03M + 5.000%) due 03/09/2023 ~		64	43
U.S. Renal Care, Inc. 6.000% (LIBOR03M + 5.000%) due 06/26/2026 ~		58	52
Univision Communications, Inc. 3.750% (LIBOR03M + 2.750%) due 03/15/2024 ~		182	156
West Corp. 5.000% - 5.450% (LIBOR03M + 4.000%) due 10/10/2024 «~		26	20
Westmoreland Mining Holdings LLC 9.093% (LIBOR03M + 8.250%) due 03/15/2022 ~		4	4
Westmoreland Mining Holdings LLC (15.000% PIK) 15.000% due 03/15/2029 «(a)		16	12
Whatabrands LLC 3.766% (LIBOR03M + 2.750%) due 08/02/2026 ~		12	10
Windstream Services LLC
7.500% (PRIME + 4.250%) due 02/17/2024 «~		22	14
8.250% (PRIME + 5.000%) due 03/29/2021 «~		62	39
Zayo Group Holdings, Inc. 3.989% (LIBOR03M + 3.000%) due 03/09/2027 ~		200	187
Total Loan Participations and Assignments (Cost $13,413)			11,771
CORPORATE BONDS & NOTES 38.2%
BANKING & FINANCE 21.5%
AIB Group PLC 4.263% due 04/10/2025 •		300	302
Aircastle Ltd. 7.625% due 04/15/2020		1,400	1,400
Ally Financial, Inc.
3.875% due 05/21/2024		79	72
4.250% due 04/15/2021		700	687
7.500% due 09/15/2020		48	49
8.000% due 11/01/2031		3	3
Ambac LSNI LLC 6.450% due 02/12/2023 •		331	316
American Tower Corp. 3.000% due 06/15/2023		12	12
Ardonagh Midco PLC 8.375% due 07/15/2023	GBP	200	212
Assurant, Inc. 4.200% due 09/27/2023	$	16	17
Avolon Holdings Funding Ltd.
2.875% due 02/15/2025		90	70
3.250% due 02/15/2027		23	18
5.125% due 10/01/2023		636	551
5.500% due 01/15/2023		62	56
Banca Carige SpA 1.314% (EUR003M + 1.700%) due 10/25/2021 ~	EUR	600	668
Banco de Credito del Peru 4.650% due 09/17/2024	PEN	400	118

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


Bank of Ireland 7.375% due 06/18/2020 •(g)(h)	EUR	500	533
Barclays Bank PLC 7.625% due 11/21/2022 (h)	$	800	819
Barclays PLC
1.500% due 09/03/2023	EUR	200	212
3.072% (US0003M + 1.380%) due 05/16/2024 ~	$	200	176
3.250% due 01/17/2033	GBP	100	109
3.932% due 05/07/2025 •	$	200	192
4.338% due 05/16/2024 •		200	193
4.375% due 01/12/2026		1,000	1,021
4.610% due 02/15/2023 •		200	204
7.125% due 06/15/2025 •(g)(h)	GBP	200	213
7.250% due 03/15/2023 •(g)(h)		400	447
7.750% due 09/15/2023 •(g)(h)	$	600	527
7.875% due 09/15/2022 •(g)(h)	GBP	300	326
8.000% due 12/15/2020 •(g)(h)	EUR	400	421
8.000% due 06/15/2024 •(g)(h)	$	200	186
BGC Partners, Inc.
3.750% due 10/01/2024		38	34
5.375% due 07/24/2023		2,218	2,220
BNP Paribas S.A. 4.705% due 01/10/2025 •		210	219
Brighthouse Financial, Inc. 3.700% due 06/22/2027		20	17
Brixmor Operating Partnership LP 2.813% (US0003M + 1.050%) due 02/01/2022 ~		64	63
Brookfield Finance, Inc.
3.900% due 01/25/2028		6	6
4.700% due 09/20/2047		56	53
Cantor Fitzgerald LP 4.875% due 05/01/2024		42	42
CBL & Associates LP 5.950% due 12/15/2026		74	14
CIT Group, Inc.
4.125% due 03/09/2021		18	18
5.000% due 08/15/2022		160	157
Citigroup, Inc. 2.792% (US0003M + 1.100%) due 05/17/2024 ~		180	172
Cooperatieve Rabobank UA
5.500% due 06/29/2020 •(g)(h)	EUR	200	212
6.625% due 06/29/2021 •(g)(h)		1,600	1,694
Credit Suisse Group AG
2.593% due 09/11/2025 •	$	250	238
7.500% due 07/17/2023 •(g)(h)		200	184
CTR Partnership LP 5.250% due 06/01/2025		28	28
Deutsche Bank AG
0.031% (EUR003M + 0.500%) due 12/07/2020 ~	EUR	200	218
0.177% (EUR003M + 0.650%) due 09/10/2021 ~		100	108
2.700% due 07/13/2020	$	74	73
2.818% (US0003M + 0.970%) due 07/13/2020 ~		77	76
3.300% due 11/16/2022		100	94
3.375% due 05/12/2021		1,054	1,018
3.961% due 11/26/2025 •		1,050	973
4.250% due 02/04/2021		200	192
4.250% due 10/14/2021		1,370	1,304
Digital Realty Trust LP 3.600% due 07/01/2029		80	78
Emerald Bay S.A. 0.000% due 10/08/2020 (e)	EUR	11	12
EPR Properties
4.750% due 12/15/2026	$	5	5
4.950% due 04/15/2028		10	10
Equinix, Inc.
2.875% due 03/15/2024	EUR	100	107
2.875% due 02/01/2026		100	107
Equitable Holdings, Inc.
3.900% due 04/20/2023	$	8	8
5.000% due 04/20/2048		3	3
ESH Hospitality, Inc. 4.625% due 10/01/2027		16	13
Fairfax Financial Holdings Ltd. 4.850% due 04/17/2028		9	10
FCE Bank PLC 1.875% due 06/24/2021	EUR	300	306
Ford Motor Credit Co. LLC
1.744% due 07/19/2024		100	86
3.087% due 01/09/2023	$	200	181
3.550% due 10/07/2022		200	188
4.424% (US0003M + 2.550%) due 01/07/2021 ~		200	190
5.014% (US0003M + 3.140%) due 01/07/2022 ~		200	162
Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025		184	136
6.750% due 03/15/2022		290	270

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


GE Capital European Funding Unlimited Co. 2.250% due 07/20/2020	EUR	100	111
GE Capital UK Funding Unlimited Co. 4.125% due 09/13/2023	GBP	100	127
GLP Capital LP
5.250% due 06/01/2025	$	15	14
5.300% due 01/15/2029		66	57
Goodman U.S. Finance Three LLC 3.700% due 03/15/2028		66	62
Hazine Mustesarligi Varlik Kiralama A/S 5.800% due 02/21/2022		200	195
Howard Hughes Corp. 5.375% due 03/15/2025		56	55
HSBC Holdings PLC
1.434% (US0003M + 0.650%) due 09/11/2021 ~		1,600	1,565
2.164% (US0003M + 1.380%) due 09/12/2026 ~		200	191
2.292% (US0003M + 0.600%) due 05/18/2021 ~		200	196
3.000% due 05/29/2030 •	GBP	100	120
3.600% due 05/25/2023	$	230	234
3.973% due 05/22/2030 •		200	206
4.292% due 09/12/2026 •		200	210
5.875% due 09/28/2026 •(g)(h)	GBP	200	222
6.500% due 03/23/2028 •(g)(h)	$	200	187
Hudson Pacific Properties LP 3.950% due 11/01/2027		13	12
Hunt Cos., Inc. 6.250% due 02/15/2026		10	8
ING Groep NV
4.100% due 10/02/2023		200	206
5.750% due 11/16/2026 •(g)(h)		200	173
Intesa Sanpaolo SpA 7.000% due 01/19/2021 •(g)(h)	EUR	2,341	2,290
iStar, Inc. 5.250% due 09/15/2022	$	8	7
JPMorgan Chase & Co. 1.499% (US0003M + 0.610%) due 06/18/2022 ~		86	84
Kennedy-Wilson, Inc. 5.875% due 04/01/2024		28	25
KSA Sukuk Ltd. 2.894% due 04/20/2022		300	302
Ladder Capital Finance Holdings LLLP 4.250% due 02/01/2027		19	15
Life Storage LP 3.875% due 12/15/2027		6	5
Lifestorage LP 3.500% due 07/01/2026		900	860
Lloyds Bank PLC 3.300% due 05/07/2021		200	200
Lloyds Banking Group PLC
4.050% due 08/16/2023		200	208
6.375% due 06/27/2020 •(g)(h)	EUR	849	865
7.500% due 06/27/2024 •(g)(h)	$	200	173
7.500% due 09/27/2025 •(g)(h)		400	360
7.625% due 06/27/2023 •(g)(h)	GBP	600	633
7.875% due 06/27/2029 •(g)(h)		750	854
LoanCore Capital Markets LLC 6.875% due 06/01/2020	$	2,700	2,563
Morgan Stanley 7.500% due 04/02/2032 þ(i)		300	262
Nationwide Building Society
3.766% due 03/08/2024 •		200	194
4.302% due 03/08/2029 •		200	212
4.363% due 08/01/2024 •		1,290	1,298
Navient Corp.
5.000% due 10/26/2020		4	4
5.500% due 01/25/2023		800	758
5.875% due 03/25/2021		1,100	1,081
6.500% due 06/15/2022		680	665
6.625% due 07/26/2021		695	717
Newmark Group, Inc. 6.125% due 11/15/2023		44	45
Omega Healthcare Investors, Inc. 3.625% due 10/01/2029		42	37
Oppenheimer Holdings, Inc. 6.750% due 07/01/2022		12	11
Park Aerospace Holdings Ltd.
3.625% due 03/15/2021		36	34
4.500% due 03/15/2023		83	72
5.250% due 08/15/2022		1,470	1,330
5.500% due 02/15/2024		19	16
Physicians Realty LP 3.950% due 01/15/2028		12	11
QNB Finance Ltd.
3.181% (US0003M + 1.450%) due 08/11/2021 ~		1,400	1,409
3.389% (US0003M + 1.570%) due 07/18/2021 ~		200	196

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


Royal Bank of Scotland Group PLC
1.750% due 03/02/2026 •	EUR	200	208
3.162% (US0003M + 1.470%) due 05/15/2023 ~	$	200	190
3.498% due 05/15/2023 •		200	198
3.875% due 09/12/2023		200	202
4.445% due 05/08/2030 •		400	420
4.892% due 05/18/2029 •		200	212
5.076% due 01/27/2030 •		200	218
7.500% due 08/10/2020 •(g)(h)		200	184
8.000% due 08/10/2025 •(g)(h)		1,800	1,691
8.625% due 08/15/2021 •(g)(h)		400	392
Sabra Health Care LP 4.800% due 06/01/2024		15	15
Santander Holdings USA, Inc.
3.244% due 10/05/2026		50	45
3.400% due 01/18/2023		24	24
3.500% due 06/07/2024		55	54
4.400% due 07/13/2027		21	21
Santander UK Group Holdings PLC 7.375% due 06/24/2022 •(g)(h)	GBP	2,250	2,310
Santander UK PLC 3.400% due 06/01/2021	$	200	200
SBA Communications Corp. 3.875% due 02/15/2027		40	40
SBA Tower Trust 2.877% due 07/15/2046		900	898
SL Green Operating Partnership LP 3.250% due 10/15/2022		8	8
Societe Generale S.A. 7.375% due 10/04/2023 •(g)(h)		300	260
Springleaf Finance Corp.
5.625% due 03/15/2023		1,994	1,969
6.125% due 05/15/2022		234	239
6.125% due 03/15/2024		66	66
6.875% due 03/15/2025		29	29
8.250% due 12/15/2020		1,700	1,712
Starwood Property Trust, Inc. 4.750% due 03/15/2025		18	16
State Bank of India 4.000% due 01/24/2022		400	401
STORE Capital Corp.
4.500% due 03/15/2028		10	10
4.625% due 03/15/2029		5	5
UBS AG 4.750% due 02/12/2026 •(h)	EUR	1,200	1,307
UBS Group AG 5.750% due 02/19/2022 •(g)(h)		1,650	1,779
UniCredit SpA
7.830% due 12/04/2023	$	1,490	1,593
9.250% due 06/03/2022 •(g)(h)	EUR	1,100	1,148
Volkswagen Bank GmbH 0.625% due 09/08/2021		1,300	1,414
Wells Fargo & Co. 2.911% (US0003M + 1.110%) due 01/24/2023 ~	$	1,500	1,398
Welltower, Inc. 4.250% due 04/15/2028		8	8
WP Carey, Inc. 3.850% due 07/15/2029		7	7
			64,267
INDUSTRIALS 10.8%
AbbVie, Inc. 3.375% due 11/14/2021		61	62
Albertsons Cos., Inc.
3.500% due 02/15/2023		12	12
4.625% due 01/15/2027		6	6
4.875% due 02/15/2030		12	12
Altice Financing S.A. 3.000% due 01/15/2028	EUR	1,700	1,665
Altice France S.A.
5.500% due 01/15/2028	$	200	188
7.375% due 05/01/2026		1,700	1,726
American Airlines Pass-Through Trust
3.350% due 04/15/2031		18	18
4.000% due 01/15/2027		563	567
Arconic Corp. 6.125% due 02/15/2028		18	19
Avon International Capital PLC 6.500% due 08/15/2022		12	11
B.C. Unlimited Liability Co.
4.250% due 05/15/2024		79	79
4.375% due 01/15/2028		20	19
Bacardi Ltd.
4.450% due 05/15/2025		100	105
4.700% due 05/15/2028		100	107

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


Bausch Health Cos., Inc. 6.500% due 03/15/2022		129	131
Bayer U.S. Finance LLC
1.846% (US0003M + 0.630%) due 06/25/2021 ~		200	194
2.750% due 07/15/2021		4	4
Bombardier, Inc.
6.000% due 10/15/2022		60	45
6.125% due 01/15/2023		52	37
7.500% due 03/15/2025		6	4
7.875% due 04/15/2027		177	123
British Airways Pass-Through Trust 4.625% due 12/20/2025		210	209
Broadcom Corp.
3.000% due 01/15/2022		158	157
3.625% due 01/15/2024		16	16
3.875% due 01/15/2027		109	104
Camelot Finance S.A. 4.500% due 11/01/2026		5	5
Campbell Soup Co. 1.371% (US0003M + 0.630%) due 03/15/2021 ~		30	29
CCO Holdings LLC
4.500% due 08/15/2030		89	88
4.750% due 03/01/2030		98	98
Centene Corp.
3.375% due 02/15/2030		24	22
4.250% due 12/15/2027		35	35
4.625% due 12/15/2029		43	43
4.750% due 01/15/2025		97	99
Charter Communications Operating LLC
3.413% (US0003M + 1.650%) due 02/01/2024 ~		252	245
3.579% due 07/23/2020		1,300	1,296
4.800% due 03/01/2050		90	94
Citrix Systems, Inc. 3.300% due 03/01/2030		16	15
Clear Channel Worldwide Holdings, Inc. 9.250% due 02/15/2024		101	88
Community Health Systems, Inc.
6.250% due 03/31/2023		2,252	2,155
6.625% due 02/15/2025		1,608	1,499
8.000% due 03/15/2026		246	235
8.625% due 01/15/2024		505	502
Connect Finco SARL 6.750% due 10/01/2026		32	27
Corning, Inc. 5.450% due 11/15/2079		30	31
CVS Pass-Through Trust 5.789% due 01/10/2026		229	254
DAE Funding LLC
4.000% due 08/01/2020		256	253
4.500% due 08/01/2022		24	22
5.000% due 08/01/2024		47	43
5.250% due 11/15/2021		209	191
5.750% due 11/15/2023		98	92
Daimler Finance North America LLC 2.550% due 08/15/2022		150	144
Dealer Tire LLC 8.000% due 02/01/2028		18	15
Diamond Resorts International, Inc. 7.750% due 09/01/2023		303	220
EMC Corp. 2.650% due 06/01/2020		405	404
Energy Transfer Operating LP
2.900% due 05/15/2025		18	15
3.750% due 05/15/2030		41	32
5.000% due 05/15/2050		37	29
Energy Transfer Partners LP 5.000% due 10/01/2022		1,050	957
Equifax, Inc.
2.562% (US0003M + 0.870%) due 08/15/2021 ~		34	33
3.600% due 08/15/2021		12	12
Exela Intermediate LLC 10.000% due 07/15/2023		43	12
Flex Ltd. 4.875% due 06/15/2029		6	6
Front Range BidCo, Inc.
4.000% due 03/01/2027		117	113
6.125% due 03/01/2028		59	56
General Electric Co.
5.500% due 06/07/2021	GBP	100	128
5.550% due 05/04/2020	$	14	14
5.550% due 01/05/2026		166	180
5.875% due 01/14/2038		8	9
6.150% due 08/07/2037		1	1
6.875% due 01/10/2039		18	23
Global Payments, Inc. 2.650% due 02/15/2025		19	19

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


Griffon Corp. 5.750% due 03/01/2028		13	12
HCA, Inc. 3.500% due 09/01/2030		74	67
Hyundai Capital America 1.689% due 09/18/2020 •		72	72
iHeartCommunications, Inc.
6.375% due 05/01/2026		284	271
8.375% due 05/01/2027		296	254
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK) 6.000% due 05/15/2027 (a)		80	57
IHS Markit Ltd. 4.000% due 03/01/2026		2	2
Imperial Brands Finance PLC 3.750% due 07/21/2022		1,300	1,301
Intelsat Connect Finance S.A. 9.500% due 02/15/2023		60	23
Intelsat Jackson Holdings S.A.
5.500% due 08/01/2023		227	141
8.000% due 02/15/2024		129	125
8.500% due 10/15/2024		846	538
9.750% due 07/15/2025		688	434
Intelsat Luxembourg S.A. 7.750% due 06/01/2021 ^		182	92
Keurig Dr Pepper, Inc. 3.200% due 11/15/2021		706	706
Kraft Heinz Foods Co.
3.000% due 06/01/2026		130	127
3.750% due 04/01/2030		128	122
3.950% due 07/15/2025		32	32
Lamar Media Corp. 3.750% due 02/15/2028		16	15
Laredo Petroleum, Inc.
9.500% due 01/15/2025		8	3
10.125% due 01/15/2028		8	3
Level 3 Financing, Inc.
3.400% due 03/01/2027		12	11
3.875% due 11/15/2029		52	49
LifePoint Health, Inc. 4.375% due 02/15/2027		2	2
Mattel, Inc. 5.875% due 12/15/2027		10	10
Melco Resorts Finance Ltd. 5.375% due 12/04/2029		380	331
Micron Technology, Inc.
4.185% due 02/15/2027		34	35
4.663% due 02/15/2030		60	63
5.327% due 02/06/2029		34	37
Mitchells & Butlers Finance PLC 6.013% due 12/15/2030	GBP	12	17
MSCI, Inc. 3.625% due 09/01/2030	$	8	8
NCL Corp. Ltd. 3.625% due 12/15/2024		6	4
NCR Corp. 5.750% due 09/01/2027		2	2
Netflix, Inc.
3.625% due 06/15/2030	EUR	100	108
3.875% due 11/15/2029		192	208
4.625% due 05/15/2029		100	113
4.875% due 06/15/2030	$	100	102
5.375% due 11/15/2029		28	29
5.500% due 02/15/2022		20	21
Newcrest Finance Pty. Ltd. 4.450% due 11/15/2021		1,350	1,385
Noble Holding International Ltd. 7.875% due 02/01/2026		149	37
Norwegian Air Shuttle ASA Pass-Through Trust 4.875% due 11/10/2029		374	280
NXP BV 4.300% due 06/18/2029		100	103
ONEOK Partners LP 3.375% due 10/01/2022		11	10
Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022		26	25
7.250% due 02/01/2028		30	26
Pacific Drilling SA 8.375% due 10/01/2023		168	47
Pan American Energy LLC 30.362% (BADLARPP) due 11/20/2020 «~	ARS	7,290	82
Par Pharmaceutical, Inc. 7.500% due 04/01/2027	$	55	55
Penske Truck Leasing Co. LP 3.375% due 02/01/2022		696	704
Pernod Ricard S.A. 4.450% due 01/15/2022		1,440	1,480

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


Petroleos de Venezuela S.A.
5.375% due 04/12/2027 ^(b)		385	27
5.500% due 04/12/2037 ^(b)		382	27
6.000% due 05/16/2024 ^(b)		141	10
6.000% due 11/15/2026 ^(b)		63	4
9.750% due 05/17/2035 ^(b)		100	7
Petroleos Mexicanos
5.950% due 01/28/2031		430	298
6.490% due 01/23/2027		40	30
6.500% due 03/13/2027		120	90
6.500% due 01/23/2029		954	697
6.750% due 09/21/2047		10	7
6.840% due 01/23/2030		736	536
6.950% due 01/28/2060		337	229
7.690% due 01/23/2050		60	42
PetSmart, Inc. 5.875% due 06/01/2025		32	32
Post Holdings, Inc. 4.625% due 04/15/2030		40	39
Prime Security Services Borrower LLC 6.250% due 01/15/2028		30	26
PTC, Inc.
3.625% due 02/15/2025		18	17
4.000% due 02/15/2028		8	8
QVC, Inc.
4.375% due 03/15/2023		22	21
4.450% due 02/15/2025		86	71
4.850% due 04/01/2024		29	25
5.125% due 07/02/2022		34	29
Radiate Holdco LLC 6.875% due 02/15/2023		2	2
Radiology Partners, Inc. 9.250% due 02/01/2028		32	28
Range Resources Corp. 9.250% due 02/01/2026		16	10
Refinitiv U.S. Holdings, Inc. 4.500% due 05/15/2026	EUR	100	110
Sands China Ltd.
5.125% due 08/08/2025	$	200	190
5.400% due 08/08/2028		200	189
Sealed Air Corp. 4.000% due 12/01/2027		5	5
Sensata Technologies, Inc. 4.375% due 02/15/2030		14	13
Silgan Holdings, Inc. 4.125% due 02/01/2028		12	11
Sprint Spectrum Co. LLC 5.152% due 09/20/2029		400	429
Staples, Inc. 7.500% due 04/15/2026		7	6
Station Casinos LLC 4.500% due 02/15/2028		4	3
Syngenta Finance NV 3.698% due 04/24/2020		200	200
Tech Data Corp. 3.700% due 02/15/2022		7	7
TEGNA, Inc. 4.625% due 03/15/2028		57	50
Tenet Healthcare Corp. 4.625% due 07/15/2024		22	21
Teva Pharmaceutical Finance BV 3.650% due 11/10/2021		8	8
Teva Pharmaceutical Finance Netherlands BV
2.200% due 07/21/2021		463	445
2.800% due 07/21/2023		100	92
3.250% due 04/15/2022	EUR	100	106
6.000% due 01/31/2025		100	108
Textron, Inc. 2.284% (US0003M + 0.550%) due 11/10/2020 ~	$	110	110
Topaz Solar Farms LLC
4.875% due 09/30/2039		34	35
5.750% due 09/30/2039		235	260
TransDigm, Inc. 5.500% due 11/15/2027		30	27
Transocean Guardian Ltd. 5.875% due 01/15/2024		22	18
Transocean, Inc.
7.250% due 11/01/2025		92	47
7.500% due 01/15/2026		40	19
8.000% due 02/01/2027		65	31
Trident TPI Holdings, Inc. 9.250% due 08/01/2024		12	10
Triumph Group, Inc.
5.250% due 06/01/2022		12	10
6.250% due 09/15/2024		15	13

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


U.S. Renal Care, Inc. 10.625% due 07/15/2027		38	32
United Group BV
3.125% due 02/15/2026	EUR	100	94
3.625% due 02/15/2028		100	90
United Rentals North America, Inc. 4.000% due 07/15/2030	$	19	17
Univision Communications, Inc.
5.125% due 05/15/2023		283	253
5.125% due 02/15/2025		555	477
Valaris PLC
5.750% due 10/01/2044		70	5
7.750% due 02/01/2026		10	1
Vale Overseas Ltd.
6.250% due 08/10/2026		95	103
6.875% due 11/21/2036		55	62
6.875% due 11/10/2039		22	24
ViaSat, Inc. 5.625% due 04/15/2027		7	7
VMware, Inc.
2.300% due 08/21/2020		18	18
2.950% due 08/21/2022		34	34
3.900% due 08/21/2027		20	20
Wabtec Corp. 2.041% (US0003M + 1.050%) due 09/15/2021 ~		43	42
Western Digital Corp. 4.750% due 02/15/2026		110	112
Western Midstream Operating LP
2.698% (US0003M + 0.850%) due 01/13/2023 ~		24	13
3.100% due 02/01/2025		16	8
4.050% due 02/01/2030		18	8
5.250% due 02/01/2050		17	7
Wyndham Destinations, Inc.
3.900% due 03/01/2023		4	3
4.250% due 03/01/2022		2	2
4.625% due 03/01/2030		21	16
5.400% due 04/01/2024		11	9
5.750% due 04/01/2027		41	35
Wynn Macau Ltd. 5.125% due 12/15/2029		760	644
YPF S.A.
33.161% (BADLARPP + 4.000%) due 09/24/2020 «~	ARS	4,800	53
35.421% (BADLARPP + 6.000%) due 03/04/2021 ~		3,890	44
			32,402
UTILITIES 5.9%
CenturyLink, Inc.
4.000% due 02/15/2027	$	34	33
5.625% due 04/01/2020		1,200	1,200
Edison International
2.400% due 09/15/2022		75	72
2.950% due 03/15/2023		3	3
3.125% due 11/15/2022		38	37
3.550% due 11/15/2024		42	42
5.750% due 06/15/2027		39	41
Enable Midstream Partners LP 4.950% due 05/15/2028		9	4
FirstEnergy Corp. 2.850% due 07/15/2022		1,400	1,367
Frontier Communications Corp. 8.000% due 04/01/2027		40	40
Gazprom OAO Via Gaz Capital S.A.
2.949% due 01/24/2024	EUR	640	718
4.950% due 07/19/2022	$	800	812
6.510% due 03/07/2022		500	519
ITC Holdings Corp. 2.700% due 11/15/2022		14	14
Odebrecht Drilling Norbe Ltd. 6.350% due 12/01/2021 ^		3	3
Odebrecht Offshore Drilling Finance Ltd. 6.720% due 12/01/2022 ^		11	9
ONEOK, Inc. 4.250% due 02/01/2022		1,200	1,166
Pacific Gas & Electric Co.
2.450% due 08/15/2022 ^(b)		209	207
2.950% due 03/01/2026 ^(b)		221	210
3.250% due 09/15/2021 ^(b)		217	215
3.250% due 06/15/2023 ^(b)		429	416
3.300% due 03/15/2027 ^(b)		90	87
3.400% due 08/15/2024 ^(b)		159	156
3.500% due 10/01/2020 ^(b)		330	324
3.500% due 06/15/2025 ^(b)		92	89
3.750% due 02/15/2024 ^(b)		224	221
3.750% due 08/15/2042 ^(b)		8	7
3.850% due 11/15/2023 ^(b)		45	44

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


4.000% due 12/01/2046 ^(b)		3	3
4.250% due 05/15/2021 ^(b)		74	73
4.250% due 03/15/2046 ^(b)		8	8
4.300% due 03/15/2045 ^(b)		2	2
4.450% due 04/15/2042 ^(b)		5	5
4.500% due 12/15/2041 ^(b)		11	11
5.125% due 11/15/2043 ^(b)		93	94
5.400% due 01/15/2040 ^(b)		264	270
5.800% due 03/01/2037 ^(b)		146	149
6.050% due 03/01/2034 ^(b)		590	599
6.250% due 03/01/2039 ^(b)		44	45
6.350% due 02/15/2038 ^(b)		85	87
Parsley Energy LLC 4.125% due 02/15/2028		6	4
Petrobras Global Finance BV
5.093% due 01/15/2030		739	677
6.125% due 01/17/2022		394	396
6.250% due 12/14/2026	GBP	700	818
San Diego Gas & Electric Co. 3.750% due 06/01/2047	$	2	2
Southern California Edison Co.
2.850% due 08/01/2029		6	6
3.650% due 03/01/2028		4	4
3.650% due 02/01/2050		17	17
4.125% due 03/01/2048		2	2
4.875% due 03/01/2049		5	6
5.750% due 04/01/2035		4	5
6.000% due 01/15/2034		2	2
6.650% due 04/01/2029		15	18
Southern California Gas Co.
2.550% due 02/01/2030		40	39
5.125% due 11/15/2040		2	2
Sprint Communications, Inc. 7.000% due 08/15/2020		1,108	1,119
Sprint Corp.
7.250% due 09/15/2021		1,148	1,189
7.250% due 02/01/2028		178	180
7.625% due 03/01/2026		18	20
7.875% due 09/15/2023		3,319	3,680
Talen Energy Supply LLC 6.625% due 01/15/2028		18	15
Transocean Phoenix Ltd. 7.750% due 10/15/2024		9	8
Transocean Proteus Ltd. 6.250% due 12/01/2024		2	2
			17,613
Total Corporate Bonds & Notes (Cost $122,344)			114,282
CONVERTIBLE BONDS & NOTES 0.1%
INDUSTRIALS 0.1%
Caesars Entertainment Corp. 5.000% due 10/01/2024		104	111
UTILITIES 0.0%
Ensco Jersey Finance Ltd. 3.000% due 01/31/2024		6	2
Total Convertible Bonds & Notes (Cost $199)			113
MUNICIPAL BONDS & NOTES 0.1%
ILLINOIS 0.1%
Illinois State General Obligation Bonds, (BABs), Series 2010
6.630% due 02/01/2035		40	43
6.725% due 04/01/2035		10	11
7.350% due 07/01/2035		10	11
Illinois State General Obligation Bonds, Series 2003 5.100% due 06/01/2033		140	139
			204
PUERTO RICO 0.0%
Commonwealth of Puerto Rico General Obligation Bonds, Series 2007 5.250% due 07/01/2037 ^(b)		15	10
Commonwealth of Puerto Rico General Obligation Bonds, Series 2008
5.125% due 07/01/2028 ^(b)		5	3
5.700% due 07/01/2023 ^(b)		25	16
Commonwealth of Puerto Rico General Obligation Bonds, Series 2009
5.750% due 07/01/2038 ^(b)		10	7
6.000% due 07/01/2039 ^(b)		5	3

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


Commonwealth of Puerto Rico General Obligation Bonds, Series 2011
5.375% due 07/01/2030 ^(b)		25	17
6.500% due 07/01/2040 ^(b)		5	4
Commonwealth of Puerto Rico General Obligation Bonds, Series 2012
5.000% due 07/01/2041 ^(b)		55	34
5.500% due 07/01/2039 ^(b)		75	47
			141
Total Municipal Bonds & Notes (Cost $269)			345
U.S. GOVERNMENT AGENCIES 46.9%
Fannie Mae, TBA 3.000% due 06/01/2040		6,900	7,211
Freddie Mac 3.000% due 06/01/2046 - 01/01/2049		8,749	9,232
Ginnie Mae
2.262% due 04/20/2066 •		442	443
4.943% due 09/20/2066 ~		337	366
Uniform Mortgage-Backed Security
3.000% due 08/01/2027 - 09/01/2027		375	394
4.000% due 01/01/2049 - 03/01/2049		4,786	5,108
Uniform Mortgage-Backed Security, TBA
2.500% due 05/01/2050 - 06/01/2050		37,300	38,553
3.000% due 05/01/2035		1,000	1,044
3.500% due 04/01/2050		25,500	26,977
4.000% due 04/01/2050		44,900	47,944
4.500% due 05/01/2050		3,000	3,227
Total U.S. Government Agencies (Cost $137,226)			140,499
U.S. TREASURY OBLIGATIONS 27.5%
U.S. Treasury Bonds
2.875% due 11/15/2046		1,400	1,890
3.000% due 08/15/2048		10	14
3.000% due 02/15/2049		2,800	3,906
U.S. Treasury Inflation Protected Securities (f)
0.125% due 10/15/2024		1,106	1,120
0.250% due 07/15/2029		4,030	4,189
0.375% due 01/15/2027		180	185
0.375% due 07/15/2027		53	54
0.750% due 07/15/2028		2,305	2,468
0.875% due 01/15/2029		1,928	2,097
1.000% due 02/15/2049 (k)		820	1,021
U.S. Treasury Notes
1.750% due 03/31/2022 (o)		700	721
1.750% due 05/15/2022 (o)		700	723
1.750% due 09/30/2022 (o)		1,400	1,453
1.750% due 05/15/2023		1,400	1,463
1.875% due 08/31/2022 (o)		1,400	1,455
1.875% due 08/31/2024 (m)		1,100	1,173
2.000% due 07/31/2022 (o)		900	937
2.000% due 06/30/2024		2,300	2,460
2.125% due 06/30/2022		2,400	2,503
2.125% due 02/29/2024		1,500	1,606
2.125% due 03/31/2024 (o)		84	90
2.125% due 07/31/2024 (o)		1,100	1,183
2.125% due 09/30/2024		3,200	3,452
2.125% due 11/30/2024 (o)		300	324
2.250% due 12/31/2023 (k)		7,630	8,179
2.250% due 01/31/2024 (o)		370	397
2.250% due 10/31/2024 (k)		6,600	7,165
2.250% due 11/15/2024		3,347	3,636
2.375% due 02/29/2024 (o)		100	108
2.375% due 08/15/2024 (o)		100	109
2.500% due 05/15/2024		4,000	4,353
2.500% due 01/31/2025 (k)		13,800	15,210
2.625% due 01/31/2026 (k)		5,600	6,293
2.625% due 02/15/2029 (k)		450	526
Total U.S. Treasury Obligations (Cost $75,151)			82,463
NON-AGENCY MORTGAGE-BACKED SECURITIES 5.9%
American Home Mortgage Investment Trust 7.100% due 06/25/2036 þ		6,385	1,878
Chase Mortgage Finance Trust 3.700% due 12/25/2035 ^~		1,437	1,160
Eurosail PLC 1.456% due 06/13/2045 •	GBP	1,764	2,084
Grifonas Finance PLC 0.000% due 08/28/2039 •	EUR	1,123	1,027
HarborView Mortgage Loan Trust 1.230% due 03/19/2036 ^•	$	67	54
Hawksmoor Mortgages 1.761% due 05/25/2053 •	GBP	1,849	2,259

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


MASTR Adjustable Rate Mortgages Trust 1.497% due 09/25/2037 •	$	11,500	4,298
OBX Trust 1.797% due 04/25/2048 •		1,526	1,478
Ripon Mortgages PLC 1.551% due 08/20/2056 •	GBP	1,058	1,290
WaMu Mortgage Pass-Through Certificates Trust 3.533% due 03/25/2033 ~	$	73	66
Washington Mutual Mortgage Pass-Through Certificates Trust 2.816% due 10/25/2046 •		3,118	2,155
Total Non-Agency Mortgage-Backed Securities (Cost $20,359)			17,749
ASSET-BACKED SECURITIES 20.1%
Aegis Asset-Backed Securities Trust 1.117% due 01/25/2037 •		5,204	3,762
ALESCO Preferred Funding Ltd. 2.408% due 12/23/2034 •		221	214
Ameriquest Mortgage Securities Trust 1.287% due 04/25/2036 •		2,021	1,933
Aspen Funding Ltd. 3.434% due 07/10/2037 •		116	115
Asset-Backed Funding Certificates Trust 1.087% due 11/25/2036 •		4,658	2,753
Citigroup Mortgage Loan Trust 1.107% due 12/25/2036 •		1,891	1,150
Citigroup Mortgage Loan Trust, Inc. 1.207% due 03/25/2037 •		29	24
Countrywide Asset-Backed Certificates
1.167% due 05/25/2037 •		2,800	2,384
1.167% due 06/25/2047 •		900	795
Countrywide Asset-Backed Certificates Trust 1.477% due 05/25/2036 •		9,800	7,841
EFS Volunteer LLC 2.644% due 10/25/2035 •		970	944
First Franklin Mortgage Loan Trust 1.067% due 12/25/2036 •		730	629
Harley Marine Financing LLC 5.682% due 05/15/2043 «		94	72
Home Equity Mortgage Loan Asset-Backed Trust 1.247% due 03/25/2036 •		5,000	3,898
HSI Asset Securitization Corp. Trust
1.057% due 12/25/2036 •		1,138	397
1.087% due 01/25/2037 •		3,635	2,588
IXIS Real Estate Capital Trust 1.097% due 01/25/2037 •		4,106	1,432
JPMorgan Mortgage Acquisition Trust 1.197% due 07/25/2036 •		1,908	1,886
Legacy Mortgage Asset Trust 3.353% due 01/28/2070 •		2,901	2,871
LP Credit Card ABS Master Trust 3.189% due 08/20/2024 •		1,128	1,090
Merrill Lynch Mortgage Investors Trust 1.017% due 04/25/2047 •		6,391	3,251
Morgan Stanley ABS Capital, Inc. Trust
1.017% due 10/25/2036 •		2,631	1,406
1.027% due 11/25/2036 •		5,546	3,166
1.217% due 03/25/2036 •		1,644	1,534
Option One Mortgage Loan Trust 1.307% due 01/25/2036 •		5,000	3,866
Saxon Asset Securities Trust 2.697% due 12/25/2037 •		1,715	1,574
Symphony CLO Ltd. 2.788% due 07/14/2026 •		1,474	1,431
Towd Point Mortgage Trust 2.900% due 10/25/2059 ~		6,461	6,329
Trapeza CDO Ltd. 2.204% due 01/25/2035 •		852	793
Total Asset-Backed Securities (Cost $61,128)			60,128
SOVEREIGN ISSUES 6.0%
Argentina Government International Bond
1.000% due 08/05/2021 (f)	ARS	1,506	10
3.375% due 01/15/2023	EUR	100	29
3.380% due 12/31/2038 þ		306	92
3.750% due 12/31/2038 þ	$	4,676	1,418
5.000% due 01/15/2027	EUR	100	28
5.250% due 01/15/2028		500	141
5.625% due 01/26/2022	$	135	40
5.875% due 01/11/2028		280	77
7.820% due 12/31/2033	EUR	69	25
15.500% due 10/17/2026	ARS	7,410	31
36.575% (BADLARPP + 2.000%) due 04/03/2022 ~		24,940	189
38.039% (ARLLMONP) due 06/21/2020 ~		115,249	836
42.781% (BADLARPP) due 10/04/2022 ~		26	0

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


Autonomous City of Buenos Aires Argentina
32.413% due 03/29/2024 ~		12,181	101
37.247% (BADLARPP + 5.000%) due 01/23/2022 ~		5,800	54
Autonomous Community of Catalonia 4.900% due 09/15/2021	EUR	100	117
Emirate of Abu Dhabi Government International Bond
2.500% due 10/11/2022	$	300	302
3.125% due 10/11/2027		300	307
Kuwait International Government Bond
2.750% due 03/20/2022		274	276
3.500% due 03/20/2027		900	938
Peru Government International Bond
5.350% due 08/12/2040	PEN	390	108
5.400% due 08/12/2034		710	208
5.940% due 02/12/2029		2,125	663
6.150% due 08/12/2032		1,256	395
6.350% due 08/12/2028		2,026	655
6.950% due 08/12/2031		1,336	452
8.200% due 08/12/2026		1,340	487
Provincia de Buenos Aires
33.929% due 05/31/2022 •	ARS	270	2
37.463% (BADLARPP + 3.750%) due 04/12/2025 ~		1,150	7
Qatar Government International Bond
3.875% due 04/23/2023	$	200	206
5.103% due 04/23/2048		200	244
Russia Government International Bond
0.000% (RUONIA) due 04/24/2024 ~	RUB	80,100	1,026
7.150% due 11/12/2025		88,624	1,159
7.950% due 10/07/2026		34,532	472
Saudi Government International Bond
2.875% due 03/04/2023	$	200	200
3.250% due 10/26/2026		1,200	1,203
3.625% due 03/04/2028		200	204
4.000% due 04/17/2025		200	208
4.500% due 10/26/2046		400	408
4.625% due 10/04/2047		400	412
5.000% due 04/17/2049		200	217
South Africa Government International Bond
4.850% due 09/30/2029		200	165
5.750% due 09/30/2049		200	146
Turkey Government International Bond
4.250% due 03/13/2025		800	686
4.625% due 03/31/2025	EUR	300	305
5.250% due 03/13/2030	$	600	488
5.600% due 11/14/2024		500	460
5.625% due 03/30/2021		100	100
5.750% due 03/22/2024		200	187
6.350% due 08/10/2024		400	380
7.250% due 12/23/2023		400	392
7.625% due 04/26/2029		700	670
Venezuela Government International Bond
6.000% due 12/09/2020 ^(b)		122	12
7.000% due 03/31/2038 ^(b)		43	4
7.650% due 04/21/2025 ^(b)		105	11
8.250% due 10/13/2024 ^(b)		157	16
9.000% due 05/07/2023 ^(b)		46	5
9.250% due 09/15/2027 ^(b)		143	14
9.250% due 05/07/2028 ^(b)		83	8
11.750% due 10/21/2026 ^(b)		10	1
11.950% due 08/05/2031 ^(b)		300	30
Total Sovereign Issues (Cost $25,553)			18,027
		SHARES
COMMON STOCKS 0.1%
COMMUNICATION SERVICES 0.0%
Clear Channel Outdoor Holdings, Inc. (c)		133,771	86
iHeartMedia, Inc. «(c)		101	1
iHeartMedia, Inc. 'A' (c)		7,418	54
			141
CONSUMER DISCRETIONARY 0.1%
Caesars Entertainment Corp. (c)		21,610	146
INDUSTRIALS 0.0%
Westmoreland Mining Holdings LLC «(i)(c)		239	2

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Common Stocks (Cost $1,039)				289
WARRANTS 0.1%
COMMUNICATION SERVICES 0.1%
iHeartMedia, Inc. - Exp. 05/01/2039		48,312		353
Total Warrants (Cost $879)				353
PREFERRED SECURITIES 0.4%
BANKING & FINANCE 0.3%
Banco Bilbao Vizcaya Argentaria S.A. 8.875% due 04/14/2021 •(g)(h)		400,000		432
Banco Santander S.A. 6.250% due 09/11/2021 •(g)(h)		100,000		99
Nationwide Building Society 10.250% ~		250		41
Stichting AK Rabobank Certificaten 6.500% due 12/29/2049 (g)		191,000		192
				764
INDUSTRIALS 0.1%
General Electric Co. 5.000% due 01/21/2021 •(g)		494,000		409
Total Preferred Securities (Cost $1,390)				1,173
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (j) 0.2%				592
		PRINCIPAL AMOUNT (000s)
ARGENTINA TREASURY BILLS 0.1%
31.246% due 07/31/2020 «~	ARS	626		7
32.393% due 08/28/2020 ~		4,961		46
35.641% due 06/22/2020 ~		14,380		165
36.751% due 04/03/2020 ~		3,250		36
49.444% due 05/13/2020 - 08/27/2020 (d)(e)		12,657		103
				357
Total Short-Term Instruments (Cost $1,135)				949
Total Investments in Securities (Cost $460,085)				448,141
		SHARES
INVESTMENTS IN AFFILIATES 0.2%
SHORT-TERM INSTRUMENTS 0.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2%
PIMCO Short-Term Floating NAV Portfolio III		64,921		638
Total Short-Term Instruments (Cost $638)				638
Total Investments in Affiliates (Cost $638)				638
Total Investments 149.8% (Cost $460,723)			$	448,779
Financial Derivative Instruments (l)(n) (0.9)%(Cost or Premiums, net $(1,273))				(2,638)
Other Assets and Liabilities, net (48.9)%				(146,617)
Net Assets 100.0%			$	299,524

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)

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).

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.

•

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)

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)

Principal amount of security is adjusted for inflation.

(g)

Perpetual maturity; date shown, if applicable, represents next contractual call date.

(h)

Contingent convertible security.

(i)

RESTRICTED SECURITIES:

Issuer Description

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

Morgan Stanley 7.500% due 04/02/2032

02/11/2020

255

262

0.09

Westmoreland Mining Holdings LLC

03/26/2019

0.00

256

264

0.09%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(j)

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

FICC

0.000%

03/31/2020

04/01/2020

592

U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021

(609)

592

Total Repurchase Agreements

(609)

592

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(1)

Settlement Date

Maturity Date

Amount
Borrowed(1)

Payable for
Reverse
Repurchase
Agreements

BOS

0.650%

03/13/2020

04/13/2020

(946)

0.960

03/27/2020

04/15/2020

(896)

1.100

03/19/2020

04/20/2020

(20,239)

(20,247)

GRE

1.020

03/12/2020

04/13/2020

(4,332)

(4,335)

IND

0.450

03/30/2020

05/26/2020

(1,081)

Total Reverse Repurchase Agreements

(27,505)

(k)

Securities with an aggregate market value of $27,898 have been pledged as collateral under the terms of master agreements as of March 31, 2020.

(1)

The average amount of borrowings outstanding during the period ended March 31, 2020 was $(8,120) at a weighted average interest rate of 1.212%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(l)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


PURCHASED OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description															Strike Price									Expiration Date			# of Contracts												Notional Amount									Cost														Market Value
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures														$	100.000									05/22/2020			93										$		93								$	2									$					2
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures															103.000									05/22/2020			25												25									0														0
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures															107.000									05/22/2020			150																	150				3														2
Total Purchased Options																	$						5									$				4
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
																	Variation Margin
Description								Expiration Month			# of Contracts										Notional Amount													Unrealized Appreciation/ (Depreciation)																	Asset													Liability
Euro-BTP Italy Government Bond June Futures								06/2020			13					$					2,027								$					(27)												$					0								$					(34)
U.S. Treasury 10-Year Note June Futures								06/2020			229										31,759													1,302																	0													(32)
																												$					1,275												$					0								$					(66)
SHORT FUTURES CONTRACTS
																	Variation Margin
Description								Expiration Month			# of Contracts										Notional Amount													Unrealized Appreciation/ (Depreciation)																	Asset													Liability
Australia Government 10-Year Bond June Futures								06/2020			34					$					(3,150)								$					18												$					0								$					(42)
Japan Government 10-Year Bond June Futures								06/2020			1										(1,419)													27																	2													(4)
U.S. Treasury 2-Year Note June Futures								06/2020			13										(2,865)													(10)																	0													0
United Kingdom Long Gilt June Futures								06/2020			2										(338)													(7)																	1													(1)
																												$					28												$					3								$					(47)
Total Futures Contracts																				$			1,303												$			3											$					(113)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)
																	Variation Margin (4)
Index/Tranches		Fixed Receive Rate		Payment Frequency		Maturity Date						Notional Amount(2)										Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)												Market Value(3)													Asset										Liability
CDX.EM-28 5-Year Index		1.000%		Quarterly		12/20/2022			$			776						$				(30)			$					(9)										$		(39)										$			2					$					0
CDX.EM-30 5-Year Index		1.000		Quarterly		12/20/2023						2,900										(136)								(126)												(262)													8										0
CDX.EM-31 5-Year Index		1.000		Quarterly		06/20/2024						500										(16)								(32)												(48)													2										0
CDX.EM-32 5-Year Index		1.000		Quarterly		12/20/2024						2,100										(93)								(146)												(239)													7										0
CDX.EM-33 5-Year Index		1.000		Quarterly		06/20/2025						400										(45)								0												(45)													0										0
CDX.HY-33 5-Year Index		5.000		Quarterly		12/20/2024						304										5								(23)												(18)													0										(4)
CDX.IG-33 5-Year Index		1.000		Quarterly		12/20/2024						2,000										42								(48)												(6)													0										(6)
CDX.IG-34 5-Year Index		1.000		Quarterly		06/20/2025						1,300										(22)								13												(9)													0										(4)
iTraxx Europe Main 32 5-Year Index		1.000		Quarterly		12/20/2024			EUR			22,600										315								(255)												60													0										(38)
																		$				20			$					(626)										$		(606)										$			19					$					(52)
INTEREST RATE SWAPS
																	Variation Margin
Pay/ Receive Floating Rate	Floating Rate Index		Fixed Rate		Payment Frequency		Maturity Date						Notional Amount										Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)												Market Value													Asset										Liability
Pay	1-Year BRL-CDI		5.830%		Maturity		01/02/2023			BRL			3,800						$				0			$					12										$		12										$			0					$					0
Pay	1-Year BRL-CDI		5.836		Maturity		01/02/2023						3,400										0								11												11													0										0
Pay	1-Year BRL-CDI		5.855		Maturity		01/02/2023						1,100										0								4												4													0										0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		12/18/2021			$			400										1								(10)												(9)													0										0
Receive(5)	3-Month USD-LIBOR		1.000		Semi-Annual		06/17/2022						2,400										28								(59)												(31)													0										(2)
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2024						17,500										(592)								(1,418)												(2,010)													0										(4)
Receive	3-Month USD-LIBOR		2.500		Semi-Annual		12/18/2024						2,400										(127)								(117)												(244)													0										0
Receive	3-Month USD-LIBOR		1.300		Semi-Annual		03/16/2025						1,700										(2)								(67)												(69)													0										0
Receive	3-Month USD-LIBOR		1.300		Semi-Annual		03/18/2025						1,700										(2)								(66)												(68)													0										0
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2026						11,200										(399)								(1,381)												(1,780)													10										0
Receive	3-Month USD-LIBOR		1.740		Semi-Annual		12/16/2026						400										(2)								(31)												(33)													1										0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		06/20/2028						1,300										85								(262)												(177)													5										0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		12/10/2029						800										(1)								(102)												(103)													4										0

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


Receive		3-Month USD-LIBOR	1.500	Semi-Annual	12/18/2029		800					25					(89)					(64)					4					0
Receive		3-Month USD-LIBOR	1.750	Semi-Annual	01/15/2030		2,800					(33)					(244)					(277)					14					0
Receive		3-Month USD-LIBOR	2.000	Semi-Annual	02/12/2030		1,600					(28)					(171)					(199)					8					0
Receive		3-Month USD-LIBOR	2.000	Semi-Annual	03/10/2030		800					(1)					(100)					(101)					4					0
Receive		3-Month USD-LIBOR	1.430	Semi-Annual	03/17/2030		800					(2)					(55)					(57)					5					0
Receive(5)		3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2030		24,800					1,198					(2,501)					(1,303)					141					0
Receive		3-Month USD-LIBOR	1.910	Semi-Annual	10/17/2049		300					(7)					(76)					(83)					9					0
Receive		3-Month USD-LIBOR	1.895	Semi-Annual	10/18/2049		300					(7)					(75)					(82)					9					0
Receive		3-Month USD-LIBOR	2.250	Semi-Annual	12/11/2049		2,200					(8)					(814)					(822)					67					0
Receive		3-Month USD-LIBOR	1.625	Semi-Annual	02/03/2050		3,000					40					(628)					(588)					84					0
Receive		3-Month USD-LIBOR	1.875	Semi-Annual	02/07/2050		1,200					2					(320)					(318)					35					0
Receive		3-Month USD-LIBOR	2.250	Semi-Annual	03/12/2050		900					(3)					(331)					(334)					28					0
Receive		3-Month ZAR-JIBAR	7.250	Quarterly	09/19/2023	ZAR	22,200					(7)					(45)					(52)					0					(10)
Receive		3-Month ZAR-JIBAR	8.000	Quarterly	03/15/2024		1,300					(3)					(2)					(5)					0					(1)
Receive		3-Month ZAR-JIBAR	8.250	Quarterly	03/15/2024		4,800					(15)					(5)					(20)					0					(3)
Pay		3-Month ZAR-JIBAR	7.750	Quarterly	09/19/2028		21,600					0					(39)					(39)					42					0
Pay		6-Month AUD-BBR-BBSW	2.750	Semi-Annual	06/17/2026	AUD	13,870					293					841					1,134					48					0
Pay		6-Month AUD-BBR-BBSW	3.000	Semi-Annual	03/21/2027		1,090					10					96					106					5					0
Receive		6-Month EUR-EURIBOR	0.150	Annual	03/18/2030	EUR	1,800					33					(8)					25					2					0
Receive(5)		6-Month EUR-EURIBOR	0.150	Annual	06/17/2030		700					(1)					(11)					(12)					1					0
Receive		6-Month EUR-EURIBOR	0.250	Annual	03/18/2050		200					11					(16)					(5)					3					0
Receive(5)		6-Month EUR-EURIBOR	0.500	Annual	06/17/2050		400					(13)					(29)					(42)					5					0
Receive		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2030	GBP	4,600					48					(144)					(96)					0					(6)
Receive		6-Month JPY-LIBOR	0.354	Semi-Annual	01/18/2028	JPY	90,000					0					(25)					(25)					0					(1)
Receive		6-Month JPY-LIBOR	0.354	Semi-Annual	02/16/2028		50,000					0					(14)					(14)					0					0
Receive		6-Month JPY-LIBOR	0.300	Semi-Annual	03/20/2028		80,000					5					(24)					(19)					0					(1)
Receive		6-Month JPY-LIBOR	0.450	Semi-Annual	03/20/2029		5,246,000					(230)					(1,729)					(1,959)					0					(49)
Pay		6-Month JPY-LIBOR	0.184	Semi-Annual	03/17/2030		240,000					0					(45)					(45)					3					0
Pay		6-Month JPY-LIBOR	0.044	Semi-Annual	03/25/2030		30,000					0					1					1					0					0
Pay		6-Month JPY-LIBOR	0.039	Semi-Annual	03/27/2030		270,000					0					4					4					4					0
Pay		28-Day MXN-TIIE	5.095	Lunar	02/05/2021	MXN	25,500					(28)					19					(9)					1					0
Pay		28-Day MXN-TIIE	5.615	Lunar	05/21/2021		14,500					0					(1)					(1)					1					0
Pay		28-Day MXN-TIIE	5.680	Lunar	05/28/2021		14,900					0					(1)					(1)					1					0
Pay		28-Day MXN-TIIE	5.610	Lunar	07/07/2021		2,000					(6)					6					0					0					0
Pay		28-Day MXN-TIIE	5.900	Lunar	07/20/2021		19,600					2					(1)					1					1					0
Pay		28-Day MXN-TIIE	6.750	Lunar	08/31/2021		4,300					(3)					5					2					0					0
Pay		28-Day MXN-TIIE	5.798	Lunar	09/06/2021		10,200					(33)					33					0					1					0
Pay		28-Day MXN-TIIE	7.350	Lunar	11/17/2021		1,200					0					1					1					0					0
Pay		28-Day MXN-TIIE	7.388	Lunar	11/17/2021		900					0					1					1					0					0
Pay		28-Day MXN-TIIE	7.199	Lunar	12/03/2021		1,200					0					1					1					0					0
Pay		28-Day MXN-TIIE	7.538	Lunar	02/23/2022		4,400					0					6					6					1					0
Pay		28-Day MXN-TIIE	5.850	Lunar	05/02/2022		1,900					1					(1)					0					0					0
Pay		28-Day MXN-TIIE	7.875	Lunar	12/16/2022		1,800					0					4					4					0					0
Pay		28-Day MXN-TIIE	7.865	Lunar	12/27/2022		3,400					0					8					8					1					0
Pay		28-Day MXN-TIIE	7.880	Lunar	12/27/2022		42,200					19					75					94					8					0
Pay		28-Day MXN-TIIE	7.640	Lunar	01/03/2023		1,000					0					2					2					0					0
Pay		28-Day MXN-TIIE	7.745	Lunar	01/05/2023		1,700					0					4					4					0					0
Pay		28-Day MXN-TIIE	7.610	Lunar	01/23/2023		9,500					(3)					22					19					2					0
Pay		28-Day MXN-TIIE	7.805	Lunar	02/06/2023		3,800					0					8					8					1					0
Pay		28-Day MXN-TIIE	7.820	Lunar	02/06/2023		3,900					(1)					10					9					1					0
Pay		28-Day MXN-TIIE	7.700	Lunar	05/02/2023		2,500					(1)					6					5					1					0
Pay		28-Day MXN-TIIE	5.795	Lunar	06/02/2023		2,900					0					(1)					(1)					1					0
Pay		28-Day MXN-TIIE	6.350	Lunar	09/01/2023		900					0					0					0					0					0
Pay		28-Day MXN-TIIE	5.950	Lunar	01/30/2026		3,000					(18)					14					(4)					1					0
Pay		28-Day MXN-TIIE	6.080	Lunar	03/10/2026		12,400					(43)					29					(14)					4					0
Pay		28-Day MXN-TIIE	6.490	Lunar	09/08/2026		3,800					2					(3)					(1)					1					0
Pay		28-Day MXN-TIIE	7.380	Lunar	11/04/2026		200					0					0					0					0					0
Pay		28-Day MXN-TIIE	7.865	Lunar	02/02/2027		9,000					13					12					25					4					0
Pay		28-Day MXN-TIIE	8.010	Lunar	02/04/2027		2,900					0					9					9					1					0
Pay		28-Day MXN-TIIE	7.818	Lunar	02/17/2027		5,200					0					14					14					2					0
Pay		28-Day MXN-TIIE	7.150	Lunar	06/11/2027		26,500					(3)					29					26					10					0
Pay		28-Day MXN-TIIE	7.200	Lunar	06/11/2027		2,900					1					2					3					1					0
Pay		28-Day MXN-TIIE	7.370	Lunar	10/11/2027		7,300					0					11					11					3					0
Receive		28-Day MXN-TIIE	7.984	Lunar	12/10/2027		3,300					0					(10)					(10)					0					(1)
Receive		28-Day MXN-TIIE	7.990	Lunar	12/21/2027		100					0					0					0					0					0
Receive		28-Day MXN-TIIE	8.005	Lunar	12/21/2027		18,900					(10)					(50)					(60)					0					(8)
Receive		28-Day MXN-TIIE	8.030	Lunar	01/31/2028		300					0					(1)					(1)					0					0
Receive		28-Day MXN-TIIE	8.050	Lunar	01/31/2028		2,100					1					(8)					(7)					0					(1)
Pay		28-Day MXN-TIIE	7.480	Lunar	06/18/2037		1,500					0					1					1					1					0
Receive		28-Day MXN-TIIE	7.380	Lunar	08/14/2037		400					2					(2)					0					0					0
Pay		28-Day MXN-TIIE	7.360	Lunar	08/21/2037		1,500					0					0					0					1					0
Receive		28-Day MXN-TIIE	8.103	Lunar	01/04/2038		3,100					3					(14)					(11)					0					(3)
									$		191			$		(9,845)			$		(9,654)			$		591			$		(90)
Total Swap Agreements								$		211			$		(10,471)			$		(10,260)			$		610			$		(142)
(m)	Securities with an aggregate market value of $1,172 and cash of $4,873 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


(1)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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 Portfolio 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)	Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end.
(5)	This instrument has a forward starting effective date.
(n)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
					Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Month		Currency to be Delivered				Currency to be Received			Asset		Liability
BOA		04/2020	GBP	12,591		$		16,235	$		596	$	0
		04/2020	RUB	26,700				422			82		0
		06/2020	$	75		INR		5,615			0		(2)
BPS		04/2020	EUR	521		$		580			5		0
		04/2020	GBP	235				308			16		0
		04/2020	TRY	2,898				457			21		0
		04/2020	$	1,689		EUR		1,529			11		(14)
		04/2020		2,262		GBP		1,865			86		(31)
		04/2020		752		TRY		4,650			0		(52)
		06/2020		1,737		INR		125,714			0		(102)
		07/2020	BRL	1,822		$		439			91		0
BRC		04/2020	JPY	93,175				848			0		(19)
		04/2020	MXN	2,635				120			9		0
		04/2020	$	12,615		GBP		10,318			201		0
		04/2020		267		MXN		6,616			11		0
		05/2020	GBP	10,318		$		12,624			0		(201)
BSH		07/2020	BRL	1,324				317			64		0
		07/2020	$	822		BRL		4,157			0		(27)
CBK		04/2020	BRL	207		$		41			1		0
		04/2020	EUR	20,244				22,196			2		(133)
		04/2020	RUB	27,240				429			82		0
		04/2020	$	40		BRL		207			0		0
		04/2020		1,466		EUR		1,356			29		0
		04/2020		417		GBP		344			10		0
		04/2020		1,099		JPY		120,000			18		0
		04/2020		216		MXN		4,138			0		(42)
		04/2020		152		TRY		944			0		(10)
		05/2020	PEN	261		$		77			1		0
		06/2020	$	113		INR		8,422			0		(3)
		06/2020		2,033		MXN		38,912			0		(411)
		07/2020	BRL	1,011		$		244			50		0
GLM		04/2020		19,528				3,764			7		(2)
		04/2020	RUB	81,504				1,282			243		0
		04/2020	$	4,400		BRL		19,528			0		(642)
		04/2020		804		GBP		640			0		(9)
		04/2020		3,913		RUB		246,357			0		(773)
		04/2020	ZAR	1,043		$		60			1		0
		05/2020	PEN	2,227				629			0		(19)
		05/2020	$	66		RUB		5,198			0		0
		06/2020		270		CLP		215,999			0		(17)
		06/2020		473		INR		35,313			0		(13)
HUS		04/2020	BRL	17,999		$		3,596			132		0
		04/2020	GBP	143				168			0		(9)
		04/2020	MXN	2,284				92			0		(4)
		04/2020	$	3,462		BRL		17,999			2		0
		04/2020		756		EUR		695			10		0
		05/2020		3,592		BRL		17,999			0		(135)
		05/2020		2,909		MXN		57,079			0		(515)
		06/2020	CNH	5,832		$		833			11		0
		06/2020	$	849		CNH		5,953			0		(10)
MYI		04/2020	TRY	1,466		$		231			10		0
		04/2020	$	37		TRY		230			0		(3)
		04/2020	ZAR	324		$		19			1		0
		05/2020	NZD	4,044				2,623			211		0
		06/2020	$	1,761		IDR		24,454,213			0		(280)
SCX		04/2020	GBP	198		$		231			0		(15)
		05/2020	EUR	17,185				18,880			0		(97)
Total Forward Foreign Currency Contracts					$		2,014		$	(3,590)

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


PURCHASED OPTIONS:
OPTIONS ON SECURITIES
Counterparty		Description								Strike Price				Expiration Date										Notional Amount(1)						Cost								Market Value
SAL		Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 04/01/2050				$				65.000				04/08/2020										1,000			$			0							$	0
Total Purchased Options												$			0						$			0
WRITTEN OPTIONS:
CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES
Counterparty		Description					Buy/Sell Protection				Exercise Rate					Expiration Date								Notional Amount(1)						Premiums (Received)								Market Value
BOA		Put - OTC CDX.HY-33 5-Year Index					Sell				102.000%					05/20/2020								1,100			$			(4)							$	(108)
BPS		Put - OTC CDX.HY-33 5-Year Index					Sell				100.000					06/17/2020								1,900						(7)								(164)
		Call - OTC CDX.IG-33 5-Year Index					Buy				0.475					04/15/2020								900						0								0
		Put - OTC CDX.IG-33 5-Year Index					Sell				0.700					04/15/2020								900						(1)								(16)
		Put - OTC CDX.IG-33 5-Year Index					Sell				0.800					06/17/2020								800						(1)								(14)
GST		Put - OTC CDX.HY-33 5-Year Index					Sell				102.000					06/17/2020								400						(3)								(41)
		Put - OTC CDX.IG-32 5-Year Index					Sell				2.900					06/17/2020								2,800						(3)								(2)
		Call - OTC CDX.IG-33 5-Year Index					Buy				0.475					04/15/2020								900						0								0
		Put - OTC CDX.IG-33 5-Year Index					Sell				0.700					04/15/2020								900						(1)								(16)
		Put - OTC CDX.IG-33 5-Year Index					Sell				2.500					03/17/2021								1,293						(1)								(11)
		Put - OTC iTraxx Europe 31 5-Year Index					Sell				3.000					06/17/2020								3,000						(3)								(2)
		Put - OTC iTraxx Europe 32 5-Year Index					Sell				2.500					03/17/2021								1,525						(1)								(26)
MYC		Put - OTC CDX.HY-33 5-Year Index					Sell				103.000					07/15/2020								800						(3)								(94)
		Put - OTC CDX.IG-33 5-Year Index					Sell				0.850					06/17/2020								900						(1)								(15)
Total Written Options												$			(29)						$			(509)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION(2)
												Swap Agreements, at Value (5)
Counterparty	Reference Entity		Fixed Receive Rate	Payment Frequency				Maturity Date				Implied Credit Spread at March 31, 2020(3)								Notional Amount(4)						Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)				Asset						Liability
BOA	Mexico Government International Bond		1.000%	Quarterly				06/20/2022				1.423%						$		100			$			(2)			$			1		$		0				$		(1)
	South Africa Government International Bond		1.000	Quarterly				06/20/2023				3.617								600						(36)						(11)				0						(47)
BPS	Brazil Government International Bond		1.000	Quarterly				06/20/2022				1.719								100						(6)						4				0						(2)
	Brazil Government International Bond		1.000	Quarterly				12/20/2022				1.904								900						(40)						19				0						(21)
	Petrobras Global Finance BV		1.000	Quarterly				12/20/2021				3.440								100						(15)						11				0						(4)
BRC	Qatar Government International Bond		1.000	Quarterly				12/20/2022				0.944								200						1						0				1						0
	Russia Government International Bond		1.000	Quarterly				12/20/2021				1.241								550						(16)						14				0						(2)
CBK	Argentine Republic Government International Bond		5.000	Quarterly				06/20/2023				208.768								12						0						(9)				0						(9)
	Brazil Government International Bond		1.000	Quarterly				12/20/2022				1.904								3,000						(116)						45				0						(71)
	Brazil Government International Bond		1.000	Quarterly				12/20/2024				2.474								600						(10)						(29)				0						(39)
	Colombia Government International Bond		1.000	Quarterly				12/20/2024				2.091								100						0						(5)				0						(5)
GST	Brazil Government International Bond		1.000	Quarterly				12/20/2024				2.474								400						(6)						(20)				0						(26)
	Mexico Government International Bond		1.000	Quarterly				12/20/2023				1.895								400						(7)						(6)				0						(13)
	Petrobras Global Finance BV		1.000	Quarterly				06/20/2021				3.077								460						(86)						75				0						(11)
	Petrobras Global Finance BV		1.000	Quarterly				12/20/2021				3.440								600						(94)						70				0						(24)
	Russia Government International Bond		1.000	Quarterly				12/20/2022				1.442								4,660						(102)						48				0						(54)
MYC	Mexico Government International Bond		1.000	Quarterly				12/20/2024				2.175								200						(1)						(10)				0						(11)
	South Africa Government International Bond		1.000	Quarterly				12/20/2022				3.484								1,200						(25)						(52)				0						(77)
NGF	South Africa Government International Bond		1.000	Quarterly				12/20/2023				3.757								300						(15)						(13)				0						(28)
																							$			(576)			$			132		$		1				$		(445)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
												Swap Agreements, at Value (5)
Counterparty	Index/Tranches				Fixed Receive Rate				Payment Frequency				Maturity Date						Notional Amount(4)						Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)				Asset						Liability
FBF	CMBX.NA.AAA.12 Index				0.500%				Monthly				08/17/2061				$		155			$			(1)			$			(3)		$		0				$		(4)

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


GST			CMBX.NA.AAA.10 Index				0.500		Monthly					11/17/2059						11,700					(255)								127						0					(128)
			CMBX.NA.AAA.9 Index				0.500		Monthly					09/17/2058						11,500					(594)								520						0					(74)
SAL			CMBX.NA.AAA.10 Index				0.500		Monthly					11/17/2059						1,625					1								(19)						0					(18)
			CMBX.NA.AAA.12 Index				0.500		Monthly					08/17/2061						9,620					(40)								(230)						0					(270)
			CMBX.NA.AAA.6 Index				0.500		Monthly					05/11/2063						559					5								(5)						0					0
																							$			(884)				$				390			$			0		$			(494)
INTEREST RATE SWAPS
													Swap Agreements, at Value
Counterparty				Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Payment Frequency				Maturity Date						Notional Amount									Premiums Paid/(Received)								Unrealized Appreciation/ (Depreciation)						Asset					Liability
AZD				Pay	3-Month CNY-CNREPOFIX(6)	2.445%		Quarterly				06/17/2025				CNY		7,100						$			0				$				8			$			8		$			0
CBK				Pay	3-Month CNY-CNREPOFIX	2.845		Quarterly				01/23/2025						2,000									0								8						8					0
				Pay	3-Month CNY-CNREPOFIX	2.850		Quarterly				01/23/2025						1,300									0								6						6					0
																							$			0				$				22			$			22		$			0
Total Swap Agreements													$		(1,460)				$			544			$			23				$			(939)
(o)		Securities with an aggregate market value of $3,725 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)		Notional Amount represents the number of contracts.
(2)		If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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 Portfolio 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)		The underlying instrument has a forward starting effective date.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory										Level 1							Level 2									Level 3										Fair Value at 03/31/2020
Investments in Securities, at Value
Loan Participations and Assignments										$	0						$				9,481					$			2,290							$		11,771
Corporate Bonds & Notes
	Banking & Finance										0										64,267								0									64,267
	Industrials										0										32,267								135									32,402
	Utilities										0										17,613								0									17,613
Convertible Bonds & Notes
	Industrials										0										111								0									111
	Utilities										0										2								0									2
Municipal Bonds & Notes
	Illinois										0										204								0									204
	Puerto Rico										0										141								0									141
U.S. Government Agencies											0										140,499								0									140,499
U.S. Treasury Obligations											0										82,463								0									82,463
Non-Agency Mortgage-Backed Securities											0										17,749								0									17,749
Asset-Backed Securities											0										60,056								72									60,128
Sovereign Issues											0										18,027								0									18,027
Common Stocks
	Communication Services										140										0								1									141
	Consumer Discretionary										146										0								0									146
	Industrials										0										0								2									2
Warrants
	Communication Services										0										353								0									353
Preferred Securities
	Banking & Finance										0										764								0									764
	Industrials										0										409								0									409
Short-Term Instruments
	Repurchase Agreements										0										592								0									592
	Argentina Treasury Bills										0										350								7									357
										$	286						$				445,348					$			2,507							$		448,141
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes									$	638						$				0					$			0							$		638

Schedule of Investments PIMCO Income Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Investments	$	924	$	445,348	$	2,507	$	448,779
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		3		614		0		617
Over the counter		0		2,037		0		2,037
	$	3	$	2,651	$	0	$	2,654
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(113)		(142)		0		(255)
Over the counter		0		(5,038)		0		(5,038)
	$	(113)	$	(5,180)	$	0	$	(5,293)
Total Financial Derivative Instruments	$	(110)	$	(2,529)	$	0	$	(2,639)
Totals	$	814	$	442,819	$	2,507	$	446,140

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 146.1% ¤
ARGENTINA 0.0%
CORPORATE BONDS & NOTES 0.0%
YPF S.A. 35.421% (BADLARPP + 6.000%) due 03/04/2021 ~	ARS	3,810	$	43
SOVEREIGN ISSUES 0.0%
Argentina Government International Bond
3.375% due 01/15/2023	EUR	200		58
36.575% (BADLARPP + 2.000%) due 04/03/2022 ~	ARS	8,070		61
38.039% (ARLLMONP) due 06/21/2020 ~		15,430		112
Autonomous City of Buenos Aires Argentina 37.247% (BADLARPP + 5.000%) due 01/23/2022 ~		70		1
				232
Total Argentina (Cost $1,269)				275
AUSTRALIA 2.0%
ASSET-BACKED SECURITIES 0.0%
Driver Australia Trust 1.735% due 07/21/2026	AUD	366		225
CORPORATE BONDS & NOTES 0.1%
Sydney Airport Finance Co. Pty. Ltd. 3.900% due 03/22/2023	$	300		308
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4%
Pepper Residential Securities Trust 1.741% due 03/12/2061 •		927		922
RESIMAC Bastille Trust 2.307% due 09/05/2057 •		1,104		1,097
				2,019
SOVEREIGN ISSUES 1.5%
New South Wales Treasury Corp.
2.000% due 03/20/2031	AUD	1,100		702
2.750% due 11/20/2025 (f)		133		91
3.000% due 02/20/2030		1,900		1,341
Northern Territory Treasury Corp. 2.000% due 04/21/2031		800		496
Queensland Treasury Corp.
1.750% due 08/21/2031		1,300		812
3.500% due 08/21/2030		2,300		1,691
South Australia Government Financing Authority 2.750% due 05/24/2030		500		341
South Australian Government Financing Authority 1.750% due 05/24/2032		800		492
Treasury Corp. of Victoria
1.500% due 11/20/2030		1,400		863
2.500% due 10/22/2029		200		135
4.250% due 12/20/2032		1,200		961
Western Australia Treasury Corp. 2.750% due 07/24/2029		200		138
				8,063
Total Australia (Cost $11,466)				10,615
BRAZIL 0.3%
CORPORATE BONDS & NOTES 0.3%
Petrobras Global Finance BV
5.093% due 01/15/2030	$	1,878		1,721
6.125% due 01/17/2022		102		102

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


Total Brazil (Cost $2,056)			1,823
CANADA 1.4%
CORPORATE BONDS & NOTES 0.4%
Air Canada Pass-Through Trust 3.300% due 07/15/2031	$	92	89
Enbridge, Inc. 1.441% (US0003M + 0.700%) due 06/15/2020 ~		400	396
Fairfax Financial Holdings Ltd. 2.750% due 03/29/2028	EUR	500	536
HSBC Bank Canada 3.300% due 11/28/2021	$	1,200	1,231
			2,252
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3%
Canadian Mortgage Pools
1.843% (CDOR01 + 0.100%) due 06/01/2020 ~	CAD	127	90
2.043% (CDOR01 + 0.300%) due 07/01/2020 ~		359	255
2.043% (CDOR01 + 0.300%) due 08/01/2020 ~		143	101
Real Estate Asset Liquidity Trust
2.381% due 02/12/2055		498	340
2.867% due 02/12/2055		1,000	652
3.072% due 08/12/2053		474	338
			1,776
SOVEREIGN ISSUES 0.7%
Canada Government Real Return Bond 1.500% due 12/01/2044 (k)		473	420
Province of Ontario
2.600% due 06/02/2027 (k)		3,500	2,638
6.200% due 06/02/2031		100	101
Province of Quebec 3.000% due 09/01/2023		1,100	828
			3,987
Total Canada (Cost $8,399)			8,015
CAYMAN ISLANDS 3.7%
ASSET-BACKED SECURITIES 2.3%
Avery Point CLO Ltd. 2.939% due 01/18/2025 •	$	143	143
Cent CLO Ltd. 2.901% due 10/15/2026 •		1,400	1,373
Dryden Senior Loan Fund 2.731% due 10/15/2027 •		1,178	1,130
Evans Grove CLO Ltd. 2.533% due 05/28/2028 •		300	291
LCM LP 2.859% due 10/20/2027 •		1,400	1,354
Marathon CLO Ltd. 2.566% due 11/21/2027 •		1,284	1,250
Mountain View CLO Ltd.
1.795% due 10/16/2029 •		1,500	1,410
2.631% due 10/15/2026 •		198	196
Octagon Investment Partners Ltd. 2.931% due 04/15/2026 •		179	179
Symphony CLO Ltd. 2.788% due 07/14/2026 •		1,305	1,267
THL Credit Wind River CLO Ltd. 2.711% due 01/15/2026 •		822	819
Tralee CLO Ltd. 2.929% due 10/20/2028 •		1,300	1,252
Venture CDO Ltd. 2.711% due 04/15/2027 •		300	292
WhiteHorse Ltd. 2.766% due 04/17/2027 •		183	181
Zais CLO Ltd. 2.981% due 04/15/2028 •		1,400	1,365
			12,502
CORPORATE BONDS & NOTES 1.4%
CIFI Holdings Group Co. Ltd. 7.625% due 02/28/2023		300	289
Country Garden Holdings Co. Ltd. 7.125% due 04/25/2022		200	202
KSA Sukuk Ltd. 2.894% due 04/20/2022		500	502

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


QNB Finance Ltd.
2.763% (US0003M + 1.000%) due 05/02/2022 ~		1,000	996
2.988% (US0003M + 1.350%) due 05/31/2021 ~		4,500	4,323
Sands China Ltd.
4.600% due 08/08/2023		300	308
5.125% due 08/08/2025		200	190
5.400% due 08/08/2028		500	473
Sunac China Holdings Ltd. 7.875% due 02/15/2022		200	192
Tencent Holdings Ltd. 3.595% due 01/19/2028		200	213
			7,688
Total Cayman Islands (Cost $20,860)			20,190
CHINA 6.7%
SOVEREIGN ISSUES 6.7%
China Development Bank
3.050% due 08/25/2026	CNY	10,200	1,439
3.180% due 04/05/2026		16,800	2,396
3.500% due 08/13/2026		4,700	682
3.680% due 02/26/2026		80,400	11,783
3.740% due 09/10/2025		10,200	1,503
3.800% due 01/25/2036		5,000	731
4.040% due 04/10/2027		25,300	3,774
4.040% due 07/06/2028		3,300	495
4.150% due 10/26/2025		2,600	390
4.240% due 08/24/2027		46,700	7,059
4.880% due 02/09/2028		24,300	3,831
China Government Bond
2.740% due 08/04/2026		800	113
2.950% due 06/16/2023		2,200	317
3.220% due 12/06/2025		2,200	322
3.290% due 10/18/2023		6,500	949
4.400% due 12/12/2046		500	85
Total China (Cost $35,492)			35,869
DENMARK 5.3%
CORPORATE BONDS & NOTES 5.3%
Jyske Realkredit A/S
1.000% due 10/01/2050	DKK	43,510	6,165
1.500% due 10/01/2050		2,979	441
2.000% due 10/01/2047		4,165	637
2.500% due 10/01/2047		24	4
Nordea Kredit Realkreditaktieselskab
1.000% due 10/01/2050		47,526	6,737
1.500% due 10/01/2037		636	96
1.500% due 10/01/2050		5,725	841
2.000% due 10/01/2050		1,796	272
Nykredit Realkredit A/S
0.147% due 10/01/2022 •	EUR	1,400	1,549
1.000% due 10/01/2050	DKK	35,364	4,979
1.500% due 10/01/2037		1,375	207
1.500% due 10/01/2050		41,553	6,127
2.000% due 10/01/2050		1,779	270
2.500% due 10/01/2036		128	20
2.500% due 10/01/2047		10	2
Realkredit Danmark A/S
2.500% due 04/01/2036		76	12
2.500% due 07/01/2047		24	4
Total Denmark (Cost $29,246)			28,363
FINLAND 1.2%
SOVEREIGN ISSUES 1.2%
Finland Government Bond
0.500% due 04/15/2026 (k)	EUR	2,600	2,999
0.875% due 09/15/2025 (k)		2,700	3,169
Total Finland (Cost $6,164)			6,168
FRANCE 2.8%
CORPORATE BONDS & NOTES 0.3%
Credit Agricole S.A. 2.375% due 01/22/2025	$	1,400	1,373

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


SOVEREIGN ISSUES 2.5%
France Government International Bond
1.500% due 05/25/2050 (k)	EUR	800	1,053
2.000% due 05/25/2048 (k)		7,400	10,755
3.250% due 05/25/2045 (k)		800	1,408
			13,216
Total France (Cost $11,922)			14,589
GERMANY 1.6%
CORPORATE BONDS & NOTES 1.6%
Deutsche Bank AG
2.617% (US0003M + 0.815%) due 01/22/2021 ~	$	1,300	1,253
2.625% due 02/12/2026	EUR	600	599
2.700% due 07/13/2020	$	600	588
3.150% due 01/22/2021		500	489
3.961% due 11/26/2025 •		1,400	1,297
4.250% due 10/14/2021		1,800	1,713
IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK) 3.875% due 05/15/2027 (b)	EUR	200	170
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK) 6.000% due 05/15/2027 (b)	$	900	638
Volkswagen Bank GmbH 1.250% due 08/01/2022	EUR	400	435
Volkswagen Leasing GmbH 0.250% due 02/16/2021		1,000	1,092
Total Germany (Cost $9,000)			8,274
GUERNSEY, CHANNEL ISLANDS 0.2%
CORPORATE BONDS & NOTES 0.2%
Credit Suisse Group Funding Guernsey Ltd. 3.800% due 06/09/2023	$	800	819
Total Guernsey, Channel Islands (Cost $799)			819
HONG KONG 0.1%
CORPORATE BONDS & NOTES 0.1%
AIA Group Ltd. 3.900% due 04/06/2028	$	400	426
Total Hong Kong (Cost $399)			426
INDIA 0.1%
CORPORATE BONDS & NOTES 0.1%
Shriram Transport Finance Co. Ltd. 5.950% due 10/24/2022	$	500	389
State Bank of India 4.000% due 01/24/2022		200	200
Total India (Cost $706)			589
INDONESIA 0.1%
CORPORATE BONDS & NOTES 0.1%
Indonesia Asahan Aluminium Persero PT 5.230% due 11/15/2021	$	300	302
Total Indonesia (Cost $299)			302
IRELAND 1.2%
ASSET-BACKED SECURITIES 0.9%
Arbour CLO DAC 0.870% due 01/15/2030 •	EUR	1,200	1,274
Aurium CLO DAC 0.670% due 04/16/2030 •		500	524
Black Diamond CLO Designated Activity Co. 0.650% due 10/03/2029 •		645	703
CVC Cordatus Loan Fund Ltd. 0.970% due 04/22/2030 •		800	855

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


Toro European CLO DAC 0.900% due 10/15/2030 •		1,300	1,391
			4,747
CORPORATE BONDS & NOTES 0.3%
AerCap Ireland Capital DAC 4.625% due 10/30/2020	$	800	776
AIB Group PLC 4.750% due 10/12/2023		200	198
SumitG Guaranteed Secured Obligation Issuer DAC 2.251% due 11/02/2020		400	403
			1,377
Total Ireland (Cost $6,446)			6,124
ISRAEL 0.2%
SOVEREIGN ISSUES 0.2%
Israel Government International Bond
3.250% due 01/17/2028	$	500	532
4.125% due 01/17/2048		300	322
Total Israel (Cost $795)			854
ITALY 2.9%
CORPORATE BONDS & NOTES 1.0%
Banca Carige SpA
1.085% (EUR003M + 1.500%) due 05/25/2022 ~	EUR	1,600	1,746
1.314% (EUR003M + 1.700%) due 10/25/2021 ~		1,600	1,780
Intesa Sanpaolo SpA 7.000% due 01/19/2021 •(g)(h)		200	196
UniCredit SpA
7.500% due 06/03/2026 •(g)(h)		200	201
7.830% due 12/04/2023	$	1,200	1,283
			5,206
SOVEREIGN ISSUES 1.9%
Italy Buoni Poliennali Del Tesoro
0.350% due 11/01/2021	EUR	2,600	2,869
1.450% due 03/01/2036		300	309
1.750% due 07/01/2024 (k)		3,000	3,435
2.450% due 09/01/2050		600	668
2.950% due 09/01/2038		1,200	1,484
3.450% due 03/01/2048		150	200
3.850% due 09/01/2049		300	429
Italy Government International Bond 6.000% due 08/04/2028	GBP	400	616
			10,010
Total Italy (Cost $15,162)			15,216
JAPAN 16.2%
CORPORATE BONDS & NOTES 1.5%
Central Nippon Expressway Co. Ltd.
2.091% due 09/14/2021	$	700	708
2.291% (US0003M + 0.540%) due 08/04/2020 ~		2,600	2,581
Meiji Yasuda Life Insurance Co. 5.100% due 04/26/2048 •		200	215
Mitsubishi UFJ Financial Group, Inc.
2.950% due 03/01/2021		230	230
3.455% due 03/02/2023		600	615
Mizuho Financial Group, Inc.
1.648% (US0003M + 0.880%) due 09/11/2022 ~		700	673
1.768% (US0003M + 1.000%) due 09/11/2024 ~		900	851
3.922% due 09/11/2024 •		500	528
ORIX Corp. 3.250% due 12/04/2024		200	210
Sumitomo Mitsui Financial Group, Inc. 2.679% (US0003M + 1.680%) due 03/09/2021 ~		600	594
Takeda Pharmaceutical Co. Ltd. 1.125% due 11/21/2022	EUR	500	551
			7,756
SOVEREIGN ISSUES 14.7%
Japan Bank for International Cooperation
1.750% due 10/17/2024	$	500	518
3.250% due 07/20/2023		700	755

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


3.375% due 10/31/2023		300	326
Japan Finance Organization for Municipalities
2.125% due 04/13/2021		800	811
2.625% due 04/20/2022		1,600	1,655
Japan Government International Bond
0.100% due 03/10/2028	JPY	456,102	4,240
0.100% due 03/20/2029		2,400,000	22,601
0.100% due 06/20/2029		610,000	5,739
0.300% due 06/20/2046		620,000	5,623
0.500% due 09/20/2046		402,000	3,828
0.500% due 03/20/2049		568,000	5,399
0.700% due 12/20/2048		772,000	7,715
1.200% due 09/20/2035		1,340,000	14,204
1.300% due 06/20/2035		340,000	3,646
Tokyo Metropolitan Government
2.000% due 05/17/2021	$	700	710
2.500% due 06/08/2022		600	623
			78,393
Total Japan (Cost $85,051)			86,149
KUWAIT 0.6%
SOVEREIGN ISSUES 0.6%
Kuwait International Government Bond
2.750% due 03/20/2022	$	200	202
3.500% due 03/20/2027		2,800	2,918
Total Kuwait (Cost $2,980)			3,120
LITHUANIA 0.3%
SOVEREIGN ISSUES 0.3%
Lithuania Government International Bond
1.100% due 04/26/2027	EUR	600	707
6.125% due 03/09/2021	$	1,000	1,036
Total Lithuania (Cost $1,735)			1,743
LUXEMBOURG 0.3%
CORPORATE BONDS & NOTES 0.3%
Aroundtown S.A.
1.625% due 01/31/2028	EUR	700	731
5.375% due 03/21/2029	$	200	225
Blackstone Property Partners Europe Holdings SARL 1.400% due 07/06/2022	EUR	400	439
Emerald Bay S.A. 0.000% due 10/08/2020 (d)		289	309
Total Luxembourg (Cost $1,805)			1,704
MULTINATIONAL 0.1%
CORPORATE BONDS & NOTES 0.1%
Preferred Term Securities Ltd. 1.243% (US0003M + 0.400%) due 06/23/2035 ~	$	799	711
Total Multinational (Cost $606)			711
NETHERLANDS 1.3%
ASSET-BACKED SECURITIES 0.3%
Chapel BV 0.000% due 07/17/2066 •	EUR	14	15
Dryden Euro CLO BV 0.880% due 01/15/2030 •		1,200	1,271
Penta CLO BV 0.790% due 08/04/2028 •		516	562
			1,848
CORPORATE BONDS & NOTES 1.0%
Cooperatieve Rabobank UA
3.125% due 04/26/2021	$	400	403
5.500% due 06/29/2020 •(g)(h)	EUR	200	212
Enel Finance International NV
2.650% due 09/10/2024	$	1,300	1,243
2.875% due 05/25/2022		1,100	1,065
Mondelez International Holdings Netherlands BV 2.000% due 10/28/2021		500	498

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


NXP BV 4.125% due 06/01/2021		800	808
Syngenta Finance NV 3.698% due 04/24/2020		700	699
Teva Pharmaceutical Finance Netherlands BV 3.250% due 04/15/2022	EUR	300	318
Vonovia Finance BV 5.000% due 10/02/2023	$	100	109
			5,355
		SHARES
PREFERRED SECURITIES 0.0%
Stichting AK Rabobank Certificaten 6.500% due 12/29/2049 (g)		150,000	151
Total Netherlands (Cost $7,635)			7,354
		PRINCIPAL AMOUNT (000s)
NORWAY 0.1%
CORPORATE BONDS & NOTES 0.1%
DNB Boligkreditt A/S 3.250% due 06/28/2023		500	535
Total Norway (Cost $499)			535
PERU 0.8%
CORPORATE BONDS & NOTES 0.1%
Banco de Credito del Peru 4.650% due 09/17/2024	PEN	1,900	561
SOVEREIGN ISSUES 0.7%
Peru Government International Bond
5.350% due 08/12/2040		1,100	306
5.940% due 02/12/2029		800	250
6.350% due 08/12/2028		9,400	3,038
			3,594
Total Peru (Cost $4,156)			4,155
POLAND 0.3%
CORPORATE BONDS & NOTES 0.0%
PKO Bank Hipoteczny S.A. 0.250% due 11/23/2021	EUR	200	222
SOVEREIGN ISSUES 0.3%
Poland Government International Bond 2.250% due 04/25/2022	PLN	6,600	1,640
Total Poland (Cost $1,891)			1,862
QATAR 1.7%
SOVEREIGN ISSUES 1.7%
Qatar Government International Bond
3.375% due 03/14/2024	$	400	408
3.875% due 04/23/2023		3,800	3,919
4.000% due 03/14/2029		2,200	2,362
4.500% due 04/23/2028		1,800	1,977
4.817% due 03/14/2049		200	236
Total Qatar (Cost $8,393)			8,902
SAUDI ARABIA 1.6%
CORPORATE BONDS & NOTES 0.1%
Saudi Arabian Oil Co. 2.750% due 04/16/2022	$	400	392

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


SOVEREIGN ISSUES 1.5%
Saudi Government International Bond
2.375% due 10/26/2021		3,700	3,669
2.875% due 03/04/2023		1,000	1,001
3.250% due 10/26/2026		400	401
3.625% due 03/04/2028		500	510
4.000% due 04/17/2025		1,900	1,979
4.375% due 04/16/2029		400	432
			7,992
Total Saudi Arabia (Cost $8,261)			8,384
SINGAPORE 0.7%
CORPORATE BONDS & NOTES 0.7%
BOC Aviation Ltd.
2.375% due 09/15/2021	$	1,000	1,002
3.500% due 09/18/2027		300	304
Clifford Capital Pte. Ltd. 3.380% due 03/07/2028		600	675
DBS Bank Ltd. 3.300% due 11/27/2021		400	414
Oversea-Chinese Banking Corp. Ltd. 2.142% (US0003M + 0.450%) due 05/17/2021 ~		700	697
PSA Treasury Pte. Ltd. 2.500% due 04/12/2026		400	421
Total Singapore (Cost $3,360)			3,513
SLOVENIA 0.3%
SOVEREIGN ISSUES 0.3%
Slovenia Government International Bond 5.250% due 02/18/2024	$	1,419	1,600
Total Slovenia (Cost $1,474)			1,600
SOUTH AFRICA 0.1%
SOVEREIGN ISSUES 0.1%
South Africa Government International Bond 4.850% due 09/30/2029	$	500	413
Total South Africa (Cost $500)			413
SOUTH KOREA 2.2%
CORPORATE BONDS & NOTES 0.1%
Kookmin Bank 2.125% due 10/21/2020	$	400	401
SOVEREIGN ISSUES 2.1%
Korea Government International Bond
2.125% due 06/10/2027	KRW	1,225,000	1,050
2.375% due 12/10/2027		1,350,000	1,178
2.375% due 12/10/2028		5,820,000	5,092
2.625% due 06/10/2028		2,450,000	2,183
5.500% due 03/10/2028		1,350,000	1,441
Korea Hydro & Nuclear Power Co. Ltd. 3.750% due 07/25/2023	$	200	212
			11,156
Total South Korea (Cost $12,056)			11,557
SPAIN 5.1%
CORPORATE BONDS & NOTES 0.3%
Banco Bilbao Vizcaya Argentaria S.A. 5.875% due 09/24/2023 •(g)(h)	EUR	200	188
Banco Santander S.A. 3.848% due 04/12/2023	$	200	205
Merlin Properties Socimi S.A. 2.225% due 04/25/2023	EUR	200	227

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


Telefonica Emisiones S.A. 5.134% due 04/27/2020	$	800	801
			1,421
		SHARES
PREFERRED SECURITIES 0.3%
Banco Bilbao Vizcaya Argentaria S.A. 8.875% due 04/14/2021 •(g)(h)		1,000,000	1,080
Banco Santander S.A.
5.250% due 09/29/2023 •(g)(h)		200,000	181
6.250% due 09/11/2021 •(g)(h)		400,000	399
			1,660
		PRINCIPAL AMOUNT (000s)
SOVEREIGN ISSUES 4.5%
Autonomous Community of Catalonia
4.220% due 04/26/2035	EUR	200	272
4.900% due 09/15/2021		1,000	1,171
Spain Government International Bond
0.250% due 07/30/2024		2,200	2,437
0.600% due 10/31/2029 (k)		6,600	7,264
1.400% due 07/30/2028 (k)		5,200	6,138
1.450% due 04/30/2029 (k)		3,100	3,677
2.700% due 10/31/2048		400	562
2.900% due 10/31/2046		1,600	2,316
			23,837
Total Spain (Cost $26,808)			26,918
SUPRANATIONAL 0.1%
CORPORATE BONDS & NOTES 0.1%
European Investment Bank
0.500% due 06/21/2023	AUD	500	305
0.500% due 08/10/2023		400	244
Total Supranational (Cost $690)			549
SWEDEN 0.2%
CORPORATE BONDS & NOTES 0.2%
Lansforsakringar Hypotek AB 1.500% due 03/18/2021	EUR	700	785
Stadshypotek AB 2.500% due 04/05/2022	$	300	305
Total Sweden (Cost $1,113)			1,090
SWITZERLAND 0.4%
CORPORATE BONDS & NOTES 0.4%
Credit Suisse AG
0.750% due 09/17/2021	EUR	200	224
6.500% due 08/08/2023 (h)	$	200	204
Credit Suisse Group AG
1.941% (US0003M + 1.200%) due 12/14/2023 ~		800	701
3.869% due 01/12/2029 •		250	254
4.282% due 01/09/2028		250	256
UBS AG 5.125% due 05/15/2024 (h)		400	404
Total Switzerland (Cost $2,190)			2,043
UNITED ARAB EMIRATES 0.3%
CORPORATE BONDS & NOTES 0.0%
First Abu Dhabi Bank PJSC 3.000% due 03/30/2022	$	200	199
SOVEREIGN ISSUES 0.3%
Emirate of Abu Dhabi Government International Bond
2.500% due 10/11/2022		500	503

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


3.125% due 10/11/2027		900	920
			1,423
Total United Arab Emirates (Cost $1,593)			1,622
UNITED KINGDOM 13.2%
CORPORATE BONDS & NOTES 8.3%
Annington Funding PLC 1.650% due 07/12/2024	EUR	800	888
Barclays Bank PLC 7.625% due 11/21/2022 (h)	$	3,300	3,377
Barclays PLC
3.122% (US0003M + 1.430%) due 02/15/2023 ~		700	659
3.650% due 03/16/2025		600	593
3.844% (US0003M + 2.110%) due 08/10/2021 ~		600	580
4.610% due 02/15/2023 •		1,300	1,324
4.836% due 05/09/2028		1,300	1,344
5.088% due 06/20/2030 •		1,000	1,038
7.125% due 06/15/2025 •(g)(h)	GBP	500	532
7.250% due 03/15/2023 •(g)(h)		700	783
7.750% due 09/15/2023 •(g)(h)	$	300	263
8.000% due 12/15/2020 •(g)(h)	EUR	400	421
8.000% due 06/15/2024 •(g)(h)	$	400	372
Clydesdale Bank PLC 2.250% due 04/21/2020	GBP	700	869
Co-operative Group Holdings Ltd. 6.875% due 07/08/2020 þ		400	485
FCE Bank PLC 1.660% due 02/11/2021	EUR	200	207
Frontier Finance PLC 8.000% due 03/23/2022	GBP	1,500	1,924
HSBC Holdings PLC
2.292% (US0003M + 0.600%) due 05/18/2021 ~	$	600	588
2.692% (US0003M + 1.000%) due 05/18/2024 ~		300	280
4.041% due 03/13/2028 •		400	408
4.583% due 06/19/2029 •		800	853
4.750% due 07/04/2029 •(g)(h)	EUR	200	191
5.875% due 09/28/2026 •(g)(h)	GBP	300	333
6.500% due 03/23/2028 •(g)(h)	$	700	655
Imperial Brands Finance PLC 2.950% due 07/21/2020		800	798
Lloyds Bank PLC
4.875% due 03/30/2027	GBP	500	781
5.125% due 03/07/2025		700	1,044
Lloyds Banking Group PLC
3.900% due 03/12/2024	$	700	710
4.050% due 08/16/2023		1,300	1,355
4.582% due 12/10/2025		500	515
4.650% due 03/24/2026		800	826
5.125% due 12/27/2024 •(g)(h)	GBP	500	467
Nationwide Building Society
3.766% due 03/08/2024 •	$	1,200	1,166
3.960% due 07/18/2030 •		1,000	1,013
4.302% due 03/08/2029 •		1,400	1,482
Natwest Markets PLC 0.625% due 03/02/2022	EUR	300	324
NatWest Markets PLC 1.000% due 05/28/2024		800	839
RAC Bond Co. PLC 4.870% due 05/06/2046	GBP	300	369
Reckitt Benckiser Treasury Services PLC 2.375% due 06/24/2022	$	600	589
Royal Bank of Scotland Group PLC
2.766% (US0003M + 1.550%) due 06/25/2024 ~		800	725
3.875% due 09/12/2023		300	304
4.269% due 03/22/2025 •		1,300	1,338
4.445% due 05/08/2030 •		500	525
4.519% due 06/25/2024 •		1,200	1,210
7.500% due 08/10/2020 •(g)(h)		200	184
8.000% due 08/10/2025 •(g)(h)		500	470
8.625% due 08/15/2021 •(g)(h)		900	882
Santander UK Group Holdings PLC
2.875% due 10/16/2020		1,700	1,700
2.875% due 08/05/2021		400	394
4.796% due 11/15/2024 •		2,400	2,519
7.375% due 06/24/2022 •(g)(h)	GBP	200	205
Santander UK PLC
0.884% (SONIO/N + 0.550%) due 02/12/2027 ~		500	593
4.250% due 04/12/2021	EUR	300	346
Tesco PLC 6.125% due 02/24/2022	GBP	50	66
Tesco Property Finance PLC
5.411% due 07/13/2044		190	288
5.661% due 10/13/2041		98	152

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


Virgin Media Secured Finance PLC 5.000% due 04/15/2027		500	595
Vodafone Group PLC 2.833% (US0003M + 0.990%) due 01/16/2024 ~	$	500	472
			44,213
NON-AGENCY MORTGAGE-BACKED SECURITIES 4.1%
Brunel Residential Mortgage Securitisation PLC 0.972% due 01/13/2039 •	GBP	964	1,121
Business Mortgage Finance PLC 2.756% due 02/15/2041 •		174	213
Dukinfield PLC 1.759% due 08/15/2045 •		476	590
Durham Mortgages B PLC 1.351% due 03/31/2054 •		906	1,116
Eurohome UK Mortgages PLC 0.656% due 06/15/2044 •		322	377
Eurosail PLC
0.694% due 06/10/2044 •		6	8
1.456% due 06/13/2045 •		459	563
Finsbury Square PLC
0.000% due 03/16/2070 •		1,100	1,331
1.410% due 09/12/2068 •		896	1,090
Harben Finance PLC 1.551% due 08/20/2056 •		986	1,210
Hawksmoor Mortgages 1.761% due 05/25/2053 •		1,849	2,259
Lanark Master Issuer PLC 1.555% due 12/22/2069 •		820	1,016
Mansard Mortgages PLC 1.137% due 12/15/2049 •		129	149
Newgate Funding PLC
0.761% due 12/01/2050 •		269	287
1.487% due 12/15/2050 •		233	252
Paragon Mortgages PLC 0.965% due 01/15/2039 •		671	761
Residential Mortgage Securities PLC
1.487% due 12/20/2046 •		810	975
1.737% due 09/20/2065 •		821	1,015
Ripon Mortgages PLC 1.551% due 08/20/2056 •		2,187	2,666
RMAC Securities PLC 0.929% due 06/12/2044 •		416	443
Towd Point Mortgage Funding 1.611% due 07/20/2045 •		2,225	2,707
Towd Point Mortgage Funding PLC 1.724% due 10/20/2051 •		1,424	1,718
			21,867
		SHARES
PREFERRED SECURITIES 0.0%
Nationwide Building Society 10.250% ~		960	156
		PRINCIPAL AMOUNT (000s)
SOVEREIGN ISSUES 0.8%
United Kingdom Gilt
3.250% due 01/22/2044 (k)		900	1,697
4.250% due 12/07/2040		1,200	2,472
			4,169
Total United Kingdom (Cost $73,664)			70,405
UNITED STATES 69.4%
ASSET-BACKED SECURITIES 6.3%
ACE Securities Corp. Home Equity Loan Trust 1.087% due 07/25/2036 •	$	1,311	908
Amortizing Residential Collateral Trust 1.647% due 10/25/2031 •		1	1
AMRESCO Residential Securities Corp. Mortgage Loan Trust 1.887% due 06/25/2029 •		1	1
Argent Mortgage Loan Trust 1.427% due 05/25/2035 •		1,646	1,345

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


Argent Securities, Inc. Asset-Backed Pass-Through Certificates 1.327% due 02/25/2036 •		547	435
Citigroup Mortgage Loan Trust
1.107% due 12/25/2036 •		540	329
1.207% due 03/25/2036 •		558	481
Citigroup Mortgage Loan Trust, Inc.
1.207% due 06/25/2037 •		2,700	2,397
1.607% due 07/25/2035 •		1,200	1,025
Countrywide Asset-Backed Certificates
1.077% due 12/25/2036 ^•		384	295
1.087% due 06/25/2035 •		358	284
1.087% due 03/25/2037 •		1,594	1,246
1.087% due 06/25/2037 •		468	383
1.087% due 07/25/2037 •		330	267
1.087% due 06/25/2047 ^•		358	291
1.087% due 06/25/2047 •		1,144	963
1.097% due 04/25/2047 ^•		298	278
1.237% due 07/25/2036 •		285	278
4.725% due 08/25/2035 ^~		374	341
Countrywide Asset-Backed Certificates Trust 2.297% due 04/25/2035 •		1,000	938
Credit Suisse First Boston Mortgage Securities Corp. 1.567% due 01/25/2032 •		1	1
First Franklin Mortgage Loan Trust 1.062% due 07/25/2036 •		1,137	976
GSAMP Trust 1.592% due 11/25/2035 ^•		1,329	901
Home Equity Mortgage Loan Asset-Backed Trust 1.187% due 04/25/2037 •		553	381
HSI Asset Securitization Corp. Trust 1.207% due 04/25/2037 •		768	409
Long Beach Mortgage Loan Trust 1.507% due 10/25/2034 •		12	10
Merrill Lynch Mortgage Investors Trust 1.097% due 08/25/2037 •		1,356	767
Morgan Stanley ABS Capital, Inc. Trust 1.077% due 10/25/2036 •		142	114
Morgan Stanley Home Equity Loan Trust
1.047% due 12/25/2036 •		985	499
1.177% due 04/25/2037 •		818	445
Morgan Stanley Mortgage Loan Trust 5.919% due 09/25/2046 ^þ		159	59
Nomura Home Equity Loan, Inc. Home Equity Loan Trust 1.237% due 03/25/2036 •		700	648
NovaStar Mortgage Funding Trust 1.077% due 03/25/2037 •		706	465
Option One Mortgage Loan Trust 1.087% due 01/25/2037 •		420	290
Renaissance Home Equity Loan Trust
3.497% due 12/25/2032 •		306	291
5.294% due 01/25/2037 þ		641	283
5.675% due 06/25/2037 ^þ		1,053	299
5.731% due 11/25/2036 þ		999	490
Residential Asset Mortgage Products Trust
1.387% due 12/25/2035 •		354	286
1.407% due 12/25/2035 •		918	688
Residential Asset Securities Corp. Trust 1.197% due 11/25/2036 ^•		2,025	1,555
Saxon Asset Securities Trust 2.697% due 12/25/2037 •		371	303
SLM Student Loan Trust 1.291% due 03/15/2038 •	GBP	545	635
Soundview Home Loan Trust
1.097% due 06/25/2037 •	$	82	58
1.197% due 11/25/2036 •		1,400	1,137
Structured Asset Investment Loan Trust
1.077% due 07/25/2036 •		459	319
1.257% due 01/25/2036 •		1,184	1,035
Terwin Mortgage Trust 1.887% due 11/25/2033 •		23	20
Towd Point Mortgage Trust
1.947% due 05/25/2058 •		996	983
2.900% due 10/25/2059 ~		5,151	5,046
Toyota Auto Loan Extended Note Trust 2.560% due 11/25/2031		1,400	1,430
			33,309
CORPORATE BONDS & NOTES 10.5%
AIG Global Funding 2.300% due 07/01/2022		900	897
Allergan Sales LLC 5.000% due 12/15/2021		600	622
American Airlines Pass-Through Trust 3.000% due 04/15/2030		262	248

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


American Honda Finance Corp. 2.091% (US0003M + 0.350%) due 11/05/2021 ~		100	96
American Tower Corp.
2.950% due 01/15/2025		800	801
3.450% due 09/15/2021		500	503
AT&T, Inc.
1.800% due 09/05/2026	EUR	1,000	1,115
1.964% (US0003M + 1.180%) due 06/12/2024 ~	$	1,600	1,487
2.330% (US0003M + 0.750%) due 06/01/2021 ~		2,700	2,622
2.781% (US0003M + 0.950%) due 07/15/2021 ~		1,400	1,376
Bayer U.S. Finance LLC
1.751% (US0003M + 1.010%) due 12/15/2023 ~		500	463
1.846% (US0003M + 0.630%) due 06/25/2021 ~		300	290
3.875% due 12/15/2023		300	308
4.250% due 12/15/2025		300	312
4.375% due 12/15/2028		700	750
Brandywine Operating Partnership LP 3.950% due 11/15/2027		500	470
Campbell Soup Co.
3.300% due 03/15/2021		200	200
3.650% due 03/15/2023		229	234
CenterPoint Energy Resources Corp. 3.550% due 04/01/2023		200	203
Charter Communications Operating LLC
3.750% due 02/15/2028		100	101
4.464% due 07/23/2022		1,300	1,344
5.125% due 07/01/2049		700	748
Citibank N.A.
2.295% (US0003M + 0.600%) due 05/20/2022 ~		1,900	1,836
2.844% due 05/20/2022 •		900	902
Comcast Corp. 0.250% due 05/20/2027	EUR	500	516
Conagra Brands, Inc. 2.378% (US0003M + 0.500%) due 10/09/2020 ~	$	900	888
Continental Resources, Inc. 4.375% due 01/15/2028		200	93
CVS Health Corp.
3.350% due 03/09/2021		107	108
3.700% due 03/09/2023		400	417
D.R. Horton, Inc. 5.750% due 08/15/2023		1,300	1,344
DISH DBS Corp. 5.125% due 05/01/2020		600	598
Dominion Energy Gas Holdings LLC 1.341% (US0003M + 0.600%) due 06/15/2021 ~		800	769
Duke Energy Corp. 1.418% (US0003M + 0.650%) due 03/11/2022 ~		1,300	1,267
EQT Corp. 3.000% due 10/01/2022		400	337
Equitable Holdings, Inc.
3.900% due 04/20/2023		100	100
4.350% due 04/20/2028		200	195
ERAC USA Finance LLC 2.600% due 12/01/2021		1,200	1,202
Fidelity National Information Services, Inc.
0.400% due 01/15/2021	EUR	200	220
0.750% due 05/21/2023		300	326
1.700% due 06/30/2022	GBP	200	245
Ford Motor Credit Co. LLC
0.000% due 12/07/2022 •	EUR	100	86
2.425% due 06/12/2020	$	200	196
2.710% (US0003M + 0.810%) due 04/05/2021 ~		600	555
GATX Corp. 2.461% (US0003M + 0.720%) due 11/05/2021 ~		1,200	1,177
General Electric Co. 0.000% due 05/28/2020 •	EUR	400	440
General Mills, Inc.
3.200% due 04/16/2021	$	100	101
3.700% due 10/17/2023		100	102
General Motors Financial Co., Inc. 3.550% due 07/08/2022		700	648
Georgia-Pacific LLC 3.163% due 11/15/2021		400	406
Goldman Sachs Group, Inc. 4.223% due 05/01/2029 •		100	107
Goodman U.S. Finance Three LLC 3.700% due 03/15/2028		600	566
Harley-Davidson Financial Services, Inc. 2.520% (US0003M + 0.940%) due 03/02/2021 ~		400	400
Hyundai Capital America 2.850% due 11/01/2022		300	293
International Lease Finance Corp. 8.250% due 12/15/2020		500	497
Jackson National Life Global Funding 2.375% due 09/15/2022		1,400	1,397

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


Kilroy Realty LP 3.450% due 12/15/2024		100	98
Kinder Morgan, Inc. 5.000% due 02/15/2021		400	398
Kraft Heinz Foods Co. 2.304% (US0003M + 0.570%) due 02/10/2021 ~		900	851
L3Harris Technologies, Inc. 2.250% (US0003M + 0.480%) due 04/30/2020 ~		600	599
MassMutual Global Funding 2.250% due 07/01/2022		1,400	1,406
McDonald's Corp. 2.225% (US0003M + 0.430%) due 10/28/2021 ~		300	295
Metropolitan Life Global Funding 2.400% due 06/17/2022		600	604
Mid-America Apartments LP 4.200% due 06/15/2028		600	625
Morgan Stanley 2.281% (CDOR03 + 0.300%) due 02/03/2023 ~(i)	CAD	3,300	2,227
MUFG Americas Holdings Corp. 3.000% due 02/10/2025	$	560	516
NextEra Energy Capital Holdings, Inc. 2.399% (US0003M + 0.720%) due 02/25/2022 ~		800	778
Nissan Motor Acceptance Corp. 2.065% due 09/28/2022 •		1,000	930
Northwell Healthcare, Inc. 4.260% due 11/01/2047		400	430
Penske Truck Leasing Co. LP 3.950% due 03/10/2025		1,400	1,451
Public Service Co. of Oklahoma 4.400% due 02/01/2021		200	205
Public Service Enterprise Group, Inc. 2.000% due 11/15/2021		400	392
Rockwell Collins, Inc. 2.800% due 03/15/2022		900	910
Sempra Energy 1.191% (US0003M + 0.450%) due 03/15/2021 ~		800	789
SL Green Operating Partnership LP 3.250% due 10/15/2022		500	498
Southern Co. 2.350% due 07/01/2021		500	502
Southern Power Co. 1.666% (US0003M + 0.550%) due 12/20/2020 ~		600	591
Spectra Energy Partners LP 2.014% (US0003M + 0.700%) due 06/05/2020 ~		100	99
Spirit AeroSystems, Inc. 3.950% due 06/15/2023		600	521
Sprint Spectrum Co. LLC
3.360% due 03/20/2023		225	225
4.738% due 09/20/2029		300	309
Textron, Inc. 2.284% (US0003M + 0.550%) due 11/10/2020 ~		700	700
Verizon Communications, Inc.
2.792% (US0003M + 1.100%) due 05/15/2025 ~		700	638
4.329% due 09/21/2028		1,012	1,169
Volkswagen Group of America Finance LLC
2.477% (US0003M + 0.770%) due 11/13/2020 ~		300	296
2.653% (US0003M + 0.940%) due 11/12/2021 ~		300	294
3.875% due 11/13/2020		200	199
4.000% due 11/12/2021		300	297
WRKCo, Inc. 3.750% due 03/15/2025		300	302
Zimmer Biomet Holdings, Inc.
2.700% due 04/01/2020		300	300
3.150% due 04/01/2022		2,100	2,101
			56,069
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%
CenturyLink, Inc. 3.239% (LIBOR03M + 2.250%) due 03/15/2027 ~		385	358
Charter Communications Operating LLC 2.740% (LIBOR03M + 1.750%) due 02/01/2027 ~		578	558
			916
NON-AGENCY MORTGAGE-BACKED SECURITIES 1.8%
American Home Mortgage Investment Trust 3.033% due 09/25/2045 •		12	11
Banc of America Alternative Loan Trust 6.500% due 04/25/2036 ^		382	359
Banc of America Mortgage Trust 3.653% due 02/25/2036 ^~		40	35
Bear Stearns Adjustable Rate Mortgage Trust 3.973% due 08/25/2033 ~		1	1
Bear Stearns ALT-A Trust
1.107% due 02/25/2034 •		32	28

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


3.775% due 03/25/2036 ^~	96	75
3.858% due 11/25/2035 ^~	22	19
3.884% due 08/25/2036 ^~	35	21
3.958% due 09/25/2035 ^~	20	15
Bear Stearns Structured Products, Inc. Trust 2.207% due 12/26/2046 ^~	21	18
Chase Mortgage Finance Trust 3.896% due 07/25/2037 ~	42	34
Citigroup Mortgage Loan Trust, Inc.
1.297% due 10/25/2035 •	1,624	1,068
3.840% due 09/25/2035 •	3	3
Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates 3.664% due 09/25/2035 ^~	186	150
Countrywide Alternative Loan Trust
0.000% due 11/25/2035 •	9	7
0.983% due 03/20/2046 •	52	40
1.227% due 02/25/2037 •	40	32
2.966% due 12/25/2035 •	43	36
5.250% due 06/25/2035 ^	6	6
Countrywide Home Loan Mortgage Pass-Through Trust
1.407% due 05/25/2035 •	20	16
1.587% due 03/25/2035 •	36	29
1.607% due 02/25/2035 •	5	4
3.785% due 08/25/2034 ^~	7	6
3.826% due 11/25/2034 ~	5	4
5.500% due 01/25/2035	337	346
Credit Suisse First Boston Mortgage Securities Corp. 6.500% due 04/25/2033	0	1
Credit Suisse Mortgage Capital Mortgage-Backed Trust
5.500% due 08/25/2036 ^	1,366	1,173
5.863% due 02/25/2037 ^~	177	67
DBUBS Mortgage Trust
0.302% due 11/10/2046 ~(a)	400	1
0.687% due 11/10/2046 ~(a)	172	0
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust 1.697% due 10/25/2047 •	753	609
GSR Mortgage Loan Trust
1.277% due 12/25/2034 •	34	28
3.828% due 04/25/2035 ~	120	118
3.932% due 01/25/2036 ^~	32	29
IndyMac Mortgage Loan Trust
1.157% due 05/25/2046 •	407	339
1.427% due 07/25/2035 •	16	14
JPMorgan Mortgage Trust
3.598% due 07/27/2037 ~	67	66
3.740% due 02/25/2036 ^~	18	15
Mellon Residential Funding Corp. Mortgage Pass-Through Trust 1.145% due 12/15/2030 •	4	4
Morgan Stanley Bank of America Merrill Lynch Trust 0.978% due 12/15/2048 ~(a)	906	19
Morgan Stanley Mortgage Loan Trust 3.798% due 06/25/2036 ~	18	17
New Century Home Equity Loan Trust 2.750% due 11/25/2059 ~	1,376	1,388
New Residential Mortgage Loan Trust 2.750% due 07/25/2059 ~	1,609	1,613
Residential Accredit Loans, Inc. Trust
1.097% due 02/25/2047 •	28	13
1.127% due 06/25/2046 •	270	80
1.157% due 04/25/2046 •	440	162
2.910% due 10/25/2037 ~	269	216
Structured Adjustable Rate Mortgage Loan Trust 4.111% due 04/25/2034 ~	3	2
Structured Asset Mortgage Investments Trust
1.157% due 05/25/2036 •	9	7
1.167% due 05/25/2036 •	70	61
1.167% due 09/25/2047 •	99	83
1.330% due 07/19/2034 •	1	1
1.407% due 05/25/2045 •	15	13
1.410% due 09/19/2032 •	1	1
1.450% due 03/19/2034 •	3	3
3.466% due 08/25/2047 ^•	30	25
Structured Asset Securities Corp. 1.227% due 01/25/2036 •	226	189
Structured Asset Securities Corp. Mortgage Loan Trust 1.237% due 10/25/2036 •	470	370
TBW Mortgage-Backed Trust 5.970% due 09/25/2036 ^þ	189	10
Thornburg Mortgage Securities Trust
2.187% due 06/25/2047 ^•	24	19
2.187% due 06/25/2047 •	3	2
Wachovia Mortgage Loan Trust LLC 4.284% due 10/20/2035 ^~	58	52
WaMu Mortgage Pass-Through Certificates Trust
1.257% due 01/25/2045 •	67	60
2.234% due 02/27/2034 •	3	3

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


2.946% due 06/25/2046 •	29	25
2.966% due 02/25/2046 •	71	62
3.333% due 12/25/2036 ^~	149	125
3.533% due 03/25/2033 ~	7	6
3.624% due 03/25/2035 ~	30	28
3.950% due 04/25/2035 ~	23	21
Washington Mutual Mortgage Pass-Through Certificates Trust 2.906% due 07/25/2046 ^•	21	13
		9,516
	SHARES
PREFERRED SECURITIES 0.3%
AT&T, Inc. 2.875% due 03/02/2025 •(g)	700,000	696
Bank of America Corp. 5.875% due 03/15/2028 •(g)	700,000	710
		1,406
	PRINCIPAL AMOUNT (000s)
U.S. GOVERNMENT AGENCIES 42.3%
Fannie Mae
1.067% due 03/25/2034 •	2	2
1.097% due 08/25/2034 •	1	1
1.347% due 06/25/2036 •	21	21
1.977% due 09/25/2042 •	11	11
3.253% due 10/01/2044 •	9	9
3.500% due 11/01/2021 - 01/01/2059	2,061	2,223
3.516% due 12/01/2034 •	2	2
3.958% due 05/25/2035 ~	5	6
4.349% due 11/01/2034 •	15	16
6.000% due 07/25/2044	7	8
Fannie Mae, TBA 3.000% due 06/01/2040	22,700	23,722
Freddie Mac
1.205% due 12/15/2032 •	4	4
1.305% due 12/15/2037 •	6	6
2.005% due 01/15/2038 •	283	281
2.441% due 01/15/2038 ~(a)	283	18
3.166% due 10/25/2044 •	30	29
3.625% due 03/01/2035 •	4	5
4.401% due 02/01/2029 •	1	1
4.629% due 04/01/2035 •	40	40
Ginnie Mae
2.462% due 05/20/2066 - 06/20/2066 •	3,700	3,666
2.512% due 11/20/2066 •	635	630
3.875% due 04/20/2028 - 06/20/2030 •	2	2
NCUA Guaranteed Notes
1.486% due 11/05/2020 •	481	481
1.576% due 12/08/2020 •	161	160
Uniform Mortgage-Backed Security
3.000% due 10/01/2049	1,383	1,465
3.500% due 10/01/2034 - 05/01/2049	8,571	9,080
4.000% due 08/01/2049	500	534
Uniform Mortgage-Backed Security, TBA
2.500% due 05/01/2050 - 06/01/2050	20,400	21,078
3.500% due 05/01/2050	61,100	64,626
4.000% due 04/01/2050 - 05/01/2050	90,833	96,991
		225,118
U.S. TREASURY OBLIGATIONS 8.0%
U.S. Treasury Inflation Protected Securities (f)
0.125% due 01/15/2022 (o)	114	112
0.125% due 04/15/2022 (k)(m)	2,333	2,301
0.375% due 07/15/2025 (k)(m)(o)	9,082	9,268
0.500% due 01/15/2028 (k)(o)	9,307	9,706
0.625% due 04/15/2023 (m)	623	628
0.625% due 01/15/2026 (o)	217	224
2.000% due 01/15/2026 (o)	130	145
3.875% due 04/15/2029 (k)(o)	785	1,059
U.S. Treasury Notes
1.625% due 08/15/2029 (k)	3,300	3,584
1.750% due 11/15/2029 (k)	3,300	3,628
2.250% due 11/15/2025 (o)	100	110
2.875% due 04/30/2025 (k)(o)	10,600	11,915

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


				42,680
Total United States (Cost $365,013)				369,014
SHORT-TERM INSTRUMENTS 1.0%
COMMERCIAL PAPER 0.2%
Syngenta Finance NV 0.081% due 05/12/2020	EUR	800		883
REPURCHASE AGREEMENTS (j) 0.2%				1,150
ARGENTINA TREASURY BILLS 0.0%
32.393% due 08/28/2020 ~	ARS	1,360		13
53.823% due 05/13/2020 (d)(e)		1,540		11
				24
SOUTH AFRICA TREASURY BILLS 0.1%
7.250% due 07/22/2020 (d)(e)	ZAR	12,400		682
U.S. TREASURY BILLS 0.5%
0.425% due 04/07/2020 - 06/25/2020 (c)(d)(o)	$	2,522		2,522
Total Short-Term Instruments (Cost $5,427)				5,261
Total Investments in Securities (Cost $777,380)				777,115
		SHARES
INVESTMENTS IN AFFILIATES 5.0%
SHORT-TERM INSTRUMENTS 5.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.0%
PIMCO Short Asset Portfolio		2,564,706		24,901
PIMCO Short-Term Floating NAV Portfolio III		194,876		1,914
Total Short-Term Instruments (Cost $27,492)				26,815
Total Investments in Affiliates (Cost $27,492)				26,815
Total Investments 151.1% (Cost $804,872)			$	803,930
Financial Derivative Instruments (l)(n) (0.8)%(Cost or Premiums, net $1,496)				(4,066)
Other Assets and Liabilities, net (50.3)%				(267,819)
Net Assets 100.0%			$	532,045

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

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

Security is in default.

•

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)

Coupon represents a weighted average yield to maturity.

(d)

Zero coupon security.

(e)

Coupon represents a yield to maturity.

(f)

Principal amount of security is adjusted for inflation.

(g)

Perpetual maturity; date shown, if applicable, represents next contractual call date.

(h)

Contingent convertible security.

(i)

RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

Morgan Stanley

2.281

02/03/2023

01/30/2020

2,502

2,227

0.42

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(j)

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

FICC

0.000%

03/31/2020

04/01/2020

1,150

U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021

(1,177)

1,150

Total Repurchase Agreements

(1,177)

1,150

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(1)

Settlement Date

Maturity Date

Amount
Borrowed(1)

Payable for
Reverse
Repurchase
Agreements

BPS

(0.470)%

02/27/2020

05/27/2020

EUR

(5,222)

(5,757)

(0.450)

02/25/2020

05/27/2020

(2,343)

(2,583)

(0.450)

02/27/2020

05/27/2020

(10,000)

(11,024)

(0.440)

03/25/2020

05/27/2020

(5,824)

(6,422)

(0.430)

02/27/2020

05/27/2020

(3,512)

(3,872)

(0.380)

03/02/2020

05/27/2020

(1,401)

(1,545)

(0.300)

03/25/2020

08/20/2020

(3,274)

(3,611)

0.830

02/12/2020

05/13/2020

GBP

(730)

(908)

GRE

1.020

03/12/2020

04/13/2020

(13,307)

(13,315)

IND

0.450

03/30/2020

05/26/2020

(6,313)

JPS

1.720

02/25/2020

04/07/2020

(221)

MBC

(0.300)

03/30/2020

08/20/2020

EUR

(2,537)

(2,798)

RCY

0.940

03/11/2020

04/09/2020

(2,140)

(2,141)

Total Reverse Repurchase Agreements

(60,510)

SALE-BUYBACK TRANSACTIONS:

Counterparty

Borrowing Rate(1)

Borrowing Date

Maturity Date

Amount
Borrowed(1)

Payable for
Sale-Buyback
Transactions(2)

TDM

0.350%

03/30/2020

04/02/2020

CAD

(614)

(434)

0.400

03/30/2020

04/02/2020

(3,746)

(2,649)

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


UBS			1.740					02/21/2020										04/20/2020											$			(11,791)												(11,814)
Total Sale-Buyback Transactions																																								$				(14,897)
SHORT SALES:
Description					Coupon				Maturity Date						Principal Amount											Proceeds									Payable for Short Sales(3)
Canada (1.1)%
Sovereign Issues (1.1)%
Canada Government International Bond					2.750%				12/01/2048					CAD			6,100							$			(6,185)						$					(5,858)
United States (0.1)%
U.S. Government Agencies (0.1)%
Uniform Mortgage-Backed Security, TBA					3.500%				04/01/2035					$			400										(418)											(421)
Total Short Sales (1.2)%																								$			(6,603)						$					(6,279)
(k)	Securities with an aggregate market value of $75,680 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(62,540) at a weighted average interest rate of 0.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(2)	Payable for sale-buyback transactions includes $(11) of deferred price drop.
(3)	Payable for short sales includes $(46) of accrued interest.
(l)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
PURCHASED OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description						Strike Price					Expiration Date					# of Contracts									Notional Amount						Cost										Market Value
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures					$	111.750					05/22/2020					77					$				77					$	1								$		3
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures						112.250					05/22/2020					111									111						1										4
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures						113.000					05/22/2020					88									88						1										3
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures						113.250					05/22/2020					1									1						0										0
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures						147.500					05/22/2020					2									2						0										0
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures						149.000					05/22/2020					4									4						0										0
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures						149.500					05/22/2020					49									49						0										4
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures						200.000					05/22/2020					170									170						82										3
Put - CBOT U.S. Treasury Ultra Long-Term Bond June 2020 Futures						134.000					05/22/2020					1									1						0										0
Call - CME 90-Day Eurodollar June 2022 Futures						99.750					06/13/2022					38									95						9										22
Call - CME 90-Day Eurodollar March 2022 Futures						99.750					03/14/2022					21												53			4										11
Total Purchased Options					$		98						$			50
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
					Variation Margin
Description		Expiration Month		# of Contracts								Notional Amount											Unrealized Appreciation/ (Depreciation)														Asset									Liability
Australia Government 3-Year Note June Futures		06/2020		242						$		17,432								$			73											$			10						$			0
Call Options Strike @ EUR 113.400 on Euro-Schatz June 2020 Futures (1)		05/2020		379								8											6														6									0
Call Options Strike @ EUR 116.500 on Euro-Schatz June 2020 Futures (1)		05/2020		87								1											0														0									0
Call Options Strike @ EUR 189.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)		05/2020		17								1											1														1									0
Call Options Strike @ EUR 195.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)		05/2020		25								1											0														1									0
Euro-Bobl June Futures		06/2020		132								19,684											(96)														48									(44)
Euro-BTP Italy Government Bond June Futures		06/2020		282								43,981											(1,930)														0									(737)
Euro-Buxl 30-Year Bond June Futures		06/2020		20								4,630											(176)														50									(101)
Japan Government 10-Year Bond June Futures		06/2020		3								4,257											(58)														11									(4)
Put Options Strike @ EUR 130.500 on Euro-Bobl June 2020 Futures (1)		05/2020		107								2											1														1									(1)
Put Options Strike @ EUR 131.000 on Euro-Bobl June 2020 Futures (1)		05/2020		18								0											0														0									0
U.S. Treasury 5-Year Note June Futures		06/2020		277								34,725											1,343														0									(13)
U.S. Treasury Ultra Long-Term Bond June Futures		06/2020		1								222											27														0									(3)
United Kingdom Long Gilt June Futures		06/2020		51								8,627											(80)														25									(32)
																			$			(889)											$			153						$			(935)

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


SHORT FUTURES CONTRACTS
													Variation Margin
Description								Expiration Month				# of Contracts									Notional Amount												Unrealized Appreciation/ (Depreciation)									Asset										Liability
Australia Government 10-Year Bond June Futures								06/2020				82						$			(7,597)								$				92							$		0						$				(101)
Call Options Strike @ EUR 177.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)								05/2020				37									(20)												13									11										(9)
Canada Government 10-Year Bond June Futures								06/2020				82									(8,573)												(390)									2										(8)
Euro-Bund 10-Year Bond June Futures								06/2020				129									(24,544)												(62)									155										(148)
Euro-OAT France Government 10-Year Bond June Futures								06/2020				12									(2,213)												63									21										(51)
Euro-Schatz June Futures								06/2020				208									(25,737)												(6)									12										(15)
U.S. Treasury 10-Year Note June Futures								06/2020				115									(15,949)												(116)									18										0
																												$				(406)							$		219						$				(332)
Total Futures Contracts															$		(1,295)							$			372							$			(1,267)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION(2)
													Variation Margin
Reference Entity	Fixed (Pay) Rate		Payment Frequency		Maturity Date		Implied Credit Spread at March 31, 2020(4)									Notional Amount(5)						Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)							Market Value(6)								Asset								Liability
BASF SE	(1.000)%		Quarterly		12/20/2020		0.141			%	EUR					200			$			(6)			$					5					$		(1)						$		0				$				0
Reynolds American, Inc.	(1.000)		Quarterly		12/20/2020		0.048				$					700						(15)								10							(5)								0								0
United Utilities PLC	(1.000)		Quarterly		12/20/2020		0.095				EUR					200						(5)								3							(2)								0								0
																				$			(26)			$					18					$		(8)						$		0				$				0
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(3)
													Variation Margin
Reference Entity	Fixed Receive Rate		Payment Frequency		Maturity Date		Implied Credit Spread at March 31, 2020(4)									Notional Amount(5)						Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)							Market Value(6)								Asset								Liability
Berkshire Hathaway, Inc.	1.000%		Quarterly		12/20/2022		0.162			%	$					700			$			13			$					2					$		15						$		0				$				0
Daimler AG	1.000		Quarterly		12/20/2020		0.688				EUR					200						5								(4)							1								0								0
Shell International Finance BV	1.000		Quarterly		12/20/2026		1.387									500						18								(32)							(14)								0								(3)
Tesco PLC	1.000		Quarterly		06/20/2022		0.423									800						0								12							12								1								0
Tesco PLC	1.000		Quarterly		06/20/2025		1.069									400						(13)								12							(1)								1								0
																				$			23			$					(10)					$		13						$		2				$				(3)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(2)
													Variation Margi n
Index/Tranches		Fixed (Pay) Rate		Payment Frequency		Maturity Date								Notional Amount(5)								Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)							Market Value(6)								Asset								Liability
CDX.IG-32 10-Year Index		(1.000)%		Quarterly		06/20/2029			$					8,400					$			1			$					242					$		243						$		62				$				0
CDX.IG-33 10-Year Index		(1.000)		Quarterly		12/20/2029								46,300								151								1,373							1,524								389								0
CDX.IG-34 5-Year Index		(1.000)		Quarterly		06/20/2025								7,800								159								(107)							52								24								0
iTraxx Europe Main 31 10-Year Index		(1.000)		Quarterly		06/20/2029			EUR					15,600								(116)								421							305								33								0
																			$			195			$					1,929					$		2,124						$		508				$				0
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(3)
													Variation Margin
Index/Tranches		Fixed Receive Rate		Payment Frequency		Maturity Date								Notional Amount(5)								Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)							Market Value(6)								Asset								Liability
iTraxx Crossover 32 5-Year Index		5.000%		Quarterly		12/20/2024			EUR					4,400					$			651			$					(740)					$		(89)						$		9				$				0
iTraxx Europe Main 32 5-Year Index		1.000		Quarterly		12/20/2024								10,700								126								(98)							28								0								(18)
																			$			777			$					(838)					$		(61)						$		9				$				(18)

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


INTEREST RATE SWAPS -BASIS SWAPS
												Variation Margin (8)
Pay Floating Rate Index		Receive Floating Rate Index			Payment Frequency			Maturity Date						Notional Amount					Premiums Paid/ (Received)						Unrealized Appreciation/ (Depreciation)						Market Value						Asset						Liability
3-Month USD-LIBOR(7)		01-Month USD-LIBOR + 0.091%				Quarterly			03/18/2022		$				132,700		$			(1)			$			(30)			$			(31)			$			0			$			(10)
3-Month USD-LIBOR(7)		01-Month USD-LIBOR + 0.084%				Quarterly			04/26/2022						30,400					0						(6)						(6)						0						(6)
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.084%				Quarterly			06/12/2022						5,100					0						4						4						0						0
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.070%				Quarterly			06/12/2022						3,900					0						4						4						0						0
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.085%				Quarterly			06/19/2022						19,800					(1)						28						27						2						0
3-Month USD-LIBOR(7)		01-Month USD-LIBOR + 0.073%				Quarterly			04/27/2023						17,000					0						(4)						(4)						4						0
3-Month USD-LIBOR(7)		01-Month USD-LIBOR + 0.070%				Quarterly			03/07/2024						4,300					0						(2)						(2)						1						0
3-Month USD-LIBOR(7)		01-Month USD-LIBOR + 0.088%				Quarterly			09/06/2024						12,700					1						(14)						(13)						3						0
3-Month USD-LIBOR(7)		01-Month USD-LIBOR + 0.105%				Quarterly			09/27/2024						12,700					0						(17)						(17)						2						0
3-Month USD-LIBOR(7)		01-Month USD-LIBOR + 0.102%				Quarterly			10/04/2024						10,100					0						(13)						(13)						2						0
3-Month USD-LIBOR(7)		01-Month USD-LIBOR + 0.088%				Quarterly			05/23/2029						4,800					0						(11)						(11)						0						0
																$			(1)			$			(61)			$			(62)			$			14			$			(16)
INTEREST RATE SWAPS
												Variation Margin (8)
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(7)	1-Day GBP-SONIO Compounded-OIS		0.905%	Quarterly			12/03/2039			GBP			1,300					$			0			$			(79)			$			(79)			$			0			$			(1)
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.684	Annual			04/30/2025			$			1,200								0						(159)						(159)						1						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.696	Annual			04/30/2025						1,100								0						(147)						(147)						1						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.710	Annual			04/30/2025						1,200								0						(161)						(161)						1						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.714	Annual			04/30/2025						2,300								0						(311)						(311)						2						0
Pay	1-Year BRL-CDI		8.880	Maturity			01/04/2021			BRL			800								1						12						13						0						0
Pay	3-Month CAD-Bank Bill		1.270	Semi-Annual			03/03/2022			CAD			3,800								0						25						25						0						0
Pay(7)	3-Month CAD-Bank Bill		1.500	Semi-Annual			06/17/2022						1,300								6						9						15						0						0
Pay	3-Month CAD-Bank Bill		1.220	Semi-Annual			03/03/2025						6,000								0						51						51						0						(8)
Pay(7)	3-Month CAD-Bank Bill		1.500	Semi-Annual			06/17/2025						3,200								(26)						88						62						0						(5)
Pay	3-Month CAD-Bank Bill		2.500	Semi-Annual			06/19/2029						11,900								309						754						1,063						0						(48)
Pay	3-Month CAD-Bank Bill		1.713	Semi-Annual			10/02/2029						3,100								1						117						118						0						(14)
Pay	3-Month CAD-Bank Bill		1.900	Semi-Annual			12/18/2029						8,200								109						318						427						0						(39)
Pay(7)	3-Month CAD-Bank Bill		1.500	Semi-Annual			06/17/2030						9,000								(182)						413						231						0						(41)
Pay	3-Month CAD-Bank Bill		1.750	Semi-Annual			12/16/2046						600								(86)						113						27						0						(11)
Pay	3-Month CAD-Bank Bill		2.750	Semi-Annual			12/18/2048						7,800								74						1,679						1,753						0						(141)
Receive	3-Month CAD-Bank Bill		1.390	Semi-Annual			03/18/2050						800								0						13						13						12						0
Pay(7)	3-Month GBP-LIBOR		1.080	Quarterly			12/03/2039			GBP			1,300								0						77						77						1						0
Pay	3-Month SEK-STIBOR		1.000	Annual			06/19/2029			SEK			13,200								51						38						89						6						0
Receive	3-Month USD-LIBOR		2.750	Semi-Annual			12/19/2020			$			46,900								319						(1,384)						(1,065)						0						(5)
Pay(7)	3-Month USD-LIBOR		1.250	Semi-Annual			06/17/2021						29,700								97						162						259						8						0
Receive	3-Month USD-LIBOR		1.500	Semi-Annual			12/18/2021						10,500								38						(274)						(236)						0						(3)

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


Receive		3-Month USD-LIBOR	2.500	Semi-Annual	12/18/2021			23,800					(332)					(680)				(1,012)					0				(6)
Receive		3-Month USD-LIBOR	1.540	Semi-Annual	02/26/2022			12,500					(29)					(222)				(251)					0				(10)
Receive		3-Month USD-LIBOR	1.570	Semi-Annual	02/27/2022			15,400					(34)					(284)				(318)					0				(12)
Pay(7)		3-Month USD-LIBOR	1.000	Semi-Annual	06/17/2022			16,800					(46)					265				219					15				0
Receive(7)		3-Month USD-LIBOR	1.305	Semi-Annual	08/21/2023			6,950					0					(193)				(193)					0				0
Receive(7)		3-Month USD-LIBOR	1.298	Semi-Annual	08/25/2024			5,950					0					(148)				(148)					2				0
Receive(7)		3-Month USD-LIBOR	1.249	Semi-Annual	08/31/2024			7,050					0					(165)				(165)					2				0
Receive(7)		3-Month USD-LIBOR	1.360	Semi-Annual	09/17/2024			4,450					0					(118)				(118)					0				0
Receive		3-Month USD-LIBOR	1.500	Semi-Annual	12/18/2024			5,800					31					(333)				(302)					0				(1)
Receive		3-Month USD-LIBOR	2.500	Semi-Annual	12/18/2024			18,400					(1,001)					(873)				(1,874)					0				(2)
Receive(7)		3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2025			1,000					8					(46)				(38)					0				0
Receive		3-Month USD-LIBOR	2.250	Semi-Annual	06/20/2028			25,100					1,360					(4,775)				(3,415)					100				0
Receive		3-Month USD-LIBOR	1.500	Semi-Annual	12/18/2029			6,900					117					(672)				(555)					38				0
Receive		3-Month USD-LIBOR	1.625	Semi-Annual	01/06/2030			9,500					(185)					(634)				(819)					51				0
Receive		3-Month USD-LIBOR	2.000	Semi-Annual	01/15/2030			9,400					(44)					(1,122)				(1,166)					54				0
Receive(7)		3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2030			11,800					426					(1,046)				(620)					67				0
Receive		3-Month USD-LIBOR	2.250	Semi-Annual	03/12/2050			1,100					(2)					(406)				(408)					34				0
Receive		3-Month USD-LIBOR	2.000	Semi-Annual	03/20/2050			900					(4)					(267)				(271)					27				0
Pay(7)		3-Month USD-LIBOR	1.500	Semi-Annual	06/17/2050			4,600					87					668				755					0				(131)
Pay		3-Month ZAR-JIBAR	7.250	Quarterly	06/20/2023	ZAR		7,600					4					15				19					3				0
Pay		6-Month CHF-LIBOR	0.050	Annual	03/16/2026	CHF		1,400					(24)					70				46					1				0
Pay		6-Month CZK-PRIBOR	1.913	Annual	01/30/2029	CZK		13,900					0					55				55					0				(2)
Receive		6-Month EUR-EURIBOR	0.500	Annual	03/18/2022	EUR		12,500					17					25				42					0				(2)
Receive(7)		6-Month EUR-EURIBOR	0.300	Annual	06/17/2022			16,900					(7)					(4)				(11)					0				(3)
Pay		6-Month EUR-EURIBOR	0.500	Annual	03/18/2025			35,700					(334)					(169)				(503)					0				(7)
Pay(7)		6-Month EUR-EURIBOR	0.150	Annual	06/17/2025			8,800					0					38				38					0				(2)
Pay(7)		6-Month EUR-EURIBOR	1.310	Annual	06/19/2029			3,600					119					122				241					0				(4)
Pay		6-Month EUR-EURIBOR	0.150	Annual	03/18/2030			26,400					(692)					328				(364)					10				(30)
Pay(7)		6-Month EUR-EURIBOR	0.150	Annual	06/17/2030			13,800					180					61				241					0				(17)
Receive		6-Month EUR-EURIBOR	0.250	Annual	03/18/2050			3,650					324					(411)				(87)					46				0
Pay(7)		6-Month EUR-EURIBOR	0.500	Annual	06/17/2050			2,700					258					26				284					0				(35)
Pay		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2022	GBP		17,400					(20)					135				115					0				(2)
Pay(7)		6-Month GBP-LIBOR	0.737	Semi-Annual	02/14/2024			12,600					0					31				31					1				0
Pay(7)		6-Month GBP-LIBOR	0.745	Semi-Annual	02/17/2024			19,100					0					49				49					2				0
Pay(7)		6-Month GBP-LIBOR	1.000	Semi-Annual	06/17/2025			19,300					159					425				584					12				0
Receive(7)		6-Month GBP-LIBOR	0.803	Semi-Annual	02/14/2028			2,550					0					(32)				(32)					0				(2)
Receive(7)		6-Month GBP-LIBOR	0.811	Semi-Annual	02/17/2028			3,900					0					(50)				(50)					0				(3)
Receive		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2030			1,000					(12)					(9)				(21)					0				(1)
Receive(7)		6-Month GBP-LIBOR	1.000	Semi-Annual	06/17/2030			3,700					(14)					(177)				(191)					0				(7)
Receive(7)		6-Month GBP-LIBOR	0.672	Semi-Annual	02/26/2031			1,000					0					(10)				(10)					0				(1)
Pay		6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2050			3,200					(70)					249				179					11				0
Pay(7)		6-Month GBP-LIBOR	1.000	Semi-Annual	06/17/2050			600					(11)					98				87					3				0
Pay(7)		6-Month GBP-LIBOR	0.722	Semi-Annual	02/26/2051			350					0					17				17					1				0
Pay		6-Month JPY-LIBOR	0.380	Semi-Annual	06/18/2028	JPY		164,000					47					3				50					1				0
Pay		6-Month JPY-LIBOR	0.200	Semi-Annual	06/19/2029			1,170,000					185					11				196					13				0
Pay		6-Month JPY-LIBOR	0.035	Semi-Annual	11/29/2029			1,080,000					5					13				18					13				0
Pay		6-Month JPY-LIBOR	0.400	Semi-Annual	06/19/2039			130,881					(2)					67				65					5				0
Pay		6-Month JPY-LIBOR	0.500	Semi-Annual	06/19/2049			20,000					(1)					19				18					1				0
Pay		6-Month PLN-WIBOR	2.405	Annual	01/30/2029	PLN		1,700					0					48				48					2				0
Pay		28-Day MXN-TIIE	7.278	Lunar	03/22/2022	MXN		21,800					(5)					32				27					3				0
Pay		28-Day MXN-TIIE	7.317	Lunar	03/23/2022			18,100					(3)					26				23					2				0
Pay		28-Day MXN-TIIE	5.825	Lunar	01/12/2023			27,400					(95)					93				(2)					5				0
Pay		UKRPI	3.386	Maturity	01/15/2030	GBP		800					0					9				9					1				0
Pay		UKRPI	3.436	Maturity	02/15/2030			500					0					7				7					0				0
Pay		UKRPI	3.450	Maturity	02/15/2030			1,400					2					22				24					1				0
Pay		UKRPI	3.453	Maturity	02/15/2030			2,800					0					50				50					2				0
										$		1,073			$		(8,415)			$	(7,342)			$		561			$	(596)
Total Swap Agreements							$		2,041		$			(7,377)		$			(5,336)		$		1,094		$			(633)
(m)	Securities with an aggregate market value of $4,671 and cash of $6,315 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	Future styled option.

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


(2)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(3)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.
(5)	The maximum potential amount the Portfolio 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.
(6)	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.
(7)	This instrument has a forward starting effective date.
(8)	Unsettled variation margin asset of $25 for closed swap agreements is outstanding at period end.
(n)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
					Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Month		Currency to be Delivered			Currency to be Received		Asset		Liability
BOA		04/2020	AUD	898		$	587	$	35	$	0
		04/2020	CHF	470			485		0		(4)
		04/2020	GBP	20,131			25,956		952		0
		04/2020	ILS	989			272		0		(8)
		04/2020	NOK	21,590			2,036		0		(40)
		04/2020	SEK	4,308			429		0		(7)
		04/2020	$	1,687		DKK	11,200		0		(33)
		05/2020		2,037		NOK	21,590		40		0
		05/2020		429		SEK	4,308		7		0
		06/2020	KRW	13,433,816		$	11,328		278		0
		06/2020	PLN	3,715			963		66		0
		07/2020	ZAR	12,400			837		153		0
BPS		04/2020	AUD	2,169			1,437		103		0
		04/2020	BRL	6,110			1,357		181		0
		04/2020	CAD	8,098			5,692		18		(80)
		04/2020	EUR	1,758			1,966		27		0
		04/2020	GBP	3,692			4,674		116		(28)
		04/2020	NZD	2,207			1,395		78		0
		04/2020	$	1,175		BRL	6,110		1		0
		04/2020		225		CAD	300		0		(12)
		04/2020		13,970		EUR	12,619		69		(122)
		04/2020		5,653		GBP	4,352		0		(247)
		04/2020		16,426		JPY	1,762,200		105		(142)
		04/2020		580		NOK	5,404		0		(61)
		05/2020	CAD	776		$	551		0		(1)
		05/2020	$	4,740		INR	348,248		0		(171)
		06/2020	IDR	19,881,323		$	1,315		112		0
		06/2020	$	936		CNH	6,509		0		(19)
		06/2020		175		TWD	5,211		0		(1)
		09/2020	HKD	2,687		$	342		0		(4)
BRC		04/2020	INR	349,802			4,822		230		0
		04/2020	JPY	8,518,441			77,499		0		(1,724)
		04/2020	$	25,293		DKK	174,036		417		0
		04/2020		31,052		GBP	25,398		494		0
		05/2020	GBP	25,397		$	31,073		0		(496)
		06/2020	$	1,363		CNH	9,510		0		(23)
		07/2020	DKK	174,036		$	25,398		0		(396)
		09/2020	$	3,765		HKD	29,527		41		0
CBK		04/2020	AUD	2,539		$	1,675		113		0
		04/2020	BRL	1,850			409		53		0
		04/2020	CAD	23,615			17,385		634		(29)
		04/2020	CHF	7,539			7,821		0		(11)
		04/2020	DKK	555			83		1		0
		04/2020	EUR	91,075			99,967		94		(574)
		04/2020	GBP	5,318			6,906		301		0
		04/2020	JPY	47,900			435		0		(11)
		04/2020	MXN	29,389			1,293		56		0
		04/2020	PEN	6,545			1,942		36		0
		04/2020	$	356		BRL	1,850		0		0
		04/2020		16,006		CAD	22,675		125		(18)
		04/2020		1		COP	2,036		0		0
		04/2020		2,145		DKK	14,920		59		0
		04/2020		3,230		EUR	2,943		45		(29)

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


	04/2020		1,191	JPY	128,000	0	(1)
	04/2020		1,336	MXN	26,289	0	(231)
	04/2020		1,391	NZD	2,200	0	(78)
	04/2020		1,103	PEN	3,751	0	(11)
	04/2020		736	ZAR	11,357	0	(102)
	05/2020	CAD	16,583	$	11,766	0	(22)
	05/2020	PEN	9,432		2,800	56	0
	05/2020	$	7,836	CHF	7,539	9	0
	06/2020	CNH	17,578	$	2,492	16	0
	06/2020	TWD	5,613		188	1	0
	06/2020	$	180	RUB	14,335	2	0
	07/2020		889	PEN	3,090	8	0
	08/2020	PEN	3,751	$	1,098	10	0
DUB	04/2020	BRL	12,063		2,488	167	0
	04/2020	$	2,320	BRL	12,063	1	0
	05/2020		1,249		6,414	0	(17)
GLM	04/2020	BRL	798	$	179	25	0
	04/2020	DKK	200,153		29,939	370	0
	04/2020	EUR	1,092		1,180	0	(24)
	04/2020	GBP	2,281	EUR	2,693	138	0
	04/2020	JPY	62,550	$	580	0	(2)
	04/2020	MXN	754		34	3	0
	04/2020	RUB	4,300		55	0	0
	04/2020	SEK	7,397		767	20	0
	04/2020	$	8,365	AUD	13,731	81	0
	04/2020		153	BRL	798	0	0
	04/2020		1,617	RUB	100,562	0	(335)
	05/2020	AUD	13,731	$	8,366	0	(81)
	05/2020	$	3,081	CAD	4,362	20	0
	05/2020		54	RUB	4,300	0	0
	06/2020		4	CLP	3,310	0	0
	07/2020	DKK	3,090	$	454	0	(4)
HUS	04/2020	BRL	9,786		2,171	288	0
	04/2020	GBP	628		746	0	(34)
	04/2020	SEK	5,080		534	21	0
	04/2020	$	1,882	BRL	9,786	1	0
	04/2020		625	GBP	530	34	0
	04/2020		4,767	INR	349,802	0	(175)
	04/2020		4,292	JPY	443,800	0	(164)
	04/2020		4,109	NZD	6,564	0	(193)
	04/2020		360	SEK	3,375	0	(19)
	05/2020	JPY	227,100	$	2,112	0	(4)
	06/2020	CNH	306,311		43,732	583	0
	06/2020	HKD	3,683		474	0	(1)
	06/2020	IDR	28,460		2	0	0
IND	04/2020	$	977	EUR	900	15	0
	05/2020		2,810		2,537	0	(8)
JPM	04/2020		4,875	CAD	6,575	6	(208)
	04/2020		5,087	EUR	4,556	0	(62)
	04/2020	ZAR	3,279	$	209	25	0
	05/2020	INR	173,974		2,414	131	0
	05/2020	$	213	CAD	300	1	0
	06/2020	CNH	2,838	$	406	6	0
	06/2020	IDR	5,706,230		401	55	0
MYI	04/2020	AUD	8,945		5,884	382	0
	04/2020	CHF	20		21	0	0
	04/2020	EUR	2,648		2,963	43	0
	04/2020	NOK	5,350		571	56	0
	04/2020	NZD	6,588		4,172	241	0
	04/2020	$	8,603	CHF	8,029	10	(271)
	04/2020		464	GBP	400	33	0
	04/2020		56,582	JPY	6,109,141	234	0
	04/2020		3,966	NZD	6,595	0	(31)
	05/2020	JPY	6,109,141	$	56,703	0	(206)
	05/2020	NZD	6,595		3,965	31	0
	06/2020	IDR	2,576,940		174	18	0
	06/2020	$	4,381	IDR	60,831,611	0	(697)
	06/2021		38	EUR	30	0	(5)
RBC	04/2020	CAD	1,250	$	906	18	0
RYL	04/2020	$	807	SEK	8,330	35	0
	05/2020		2,921	MXN	57,298	0	(517)
SCX	04/2020	AUD	78	$	51	3	0
	04/2020	$	357	CAD	500	0	(1)
	04/2020		1,124	JPY	123,200	22	0
	05/2020	EUR	70,984	$	77,986	0	(402)
	05/2020	$	93	RUB	7,361	0	0
	06/2020	PLN	3,171	$	821	54	0
	06/2020	$	7,545	CNH	52,948	0	(86)
	09/2020	HKD	27,161	$	3,456	0	(45)
SOG	04/2020	$	46	RUB	3,586	0	(1)
	05/2020		158		12,380	0	(1)
	06/2020		405		31,577	0	(5)
SSB	04/2020		6,978	BRL	30,608	0	(1,087)
	05/2020	INR	174,274	$	2,424	137	0
TOR	04/2020	$	2,633	CAD	3,613	0	(66)
	04/2020		2,199	EUR	1,923	0	(78)

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


UAG		04/2020		CAD	775							$			581										30							0
		04/2020		CHF	2,239										2,345										19							0
		04/2020		RUB	4,513										57										0							(1)
		04/2020		$	2,867							NOK			26,940										0							(275)
		04/2020			184							RUB			14,621										2							0
		06/2020			331										26,841										9							0
Total Forward Foreign Currency Contracts						$			8,510									$		(9,842)
PURCHASED OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty	Description									Strike Price			Expiration Date								Notional Amount(1)					Cost				Market Value
GLM	Put - OTC EUR versus GBP						GBP			0.833			04/22/2020						$		5,132			$		30			$	3
	Put - OTC EUR versus USD						$			1.085			04/08/2020								3,946					14				8
																											$	44			$		11
INTEREST RATE SWAPTIONS
Counterparty	Description		Floating Rate Index			Pay/Receive Floating Rate					Exercise Rate					Expiration Date							Notional Amount(1)					Cost					Market Value
BOA	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive					2.175%					09/15/2021						$	1,900				$	78			$		26
DUB	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive					2.300					12/21/2021							800					32					11
FBF	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive					1.733					08/26/2021							2,000					148					54
GLM	Put - OTC 30-Year Interest Rate Swap		6-Month GBP-LIBOR			Receive					0.860					02/26/2021							800					49					47
MYC	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive					2.005					06/08/2020							1,700					68					2
	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive					1.984					06/09/2020							1,000					38					1
	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive					1.752					08/23/2021							1,700					126					44
	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive					2.300					12/21/2021							1,300					51					17
																											$	590			$		202
Total Purchased Options						$		634						$			213
WRITTEN OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty	Description									Strike Price			Expiration Date								Notional Amount(1)					Premiums (Received)				Market Value
GLM	Call - OTC EUR versus RUB						RUB			73.000			04/02/2020						$		2,406			$		(23)			$	(410)
	Call - OTC EUR versus USD						$			1.105			04/08/2020								3,946					(16)				(24)
HUS	Call - OTC EUR versus CNH						CNH			7.850			04/02/2020								2,590					(13)				(6)
																											$	(52)			$		(440)
INTEREST RATE SWAPTIONS
Counterparty	Description		Floating Rate Index			Pay/Receive Floating Rate					Exercise Rate					Expiration Date							Notional Amount(1)					Premiums (Received)					Market Value
BOA	Put - OTC 3-Year Interest Rate Swap		3-Month USD-LIBOR			Pay					1.880%					09/15/2021						$	15,800				$	(78)			$		(6)
DUB	Put - OTC 3-Year Interest Rate Swap		3-Month USD-LIBOR			Pay					2.020					12/21/2021							6,900					(31)					(4)
FBF	Put - OTC 3-Year Interest Rate Swap		3-Month USD-LIBOR			Pay					1.399					08/26/2021							16,600					(147)					(16)
GLM	Call - OTC 1-Year Interest Rate Swap		3-Month USD-LIBOR			Receive					1.450					08/06/2020							21,200					(30)					(235)
	Call - OTC 1-Year Interest Rate Swap		3-Month USD-LIBOR			Receive					1.450					08/11/2020							21,200					(30)					(236)
	Put - OTC 10-Year Interest Rate Swap		6-Month GBP-LIBOR			Pay					0.780					02/26/2021							2,250					(47)					(47)
	Call - OTC 30-Year Interest Rate Swap		6-Month EUR-EURIBOR			Receive					0.000					08/27/2020							700					(22)					(35)
	Call - OTC 30-Year Interest Rate Swap		6-Month EUR-EURIBOR			Receive					0.000					08/28/2020							1,100					(44)					(56)
JPM	Call - OTC 30-Year Interest Rate Swap		6-Month EUR-EURIBOR			Receive					0.000					08/25/2020							300					(9)					(15)
MYC	Put - OTC 1-Year Interest Rate Swap (2)		3-Month USD-LIBOR			Pay					1.600					06/08/2020							40,800					(68)					0
	Put - OTC 1-Year Interest Rate Swap (2)		3-Month USD-LIBOR			Pay					1.600					06/09/2020							24,000					(38)					0

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


			Put - OTC 2-Year Interest Rate Swap		3-Month JPY-LIBOR						Pay					0.047				06/29/2020									918,000						(3)								(6)
			Put - OTC 3-Year Interest Rate Swap		3-Month USD-LIBOR						Pay					1.448				08/23/2021									14,100						(126)								(12)
			Put - OTC 3-Year Interest Rate Swap		3-Month USD-LIBOR						Pay					2.020				12/21/2021									11,000						(51)								(6)
			Call - OTC 30-Year Interest Rate Swap		6-Month EUR-EURIBOR						Receive					0.000				08/24/2020									600						(20)								(30)
																																$			(744)							$	(704)
INTEREST RATE-CAPPED OPTIONS
Counterparty			Description		Exercise Rate				Floating Rate Index											Expiration Date						Notional Amount(1)									Premiums (Received)								Market Value
MYC			Call - OTC 1-Year Interest Rate Floor (2)		0.000%				3-Month USD-LIBOR											10/07/2022					$				9,500			$			(10)							$	(14)
			Call - OTC 1-Year Interest Rate Floor (2)		0.000				3-Month USD-LIBOR											10/08/2022									5,250						(5)								(8)
																																$			(15)							$	(22)
Total Written Options											$			(811)				$				(1,166)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION(3)
											Swap Agreements, at Value (7)
Counterparty	Reference Entity					Fixed (Pay) Rate		Payment Frequency				Maturity Date					Implied Credit Spread at March 31, 2020(5)							Notional Amount(6)							Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)				Asset						Liability
BOA	Japan Government International Bond					(1.000)%		Quarterly				06/20/2022					0.159%				$			200				$			(7)			$			3		$		0				$		(4)
BPS	Japan Government International Bond					(1.000)		Quarterly				06/20/2022					0.159							1,700							(61)						29				0						(32)
	South Korea Government International Bond					(1.000)		Quarterly				06/20/2023					0.237							3,000							(73)						(2)				0						(75)
BRC	China Government International Bond					(1.000)		Quarterly				06/20/2023					0.263							800							(15)						(4)				0						(19)
	Japan Government International Bond					(1.000)		Quarterly				06/20/2022					0.159							1,200							(41)						18				0						(23)
	South Korea Government International Bond					(1.000)		Quarterly				06/20/2023					0.237							2,000							(51)						1				0						(50)
CBK	Japan Government International Bond					(1.000)		Quarterly				06/20/2022					0.159							1,000							(35)						16				0						(19)
GST	China Government International Bond					(1.000)		Quarterly				06/20/2023					0.263							1,600							(31)						(7)				0						(38)
	Japan Government International Bond					(1.000)		Quarterly				06/20/2022					0.159							1,700							(60)						28				0						(32)
HUS	South Korea Government International Bond					(1.000)		Quarterly				06/20/2023					0.237							800							(20)						0				0						(20)
JPM	South Korea Government International Bond					(1.000)		Quarterly				06/20/2023					0.237							200							(5)						0				0						(5)
																												$			(399)			$			82		$		0				$		(317)
CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION(4)
											Swap Agreements, at Value (7)
Counterparty	Reference Entity					Fixed Receive Rate		Payment Frequency				Maturity Date					Implied Credit Spread at March 31, 2020(5)							Notional Amount(6)							Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)				Asset						Liability
GST	South Africa Government International Bond					1.000%		Quarterly				06/20/2024					3.864%				$			900				$			(40)			$			(59)		$		0				$		(99)
JPM	South Africa Government International Bond					1.000		Quarterly				06/20/2023					3.617							400							(20)						(11)				0						(31)
																												$			(60)			$			(70)		$		0				$		(130)
CROSS-CURRENCY SWAPS
											Swap Agreements, at Value
Counterparty		Receive		Pay			Payment Frequency			Maturity Date(8)					Notional Amount of Currency Received								Notional Amount of Currency Delivered							Premiums Paid/(Received)						Unrealized Appreciation/(Depreciation)				Asset						Liability
CBK		Floating rate equal to 3-Month AUD-LIBOR plus 0.420% based on the notional amount of currency received		Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered			Maturity			07/31/2029			AUD		4,200				$				2,898				$			1			$			(295)		$		0				$		(294)

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


		Floating rate equal to 3-Month EUR-EURIBOR less 0.172% based on the notional amount of currency received			Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered	Maturity				01/23/2030				EUR			3,300									3,664								15						(42)						0						(27)
GLM		Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency received			Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered	Maturity				08/01/2029				AUD			4,100									2,829								(15)						(272)						0						(287)
MYI		Floating rate equal to 3-Month EUR-EURIBOR less 0.162% based on the notional amount of currency received			Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered	Maturity				03/18/2030				EUR			1,700									1,898								(9)						(4)						0						(13)
																															$			(8)			$			(613)			$			0			$			(621)
INTEREST RATE SWAPS
												Swap Agreements, at Value
Counterparty		Pay/ Receive Floating Rate		Floating Rate Index				Fixed Rate					Payment Frequency					Maturity Date							Notional Amount											Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)						Asset						Liability
BPS		Pay		3-Month ILS-TELBOR				1.180%					Annual					01/30/2024					ILS		8,500								$			0			$			73			$			73			$			0
		Pay		3-Month ILS-TELBOR				1.786					Annual					05/01/2029							1,400											0						39						39						0
CBK		Pay		3-Month ILS-TELBOR				1.755					Annual					04/29/2029							2,100											0						57						57						0
GLM		Pay		3-Month ILS-TELBOR				1.780					Annual					04/22/2029							1,800											0						50						50						0
		Pay		3-Month ILS-TELBOR				1.779					Annual					04/30/2029							1,800											0						50						50						0
HUS		Pay		3-Month ILS-TELBOR				1.785					Annual					04/25/2029							800											0						23						23						0
JPM		Pay		3-Month ILS-TELBOR				1.775					Annual					04/25/2029							2,100											1						58						59						0
																																$			1			$			350			$			351			$			0
TOTAL RETURN SWAPS ON INTEREST RATE INDICES
												Swap Agreements, at Value
Counterparty		Pay/Receive(9)		Underlying Reference			# of Units				Financing Rate					Payment Frequency						Maturity Date								Notional Amount						Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)						Asset						Liability
JPM		Receive	iBoxx USD Liquid Investment Grade Index				N/A		1.116% (3-Month USD-LIBOR plus a specified spread)						Quarterly					09/21/2020				$				5,500				$			0			$			(705)			$			0			$			(705)
Total Swap Agreements												$		(466)					$		(956)						$		351				$			(1,773)
(o)	Securities with an aggregate market value of $4,989 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)	Notional Amount represents the number of contracts.
(2)	The underlying instrument has a forward starting effective date.
(3)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(5)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.
(6)	The maximum potential amount the Portfolio 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.
(7)	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.
(8)	At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.
(9)	Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference.

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory		Level 1			Level 2			Level 3			Fair Value at 03/31/2020
Investments in Securities, at Value
Argentina
	Corporate Bonds & Notes		$	0		$	43		$	0		$	43
	Sovereign Issues			0			232			0			232
Australia
	Asset-Backed Securities			0			225			0			225
	Corporate Bonds & Notes			0			308			0			308
	Non-Agency Mortgage-Backed Securities			0			2,019			0			2,019
	Sovereign Issues			0			8,063			0			8,063
Brazil
	Corporate Bonds & Notes			0			1,823			0			1,823
Canada
	Corporate Bonds & Notes			0			2,252			0			2,252
	Non-Agency Mortgage-Backed Securities			0			1,776			0			1,776
	Sovereign Issues			0			3,987			0			3,987
Cayman Islands
	Asset-Backed Securities			0			12,502			0			12,502
	Corporate Bonds & Notes			0			7,688			0			7,688
China
	Sovereign Issues			0			35,869			0			35,869
Denmark
	Corporate Bonds & Notes			0			28,363			0			28,363
Finland
	Sovereign Issues			0			6,168			0			6,168
France
	Corporate Bonds & Notes			0			1,373			0			1,373
	Sovereign Issues			0			13,216			0			13,216
Germany
	Corporate Bonds & Notes			0			8,274			0			8,274
Guernsey, Channel Islands
	Corporate Bonds & Notes			0			819			0			819
Hong Kong
	Corporate Bonds & Notes			0			426			0			426
India
	Corporate Bonds & Notes			0			589			0			589
Indonesia
	Corporate Bonds & Notes			0			302			0			302
Ireland
	Asset-Backed Securities			0			4,747			0			4,747
	Corporate Bonds & Notes			0			1,377			0			1,377
Israel
	Sovereign Issues			0			854			0			854
Italy
	Corporate Bonds & Notes			0			5,206			0			5,206
	Sovereign Issues			0			10,010			0			10,010
Japan
	Corporate Bonds & Notes			0			7,756			0			7,756
	Sovereign Issues			0			78,393			0			78,393
Kuwait
	Sovereign Issues			0			3,120			0			3,120
Lithuania
	Sovereign Issues			0			1,743			0			1,743
Luxembourg
	Corporate Bonds & Notes			0			1,704			0			1,704
Multinational
	Corporate Bonds & Notes			0			711			0			711
Netherlands
	Asset-Backed Securities			0			1,848			0			1,848
	Corporate Bonds & Notes			0			5,355			0			5,355
	Preferred Securities			0			151			0			151
Norway
	Corporate Bonds & Notes			0			535			0			535
Peru
	Corporate Bonds & Notes			0			561			0			561
	Sovereign Issues			0			3,594			0			3,594
Poland
	Corporate Bonds & Notes			0			222			0			222
	Sovereign Issues			0			1,640			0			1,640
Qatar
	Sovereign Issues			0			8,902			0			8,902
Saudi Arabia
	Corporate Bonds & Notes			0			392			0			392
	Sovereign Issues			0			7,992			0			7,992
Singapore
	Corporate Bonds & Notes			0			3,513			0			3,513
Slovenia
	Sovereign Issues			0			1,600			0			1,600
South Africa

Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

March 31, 2020

(Unaudited)


	Sovereign Issues				0				413				0				413
South Korea
	Corporate Bonds & Notes				0				401				0				401
	Sovereign Issues				0				11,156				0				11,156
Spain
	Corporate Bonds & Notes				0				1,421				0				1,421
	Preferred Securities				0				1,660				0				1,660
	Sovereign Issues				0				23,837				0				23,837
Supranational
	Corporate Bonds & Notes				0				549				0				549
Sweden
	Corporate Bonds & Notes				0				1,090				0				1,090
Switzerland
	Corporate Bonds & Notes				0				2,043				0				2,043
United Arab Emirates
	Corporate Bonds & Notes				0				199				0				199
	Sovereign Issues				0				1,423				0				1,423
United Kingdom
	Corporate Bonds & Notes				0				44,213				0				44,213
	Non-Agency Mortgage-Backed Securities				0				21,867				0				21,867
	Preferred Securities				0				156				0				156
	Sovereign Issues				0				4,169				0				4,169
United States
	Asset-Backed Securities				0				33,309				0				33,309
	Corporate Bonds & Notes				0				56,069				0				56,069
	Loan Participations and Assignments				0				916				0				916
	Non-Agency Mortgage-Backed Securities				0				9,516				0				9,516
	Preferred Securities				0				1,406				0				1,406
	U.S. Government Agencies				0				225,118				0				225,118
	U.S. Treasury Obligations				0				42,680				0				42,680
Short-Term Instruments
	Commercial Paper				0				883				0				883
	Repurchase Agreements				0				1,150				0				1,150
	Argentina Treasury Bills				0				24				0				24
	South Africa Treasury Bills				0				682				0				682
	U.S. Treasury Bills				0				2,522				0				2,522
		$		0		$		777,115		$		0		$		777,115
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes		$		26,815		$		0		$		0		$		26,815
Total Investments		$		26,815		$		777,115		$		0		$		803,930
Short Sales, at Value - Liabilities
Canada
Sovereign Issues		$		0		$		(5,858)		$		0		$		(5,858)
United States
U.S. Government Agencies				0				(421)				0				(421)
		$		0		$		(6,279)		$		0		$		(6,279)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared				405				1,111				0				1,516
Over the counter				0				9,074				0				9,074
		$		405		$		10,185		$		0		$		10,590
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared				(1,267)				(633)				0				(1,900)
Over the counter				0				(12,781)				0				(12,781)
		$		(1,267)		$		(13,414)		$		0		$		(14,681)
Total Financial Derivative Instruments		$		(862)		$		(3,229)		$		0		$		(4,091)
Totals		$		25,953		$		767,607		$		0		$		793,560

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Schedule of Investments PIMCO International Bond Portfolio (Unhedged)

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 146.4% ¤
ARGENTINA 0.0%
CORPORATE BONDS & NOTES 0.0%
YPF S.A. 35.421% (BADLARPP + 6.000%) due 03/04/2021 ~	ARS	250	$	3
SOVEREIGN ISSUES 0.0%
Argentina Government International Bond
36.575% (BADLARPP + 2.000%) due 04/03/2022 ~		480		4
38.039% (ARLLMONP) due 06/21/2020 ~		890		6
Autonomous City of Buenos Aires Argentina 37.247% (BADLARPP + 5.000%) due 01/23/2022 ~		30		0
Provincia de Buenos Aires 37.463% (BADLARPP + 3.750%) due 04/12/2025 ~		100		1
				11
Total Argentina (Cost $70)				14
AUSTRALIA 2.4%
CORPORATE BONDS & NOTES 0.8%
Sydney Airport Finance Co. Pty. Ltd. 3.900% due 03/22/2023	$	100		103
Woodside Finance Ltd. 4.600% due 05/10/2021		100		99
				202
SOVEREIGN ISSUES 1.6%
New South Wales Treasury Corp.
2.000% due 03/20/2031	AUD	70		45
2.750% due 11/20/2025 (f)		133		91
3.000% due 02/20/2030		50		35
Queensland Treasury Corp.
1.750% due 08/21/2031		20		13
3.500% due 08/21/2030		150		110
Treasury Corp. of Victoria
1.500% due 11/20/2030		200		123
4.250% due 12/20/2032		20		16
				433
Total Australia (Cost $708)				635
BRAZIL 0.5%
CORPORATE BONDS & NOTES 0.5%
Petrobras Global Finance BV
5.093% due 01/15/2030	$	104		95
6.125% due 01/17/2022		34		34
Total Brazil (Cost $143)				129
CANADA 1.1%
CORPORATE BONDS & NOTES 0.4%
Enbridge, Inc. 1.441% (US0003M + 0.700%) due 06/15/2020 ~	$	100		99
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%
Canadian Mortgage Pools 2.043% (CDOR01 + 0.300%) due 07/01/2020 ~	CAD	45		32
SOVEREIGN ISSUES 0.6%
Province of Ontario 2.600% due 06/02/2027		200		151

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Total Canada (Cost $291)			282
CAYMAN ISLANDS 3.0%
ASSET-BACKED SECURITIES 1.5%
Crown Point CLO Ltd. 2.989% due 10/20/2028 •	$	100	97
Dryden Senior Loan Fund 2.731% due 10/15/2027 •		98	94
Monarch Grove CLO 2.674% due 01/25/2028 •		100	97
Zais CLO Ltd. 2.981% due 04/15/2028 •		100	97
			385
CORPORATE BONDS & NOTES 1.5%
QNB Finance Ltd. 2.988% (US0003M + 1.350%) due 05/31/2021 ~		200	192
Sands China Ltd. 5.400% due 08/08/2028		200	189
			381
Total Cayman Islands (Cost $799)			766
CHINA 6.6%
SOVEREIGN ISSUES 6.6%
China Development Bank
3.680% due 02/26/2026	CNY	2,700	396
4.040% due 04/10/2027		600	89
4.240% due 08/24/2027		8,300	1,255
Total China (Cost $1,724)			1,740
DENMARK 5.3%
CORPORATE BONDS & NOTES 5.3%
Jyske Realkredit A/S
1.000% due 10/01/2050	DKK	1,095	155
1.500% due 10/01/2050		385	57
Nordea Kredit Realkreditaktieselskab
1.000% due 10/01/2050		2,500	353
2.000% due 10/01/2050		1,142	173
2.500% due 10/01/2037		27	4
3.000% due 10/01/2047		15	2
Nykredit Realkredit A/S
1.000% due 10/01/2050		2,697	380
1.500% due 10/01/2050		1,529	225
2.500% due 10/01/2036		27	4
2.500% due 10/01/2047		23	4
Realkredit Danmark A/S
2.000% due 10/01/2050		117	18
2.500% due 04/01/2036		29	4
2.500% due 07/01/2047		18	3
3.000% due 07/01/2046		12	2
Total Denmark (Cost $1,433)			1,384
FINLAND 1.3%
SOVEREIGN ISSUES 1.3%
Finland Government Bond 0.500% due 04/15/2026 (i)	EUR	300	346
Total Finland (Cost $348)			346
FRANCE 4.4%
CORPORATE BONDS & NOTES 0.8%
Danone S.A. 2.077% due 11/02/2021	$	200	200
SOVEREIGN ISSUES 3.6%
France Government International Bond
2.000% due 05/25/2048 (i)	EUR	400	581

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


3.250% due 05/25/2045 (i)		200	352
			933
Total France (Cost $903)			1,133
GERMANY 2.9%
CORPORATE BONDS & NOTES 2.9%
Deutsche Bank AG
2.625% due 02/12/2026	EUR	100	100
2.700% due 07/13/2020	$	100	98
4.250% due 10/14/2021		200	191
IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK) 3.625% due 05/15/2025 (b)	EUR	100	88
Kreditanstalt fuer Wiederaufbau 6.000% due 08/20/2020	AUD	100	63
Volkswagen Bank GmbH
0.625% due 09/08/2021	EUR	100	109
1.875% due 01/31/2024		100	108
Total Germany (Cost $866)			757
IRELAND 2.5%
ASSET-BACKED SECURITIES 2.0%
ALME Loan Funding DAC 0.750% due 01/15/2031 •	EUR	250	267
Man GLG Euro CLO DAC 0.870% due 01/15/2030 •		250	258
			525
SOVEREIGN ISSUES 0.5%
Ireland Government International Bond 5.400% due 03/13/2025 (i)		100	141
Total Ireland (Cost $685)			666
ITALY 4.0%
CORPORATE BONDS & NOTES 0.8%
Banca Carige SpA
1.085% (EUR003M + 1.500%) due 05/25/2022 ~	EUR	100	109
1.314% (EUR003M + 1.700%) due 10/25/2021 ~		100	111
			220
SOVEREIGN ISSUES 3.2%
Italy Buoni Poliennali Del Tesoro
1.450% due 11/15/2024 (i)		200	226
2.100% due 07/15/2026 (i)		100	117
2.450% due 10/01/2023		50	59
2.450% due 09/01/2050		30	33
2.500% due 11/15/2025 (i)		100	119
2.950% due 09/01/2038		100	124
Italy Government International Bond 6.000% due 08/04/2028	GBP	100	154
			832
Total Italy (Cost $1,046)			1,052
JAPAN 19.1%
CORPORATE BONDS & NOTES 1.5%
Central Nippon Expressway Co. Ltd. 2.291% (US0003M + 0.540%) due 08/04/2020 ~	$	200	198
Sumitomo Mitsui Financial Group, Inc. 2.679% (US0003M + 1.680%) due 03/09/2021 ~		200	198
			396
SOVEREIGN ISSUES 17.6%
Japan Finance Organization for Municipalities 2.625% due 04/20/2022		200	207
Japan Government International Bond
0.100% due 03/10/2028	JPY	30,407	283
0.100% due 03/20/2029		160,000	1,507
0.100% due 06/20/2029		40,000	376
0.300% due 06/20/2046		35,000	317
0.500% due 09/20/2046		53,000	505
0.500% due 03/20/2049		10,000	95
0.700% due 12/20/2048		35,000	350

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


1.200% due 09/20/2035		61,000	646
1.300% due 06/20/2035		30,000	322
			4,608
Total Japan (Cost $4,957)			5,004
JERSEY, CHANNEL ISLANDS 0.4%
CORPORATE BONDS & NOTES 0.4%
Heathrow Funding Ltd. 4.875% due 07/15/2023	$	100	106
Total Jersey, Channel Islands (Cost $103)			106
KUWAIT 0.8%
SOVEREIGN ISSUES 0.8%
Kuwait International Government Bond 3.500% due 03/20/2027	$	200	208
Total Kuwait (Cost $199)			208
NETHERLANDS 0.7%
CORPORATE BONDS & NOTES 0.7%
Deutsche Telekom International Finance BV 1.950% due 09/19/2021	$	200	198
Total Netherlands (Cost $196)			198
PERU 0.8%
SOVEREIGN ISSUES 0.8%
Peru Government International Bond
5.350% due 08/12/2040	PEN	100	28
5.940% due 02/12/2029		73	23
6.350% due 08/12/2028		400	129
6.950% due 08/12/2031		79	27
Total Peru (Cost $206)			207
POLAND 0.4%
SOVEREIGN ISSUES 0.4%
Poland Government International Bond 2.250% due 04/25/2022	PLN	400	99
Total Poland (Cost $101)			99
QATAR 2.4%
SOVEREIGN ISSUES 2.4%
Qatar Government International Bond
3.875% due 04/23/2023	$	200	206
4.000% due 03/14/2029		200	215
4.500% due 04/23/2028		200	220
Total Qatar (Cost $600)			641
RUSSIA 0.2%
SOVEREIGN ISSUES 0.2%
Russia Government International Bond 7.650% due 04/10/2030	RUB	3,700	50
Total Russia (Cost $58)			50
SAUDI ARABIA 0.8%
SOVEREIGN ISSUES 0.8%
Saudi Government International Bond 2.375% due 10/26/2021	$	200	198
Total Saudi Arabia (Cost $199)			198
SOUTH KOREA 2.3%
SOVEREIGN ISSUES 2.3%
Korea Government International Bond
2.125% due 06/10/2027	KRW	65,000	55

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


2.375% due 12/10/2027		80,000	70
2.375% due 12/10/2028		330,000	289
2.625% due 06/10/2028		130,000	116
5.500% due 03/10/2028		80,000	85
Total South Korea (Cost $645)			615
SPAIN 4.9%
		SHARES
PREFERRED SECURITIES 0.4%
Banco Santander S.A. 6.250% due 09/11/2021 •(g)(h)		100,000	100
		PRINCIPAL AMOUNT (000s)
SOVEREIGN ISSUES 4.5%
Spain Government International Bond
0.250% due 07/30/2024	EUR	100	111
0.600% due 10/31/2029 (i)		250	275
1.400% due 07/30/2028 (i)		400	472
1.450% due 04/30/2029 (i)		150	178
2.900% due 10/31/2046 (i)		100	145
			1,181
Total Spain (Cost $1,286)			1,281
UNITED ARAB EMIRATES 0.8%
SOVEREIGN ISSUES 0.8%
Emirate of Abu Dhabi Government International Bond 2.500% due 10/11/2022	$	200	201
Total United Arab Emirates (Cost $200)			201
UNITED KINGDOM 16.2%
CORPORATE BONDS & NOTES 10.9%
Barclays PLC
3.122% (US0003M + 1.430%) due 02/15/2023 ~	$	200	188
3.932% due 05/07/2025 •		200	192
4.610% due 02/15/2023 •		200	204
BG Energy Capital PLC 4.000% due 10/15/2021		200	201
Clydesdale Bank PLC 2.250% due 04/21/2020	GBP	100	124
HSBC Holdings PLC
4.041% due 03/13/2028 •	$	200	204
6.750% due 09/11/2028	GBP	50	75
Lloyds Bank PLC 4.875% due 03/30/2027		100	156
Lloyds Banking Group PLC 3.900% due 03/12/2024	$	200	203
Marks & Spencer PLC 3.000% due 12/08/2023	GBP	100	119
Nationwide Building Society 4.363% due 08/01/2024 •	$	200	201
Natwest Markets PLC 0.625% due 03/02/2022	EUR	100	108
Royal Bank of Scotland Group PLC
5.076% due 01/27/2030 •	$	200	218
7.500% due 08/10/2020 •(g)(h)		200	185
Santander UK Group Holdings PLC
2.875% due 10/16/2020		200	200
3.571% due 01/10/2023		200	199
Tesco Property Finance PLC 5.744% due 04/13/2040	GBP	48	75
			2,852
NON-AGENCY MORTGAGE-BACKED SECURITIES 4.2%
Brunel Residential Mortgage Securitisation PLC 0.972% due 01/13/2039 •		80	93
Eurosail PLC
0.000% due 12/10/2044 •	EUR	17	18
0.000% due 03/13/2045 •		23	25
0.666% due 03/13/2045 •	GBP	46	56

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Hawksmoor Mortgages 1.761% due 05/25/2053 •		231	282
Kensington Mortgage Securities PLC 0.000% due 06/14/2040 •	EUR	29	28
Mansard Mortgages PLC 1.137% due 12/15/2049 •	GBP	77	89
Newgate Funding PLC 1.487% due 12/15/2050 •		116	126
Ripon Mortgages PLC 1.551% due 08/20/2056 •		71	86
RMAC Securities PLC
0.000% due 06/12/2044 •	EUR	88	92
0.630% due 06/12/2044 •	GBP	102	109
Silverstone Master Issuer PLC 1.461% due 01/21/2070 •		83	102
			1,106
SOVEREIGN ISSUES 1.1%
United Kingdom Gilt 3.250% due 01/22/2044 (i)		150	283
Total United Kingdom (Cost $4,390)			4,241
UNITED STATES 61.1%
ASSET-BACKED SECURITIES 5.6%
Citigroup Mortgage Loan Trust, Inc. 1.207% due 06/25/2037 •	$	200	178
Countrywide Asset-Backed Certificates
1.087% due 07/25/2037 •		22	18
1.167% due 06/25/2047 •		300	265
1.187% due 04/25/2037 •		44	32
Countrywide Asset-Backed Certificates Trust 1.607% due 08/25/2035 •		155	145
Renaissance Home Equity Loan Trust 3.497% due 12/25/2032 •		52	49
Saxon Asset Securities Trust 2.697% due 12/25/2037 •		62	50
SG Mortgage Securities Trust 1.097% due 10/25/2036 •		200	171
Structured Asset Investment Loan Trust 2.672% due 10/25/2034 •		116	95
Structured Asset Securities Corp. Mortgage Loan Trust 1.082% due 07/25/2036 •		13	12
Terwin Mortgage Trust 1.887% due 11/25/2033 •		2	2
Towd Point Mortgage Trust
1.947% due 05/25/2058 •		71	70
2.900% due 10/25/2059 ~		281	275
Toyota Auto Loan Extended Note Trust 2.560% due 11/25/2031		100	102
			1,464
CORPORATE BONDS & NOTES 11.0%
AT&T, Inc.
1.964% (US0003M + 1.180%) due 06/12/2024 ~		100	93
2.330% (US0003M + 0.750%) due 06/01/2021 ~		200	194
2.781% (US0003M + 0.950%) due 07/15/2021 ~		100	98
Becton Dickinson and Co. 3.250% due 11/12/2020		100	100
Campbell Soup Co. 3.300% due 03/15/2021		100	100
CNH Industrial Capital LLC 4.875% due 04/01/2021		100	98
CVS Health Corp. 3.700% due 03/09/2023		100	104
Dell International LLC 4.420% due 06/15/2021		100	101
Discovery Communications LLC 2.800% due 06/15/2020		100	100
Energy Transfer Operating LP 4.650% due 06/01/2021		100	97
ERAC USA Finance LLC 2.600% due 12/01/2021		100	100
Ford Motor Credit Co. LLC 2.425% due 06/12/2020		200	195
General Electric Co. 6.250% due 09/29/2020	GBP	100	126
General Motors Financial Co., Inc. 2.728% (US0003M + 0.850%) due 04/09/2021 ~	$	100	90
Komatsu Finance America, Inc. 2.118% due 09/11/2020		200	200

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Kraft Heinz Foods Co. 2.304% (US0003M + 0.570%) due 02/10/2021 ~	100	95
Mid-America Apartments LP 4.200% due 06/15/2028	100	104
MUFG Americas Holdings Corp. 3.000% due 02/10/2025	80	74
Nissan Motor Acceptance Corp. 2.065% due 09/28/2022 •	100	93
Penske Truck Leasing Co. LP 3.950% due 03/10/2025	100	104
Rockwell Collins, Inc. 2.800% due 03/15/2022	100	101
Springleaf Finance Corp. 8.250% due 12/15/2020	100	101
Time Warner Cable LLC 4.125% due 02/15/2021	100	100
Verizon Communications, Inc. 2.625% due 08/15/2026	100	104
Zimmer Biomet Holdings, Inc.
1.802% (US0003M + 0.750%) due 03/19/2021 ~	100	99
3.550% due 04/01/2025	100	101
		2,872
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4%
Charter Communications Operating LLC 2.740% (LIBOR03M + 1.750%) due 02/01/2027 ~	96	93
NON-AGENCY MORTGAGE-BACKED SECURITIES 4.5%
Banc of America Alternative Loan Trust 6.500% due 04/25/2036 ^	76	72
Bear Stearns ALT-A Trust 3.775% due 11/25/2036 ^~	71	53
Chase Mortgage Finance Trust 3.896% due 07/25/2037 ~	3	3
Citigroup Mortgage Loan Trust, Inc. 4.550% due 09/25/2035 •	4	3
Commercial Mortgage Trust 1.690% due 07/10/2046 ~(a)	121	0
Countrywide Alternative Loan Resecuritization Trust 6.000% due 08/25/2037 ^~	143	108
Countrywide Alternative Loan Trust 1.647% due 05/25/2036 •	243	103
Countrywide Home Loan Mortgage Pass-Through Trust 6.500% due 11/25/2047	57	42
DBUBS Mortgage Trust
0.302% due 11/10/2046 ~(a)	200	0
0.687% due 11/10/2046 ~(a)	86	0
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust 1.137% due 08/25/2047 •	112	81
First Horizon Mortgage Pass-Through Trust 4.096% due 05/25/2037 ^~	16	10
GSR Mortgage Loan Trust 4.154% due 11/25/2035 ~	36	34
HarborView Mortgage Loan Trust 1.310% due 02/19/2036 •	186	133
Impac CMB Trust 1.667% due 10/25/2034 •	47	43
IndyMac Mortgage Loan Trust 1.427% due 07/25/2035 •	15	13
JPMorgan Alternative Loan Trust 3.907% due 12/25/2035 ^~	45	35
JPMorgan Chase Commercial Mortgage Securities Trust 4.070% due 11/15/2043	110	108
JPMorgan Mortgage Trust 3.740% due 02/25/2036 ^~	9	7
Mellon Residential Funding Corp. Mortgage Pass-Through Trust 1.565% due 08/15/2032 •	18	16
Merrill Lynch Mortgage Investors Trust 3.732% due 02/25/2035 ~	5	4
Morgan Stanley Bank of America Merrill Lynch Trust 0.978% due 12/15/2048 ~(a)	279	6
New Century Home Equity Loan Trust 2.750% due 11/25/2059 ~	98	99
New Residential Mortgage Loan Trust 2.750% due 07/25/2059 ~	95	95
Structured Asset Securities Corp. 1.227% due 01/25/2036 •	15	13
Thornburg Mortgage Securities Trust 2.187% due 06/25/2047 ^•	8	6
WaMu Mortgage Pass-Through Certificates Trust
3.624% due 03/25/2035 ~	37	34
3.812% due 09/25/2036 ~	9	7

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


3.838% due 03/25/2034 ~		40	37
			1,165
		SHARES
PREFERRED SECURITIES 0.2%
Bank of America Corp. 5.875% due 03/15/2028 •(g)		50,000	51
		PRINCIPAL AMOUNT (000s)
U.S. GOVERNMENT AGENCIES 30.4%
Fannie Mae 3.500% due 08/01/2058 - 01/01/2059		185	200
Fannie Mae, TBA 3.000% due 06/01/2040		1,100	1,150
Freddie Mac
1.305% due 12/15/2037 •		3	3
2.005% due 01/15/2038 •		35	35
2.441% due 01/15/2038 ~(a)		35	2
NCUA Guaranteed Notes 1.576% due 12/08/2020 •		65	65
Small Business Administration 5.980% due 05/01/2022		7	7
Uniform Mortgage-Backed Security 3.000% due 10/01/2049		99	105
Uniform Mortgage-Backed Security, TBA
2.500% due 06/01/2050		3,000	3,096
3.500% due 05/01/2050		1,400	1,481
4.000% due 05/01/2050		1,400	1,494
4.500% due 05/01/2050		300	323
			7,961
U.S. TREASURY OBLIGATIONS 9.0%
U.S. Treasury Inflation Protected Securities (f)
0.375% due 07/15/2025 (l)		109	111
0.500% due 01/15/2028 (i)(l)		732	763
2.500% due 01/15/2029 (l)		120	148
U.S. Treasury Notes
1.625% due 08/15/2029 (i)		200	217
1.750% due 11/15/2029 (i)		200	220
2.875% due 04/30/2025 (i)(l)		800	899
			2,358
Total United States (Cost $15,541)			15,964
SHORT-TERM INSTRUMENTS 1.5%
ARGENTINA TREASURY BILLS 0.0%
32.393% due 08/28/2020 ~	ARS	132	1
53.823% due 05/13/2020 (d)(e)		90	1
			2
U.S. TREASURY BILLS 1.5%
0.010% due 06/18/2020 (c)(d)(l)	$	382	382
Total Short-Term Instruments (Cost $385)			384
Total Investments in Securities (Cost $38,082)			38,301
		SHARES
INVESTMENTS IN AFFILIATES 0.5%
SHORT-TERM INSTRUMENTS 0.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.5%
PIMCO Short Asset Portfolio		1,431	14
PIMCO Short-Term Floating NAV Portfolio III		11,219	110

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Total Short-Term Instruments (Cost $125)		124
Total Investments in Affiliates (Cost $125)		124
Total Investments 146.9% (Cost $38,207)	$	38,425
Financial Derivative Instruments (j)(k) (5.0)%(Cost or Premiums, net $85)		(1,298)
Other Assets and Liabilities, net (41.9)%		(10,974)
Net Assets 100.0%	$	26,153

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(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.
~	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.
(a)	Security is an Interest Only ("IO") or IO Strip.
(b)	Payment in-kind security.
(c)	Coupon represents a weighted average yield to maturity.
(d)	Zero coupon security.
(e)	Coupon represents a yield to maturity.
(f)	Principal amount of security is adjusted for inflation.
(g)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(h)	Contingent convertible security.
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		0.960%			03/27/2020						04/15/2020						$		(434)					$	(434)
		1.100			03/19/2020						04/20/2020								(297)						(297)
		1.700			01/10/2020						04/09/2020								(424)						(426)
		1.730			02/25/2020						04/07/2020								(323)						(324)
BPS		(0.450)			02/25/2020						05/27/2020						EUR		(320)						(352)
		(0.450)			02/27/2020						05/27/2020								(571)						(630)
		(0.430)			02/27/2020						05/27/2020								(369)						(407)
		(0.420)			02/27/2020						05/27/2020								(135)						(149)
		(0.410)			02/27/2020						05/27/2020								(637)						(702)
		(0.400)			02/27/2020						05/27/2020								(446)						(492)
		0.830			02/12/2020						05/13/2020						GBP		(146)						(181)
IND		(0.420)			02/27/2020						05/27/2020						EUR		(342)						(377)
Total Reverse Repurchase Agreements																								$	(4,771)
SHORT SALES:
Description			Coupon			Maturity Date			Principal Amount						Proceeds						Payable for Short Sales(2)
Canada (0.9)%
Sovereign Issues (0.9)%
Canada Government International Bond			2.750%			12/01/2048		CAD			234		$			(239)				$		(225)
Total Short Sales (0.9)%													$			(239)				$		(225)
(i)	Securities with an aggregate market value of $4,692 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(4,523) at a weighted average interest rate of 0.268%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(2)	Payable for short sales includes $2 of accrued interest.
(j)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
PURCHASED OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description				Strike Price			Expiration Date			# of Contracts				Notional Amount					Cost						Market Value
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures			$	113.000			05/22/2020			10		$		10				$	0				$		0
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures				151.000			05/22/2020			1				1					0						0

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures											200.000							05/22/2020						7							7						7									0
Put - CBOT U.S. Treasury Ultra Long-Term Bond June 2020 Futures											123.000							05/22/2020						1							1						0									0
Call - CME 90-Day Eurodollar June 2022 Futures											99.750							06/13/2022						2							5						1									1
Call - CME 90-Day Eurodollar March 2022 Futures											99.750							03/14/2022						1							3						0									1
Call - MSE Canada Government 10-Year Bond June 2020 Futures									CAD		189.000							05/15/2020						3										3			0									0
Total Purchased Options									$				8							$		2
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
									Variation Margin
Description					Expiration Month			# of Contracts									Notional Amount													Unrealized Appreciation/ (Depreciation)											Asset								Liability
Australia Government 3-Year Note June Futures					06/2020			12							$		864										$			4									$		1				$				0
Call Options Strike @ EUR 113.200 on Euro-Schatz June 2020 Futures (1)					05/2020			16									0													1											0								0
Call Options Strike @ EUR 113.400 on Euro-Schatz June 2020 Futures (1)					05/2020			4									0													0											0								0
Call Options Strike @ EUR 116.500 on Euro-Schatz June 2020 Futures (1)					05/2020			18									0													0											0								0
Call Options Strike @ EUR 185.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)					05/2020			5									0													0											0								0
Call Options Strike @ EUR 187.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)					05/2020			7									0													1											0								0
Call Options Strike @ EUR 189.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)					05/2020			5									0													0											0								0
Call Options Strike @ EUR 194.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)					05/2020			5									0													0											0								0
Call Options Strike @ EUR 197.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)					05/2020			1									0													0											0								0
Call Options Strike @ EUR 198.000 on Euro-OAT France Government 10-Year Bond June 2020 Futures (1)					05/2020			3									0													0											0								0
Call Options Strike @ GBP 152.000 on United Kingdom Long Gilt June 2020 Futures (1)					05/2020			4									0													0											0								0
Call Options Strike @ GBP 162.000 on United Kingdom Long Gilt June 2020 Futures (1)					05/2020			2									0													0											0								0
Euro-Bobl June Futures					06/2020			2									298													(2)											1								(1)
Euro-BTP Italy Government Bond June Futures					06/2020			14									2,183													(100)											0								(37)
Euro-Buxl 30-Year Bond June Futures					06/2020			1									231													(9)											3								(5)
Put Options Strike @ EUR 106.000 on Euro-BTP Italy Government Bond June 2020 Futures (1)					05/2020			14									0													0											0								0
Put Options Strike @ EUR 130.500 on Euro-Bobl June 2020 Futures (1)					05/2020			2									0													0											0								0
U.S. Treasury 5-Year Note June Futures					06/2020			10									1,254													50											0								0
U.S. Treasury Ultra Long-Term Bond June Futures					06/2020			1									222													27											0								(3)
																										$			(28)									$		5				$				(46)
SHORT FUTURES CONTRACTS
									Variation Margin
Description					Expiration Month			# of Contracts									Notional Amount													Unrealized Appreciation/ (Depreciation)											Asset								Liability
Australia Government 10-Year Bond June Futures					06/2020			3							$		(278)										$			3									$		0				$				(4)
Call Options Strike @ EUR 177.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)					05/2020			2									(1)													1											1								0
Canada Government 10-Year Bond June Futures					06/2020			5									(523)													(24)											0								(1)
Euro-Bund 10-Year Bond June Futures					06/2020			10									(1,903)													(15)											12								(11)
Euro-OAT France Government 10-Year Bond June Futures					06/2020			4									(738)													21											6								(4)
Euro-Schatz June Futures					06/2020			25									(3,093)													(2)											1								(2)
U.S. Treasury 10-Year Note June Futures					06/2020			11									(1,526)													(15)											1								0
United Kingdom Long Gilt June Futures					06/2020			1									(169)													(3)											1								(1)
																										$			(34)									$		22				$				(23)
Total Futures Contracts												$		(62)							$				27							$			(69)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION(2)
									Variation Margin (7)
Reference Entity	Fixed (Pay) Rate	Payment Frequency	Maturity Date	Implied Credit Spread at March 31, 2020(4)						Notional Amount(5)									Premiums Paid/ (Received)									Unrealized Appreciation/ (Depreciation)								Market Value(6)							Asset							Liability
Reynolds American, Inc.	(1.000)%	Quarterly	12/20/2020	0.048		%	$			100						$			(3)				$					2					$			(1)						$	0				$			0

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


United Utilities PLC	(1.000)			Quarterly		12/20/2020				0.095					EUR				100					(2)						1						(1)						0						0
																						$			(5)			$			3			$			(2)			$			0			$			0
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(3)
																		Variation Margin (7)
Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date				Implied Credit Spread at March 31, 2020(4)									Notional Amount(5)					Premiums Paid/ (Received)						Unrealized Appreciation/ (Depreciation)						Market Value(6)						Asset						Liability
Exelon Generation Co. LLC	1.000%			Quarterly		06/20/2022				0.348				%	$				100		$			0			$			2			$			2			$			0			$			0
Tesco PLC	1.000			Quarterly		06/20/2022				0.423					EUR				100					0						1						1						0						0
																						$			0			$			3			$			3			$			0			$			0
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(2)
																		Variation Margin (7)
Index/Tranches			Fixed (Pay) Rate		Payment Frequency				Maturity Date								Notional Amount(5)							Premiums Paid/ (Received)						Unrealized Appreciation/ (Depreciation)						Market Value(6)						Asset						Liability
CDX.IG-32 10-Year Index			(1.000)%		Quarterly				06/20/2029				$				400				$			0			$			12			$			12			$			3			$			0
CDX.IG-33 10-Year Index			(1.000)		Quarterly				12/20/2029								1,900							5						57						62						16						0
iTraxx Europe Main 31 10-Year Index			(1.000)		Quarterly				06/20/2029				EUR				600							(4)						16						12						1						0
																					$			1			$			85			$			86			$			20			$			0
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(3)
																		Variation Margin (7)
Index/Tranches			Fixed Receive Rate		Payment Frequency				Maturity Date								Notional Amount(5)							Premiums Paid/ (Received)						Unrealized Appreciation/ (Depreciation)						Market Value(6)						Asset						Liability
CDX.IG-33 5-Year Index			1.000%		Quarterly				12/20/2024				$				200				$			6			$			(7)			$			(1)			$			0			$			(1)
iTraxx Crossover 32 5-Year Index			5.000		Quarterly				12/20/2024				EUR				250							37						(42)						(5)						1						0
iTraxx Europe Main 32 5-Year Index			1.000		Quarterly				12/20/2024								500							6						(4)						2						0						(1)
																					$			49			$			(53)			$			(4)			$			1			$			(1)
INTEREST RATE SWAPS -BASIS SWAPS
																		Variation Margin (7)
Pay Floating Rate Index		Receive Floating Rate Index					Payment Frequency				Maturity Date								Notional Amount					Premiums Paid/ (Received)						Unrealized Appreciation/ (Depreciation)						Market Value						Asset						Liability
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.091%						Quarterly				03/18/2022				$				4,200			$			0			$			(1)			$			(1)			$			0			$			0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.084%						Quarterly				04/26/2022								3,100						0						(1)						(1)						0						(1)
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.084%						Quarterly				06/12/2022								300						0						0						0						0						0
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.070%						Quarterly				06/12/2022								300						0						1						1						0						0
3-Month USD-LIBOR		01-Month USD-LIBOR + 0.085%						Quarterly				06/19/2022								1,300						0						2						2						0						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.073%						Quarterly				04/27/2023								1,300						0						0						0						1						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.070%						Quarterly				03/07/2024								200						0						0						0						0						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.088%						Quarterly				09/06/2024								700						0						(1)						(1)						0						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.105%						Quarterly				09/27/2024								600						0						(1)						(1)						0						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.102%						Quarterly				10/04/2024								400						0						(1)						(1)						0						0
3-Month USD-LIBOR(8)		01-Month USD-LIBOR + 0.088%						Quarterly				05/23/2029								100						0						0						0						0						0
																					$			0			$			(2)			$			(2)			$			1			$			(1)

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


INTEREST RATE SWAPS
						Variation Margin (7)
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(8)	1-Day GBP-SONIO Compounded-OIS	0.905%	Quarterly	12/03/2039	GBP	100	$	0	$	(6)	$	(6)	$	0	$	0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS	2.684	Annual	04/30/2025	$	100		0		(13)		(13)		0		0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS	2.710	Annual	04/30/2025		100		0		(13)		(13)		0		0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS	2.714	Annual	04/30/2025		200		0		(27)		(27)		0		0
Pay	3-Month CAD-Bank Bill	1.270	Semi-Annual	03/03/2022	CAD	200		0		1		1		0		0
Pay(8)	3-Month CAD-Bank Bill	1.500	Semi-Annual	06/17/2022		100		0		1		1		0		0
Pay	3-Month CAD-Bank Bill	1.220	Semi-Annual	03/03/2025		400		0		3		3		0		(1)
Pay(8)	3-Month CAD-Bank Bill	1.500	Semi-Annual	06/17/2025		100		(1)		3		2		0		0
Pay	3-Month CAD-Bank Bill	2.500	Semi-Annual	06/19/2029		900		24		55		79		0		(4)
Pay	3-Month CAD-Bank Bill	1.713	Semi-Annual	10/02/2029		200		0		8		8		0		(1)
Receive	3-Month CAD-Bank Bill	1.900	Semi-Annual	12/18/2029		200		(9)		(1)		(10)		1		0
Pay(8)	3-Month CAD-Bank Bill	1.500	Semi-Annual	06/17/2030		500		(10)		23		13		0		(2)
Pay	3-Month CAD-Bank Bill	1.750	Semi-Annual	12/16/2046		300		(41)		55		14		0		(5)
Pay	3-Month CAD-Bank Bill	2.750	Semi-Annual	12/18/2048		100		(1)		24		23		0		(2)
Pay	3-Month CAD-Bank Bill	2.565	Semi-Annual	03/07/2049		100		0		19		19		0		(2)
Pay(8)	3-Month GBP-LIBOR	1.080	Quarterly	12/03/2039	GBP	100		0		6		6		0		0
Pay	3-Month SEK-STIBOR	0.500	Annual	06/19/2024	SEK	3,300		8		(2)		6		1		0
Receive	3-Month USD-LIBOR	1.750	Semi-Annual	06/20/2020	$	6,500		129		(167)		(38)		0		0
Receive	3-Month USD-LIBOR	2.750	Semi-Annual	12/19/2020		200		1		(6)		(5)		0		0
Pay(8)	3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2021		1,500		5		8		13		0		0
Receive	3-Month USD-LIBOR	1.500	Semi-Annual	12/18/2021		500		2		(13)		(11)		0		0
Receive	3-Month USD-LIBOR	2.500	Semi-Annual	12/18/2021		500		(7)		(14)		(21)		0		0
Receive	3-Month USD-LIBOR	1.540	Semi-Annual	02/26/2022		600		(1)		(11)		(12)		0		(1)
Receive	3-Month USD-LIBOR	1.570	Semi-Annual	02/27/2022		800		(2)		(15)		(17)		0		(1)
Pay(8)	3-Month USD-LIBOR	1.000	Semi-Annual	06/17/2022		800		(2)		12		10		1		0
Receive(8)	3-Month USD-LIBOR	1.305	Semi-Annual	08/21/2023		300		0		(8)		(8)		0		0
Receive(8)	3-Month USD-LIBOR	1.298	Semi-Annual	08/25/2024		350		0		(9)		(9)		0		0
Receive(8)	3-Month USD-LIBOR	1.249	Semi-Annual	08/31/2024		350		0		(8)		(8)		0		0
Receive(8)	3-Month USD-LIBOR	1.360	Semi-Annual	09/17/2024		250		0		(7)		(7)		0		0
Receive	3-Month USD-LIBOR	2.500	Semi-Annual	12/18/2024		1,100		(60)		(52)		(112)		0		0
Receive(8)	3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2025		100		2		(6)		(4)		0		0
Receive	3-Month USD-LIBOR	3.000	Semi-Annual	06/19/2026		100		(3)		(13)		(16)		0		0
Receive	3-Month USD-LIBOR	2.250	Semi-Annual	06/20/2028		1,000		65		(201)		(136)		4		0
Receive	3-Month USD-LIBOR	1.500	Semi-Annual	12/18/2029		250		2		(22)		(20)		1		0
Receive	3-Month USD-LIBOR	1.625	Semi-Annual	01/06/2030		700		(13)		(47)		(60)		4		0
Receive	3-Month USD-LIBOR	2.000	Semi-Annual	01/15/2030		500		(2)		(60)		(62)		3		0
Receive(8)	3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2030		600		19		(51)		(32)		3		0
Receive	3-Month USD-LIBOR	1.625	Semi-Annual	01/16/2050		50		(1)		(9)		(10)		1		0
Receive	3-Month USD-LIBOR	1.625	Semi-Annual	02/03/2050		100		0		(20)		(20)		3		0
Pay(8)	3-Month USD-LIBOR	1.500	Semi-Annual	06/17/2050		200		4		29		33		0		(6)
Pay	3-Month ZAR-JIBAR	7.250	Quarterly	06/20/2023	ZAR	300		0		1		1		0		0
Pay	6-Month CHF-LIBOR	0.050	Annual	03/16/2026	CHF	200		(1)		8		7		0		0
Pay	6-Month CZK-PRIBOR	1.913	Annual	01/30/2029	CZK	800		0		3		3		0		0
Pay	6-Month EUR-EURIBOR	0.500	Annual	03/18/2022	EUR	200		0		(1)		(1)		0		0
Receive(8)	6-Month EUR-EURIBOR	0.300	Annual	06/17/2022		500		(1)		1		0		0		0
Pay	6-Month EUR-EURIBOR	0.500	Annual	03/18/2025		2,500		(24)		(11)		(35)		0		(1)
Pay(8)	6-Month EUR-EURIBOR	1.310	Annual	06/19/2029		200		7		6		13		0		0
Pay	6-Month EUR-EURIBOR	0.150	Annual	03/18/2030		1,500		(44)		23		(21)		0		(2)
Pay(8)	6-Month EUR-EURIBOR	0.150	Annual	06/17/2030		850		7		8		15		0		(1)

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Receive		6-Month EUR-EURIBOR		0.250	Annual		03/18/2050			250						23						(29)						(6)					3						0
Pay(8)		6-Month EUR-EURIBOR		0.500	Annual		06/17/2050			50						9						(4)						5					0						(1)
Pay		6-Month GBP-LIBOR		0.750	Semi-Annual		03/18/2022		GBP	400						(1)						4						3					0						0
Pay(8)		6-Month GBP-LIBOR		0.737	Semi-Annual		02/14/2024			600						0						2						2					0						0
Pay(8)		6-Month GBP-LIBOR		0.745	Semi-Annual		02/17/2024			1,000						0						3						3					0						0
Pay(8)		6-Month GBP-LIBOR		1.000	Semi-Annual		06/17/2025			1,000						8						22						30					1						0
Receive(8)		6-Month GBP-LIBOR		0.803	Semi-Annual		02/14/2028			100						0						(1)						(1)					0						0
Receive(8)		6-Month GBP-LIBOR		0.811	Semi-Annual		02/17/2028			200						0						(3)						(3)					0						0
Receive(8)		6-Month GBP-LIBOR		1.000	Semi-Annual		06/17/2030			50						0						(3)						(3)					0						0
Receive(8)		6-Month GBP-LIBOR		0.672	Semi-Annual		02/26/2031			70						0						(1)						(1)					0						0
Pay		6-Month GBP-LIBOR		0.750	Semi-Annual		03/18/2050			175						(4)						14						10					1						0
Pay(8)		6-Month GBP-LIBOR		0.722	Semi-Annual		02/26/2051			25						0						1						1					0						0
Pay		6-Month HUF-BBR		1.500	Annual		03/20/2024		HUF	10,900						0						1						1					0						0
Pay		6-Month JPY-LIBOR		0.035	Semi-Annual		11/29/2029		JPY	53,000						(2)						3						1					1						0
Pay		6-Month JPY-LIBOR		0.400	Semi-Annual		06/19/2039			24,902						0						12						12					1						0
Receive		6-Month JPY-LIBOR		0.500	Semi-Annual		06/19/2049			2,000						0						(2)						(2)					0						0
Receive		6-Month JPY-LIBOR		0.330	Semi-Annual		11/29/2049			17,000						2						(9)						(7)					0						(1)
Pay		6-Month PLN-WIBOR		2.405	Annual		01/30/2029		PLN	100						0						3						3					0						0
Pay		28-Day MXN-TIIE		5.825	Lunar		01/12/2023		MXN	3,700						(17)						17						0					1						0
Pay		UKRPI		3.436	Maturity		02/15/2030		GBP	100						0						2						2					0						0
Pay		UKRPI		3.453	Maturity		02/15/2030			100						0						2						2					0						0
												$		70					$	(482)					$		(412)			$		30					$	(31)
Total Swap Agreements										$	115				$			(446)			$		(331)					$	52		$				(33)
Cash of $589 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	Future styled option.
(2)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(3)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.
(5)	The maximum potential amount the Portfolio 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.
(6)	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.
(7)	Unsettled variation margin asset of $2 for closed swap agreements is outstanding at period end.
(8)	This instrument has a forward starting effective date.
(k)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
										Unrealized Appreciation/(Depreciation)
Counterparty			Settlement Month					Currency to be Delivered									Currency to be Received									Asset										Liability
BOA			04/2020			AUD		45					$				29							$		2								$		0
			04/2020			ILS		25									7									0										0
			04/2020			JPY		2,800									26									0										0
			04/2020			NOK		22,232									2,097									0										(41)
			04/2020			SEK		26,834									2,670									0										(43)
			04/2020			$		2,829					CHF				2,742									20										0
			04/2020					159					DKK				1,055									0										(3)
			04/2020					1,570					GBP				1,218									0										(58)
			04/2020					71					RUB				5,592									0										0
			05/2020					2,098					NOK				22,232									41										0
			05/2020					2,672					SEK				26,834									42										0
			06/2020			KRW		763,725					$				644									16										0
			06/2020			PLN		224									58									4										0
BPS			04/2020			BRL		186									42									6										0
			04/2020			CAD		246									174									2										(3)
			04/2020			EUR		236									260									2										(2)
			04/2020			GBP		159									201									5										(1)
			04/2020			JPY		30,400									276									0										(6)
			04/2020			$		36					BRL				186									0										0
			04/2020					100					CAD				135									0										(4)
			04/2020					552					EUR				495									1										(6)
			04/2020					288					GBP				225									1										(10)
			04/2020					1,368					JPY				145,600									4										(18)
			04/2020					29					NOK				271									0										(3)

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


	04/2020		203	NZD	321	0	(11)
	04/2020		17	SEK	160	0	0
	05/2020	AUD	5	$	3	0	0
	05/2020	EUR	50		55	0	0
	05/2020	$	262	INR	19,249	0	(9)
	06/2020	CNH	1,473	$	212	4	0
	06/2020	IDR	781,591		52	4	0
	06/2020	$	9	TWD	269	0	0
	09/2020	HKD	141	$	18	0	0
BRC	04/2020	GBP	751		918	0	(15)
	04/2020	INR	19,372		267	13	0
	04/2020	JPY	75,569		688	0	(15)
	05/2020	$	919	GBP	751	15	0
	06/2020		63	CNH	440	0	(1)
	06/2020		15	MYR	63	0	(1)
	09/2020		197	HKD	1,545	2	0
BSH	05/2020		728	MXN	14,278	0	(129)
CBK	04/2020	AUD	116	$	73	2	(1)
	04/2020	BRL	378		83	10	0
	04/2020	CAD	3,626		2,571	0	(6)
	04/2020	CHF	3,001		3,114	0	(4)
	04/2020	DKK	160		24	0	0
	04/2020	EUR	842		930	5	(4)
	04/2020	GBP	343		433	15	(7)
	04/2020	MXN	1,231		54	2	0
	04/2020	NOK	405		38	0	(1)
	04/2020	PEN	171		51	1	0
	04/2020	$	73	BRL	378	0	0
	04/2020		2,671	CAD	3,560	0	(141)
	04/2020		88	DKK	610	2	0
	04/2020		38	EUR	33	0	(1)
	04/2020		109	JPY	11,700	0	0
	04/2020		43	MXN	850	0	(7)
	04/2020		39	NOK	405	1	0
	04/2020		95	NZD	151	0	(5)
	04/2020		36	ZAR	560	0	(5)
	05/2020	NOK	405	$	38	0	0
	05/2020	PEN	423		125	2	0
	05/2020	$	2,432	CAD	3,428	5	0
	05/2020		3,120	CHF	3,001	4	0
	06/2020	CLP	33	$	0	0	0
	06/2020	CNH	901		128	1	0
	06/2020	TWD	286		10	0	0
	06/2020	$	26	IDR	429,780	0	0
	06/2020		12	RUB	923	0	0
	07/2020	PEN	33	$	10	0	0
DUB	04/2020	BRL	266		52	1	0
	04/2020	$	51	BRL	266	0	0
	05/2020		49		252	0	(1)
FBF	04/2020	CHF	62	$	65	1	0
GLM	04/2020	AUD	3,483		2,122	0	(21)
	04/2020	BRL	147		32	4	0
	04/2020	CAD	314		218	0	(5)
	04/2020	CHF	162		165	0	(4)
	04/2020	EUR	173		187	0	(4)
	04/2020	GBP	115	EUR	136	7	0
	04/2020		41	$	51	1	0
	04/2020	JPY	3,137		29	0	0
	04/2020	MXN	94		4	0	0
	04/2020	RUB	2,234		28	0	0
	04/2020	$	28	BRL	147	0	0
	04/2020		21	CAD	30	0	0
	04/2020		817	RUB	52,261	0	(151)
	04/2020		2,921	SEK	28,154	0	(75)
	05/2020		2,122	AUD	3,482	21	0
	05/2020		28	RUB	2,234	0	0
	07/2020	DKK	6,980	$	1,025	0	(10)
HUS	04/2020	BRL	446		99	13	0
	04/2020	EUR	41		45	0	(1)
	04/2020	GBP	44		52	0	(2)
	04/2020	ILS	30		8	0	0
	04/2020	JPY	10,900		103	1	0
	04/2020	NOK	315		29	0	(2)
	04/2020	SEK	590		59	1	(2)
	04/2020	$	86	BRL	446	0	0
	04/2020		264	INR	19,372	0	(10)
	04/2020		82	JPY	8,500	0	(3)
	04/2020		206	NZD	329	0	(10)
	04/2020		32	SEK	295	0	(2)
	05/2020	JPY	1,500	$	14	0	0
	06/2020	CNH	13,300		1,899	25	0
	06/2020	IDR	118,533		8	1	0
JPM	04/2020	CHF	34		35	0	(1)
	04/2020	JPY	500		5	0	0
	04/2020	NOK	95		10	1	0
	04/2020	SEK	830		80	0	(4)

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


		04/2020		$	141							CAD		191							0						(6)
		04/2020			274							EUR		245							0						(3)
		04/2020		ZAR	173							$		11							1						0
		05/2020		INR	9,616									133							7						0
		06/2020		IDR	256,140									18							3						0
		06/2020		$	4							MXN		73							0						(1)
		07/2020		DKK	185							$		28							0						0
MYI		04/2020			8,664									1,305							25						0
		04/2020		EUR	133									149							2						0
		04/2020		NOK	145									15							1						0
		04/2020		NZD	333									211							12						0
		04/2020		$	2,493							AUD		3,789							0						(162)
		04/2020			145							CAD		210							4						0
		04/2020			562							CHF		527							2						(16)
		06/2020		IDR	118,480							$		8							1						0
		06/2020		$	827							IDR		11,488,413							0						(132)
		06/2021			3							EUR		2							0						0
RBC		04/2020		CAD	113							$		82							2						0
RYL		04/2020		NOK	325									32							1						0
		05/2020		$	145							MXN		2,851							0						(26)
		06/2020			23							IDR		319,382							0						(4)
		06/2020			580							MYR		2,425							0						(19)
SCX		04/2020		AUD	18							$		12							1						0
		04/2020		CHF	28									30							0						0
		04/2020		SEK	555									57							1						0
		04/2020		$	2,076							EUR		1,886							5						0
		05/2020			1,502									1,367							8						0
		05/2020			416							JPY		44,831							2						0
		06/2020		PLN	191							$		49							3						0
		06/2020		$	386							CNH		2,712							0						(4)
		09/2020		HKD	1,423							$		181							0						(2)
SSB		04/2020		JPY	800									8							0						0
		04/2020		SEK	55									6							0						0
		04/2020		$	324							BRL		1,423							0						(51)
		05/2020		INR	9,633							$		134							8						0
UAG		04/2020		AUD	173									99							0						(7)
		04/2020		CAD	39									29							2						0
		04/2020		CHF	112									117							1						0
		04/2020		NZD	139									83							0						(1)
		04/2020		RUB	2,345									30							0						0
		04/2020		$	19							CHF		18							0						0
		04/2020			2,459							NOK		23,112							0						(236)
		04/2020			29							RUB		2,345							0						0
		05/2020			83							NZD		139							1						0
Total Forward Foreign Currency Contracts							$		404							$	(1,539)
PURCHASED OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty	Description										Strike Price		Expiration Date					Notional Amount(1)				Cost				Market Value
BOA	Put - OTC AUD versus USD							$			0.550		04/22/2020					4,400		$		0		$		6
	Call - OTC USD versus CHF							CHF			1.170		05/14/2020					2,000				0				0
	Call - OTC USD versus SEK							SEK			16.000		05/14/2020					2,800				0				0
GLM	Put - OTC EUR versus GBP							GBP			0.833		04/22/2020					259				2				0
	Put - OTC EUR versus USD							$			1.085		04/08/2020					199				1				1
HUS	Call - OTC USD versus CHF							CHF			1.150		05/14/2020					1,200				0				0
	Call - OTC USD versus NOK							NOK			14.000		05/14/2020					2,300				0				2
																						$	3		$			9
INTEREST RATE SWAPTIONS
Counterparty	Description		Floating Rate Index			Pay/Receive Floating Rate				Exercise Rate					Expiration Date				Notional Amount(1)				Cost					Market Value
BOA	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive				2.175%					09/15/2021				100			$	4		$			1
FBF	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive				1.733					08/26/2021				100				7					3
GLM	Put - OTC 30-Year Interest Rate Swap		6-Month GBP-LIBOR			Receive				0.860					02/26/2021				50				3					3
MYC	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive				2.005					06/08/2020				100				4					0
	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive				1.752					08/23/2021				100				8					3
	Put - OTC 30-Year Interest Rate Swap		3-Month USD-LIBOR			Receive				2.300					12/21/2021				100				4					1
																						$	30		$			11

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


OPTIONS ON SECURITIES
Counterparty		Description									Strike Price						Expiration Date										Notional Amount(1)					Cost							Market Value
FAR		Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2050					$				76.500						04/08/2020										1,400			$		0					$		0
JPM		Put - OTC Uniform Mortgage-Backed Security, TBA 3.500% due 05/01/2050									73.000						05/06/2020										3,200					0							0
																														$		0					$		0
Total Purchased Options									$				33						$			20
WRITTEN OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty		Description													Strike Price			Expiration Date						Notional Amount(1)						Premiums (Received)								Market Value
GLM		Call - OTC EUR versus RUB										RUB			73.000			04/02/2020						122					$	(1)				$				(21)
		Call - OTC EUR versus USD										$			1.105			04/08/2020						199						(1)								(1)
HUS		Call - OTC EUR versus CNH										CNH			7.850			04/02/2020						130						(1)								0
																														$		(3)					$		(22)
INTEREST RATE SWAPTIONS
Counterparty		Description	Floating Rate Index					Pay/Receive Floating Rate						Exercise Rate						Expiration Date							Notional Amount(1)					Premiums (Received)							Market Value
BOA		Put - OTC 3-Year Interest Rate Swap	3-Month USD-LIBOR					Pay						1.880%						09/15/2021							800			$		(4)					$		0
FBF		Put - OTC 3-Year Interest Rate Swap	3-Month USD-LIBOR					Pay						1.399						08/26/2021							800					(7)							(1)
GLM		Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR					Receive						1.450						08/06/2020							1,100					(2)							(12)
		Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR					Receive						1.450						08/11/2020							1,000					(1)							(11)
		Put - OTC 10-Year Interest Rate Swap	6-Month GBP-LIBOR					Pay						0.780						02/26/2021							150					(3)							(3)
		Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR					Receive						0.000						08/27/2020							50					(2)							(3)
JPM		Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR					Receive						0.000						08/25/2020							50					(1)							(3)
MYC		Put - OTC 1-Year Interest Rate Swap (2)	3-Month USD-LIBOR					Pay						1.600						06/08/2020							2,400					(4)							0
		Put - OTC 2-Year Interest Rate Swap	3-Month JPY-LIBOR					Pay						0.047						06/29/2020							49,000					0							0
		Put - OTC 3-Year Interest Rate Swap	3-Month USD-LIBOR					Pay						1.448						08/23/2021							800					(7)							(1)
		Put - OTC 3-Year Interest Rate Swap	3-Month USD-LIBOR					Pay						2.020						12/21/2021							800					(4)							0
																														$		(35)					$		(34)
INTEREST RATE-CAPPED OPTIONS
Counterparty		Description	Exercise Rate			Floating Rate Index														Expiration Date					Notional Amount(1)							Premiums (Received)							Market Value
MYC		Call - OTC 1-Year Interest Rate Floor (2)	0.000%			3-Month USD-LIBOR														10/07/2022							500			$		(1)					$		(1)
		Call - OTC 1-Year Interest Rate Floor (2)	0.000			3-Month USD-LIBOR														10/08/2022							250					0							0
																														$		(1)					$		(1)
Total Written Options									$				(39)						$			(57)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION(3)
									Swap Agreements, at Value (7)
Counterparty	Reference Entity			Fixed (Pay) Rate	Payment Frequency					Maturity Date						Implied Credit Spread at March 31, 2020(5)							Notional Amount(6)					Premiums Paid/(Received)					Unrealized Appreciation/ (Depreciation)			Asset					Liability
BPS	Japan Government International Bond			(1.000)%	Quarterly					06/20/2022						0.159%					$		100			$		(4)			$		2		$	0				$	(2)
	South Korea Government International Bond			(1.000)	Quarterly					06/20/2023						0.237							200					(5)					0			0					(5)
BRC	China Government International Bond			(1.000)	Quarterly					06/20/2023						0.263							100					(2)					0			0					(2)
	Japan Government International Bond			(1.000)	Quarterly					06/20/2022						0.159							100					(3)					1			0					(2)

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


	South Korea Government International Bond				(1.000)			Quarterly			06/20/2023				0.237						50					(1)						0						0						(1)
CBK	Japan Government International Bond				(1.000)			Quarterly			06/20/2022				0.159						100					(4)						2						0						(2)
GST	China Government International Bond				(1.000)			Quarterly			06/20/2023				0.263						100					(2)						0						0						(2)
	Japan Government International Bond				(1.000)			Quarterly			06/20/2022				0.159						100					(3)						1						0						(2)
HUS	South Korea Government International Bond				(1.000)			Quarterly			06/20/2023				0.237						100					(3)						0						0						(3)
																							$			(27)			$			6			$			0			$			(21)
CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION(4)
										Swap Agreements, at Value (7)
Counterparty	Reference Entity				Fixed Receive Rate			Payment Frequency			Maturity Date				Implied Credit Spread at March 31, 2020(5)						Notional Amount(6)					Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)						Asset						Liability
GST	South Africa Government International Bond				1.000%			Quarterly			06/20/2024				3.864%			$			100		$			(4)			$			(7)			$			0			$			(11)
CROSS-CURRENCY SWAPS
										Swap Agreements, at Value
Counterparty		Receive		Pay		Payment Frequency			Maturity Date(8)				Notional Amount of Currency Received							Notional Amount of Currency Delivered					Premiums Paid/(Received)						Unrealized Appreciation/(Depreciation)						Asset						Liability
CBK		Floating rate equal to 3-Month AUD-LIBOR plus 0.420% based on the notional amount of currency received		Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered		Maturity			07/31/2029			AUD	200			$				138		$			0			$			(14)			$			0			$			(14)
		Floating rate equal to 3-Month EUR-EURIBOR less 0.172% based on the notional amount of currency received		Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered		Maturity			01/23/2030			EUR	100							111					0						(1)						0						(1)
GLM		Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency received		Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered		Maturity			08/01/2029			AUD	200							138					(1)						(13)						0						(14)
MYI		Floating rate equal to 3-Month EUR-EURIBOR less 0.162% based on the notional amount of currency received		Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered		Maturity			03/18/2030			EUR	100							112					0						(1)						0						(1)
																						$			(1)			$			(29)			$			0			$			(30)
INTEREST RATE SWAPS
										Swap Agreements, at Value
Counterparty		Pay/ Receive Floating Rate	Floating Rate Index				Fixed Rate				Payment Frequency			Maturity Date					Notional Amount								Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)						Asset						Liability
BPS		Pay	3-Month ILS-TELBOR				1.180%				Annual			01/30/2024			ILS		300					$			0			$			2			$			2			$			0
		Pay	3-Month ILS-TELBOR				1.786				Annual			05/01/2029					100								0						3						3						0
CBK		Pay	3-Month ILS-TELBOR				1.755				Annual			04/29/2029					100								0						2						2						0
GLM		Pay	3-Month ILS-TELBOR				1.780				Annual			04/22/2029					100								0						3						3						0
		Pay	3-Month ILS-TELBOR				1.779				Annual			04/30/2029					100								0						3						3						0
HUS		Pay	3-Month ILS-TELBOR				1.785				Annual			04/25/2029					100								0						3						3						0
JPM		Pay	3-Month ILS-TELBOR				1.775				Annual			04/25/2029					100								0						3						3						0
																							$			0			$			19			$			19			$			0

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


TOTAL RETURN SWAPS ON INTEREST RATE INDICES
							Swap Agreements, at Value
Counterparty		Pay/Receive(9)		Underlying Reference	# of Units	Financing Rate			Payment Frequency			Maturity Date							Notional Amount				Premiums Paid/(Received)				Unrealized Appreciation/ (Depreciation)			Asset			Liability
JPM		Receive	iBoxx USD Liquid Investment Grade Index		N/A	1.116% (3-Month USD-LIBOR plus a specified spread)		Quarterly			09/21/2020				$			500		$		0		$		(64)		$	0		$	(64)
Total Swap Agreements							$	(32)		$			(75)			$	19			$		(126)
(l)	Securities with an aggregate market value of $1,189 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)	Notional Amount represents the number of contracts.
(2)	The underlying instrument has a forward starting effective date.
(3)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(5)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.
(6)	The maximum potential amount the Portfolio 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.
(7)	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.
(8)	At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.
(9)	Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory							Level 1							Level 2							Level 3				Fair Value at 03/31/2020

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Investments in Securities, at Value
Argentina
	Corporate Bonds & Notes		$		0		$		3		$		0		$		3
	Sovereign Issues				0				11				0				11
Australia
	Corporate Bonds & Notes				0				202				0				202
	Sovereign Issues				0				433				0				433
Brazil
	Corporate Bonds & Notes				0				129				0				129
Canada
	Corporate Bonds & Notes				0				99				0				99
	Non-Agency Mortgage-Backed Securities				0				32				0				32
	Sovereign Issues				0				151				0				151
Cayman Islands
	Asset-Backed Securities				0				385				0				385
	Corporate Bonds & Notes				0				381				0				381
China
	Sovereign Issues				0				1,740				0				1,740
Denmark
	Corporate Bonds & Notes				0				1,384				0				1,384
Finland
	Sovereign Issues				0				346				0				346
France
	Corporate Bonds & Notes				0				200				0				200
	Sovereign Issues				0				933				0				933
Germany
	Corporate Bonds & Notes				0				757				0				757
Ireland
	Asset-Backed Securities				0				525				0				525
	Sovereign Issues				0				141				0				141
Italy
	Corporate Bonds & Notes				0				220				0				220
	Sovereign Issues				0				832				0				832
Japan
	Corporate Bonds & Notes				0				396				0				396
	Sovereign Issues				0				4,608				0				4,608
Jersey, Channel Islands
	Corporate Bonds & Notes				0				106				0				106
Kuwait
	Sovereign Issues				0				208				0				208
Netherlands
	Corporate Bonds & Notes				0				198				0				198
Peru
	Sovereign Issues				0				207				0				207
Poland
	Sovereign Issues				0				99				0				99
Qatar
	Sovereign Issues				0				641				0				641
Russia
	Sovereign Issues				0				50				0				50
Saudi Arabia
	Sovereign Issues				0				198				0				198
South Korea
	Sovereign Issues				0				615				0				615
Spain
	Preferred Securities				0				100				0				100
	Sovereign Issues				0				1,181				0				1,181
United Arab Emirates
	Sovereign Issues				0				201				0				201
United Kingdom
	Corporate Bonds & Notes				0				2,852				0				2,852
	Non-Agency Mortgage-Backed Securities				0				1,106				0				1,106
	Sovereign Issues				0				283				0				283
United States
	Asset-Backed Securities				0				1,464				0				1,464
	Corporate Bonds & Notes				0				2,872				0				2,872
	Loan Participations and Assignments				0				93				0				93
	Non-Agency Mortgage-Backed Securities				0				1,165				0				1,165
	Preferred Securities				0				51				0				51
	U.S. Government Agencies				0				7,961				0				7,961
	U.S. Treasury Obligations				0				2,358				0				2,358
Short-Term Instruments
	Argentina Treasury Bills				0				2				0				2
	U.S. Treasury Bills				0				382				0				382
		$		0		$		38,301		$		0		$		38,301
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes		$		124		$		0		$		0		$		124
Total Investments		$		124		$		38,301		$		0		$		38,425
Short Sales, at Value - Liabilities
Canada
	Sovereign Issues		$		0		$		(225)		$		0		$		(225)

Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.)

March 31, 2020

(Unaudited)


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		29		52		0		81
Over the counter		0		443		0		443
	$	29	$	495	$	0	$	524
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(69)		(33)		0		(102)
Over the counter		0		(1,722)		0		(1,722)
	$	(69)	$	(1,755)	$	0	$	(1,824)
Total Financial Derivative Instruments	$	(40)	$	(1,260)	$	0	$	(1,300)
Totals	$	84	$	36,816	$	0	$	36,900

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Schedule of Investments PIMCO Low Duration Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 87.4% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7%
State of Qatar 2.571% (LIBOR03M + 0.800%) due 12/21/2020 «~	$	6,000	$	5,994
Toyota Motor Credit Corp. 1.955% (LIBOR03M + 0.580%) due 09/28/2020 «~		6,000		5,910
Total Loan Participations and Assignments (Cost $11,969)				11,904
CORPORATE BONDS & NOTES 24.5%
BANKING & FINANCE 14.9%
AIG Global Funding 1.676% (US0003M + 0.460%) due 06/25/2021 ~		3,000		2,973
Ally Financial, Inc. 7.500% due 09/15/2020		100		102
American Express Co.
2.341% (US0003M + 0.600%) due 11/05/2021 ~		5,000		4,923
3.700% due 11/05/2021		5,000		5,160
American Honda Finance Corp. 2.142% (US0003M + 0.450%) due 02/15/2022 ~		1,500		1,442
American Tower Corp. 2.800% due 06/01/2020		9,900		9,823
Aviation Capital Group LLC
2.440% (US0003M + 0.670%) due 07/30/2021 ~		3,100		2,932
2.530% (US0003M + 0.950%) due 06/01/2021 ~		4,900		4,679
Banco Santander S.A. 2.968% (US0003M + 1.120%) due 04/12/2023 ~		2,400		2,307
Bank of America Corp.
2.083% (US0003M + 0.650%) due 10/01/2021 ~		900		880
2.766% (US0003M + 0.960%) due 07/23/2024 ~		1,200		1,100
2.979% (US0003M + 1.160%) due 01/20/2023 ~		200		191
3.499% due 05/17/2022 •		4,000		4,049
Barclays PLC 3.844% (US0003M + 2.110%) due 08/10/2021 ~		4,900		4,734
BBVA USA 1.498% (US0003M + 0.730%) due 06/11/2021 ~		5,000		4,853
BOC Aviation Ltd. 2.375% due 09/15/2021		400		401
Brixmor Operating Partnership LP 2.813% (US0003M + 1.050%) due 02/01/2022 ~		5,000		4,917
Citibank N.A.
2.295% (US0003M + 0.600%) due 05/20/2022 ~		3,600		3,480
2.376% (US0003M + 0.570%) due 07/23/2021 ~		4,900		4,817
Citigroup, Inc.
2.484% (US0003M + 0.690%) due 10/27/2022 ~		5,000		4,730
2.700% due 10/27/2022		1,000		1,008
2.750% due 04/25/2022		1,100		1,107
Credit Suisse Group Funding Guernsey Ltd. 4.109% (US0003M + 2.290%) due 04/16/2021 ~		5,800		5,804
Danske Bank A/S 5.000% due 01/12/2022		4,800		4,918
DBS Bank Ltd. 3.300% due 11/27/2021		5,900		6,108
Deutsche Bank AG
0.031% (EUR003M + 0.500%) due 12/07/2020 ~	EUR	5,000		5,462
3.041% (US0003M + 1.290%) due 02/04/2021 ~	$	5,000		4,811
4.250% due 10/14/2021		2,500		2,380
Ford Motor Credit Co. LLC
2.134% (US0003M + 0.930%) due 09/24/2020 ~		5,000		4,750
2.710% (US0003M + 0.810%) due 04/05/2021 ~		3,900		3,608
4.424% (US0003M + 2.550%) due 01/07/2021 ~		5,900		5,606
5.085% due 01/07/2021		2,600		2,511
5.750% due 02/01/2021		600		585
GE Capital European Funding Unlimited Co. 4.350% due 11/03/2021	EUR	1,300		1,494
General Motors Financial Co., Inc.
2.778% (US0003M + 0.930%) due 04/13/2020 ~	$	3,860		3,845
3.200% due 07/13/2020		7,000		6,980
Goldman Sachs Group, Inc.
1.941% (US0003M + 1.200%) due 09/15/2020 ~		4,500		4,497
2.433% (US0003M + 0.750%) due 02/23/2023 ~		2,400		2,303
3.154% (US0003M + 1.360%) due 04/23/2021 ~		1,300		1,292

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

March 31, 2020

(Unaudited)


HSBC Holdings PLC 2.292% (US0003M + 0.600%) due 05/18/2021 ~		4,800	4,702
JPMorgan Chase & Co. 1.499% (US0003M + 0.610%) due 06/18/2022 ~		3,000	2,927
Lloyds Bank PLC 2.232% (US0003M + 0.490%) due 05/07/2021 ~		5,000	4,711
Lloyds Banking Group PLC 1.995% (US0003M + 0.800%) due 06/21/2021 ~		4,000	3,905
Logicor Financing SARL 1.500% due 11/14/2022	EUR	5,200	5,781
Marsh & McLennan Cos., Inc.
2.575% (US0003M + 1.200%) due 12/29/2021 ~	$	2,400	2,402
3.500% due 12/29/2020		4,600	4,636
Metropolitan Life Global Funding 1.950% due 09/15/2021		2,500	2,484
Mitsubishi UFJ Financial Group, Inc.
2.320% (US0003M + 0.740%) due 03/02/2023 ~		10,200	9,701
3.460% (US0003M + 1.880%) due 03/01/2021 ~		292	290
Mitsubishi UFJ Lease & Finance Co. Ltd. 3.406% due 02/28/2022		500	498
Mizuho Financial Group, Inc. 2.250% (BBSW3M + 1.400%) due 07/19/2023 ~	AUD	6,700	4,108
NTT Finance Corp. 1.900% due 07/21/2021	$	2,800	2,787
Oversea-Chinese Banking Corp. Ltd. 2.142% (US0003M + 0.450%) due 05/17/2021 ~		3,300	3,285
PNC Bank N.A. 2.252% (US0003M + 0.450%) due 07/22/2022 ~		2,500	2,425
Santander UK PLC
2.200% (US0003M + 0.620%) due 06/01/2021 ~		5,000	4,665
2.352% (US0003M + 0.660%) due 11/15/2021 ~		5,900	5,733
SBA Tower Trust 2.877% due 07/15/2046		1,400	1,397
Skandinaviska Enskilda Banken AB 2.122% (US0003M + 0.430%) due 05/17/2021 ~		5,000	4,837
SL Green Operating Partnership LP 2.672% (US0003M + 0.980%) due 08/16/2021 ~		6,000	5,840
Stadshypotek AB 2.500% due 04/05/2022		4,200	4,267
Standard Chartered PLC 2.744% due 09/10/2022 •		4,500	4,456
Synchrony Bank 3.650% due 05/24/2021		5,200	5,137
U.S. Bank N.A. 3.150% due 04/26/2021		6,100	6,153
UBS Group AG 3.618% due 04/14/2021 •		4,700	4,603
UniCredit SpA
5.738% (US0003M + 3.900%) due 01/14/2022 ~		5,100	4,800
7.830% due 12/04/2023		10,700	11,441
Volkswagen Bank GmbH 0.000% due 06/15/2021 •	EUR	1,400	1,523
Wells Fargo & Co. 2.594% (US0003M + 1.340%) due 03/04/2021 ~	$	4,000	3,988
Wells Fargo Bank N.A. 2.312% (US0003M + 0.510%) due 10/22/2021 ~		1,000	963
			262,007
INDUSTRIALS 8.6%
AbbVie, Inc.
2.150% due 11/19/2021		5,800	5,781
2.300% due 11/21/2022		5,200	5,202
3.375% due 11/14/2021		3,100	3,162
Bayer U.S. Finance LLC 1.846% (US0003M + 0.630%) due 06/25/2021 ~		6,100	5,906
BMW Finance NV 2.250% due 08/12/2022		4,000	3,832
BMW U.S. Capital LLC 2.000% due 04/11/2021		2,100	2,059
Broadcom, Inc. 3.125% due 04/15/2021		4,800	4,743
Caesars Resort Collection LLC 5.250% due 10/15/2025		750	547
Campbell Soup Co. 1.371% (US0003M + 0.630%) due 03/15/2021 ~		4,100	3,970
Charter Communications Operating LLC
3.579% due 07/23/2020		4,900	4,885
4.464% due 07/23/2022		2,100	2,172
Conagra Brands, Inc. 2.378% (US0003M + 0.500%) due 10/09/2020 ~		2,500	2,467
Constellation Brands, Inc. 2.250% due 11/06/2020		2,310	2,297
DAE Funding LLC 4.000% due 08/01/2020		300	297

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

March 31, 2020

(Unaudited)


Daimler Finance North America LLC
2.301% (US0003M + 0.550%) due 05/04/2021 ~		5,000	4,807
2.411% (US0003M + 0.670%) due 11/05/2021 ~		900	868
2.592% (US0003M + 0.900%) due 02/15/2022 ~		5,400	5,006
3.400% due 02/22/2022		4,800	4,669
Enbridge, Inc. 2.195% (US0003M + 0.500%) due 02/18/2022 ~		4,400	4,091
General Electric Co.
0.000% due 05/28/2020 •	EUR	700	770
0.375% due 05/17/2022		400	423
General Mills, Inc. 2.383% (US0003M + 0.540%) due 04/16/2021 ~	$	2,100	2,045
Hewlett Packard Enterprise Co. 2.620% (US0003M + 0.720%) due 10/05/2021 ~		3,900	3,673
Hyundai Capital America 1.689% due 09/18/2020 •		6,700	6,665
Keurig Dr Pepper, Inc. 3.551% due 05/25/2021		4,700	4,758
Kinder Morgan Energy Partners LP 4.150% due 03/01/2022		500	491
Kinder Morgan, Inc. 5.000% due 02/15/2021		300	298
Kraft Heinz Foods Co.
2.800% due 07/02/2020		440	437
3.375% due 06/15/2021		3,200	3,207
L3Harris Technologies, Inc. 2.250% (US0003M + 0.480%) due 04/30/2020 ~		4,400	4,394
Local Initiatives Support Corp. 3.005% due 03/01/2022		1,300	1,324
Marriott International, Inc. 2.180% (US0003M + 0.600%) due 12/01/2020 ~		4,900	4,586
Masco Corp. 3.500% due 04/01/2021		2,887	2,892
McDonald's Corp. 2.225% (US0003M + 0.430%) due 10/28/2021 ~		1,800	1,772
Mylan NV 3.750% due 12/15/2020		460	457
Oracle Corp. 1.900% due 09/15/2021		9,900	9,942
Pacific National Finance Pty. Ltd. 4.625% due 09/23/2020		1,800	1,821
PayPal Holdings, Inc. 2.200% due 09/26/2022		1,800	1,794
Penske Truck Leasing Co. LP 3.300% due 04/01/2021		2,900	2,914
Reckitt Benckiser Treasury Services PLC 1.764% (US0003M + 0.560%) due 06/24/2022 ~		400	386
Sabine Pass Liquefaction LLC 5.625% due 02/01/2021		1,000	984
Sprint Spectrum Co. LLC 3.360% due 03/20/2023		776	775
Time Warner Cable LLC 4.125% due 02/15/2021		2,900	2,909
Volkswagen Group of America Finance LLC
2.064% (US0003M + 0.860%) due 09/24/2021 ~		1,600	1,466
2.500% due 09/24/2021		1,000	975
2.653% (US0003M + 0.940%) due 11/12/2021 ~		5,900	5,775
2.700% due 09/26/2022		500	484
3.875% due 11/13/2020		5,900	5,882
4.000% due 11/12/2021		5,900	5,840
Volkswagen International Finance NV 1.139% (EUR003M + 1.550%) due 11/16/2024 ~	EUR	700	731
Zimmer Biomet Holdings, Inc.
1.802% (US0003M + 0.750%) due 03/19/2021 ~	$	2,300	2,273
2.700% due 04/01/2020		2,300	2,300
			152,204
UTILITIES 1.0%
AT&T, Inc. 2.781% (US0003M + 0.950%) due 07/15/2021 ~		1,600	1,573
LG&E & KU Energy LLC 3.750% due 11/15/2020		900	894
NextEra Energy Capital Holdings, Inc.
2.399% (US0003M + 0.720%) due 02/25/2022 ~		4,800	4,669
2.403% due 09/01/2021		2,900	2,897
Sempra Energy 1.191% (US0003M + 0.450%) due 03/15/2021 ~		5,000	4,928

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

March 31, 2020

(Unaudited)


Verizon Communications, Inc. 1.741% (US0003M + 1.000%) due 03/16/2022 ~	3,500	3,332
		18,293
Total Corporate Bonds & Notes (Cost $441,181)		432,504
U.S. GOVERNMENT AGENCIES 28.5%
Fannie Mae
1.000% due 01/25/2043	123	119
1.297% due 03/25/2044 •	30	30
1.687% due 12/25/2036 - 07/25/2037 •	157	155
1.700% due 06/17/2027 •	14	15
1.747% due 04/25/2023 •	11	11
1.977% due 09/25/2042 •	337	333
3.253% due 07/01/2042 - 06/01/2043 •	133	131
3.303% due 09/01/2041 •	100	98
3.500% due 08/01/2058	8,385	9,064
3.574% due 07/01/2035 •	5	5
3.802% due 11/01/2035 •	21	21
3.920% due 09/01/2035 •	89	89
4.146% due 12/01/2036 •	4	4
4.230% due 05/01/2038 •	1,558	1,579
5.000% due 04/25/2033	6	7
5.020% due 09/01/2034 •	2	2
5.262% due 12/25/2042 ~	5	5
Fannie Mae, TBA 3.000% due 06/01/2040	19,600	20,483
Freddie Mac
1.077% due 08/25/2031 •	68	68
2.000% due 11/15/2026	2,792	2,849
2.055% due 12/15/2042 •	4,225	4,205
3.189% due 02/25/2045 •	129	126
4.000% due 12/01/2047 - 09/01/2048	67,525	72,283
4.021% due 09/01/2035 •	111	113
4.411% due 07/01/2035 •	33	34
6.500% due 07/25/2043	35	43
8.553% due 08/15/2044 •	2,671	3,393
Ginnie Mae
2.182% due 10/20/2065 •	7,865	7,738
2.194% due 06/20/2065 •	2,780	2,747
2.202% due 07/20/2063 •	2,775	2,754
2.462% due 05/20/2066 •	970	961
2.512% due 04/20/2066 •	6,523	6,476
3.310% due 07/20/2067 •	7,269	7,287
4.500% due 06/20/2048 - 02/20/2049	8,964	9,545
5.000% due 02/20/2041 (a)	7	0
5.000% due 04/20/2049 - 07/20/2049	32,480	34,716
Ginnie Mae, TBA
4.500% due 04/01/2050 - 05/01/2050	36,100	38,326
5.000% due 04/01/2050	25,000	26,586
Uniform Mortgage-Backed Security
3.500% due 04/01/2045 - 12/01/2047	71,120	76,300
4.000% due 08/01/2044 - 11/01/2048	76,406	81,851
4.000% due 07/01/2048 (g)	22,623	24,165
4.500% due 03/01/2023 - 08/01/2046	5,650	6,144
5.000% due 05/01/2027 - 06/01/2028	87	95
5.500% due 12/01/2028 - 02/01/2049	449	493
6.000% due 02/01/2033 - 01/01/2039	1,091	1,240
6.500% due 04/01/2036	69	80
Uniform Mortgage-Backed Security, TBA
2.500% due 05/01/2050	50,000	51,737
4.500% due 04/01/2035 - 05/01/2050	8,500	9,138
Total U.S. Government Agencies (Cost $484,824)		503,644
U.S. TREASURY OBLIGATIONS 18.0%
U.S. Treasury Bonds
2.500% due 02/15/2045 (k)	7,500	9,369
U.S. Treasury Inflation Protected Securities (e)
0.125% due 04/15/2022 (g)(i)(k)	80,077	78,944
0.125% due 01/15/2023 (i)	39,000	38,526
0.250% due 07/15/2029 (k)	10,891	11,322
0.375% due 07/15/2023 (i)(k)	69,939	70,367
0.500% due 04/15/2024 (k)	3,068	3,113
0.625% due 04/15/2023 (i)	68,641	69,170
0.875% due 01/15/2029	29,011	31,557
1.000% due 02/15/2049	4,305	5,360
Total U.S. Treasury Obligations (Cost $313,726)		317,728
NON-AGENCY MORTGAGE-BACKED SECURITIES 4.0%
Adjustable Rate Mortgage Trust 4.402% due 09/25/2035 ^~	303	262
American Home Mortgage Investment Trust
3.322% due 10/25/2034 •	2	2

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

March 31, 2020

(Unaudited)


3.533% due 02/25/2045 •		39	38
Banc of America Funding Trust 4.184% due 01/20/2047 ^~		177	154
Banc of America Mortgage Trust
4.615% due 08/25/2034 ~		493	464
4.668% due 07/25/2034 ~		268	236
5.213% due 05/25/2033 ~		76	70
6.500% due 10/25/2031		3	3
BCAP LLC Trust 2.077% due 01/26/2036 •		582	580
Bear Stearns Adjustable Rate Mortgage Trust
3.885% due 01/25/2035 ~		1,474	1,236
4.016% due 04/25/2033 ~		1	1
4.103% due 01/25/2034 ~		8	8
4.321% due 07/25/2034 ~		88	73
4.375% due 01/25/2035 ~		62	52
Bear Stearns ALT-A Trust 1.107% due 02/25/2034 •		203	178
Bear Stearns Structured Products, Inc. Trust
2.207% due 12/26/2046 ^~		277	230
3.726% due 01/26/2036 ^~		404	325
Chevy Chase Funding LLC Mortgage-Backed Certificates 1.227% due 01/25/2035 •		22	20
Citigroup Global Markets Mortgage Securities, Inc. 7.000% due 06/25/2033 þ		1	1
Citigroup Mortgage Loan Trust
4.440% due 08/25/2035 ^~		155	119
4.810% due 05/25/2035 •		39	37
Countrywide Alternative Loan Trust 6.000% due 10/25/2033		7	7
Countrywide Home Loan Mortgage Pass-Through Trust
3.744% due 02/20/2035 ~		147	136
3.793% due 02/20/2036 ^•		256	220
3.826% due 11/25/2034 ~		226	205
3.921% due 11/20/2034 ~		434	378
Credit Suisse First Boston Mortgage Securities Corp.
2.383% due 03/25/2032 ~		1	1
Eurosail PLC
0.000% due 12/10/2044 •	EUR	50	54
1.456% (BP0003M + 0.950%) due 06/13/2045 ~	GBP	6,948	8,241
First Horizon Alternative Mortgage Securities Trust 3.534% due 09/25/2034 ~	$	246	225
First Horizon Mortgage Pass-Through Trust 4.622% due 08/25/2035 ~		88	68
FirstMac Mortgage Funding Trust
1.640% due 03/08/2049 •	AUD	2,535	1,542
1.890% due 03/08/2049 •		6,100	3,699
GMAC Mortgage Corp. Loan Trust 4.049% due 11/19/2035 ~	$	60	51
Great Hall Mortgages PLC 1.019% due 06/18/2039 •		1,088	1,019
GS Mortgage Securities Corp. Trust 3.980% due 02/10/2029		5,000	4,981
GS Mortgage Securities Trust 1.942% due 11/10/2045 ~(a)		2,080	86
GSR Mortgage Loan Trust
4.098% due 09/25/2035 ~		174	164
4.680% due 09/25/2034 ~		51	45
HarborView Mortgage Loan Trust
1.190% due 05/19/2035 •		54	51
4.293% due 07/19/2035 ^~		258	221
Hawksmoor Mortgages 1.761% due 05/25/2053 •	GBP	15,898	19,430
Holmes Master Issuer PLC 2.191% due 10/15/2054 •	$	2,109	2,102
Impac CMB Trust 1.947% due 07/25/2033 •		58	54
JPMorgan Chase Commercial Mortgage Securities Trust 1.775% due 10/15/2045 ~(a)		12,551	448
JPMorgan Mortgage Trust 5.750% due 01/25/2036 ^		14	10
Merrill Lynch Mortgage Investors Trust
1.197% due 11/25/2035 •		62	50
1.607% due 09/25/2029 •		369	343
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates 1.227% due 12/25/2035 •		319	274
PHHMC Trust 5.355% due 07/18/2035 ~		143	139
Prime Mortgage Trust 1.347% due 02/25/2034 •		3	3
Residential Funding Mortgage Securities, Inc. Trust 4.226% due 09/25/2035 ^~		524	374
Silverstone Master Issuer PLC 2.389% due 01/21/2070 •		3,096	3,048
Structured Adjustable Rate Mortgage Loan Trust
3.366% due 01/25/2035 ^•		135	112

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

March 31, 2020

(Unaudited)


3.872% due 02/25/2034 ~		104	95
3.982% due 08/25/2035 ~		118	102
Structured Asset Mortgage Investments Trust
1.227% due 02/25/2036 ^•		95	81
1.410% due 09/19/2032 •		1	1
Towd Point Mortgage Funding 1.611% due 07/20/2045 •	GBP	4,451	5,414
Towd Point Mortgage Funding PLC 1.724% due 10/20/2051 •		9,633	11,623
WaMu Mortgage Pass-Through Certificates Trust
1.217% due 12/25/2045 •	$	64	57
1.627% due 01/25/2045 •		416	381
3.366% due 06/25/2042 •		12	10
Wells Fargo Commercial Mortgage Trust 1.753% due 10/15/2045 ~(a)		3,244	114
Total Non-Agency Mortgage-Backed Securities (Cost $76,294)			69,748
ASSET-BACKED SECURITIES 7.5%
ACE Securities Corp. Home Equity Loan Trust
1.007% due 10/25/2036 •		59	28
1.847% due 12/25/2034 •		1,160	1,018
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates 1.447% due 09/25/2035 •		5,169	5,099
Asset-Backed Funding Certificates Trust 1.622% due 06/25/2035 •		1,919	1,914
Asset-Backed Securities Corp. Home Equity Loan Trust 2.355% due 03/15/2032 •		63	61
Bear Stearns Asset-Backed Securities Trust 1.947% due 10/25/2037 •		716	700
Black Diamond CLO Ltd. 2.886% due 02/06/2026 •		176	176
CARDS Trust
1.055% due 04/17/2023 •		10,000	9,991
3.047% due 04/17/2023		10,000	9,971
Chesapeake Funding LLC
1.075% due 08/15/2030 •		5,148	5,052
3.230% due 08/15/2030		3,861	3,872
Citigroup Mortgage Loan Trust, Inc. 1.667% due 09/25/2035 ^•		201	202
Countrywide Asset-Backed Certificates 1.647% due 12/25/2033 •		906	846
Credit Suisse First Boston Mortgage Securities Corp. 1.567% due 01/25/2032 •		5	4
Crown Point CLO Ltd. 2.776% due 07/17/2028 •		3,000	2,885
Discover Card Execution Note Trust 1.900% due 10/17/2022		5,100	5,100
Edsouth Indenture LLC 2.777% due 09/25/2040 •		535	528
Enterprise Fleet Financing LLC 3.380% due 05/20/2024		3,797	3,802
Evans Grove CLO Ltd. 2.533% due 05/28/2028 •		5,000	4,858
Figueroa CLO Ltd. 2.731% due 01/15/2027 •		2,223	2,217
Ford Credit Auto Owner Trust 2.440% due 01/15/2027		4,000	3,965
Ford Credit Floorplan Master Owner Trust
0.985% due 05/15/2023 •		5,100	4,970
2.840% due 03/15/2024		4,700	4,660
Gallatin CLO Ltd. 2.869% due 01/21/2028 •		5,000	4,876
GE-WMC Mortgage Securities Trust 0.987% due 08/25/2036 •		8	4
GMF Floorplan Owner Revolving Trust 1.085% due 03/15/2023 •		3,900	3,820
Gracechurch Card Funding PLC 1.105% due 07/15/2022 •		5,000	4,989
GSAMP Trust 1.337% due 01/25/2036 •		941	913
Hertz Fleet Lease Funding LP 3.230% due 05/10/2032		3,476	3,477
Massachusetts Educational Financing Authority 2.744% due 04/25/2038 •		202	201
MMAF Equipment Finance LLC 2.920% due 07/12/2021		934	935
NovaStar Mortgage Funding Trust 1.267% due 05/25/2036 •		3,319	3,152
Octagon Investment Partners Ltd. 2.931% due 04/15/2026 •		649	649
Oscar U.S. Funding Trust LLC 3.150% due 08/10/2021		808	810
Palmer Square CLO Ltd. 2.542% due 08/15/2026 •		2,870	2,796

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

March 31, 2020

(Unaudited)


Palmer Square Loan Funding Ltd. 2.481% due 07/15/2026 •		2,875	2,807
RAAC Trust 1.427% due 03/25/2037 •		108	107
Residential Asset Securities Corp. Trust 1.832% due 01/25/2034 •		1,910	1,849
SLC Student Loan Trust
0.841% due 09/15/2026 •		894	892
0.851% due 03/15/2027 •		2,702	2,662
SLM Student Loan Trust
1.884% due 10/25/2024 •		189	189
1.944% due 10/25/2029 •		3,303	3,186
SoFi Consumer Loan Program LLC 3.050% due 12/26/2025		349	345
Sound Point CLO Ltd. 2.709% due 01/20/2028 •		5,000	4,863
Structured Asset Investment Loan Trust
1.652% due 03/25/2034 •		384	346
1.922% due 10/25/2033 •		154	151
TICP CLO Ltd. 2.659% due 04/20/2028 •		6,100	5,948
TPG Real Estate Finance 1.950% due 10/15/2034 •		3,600	3,362
WhiteHorse Ltd. 2.766% due 04/17/2027 •		3,047	3,017
Zais CLO Ltd. 2.981% due 04/15/2028 •		5,000	4,874
Total Asset-Backed Securities (Cost $133,723)			133,139
SOVEREIGN ISSUES 3.7%
Italy Buoni Poliennali Del Tesoro 1.750% due 07/01/2024	EUR	46,000	52,669
Provincia de Buenos Aires 37.463% (BADLARPP + 3.750%) due 04/12/2025 ~	ARS	3,463	20
Spain Government International Bond 4.000% due 04/30/2020	EUR	11,600	12,838
Total Sovereign Issues (Cost $66,513)			65,527
		SHARES
CONVERTIBLE PREFERRED SECURITIES 0.0%
INDUSTRIALS 0.0%
Motors Liquidation Co. 5.250% due 03/06/2032 «(b)		4,000	0
Total Convertible Preferred Securities (Cost $0)			0
		PRINCIPAL AMOUNT (000s)
SHORT-TERM INSTRUMENTS 0.5%
CERTIFICATES OF DEPOSIT 0.3%
Lloyds Bank Corporate Markets PLC 1.704% (US0003M + 0.500%) due 09/24/2020 ~	$	6,000	5,996
REPURCHASE AGREEMENTS (f) 0.2%			3,477
U.S. TREASURY BILLS 0.0%
0.020% due 06/18/2020 (c)(d)(k)		361	361
Total Short-Term Instruments (Cost $9,838)			9,834
Total Investments in Securities (Cost $1,538,068)			1,544,028
		SHARES
INVESTMENTS IN AFFILIATES 26.5%
SHORT-TERM INSTRUMENTS 26.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 26.5%
PIMCO Short Asset Portfolio		12,781,187	124,093
PIMCO Short-Term Floating NAV Portfolio III		34,949,843	343,242

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Short-Term Instruments (Cost $472,498)		467,335
Total Investments in Affiliates (Cost $472,498)		467,335
Total Investments 113.9% (Cost $2,010,566)	$	2,011,363
Financial Derivative Instruments (h)(j) 0.7%(Cost or Premiums, net $1,303)		12,782
Other Assets and Liabilities, net (14.6)%		(258,110)
Net Assets 100.0%	$	1,766,035

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

March 31, 2020

(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).
~	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)	Security did not produce income within the last twelve months.
(c)	Zero coupon security.
(d)	Coupon represents a yield to maturity.
(e)	Principal amount of security is adjusted for inflation.
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(f)	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
FICC		0.000%	03/31/2020	04/01/2020	$		3,477		U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021														$		(3,550)					$			3,477					$		3,477
Total Repurchase Agreements																							$		(3,550)					$			3,477					$		3,477
REVERSE REPURCHASE AGREEMENTS:
Counterparty						Borrowing Rate(1)					Settlement Date			Maturity Date											Amount Borrowed(1)											Payable for Reverse Repurchase Agreements
BSN						1.690%					01/13/2020			04/13/2020							$				(75,611)									$		(75,892)
						1.760					03/30/2020			04/15/2020											(23,332)											(23,334)
Total Reverse Repurchase Agreements																																		$		(99,226)
SHORT SALES:
Description													Coupon		Maturity Date					Principal Amount									Proceeds									Payable for Short Sales
U.S. Government Agencies (9.4)%
Ginnie Mae, TBA													4.000%		05/01/2050		$					200						$				(207)					$			(213)
Uniform Mortgage-Backed Security, TBA													4.000		05/01/2050							154,500										(164,497)								(164,925)
Uniform Mortgage-Backed Security, TBA													6.000		04/01/2050							1,500										(1,668)								(1,662)
Total Short Sales (9.4)%																												$				(166,372)					$			(166,800)
(g)	Securities with an aggregate market value of $99,672 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(151,864) at a weighted average interest rate of 1.796%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(h)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
PURCHASED OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description										Strike Price		Expiration Date				# of Contracts			Notional Amount								Cost											Market Value
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures								$		113.000		05/22/2020				629		$	629							$	5								$			25
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures										119.500		05/22/2020				582			582								5											27
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures										120.000		05/22/2020				288			288								3											13
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures										147.500		05/22/2020				23			23								0											3

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

March 31, 2020

(Unaudited)


Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures																	200.000							05/22/2020			697											697			676											11
Total Purchased Options																											$					689						$					79
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
																											Variation Margin
Description										Expiration Month				# of Contracts							Notional Amount												Unrealized Appreciation/ (Depreciation)										Asset											Liability
Euro-BTP Italy Government Bond June Futures										06/2020				1,704				$			221,379								$				(3,951)							$			0						$					(1,704)
Euro-Bund 10-Year Bond June Futures										06/2020				253							48,136												(215)										290											(304)
U.S. Treasury 2-Year Note June Futures										06/2020				3,255							717,346												11,274										0											(102)
U.S. Treasury 5-Year Note June Futures										06/2020				1,673							209,726												6,298										0											(78)
																												$				13,406							$			290						$					(2,188)
SHORT FUTURES CONTRACTS
																											Variation Margin
Description										Expiration Month				# of Contracts							Notional Amount												Unrealized Appreciation/ (Depreciation)										Asset											Liability
3-Month Euribor December Futures										12/2020				44				$			(12,182)								$				28							$			1						$					(1)
3-Month Euribor September Futures										09/2020				44							(12,180)												31										1											0
Euro-Bobl June Futures										06/2020				86							(12,825)												68										29											(31)
U.S. Treasury 10-Year Note June Futures										06/2020				735							(101,935)												(4,066)										103											0
																												$				(3,939)							$			134						$					(32)
Total Futures Contracts																												$				9,467							$			424						$					(2,220)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)
																											Variation Margin
Reference Entity			Fixed Receive Rate	Payment Frequency		Maturity Date		Implied Credit Spread at March 31, 2020(2)								Notional Amount(3)						Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)						Market Value(4)										Asset									Liability
General Electric Co.			1.000%	Quarterly		12/20/2020		1.362			%		$			2,000			$			(59)			$					55				$		(4)								$		0				$					(1)
INTEREST RATE SWAPS
																											Variation Margin
Pay/ Receive Floating Rate		Floating Rate Index			Fixed Rate		Payment Frequency		Maturity Date						Notional Amount								Premiums Paid/ (Received)								Unrealized Appreciation/ (Depreciation)						Market Value										Asset									Liability
Pay		3-Month CAD-Bank Bill			1.270%		Semi-Annual		03/03/2022			CAD			58,500					$			0			$					385				$		385								$		3				$					0
Receive		6-Month GBP-LIBOR			0.750		Semi-Annual		03/18/2030			GBP			21,700								226								(679)						(453)										0									(29)
Pay		6-Month JPY-LIBOR			0.100		Semi-Annual		03/20/2024			JPY			10,270,000								321								256						577										11									0
Receive		6-Month JPY-LIBOR			0.300		Semi-Annual		03/18/2026						7,240,000								(87)								(1,311)						(1,398)										0									(27)
Pay		6-Month JPY-LIBOR			0.380		Semi-Annual		06/18/2028						1,640,000								201								301						502										12									0
Pay		6-Month JPY-LIBOR			0.036		Semi-Annual		03/10/2038						390,000								0								(52)						(52)										13									0
Pay		6-Month JPY-LIBOR			0.040		Semi-Annual		03/10/2038						390,000								0								(49)						(49)										13									0
Receive		6-Month JPY-LIBOR			0.750		Semi-Annual		03/20/2038						3,120,000								69								(3,360)						(3,291)										0									(104)
Receive		6-Month JPY-LIBOR			1.000		Semi-Annual		03/21/2048						340,000								(11)								(715)						(726)										0									(22)
Pay		28-Day MXN-TIIE			8.700		Lunar		11/02/2020			MXN			244,900								(14)								182						168										7									0
Pay		28-Day MXN-TIIE			8.735		Lunar		11/06/2020						222,200								0								158						158										7									0
Pay		28-Day MXN-TIIE			8.748		Lunar		11/06/2020						988,300								0								705						705										31									0
Receive		28-Day MXN-TIIE			8.720		Lunar		11/13/2020						432,700								49								(380)						(331)										0									(14)
Receive		28-Day MXN-TIIE			8.683		Lunar		11/27/2020						453,700								0								(351)						(351)										0									(15)
Receive		28-Day MXN-TIIE			8.855		Lunar		12/03/2020						524,200								0								(443)						(443)										0									(19)
																			$			754			$					(5,353)				$		(4,599)								$		97				$					(230)
Total Swap Agreements																			$			695			$					(5,298)				$		(4,603)								$		97				$					(231)
(i)	Securities with an aggregate market value of $6,225 and cash of $10,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

March 31, 2020

(Unaudited)


(2)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(3)	The maximum potential amount the Portfolio 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.
(j)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
											Unrealized Appreciation/(Depreciation)
Counterparty			Settlement Month		Currency to be Delivered				Currency to be Received						Asset								Liability
BOA			04/2020	TRY	693		$		106					$	1						$		0
			04/2020	$	18,735		GBP		14,530						0								(687)
			05/2020	EUR	14,782		$		16,464						187								(53)
			05/2020	$	7,491		EUR		6,972						211								0
BPS			04/2020	BRL	103,137		$		24,678						4,829								0
			04/2020	CAD	344				257						13								0
			04/2020	MXN	198,072				10,285						1,959								0
			04/2020	$	19,843		BRL		103,137						7								(1)
			05/2020		1,294		JPY		142,000						29								0
BRC			04/2020	GBP	14,530		$		17,765						0								(283)
			05/2020	$	4,262		EUR		3,846						0								(14)
			05/2020		17,777		GBP		14,530						283								0
BSH			04/2020	BRL	95,944		$		18,455						0								(9)
			04/2020	$	19,375		BRL		95,944						0								(910)
			07/2020	BRL	136,300		$		32,527						6,440								0
			07/2020	$	26,917		BRL		136,300						0								(830)
CBK			04/2020	BRL	59,004		$		14,069						2,713								0
			04/2020	$	11,350		BRL		59,004						6								0
			05/2020	GBP	24,003		$		30,900						1,095								(35)
			05/2020	JPY	1,442,800				13,146						0								(298)
			05/2020	$	34,848		JPY		3,815,600						707								0
DUB			04/2020	BRL	31,985		$		6,153						0								(3)
			04/2020	$	6,235		BRL		31,985						0								(79)
			05/2020	BRL	31,985		$		6,227						85								0
GLM			04/2020	$	9,607		AUD		15,770						93								0
			05/2020	AUD	15,770		$		9,609						0								(93)
			05/2020	GBP	936				1,092						0								(71)
			05/2020	$	20,428		GBP		16,689						320								0
HUS			04/2020	BRL	11,109		$		2,476						338								0
			04/2020	$	2,137		BRL		11,109						1								0
			04/2020		10,179		MXN		200,334						0								(1,759)
			05/2020	GBP	4,710		$		6,047						191								0
			05/2020	$	19,971		EUR		17,928						102								(267)
JPM			04/2020	BRL	14,373		$		3,196						430								0
			04/2020	$	2,765		BRL		14,373						1								0
			05/2020	EUR	4,709		$		5,150						0								(52)
MYI			04/2020	AUD	15,770				10,374						673								0
			04/2020	BRL	75,538				14,530						0								(7)
			04/2020	$	15,957		BRL		75,538						0								(1,420)
			05/2020	EUR	82,764		$		90,849						0								(583)
			06/2020	THB	10,231				328						16								0
RYL			06/2020	$	122		MYR		520						0								(2)
SOG			05/2020	GBP	39,524		$		51,440						2,305								0
SSB			04/2020	BRL	15,844				3,616						567								0
UAG			04/2020		32,756				6,546						242								0
			04/2020	$	6,301		BRL		32,756						3								0
			05/2020	JPY	2,538,800		$		22,915						0								(742)
			05/2020	$	6,537		BRL		32,756						0								(247)
Total Forward Foreign Currency Contracts											$			23,847					$	(8,445)
WRITTEN OPTIONS:
FOREIGN CURRENCY OPTIONS
Counterparty		Description						Strike Price		Expiration Date			Notional Amount(1)				Premiums (Received)							Market Value
MYI		Call - OTC USD versus RUB				RUB		71.020		05/07/2020			8,000			$	(81)					$		(769)
Total Written Options											$	(81)				$		(769)
(k)	Securities with an aggregate market value of $5,038 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)	Notional Amount represents the number of contracts.

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

March 31, 2020

(Unaudited)


FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory		Level 1		Level 2		Level 3		Fair Value at 03/31/2020
Investments in Securities, at Value
Loan Participations and Assignments		$	0	$	0	$	11,904	$	11,904
Corporate Bonds & Notes
	Banking & Finance		0		262,007		0		262,007
	Industrials		0		152,204		0		152,204
	Utilities		0		18,293		0		18,293
U.S. Government Agencies			0		503,644		0		503,644
U.S. Treasury Obligations			0		317,728		0		317,728
Non-Agency Mortgage-Backed Securities			0		69,748		0		69,748
Asset-Backed Securities			0		133,139		0		133,139
Sovereign Issues			0		65,527		0		65,527
Short-Term Instruments
	Certificates of Deposit		0		5,996		0		5,996
	Repurchase Agreements		0		3,477		0		3,477
	U.S. Treasury Bills		0		361		0		361
		$	0	$	1,532,124	$	11,904	$	1,544,028
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes	$	467,335	$	0	$	0	$	467,335
Total Investments		$	467,335	$	1,532,124	$	11,904	$	2,011,363
Short Sales, at Value - Liabilities
U.S. Government Agencies		$	0	$	(166,800)	$	0	$	(166,800)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared			424		176		0		600
Over the counter			0		23,847		0		23,847
		$	424	$	24,023	$	0	$	24,447
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared			(2,220)		(231)		0		(2,451)
Over the counter			0		(9,214)		0		(9,214)
		$	(2,220)	$	(9,445)	$	0	$	(11,665)
Total Financial Derivative Instruments		$	(1,796)	$	14,578	$	0	$	12,782
Totals		$	465,539	$	1,379,902	$	11,904	$	1,857,345

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Schedule of Investments PIMCO Real Return Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 138.9% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0%
Hilton Worldwide Finance LLC 2.697% (LIBOR03M + 1.750%) due 06/22/2026 ~	$	77	$	72
Total Loan Participations and Assignments (Cost $77)				72
CORPORATE BONDS & NOTES 5.0%
BANKING & FINANCE 2.8%
AerCap Ireland Capital DAC 4.625% due 10/30/2020		100		97
Akelius Residential Property AB 3.375% due 09/23/2020	EUR	100		112
Ally Financial, Inc. 4.250% due 04/15/2021	$	50		49
Avolon Holdings Funding Ltd. 5.500% due 01/15/2023		200		180
Bank of Ireland 7.375% due 06/18/2020 •(d)(e)	EUR	400		427
Cooperatieve Rabobank UA
5.500% due 06/29/2020 •(d)(e)		1,800		1,911
6.625% due 06/29/2021 •(d)(e)		600		635
Credit Suisse Group Funding Guernsey Ltd. 3.800% due 09/15/2022	$	2,600		2,647
Deutsche Bank AG 4.250% due 10/14/2021		10,200		9,710
Ford Motor Credit Co. LLC 3.550% due 10/07/2022		1,800		1,687
ING Bank NV 2.625% due 12/05/2022		3,200		3,352
International Lease Finance Corp. 8.250% due 12/15/2020		2,310		2,297
Jackson National Life Global Funding 2.375% due 09/15/2022		500		499
Lloyds Banking Group PLC
1.995% (US0003M + 0.800%) due 06/21/2021 ~		2,800		2,733
6.375% due 06/27/2020 •(d)(e)	EUR	600		611
Mitsubishi UFJ Financial Group, Inc. 3.460% (US0003M + 1.880%) due 03/01/2021 ~	$	1,097		1,091
Mitsubishi UFJ Lease & Finance Co. Ltd. 3.960% due 09/19/2023		400		400
Nissan Motor Acceptance Corp.
1.900% due 09/14/2021		100		95
2.650% due 07/13/2022		200		193
Park Aerospace Holdings Ltd. 5.250% due 08/15/2022		300		271
Royal Bank of Scotland Group PLC
2.766% (US0003M + 1.550%) due 06/25/2024 ~		2,100		1,903
4.519% due 06/25/2024 •		1,400		1,412
7.500% due 08/10/2020 •(d)(e)		1,120		1,033
8.625% due 08/15/2021 •(d)(e)		400		392
SBA Tower Trust 2.877% due 07/15/2046		600		599
State Bank of India 2.850% (US0003M + 0.950%) due 04/06/2020 ~		4,300		4,300
UniCredit SpA 7.830% due 12/04/2023		8,450		9,035
				47,671
INDUSTRIALS 1.5%
Allergan Sales LLC 5.000% due 12/15/2021		1,540		1,596
Allergan, Inc. 3.375% due 09/15/2020		1,060		1,071
Central Nippon Expressway Co. Ltd. 2.362% due 05/28/2021		200		202
Charter Communications Operating LLC
3.579% due 07/23/2020		2,390		2,383
4.464% due 07/23/2022		140		145
Danone S.A. 2.077% due 11/02/2021		500		501

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


Dell International LLC 4.420% due 06/15/2021		1,500	1,517
eBay, Inc. 2.600% due 07/15/2022		100	100
EMC Corp. 2.650% due 06/01/2020		87	87
EQT Corp. 4.875% due 11/15/2021		207	170
ERAC USA Finance LLC 4.500% due 08/16/2021		480	490
Flex Ltd. 5.000% due 02/15/2023		100	100
General Electric Co. 5.550% due 05/04/2020		1,000	1,003
General Motors Co. 2.542% (US0003M + 0.800%) due 08/07/2020 ~		70	69
Hewlett Packard Enterprise Co. 2.620% (US0003M + 0.720%) due 10/05/2021 ~		3,100	2,920
JT International Financial Services BV 3.500% due 09/28/2023		200	209
McDonald's Corp. 2.225% (US0003M + 0.430%) due 10/28/2021 ~		5,400	5,315
Mondelez International Holdings Netherlands BV 2.000% due 10/28/2021		1,700	1,694
NXP BV 3.875% due 09/01/2022		200	201
Penske Truck Leasing Co. LP 3.375% due 02/01/2022		100	101
Sabine Pass Liquefaction LLC 5.625% due 02/01/2021		1,300	1,279
Sprint Spectrum Co. LLC 3.360% due 03/20/2023		38	37
Sunoco Logistics Partners Operations LP 4.400% due 04/01/2021		500	499
Textron, Inc. 2.284% (US0003M + 0.550%) due 11/10/2020 ~		3,650	3,650
Toyota Tsusho Corp. 3.625% due 09/13/2023		200	196
VMware, Inc. 3.900% due 08/21/2027		190	188
YPF S.A. 35.421% (BADLARPP + 6.000%) due 03/04/2021 ~	ARS	12,930	147
			25,870
UTILITIES 0.7%
AT&T, Inc.
2.330% (US0003M + 0.750%) due 06/01/2021 ~	$	2,800	2,719
5.150% due 02/15/2050		1,540	1,848
5.300% due 08/15/2058		580	686
British Transco International Finance BV 0.000% due 11/04/2021		580	566
Eversource Energy 2.900% due 10/01/2024		100	103
Petrobras Global Finance BV
5.093% due 01/15/2030		3,558	3,260
6.125% due 01/17/2022		212	213
Sempra Energy
1.191% (US0003M + 0.450%) due 03/15/2021 ~		1,550	1,528
2.900% due 02/01/2023		500	498
Southern Co. Gas Capital Corp. 2.450% due 10/01/2023		100	101
Sprint Corp. 7.250% due 09/15/2021		100	104
			11,626
Total Corporate Bonds & Notes (Cost $86,602)			85,167
MUNICIPAL BONDS & NOTES 0.0%
WEST VIRGINIA 0.0%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 7.467% due 06/01/2047		615	597
Total Municipal Bonds & Notes (Cost $588)			597
U.S. GOVERNMENT AGENCIES 19.8%
Fannie Mae
1.097% due 08/25/2034 •		21	20
1.297% due 07/25/2037 - 05/25/2042 •		41	40
1.347% due 03/25/2049 •		7,810	7,715
1.387% due 05/25/2036 •		9	9
1.687% due 12/25/2036 •		22	22
3.253% due 07/01/2044 - 09/01/2044 •		20	19

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


3.654% due 10/01/2035 •	34	35
3.958% due 05/25/2035 ~	147	154
Fannie Mae, TBA 3.000% due 06/01/2040	4,500	4,703
Freddie Mac
1.077% due 08/25/2031 •	27	27
1.155% due 09/15/2042 •	4,686	4,734
2.005% due 07/15/2044 •	2,335	2,324
3.166% due 10/25/2044 •	1,553	1,530
3.189% due 02/25/2045 •	475	465
3.935% due 01/01/2034 •	41	41
4.501% due 12/01/2035 •	23	23
Ginnie Mae
1.173% due 02/20/2049 •	7,625	7,550
2.266% due 08/20/2068 •	3,390	3,272
3.629% due 04/20/2067 •	2,453	2,451
NCUA Guaranteed Notes
1.466% due 10/07/2020 •	576	576
1.576% due 12/08/2020 •	2,168	2,168
Small Business Administration 6.020% due 08/01/2028	265	290
Uniform Mortgage-Backed Security 4.000% due 09/01/2048 - 08/01/2049	9,425	10,064
Uniform Mortgage-Backed Security, TBA
2.500% due 05/01/2050 - 06/01/2050	48,400	50,039
3.000% due 05/01/2050	62,000	64,928
3.500% due 05/01/2050	42,440	44,890
4.000% due 04/01/2050 - 05/01/2050	117,700	125,669
Total U.S. Government Agencies (Cost $327,692)		333,758
U.S. TREASURY OBLIGATIONS 99.4%
U.S. Treasury Inflation Protected Securities (c)
0.125% due 04/15/2021 (g)	116,764	114,392
0.125% due 01/15/2022	33,140	32,664
0.125% due 04/15/2022 (i)	22,055	21,743
0.125% due 07/15/2022	33,051	32,741
0.125% due 01/15/2023	23,870	23,580
0.125% due 07/15/2026 (g)	66,265	66,908
0.125% due 01/15/2030 (k)	40	41
0.250% due 07/15/2029 (g)	87,799	91,275
0.375% due 07/15/2023	55,348	55,687
0.375% due 07/15/2025	30,926	31,560
0.375% due 01/15/2027	44,720	45,812
0.375% due 07/15/2027	40,913	42,125
0.500% due 04/15/2024 (i)	13,234	13,429
0.500% due 01/15/2028 (g)	66,171	69,011
0.625% due 07/15/2021 (g)(i)(k)	8,217	8,140
0.625% due 04/15/2023 (i)	23,313	23,493
0.625% due 01/15/2026 (g)	209,518	216,525
0.625% due 02/15/2043 (g)(k)	5,632	6,185
0.750% due 07/15/2028	27,632	29,590
0.750% due 02/15/2042	13,527	15,161
0.750% due 02/15/2045	51,758	59,220
0.875% due 02/15/2047	30,395	36,209
1.000% due 02/15/2046	29,013	35,283
1.000% due 02/15/2048 (k)	5,677	6,999
1.375% due 02/15/2044 (g)	65,564	84,184
1.750% due 01/15/2028 (g)	70,694	80,473
2.000% due 01/15/2026	48,181	53,620
2.125% due 02/15/2040 (g)	45,838	64,137
2.125% due 02/15/2041 (g)(k)	7,008	9,765
2.375% due 01/15/2025 (g)	86,633	96,099
2.375% due 01/15/2027	18,393	21,333
2.500% due 01/15/2029 (g)	58,241	71,534
3.375% due 04/15/2032 (k)	2,188	3,096
3.625% due 04/15/2028	40,415	52,057
3.875% due 04/15/2029 (g)	47,523	64,129
U.S. Treasury Notes
1.750% due 12/31/2024 (g)	2,120	2,258
Total U.S. Treasury Obligations (Cost $1,604,945)		1,680,458
NON-AGENCY MORTGAGE-BACKED SECURITIES 3.9%
Adjustable Rate Mortgage Trust 4.074% due 05/25/2036 ^~	118	103
Alliance Bancorp Trust 1.187% due 07/25/2037 •	900	685
American Home Mortgage Investment Trust 3.033% due 09/25/2045 •	64	62
Banc of America Funding Trust
1.213% due 07/20/2036 •	29	28
4.184% due 01/20/2047 ^~	151	132
4.365% due 02/20/2036 ~	204	176
Banc of America Mortgage Trust
3.653% due 02/25/2036 ^~	180	156

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


4.636% due 06/25/2035 ~		35	28
Bancorp Commercial Mortgage Trust 1.755% due 09/15/2036 •		1,888	1,801
Bear Stearns Adjustable Rate Mortgage Trust
3.677% due 02/25/2036 ^~		47	42
3.724% due 01/25/2035 ~		150	135
3.759% due 03/25/2035 ~		193	167
4.183% due 07/25/2036 ^~		226	199
4.270% due 10/25/2035 •		294	277
Bear Stearns ALT-A Trust
3.775% due 03/25/2036 ^~		323	253
3.958% due 09/25/2035 ^~		866	645
Chase Mortgage Finance Trust 4.608% due 02/25/2037 ~		18	16
ChaseFlex Trust 6.000% due 02/25/2037 ^		342	208
Chevy Chase Funding LLC Mortgage-Backed Certificates 1.227% due 01/25/2035 •		5	5
Citigroup Mortgage Loan Trust
3.228% due 09/25/2059 þ		859	853
3.258% due 04/25/2066 ~		658	653
4.033% due 03/25/2037 ^~		2,231	1,861
4.128% due 09/25/2037 ^~		462	408
4.140% due 03/25/2036 ^•		297	261
4.810% due 05/25/2035 •		12	11
Citigroup Mortgage Loan Trust, Inc.
4.200% due 09/25/2035 •		7	6
5.500% due 08/25/2034		55	52
Civic Mortgage LLC 4.349% due 11/25/2022 þ		424	423
Countrywide Alternative Loan Trust
0.953% due 02/20/2047 ^•		343	233
1.057% due 06/25/2046 •		70	69
1.127% due 05/25/2047 •		99	78
1.137% due 09/25/2046 ^•		2,571	2,169
1.227% due 12/25/2035 •		22	19
2.966% due 12/25/2035 •		60	51
6.000% due 03/25/2037 ^		3,713	2,275
6.000% due 04/25/2037		479	454
Countrywide Home Loan Mortgage Pass-Through Trust
3.433% due 05/20/2036 ^~		66	60
3.777% due 10/20/2035 ~		1,323	1,197
5.500% due 08/25/2035 ^		47	41
6.000% due 04/25/2036		406	293
6.000% due 03/25/2037 ^		1,338	995
Credit Suisse Mortgage Capital Certificates
3.549% due 08/26/2058		748	778
6.006% due 10/26/2036 ~		201	182
Deutsche ALT-B Securities, Inc. Mortgage Loan Trust 1.047% due 10/25/2036 ^•		9	6
Eurosail PLC 1.456% due 06/13/2045 •	GBP	2,087	2,505
First Horizon Alternative Mortgage Securities Trust
3.776% due 06/25/2034 ~	$	116	106
6.000% due 02/25/2037 ^		366	239
First Horizon Mortgage Pass-Through Trust 4.622% due 08/25/2035 ~		170	131
Great Hall Mortgages PLC
0.643% due 03/18/2039 •	GBP	95	113
0.663% due 06/18/2038 •		88	105
GreenPoint Mortgage Funding Trust
1.127% due 09/25/2046 •	$	338	274
1.387% due 06/25/2045 •		175	139
1.487% due 11/25/2045 •		125	93
GS Mortgage Securities Trust 4.592% due 08/10/2043		3,216	3,231
GSR Mortgage Loan Trust
4.098% due 09/25/2035 ~		127	120
4.118% due 12/25/2034 ~		207	190
4.310% due 01/25/2035 ~		71	62
4.655% due 07/25/2035 ~		165	143
HarborView Mortgage Loan Trust
0.940% due 09/19/2037 •		59	48
1.113% due 06/20/2035 •		62	58
1.190% due 05/19/2035 •		47	44
1.310% due 02/19/2036 •		107	76
Hawksmoor Mortgages 1.761% due 05/25/2053 •	GBP	6,932	8,472
IndyMac Mortgage Loan Trust
1.227% due 07/25/2035 •	$	195	150
1.727% due 05/25/2034 •		20	17
3.854% due 12/25/2034 ~		70	62
4.226% due 11/25/2035 ^~		56	55
JPMorgan Mortgage Trust
3.598% due 07/27/2037 ~		436	427
3.979% due 09/25/2035 ~		24	22

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


4.193% due 08/25/2035 ^~		111	102
4.222% due 07/25/2035 ~		207	188
4.370% due 02/25/2035 ~		96	83
4.539% due 07/25/2035 ~		83	76
4.559% due 08/25/2035 ~		122	112
Lehman XS Trust 2.097% due 12/25/2037 •		3,476	2,846
MASTR Adjustable Rate Mortgages Trust 4.684% due 11/21/2034 ~		86	82
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates 1.405% due 11/15/2031 •		64	60
Mellon Residential Funding Corp. Mortgage Pass-Through Trust 1.145% due 12/15/2030 •		80	74
Merrill Lynch Mortgage Investors Trust
1.197% due 11/25/2035 •		62	50
3.617% due 12/25/2035 ~		93	76
Morgan Stanley Mortgage Loan Trust 3.798% due 06/25/2036 ~		165	153
New Residential Mortgage Loan Trust 2.750% due 07/25/2059 ~		7,194	7,209
Residential Accredit Loans, Inc. Trust
1.247% due 08/25/2035 •		71	56
2.910% due 10/25/2037 ~		1,188	953
Residential Asset Securitization Trust
1.347% due 05/25/2035 •		640	471
6.500% due 09/25/2036 ^		248	147
Residential Funding Mortgage Securities, Inc. Trust 6.000% due 06/25/2037 ^		218	199
Sequoia Mortgage Trust
0.973% due 07/20/2036 •		447	398
1.100% due 10/19/2026 •		21	19
Structured Adjustable Rate Mortgage Loan Trust
3.366% due 01/25/2035 ^•		70	58
3.872% due 02/25/2034 ~		68	62
3.982% due 08/25/2035 ~		83	72
Structured Asset Mortgage Investments Trust
1.000% due 07/19/2035 •		456	401
1.137% due 06/25/2036 •		57	54
1.157% due 04/25/2036 •		200	194
1.410% due 10/19/2034 •		42	38
Structured Asset Securities Corp. Mortgage Loan Trust 1.157% due 11/25/2035 •		6,201	6,077
Towd Point Mortgage Funding PLC 1.724% due 10/20/2051 •	GBP	6,199	7,479
Wachovia Mortgage Loan Trust 1.177% due 01/25/2037 •	$	1,766	979
WaMu Mortgage Pass-Through Certificates Trust
2.484% due 07/25/2046 •		463	367
2.484% due 11/25/2046 •		65	54
2.696% due 01/25/2047 •		387	339
2.736% due 05/25/2047 •		253	210
2.863% due 12/25/2046 •		60	50
2.966% due 02/25/2046 •		91	80
3.166% due 11/25/2042 •		10	9
3.479% due 08/25/2035 ~		10	8
3.749% due 12/25/2035 ~		87	75
Total Non-Agency Mortgage-Backed Securities (Cost $69,284)			65,388
ASSET-BACKED SECURITIES 6.1%
ACE Securities Corp. Home Equity Loan Trust 1.147% due 03/25/2037 •		425	224
Adagio CLO Ltd. 0.660% due 10/15/2029 •	EUR	488	532
Argent Mortgage Loan Trust 1.427% due 05/25/2035 •	$	711	581
Argent Securities Trust 1.107% due 05/25/2036 •		130	43
Atrium Corp. 2.632% due 04/22/2027 •		2,000	1,971
Babson Euro CLO BV 0.434% due 10/25/2029 •	EUR	600	653
Bayview Opportunity Master Fund Trust 3.475% due 06/28/2034 þ	$	137	136
Benefit Street Partners CLO Ltd. 2.599% due 07/18/2027 •		900	889
Black Diamond CLO Designated Activity Co.
0.650% due 10/03/2029 •	EUR	1,646	1,794
2.958% due 10/03/2029 •	$	1,111	1,102
Brookside Mill CLO Ltd. 2.656% due 01/17/2028 •		2,130	2,088
Carlyle Global Market Strategies Euro CLO DAC 0.730% due 09/21/2029 •	EUR	293	321
Catamaran CLO Ltd. 2.644% due 01/27/2028 •	$	4,442	4,339

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


CIT Mortgage Loan Trust
2.297% due 10/25/2037 •		468	455
2.447% due 10/25/2037 •		3,400	2,873
Citigroup Mortgage Loan Trust 1.027% due 01/25/2037 •		112	83
Citigroup Mortgage Loan Trust, Inc. 1.197% due 06/25/2037 •		3,873	3,806
College Loan Corp. Trust 2.044% due 01/25/2024 •		800	770
CoreVest American Finance Trust 2.968% due 10/15/2049		538	535
Countrywide Asset-Backed Certificates
1.137% due 11/25/2037 •		4,459	3,932
1.197% due 03/25/2037 •		1,260	1,034
3.765% due 04/25/2036 ~		1	1
Countrywide Asset-Backed Certificates Trust 1.687% due 08/25/2047 •		233	209
Credit-Based Asset Servicing & Securitization LLC
1.167% due 07/25/2037 •		931	559
1.997% due 05/25/2035 •		386	312
Credit-Based Asset Servicing & Securitization Trust 1.007% due 11/25/2036 •		64	32
CVP Cascade CLO Ltd. 2.993% due 01/16/2026 •		124	124
Ellington Loan Acquisition Trust 2.047% due 05/25/2037 •		466	424
First Franklin Mortgage Loan Trust 1.417% due 11/25/2036 •		2,400	1,869
Fremont Home Loan Trust 1.082% due 10/25/2036 •		959	786
GSAA Home Equity Trust 6.220% due 03/25/2046 þ		381	265
GSAMP Trust
1.017% due 12/25/2036 •		78	39
1.682% due 09/25/2035 ^•		71	67
1.922% due 03/25/2035 ^•		56	46
Halcyon Loan Advisors Funding Ltd. 2.747% due 04/20/2027 •		1,082	1,076
Home Equity Asset Trust
1.397% due 02/25/2036 •		2,200	1,931
1.742% due 07/25/2034 •		208	197
HSI Asset Securitization Corp. Trust 0.997% due 10/25/2036 •		5	2
IndyMac Mortgage Loan Trust 1.017% due 07/25/2036 •		660	245
Jamestown CLO Ltd.
2.521% due 07/15/2026 •		892	852
3.056% due 01/17/2027 •		3,003	2,963
JPMorgan Mortgage Acquisition Trust 1.157% due 10/25/2036 •		86	79
Jubilee CLO BV
0.311% due 12/15/2029 •	EUR	2,400	2,466
0.447% due 07/12/2028 •		1,100	1,192
KVK CLO Ltd. 2.738% due 01/14/2028 •	$	610	596
Legacy Mortgage Asset Trust 3.750% due 04/25/2059 þ		628	615
Lehman ABS Manufactured Housing Contract Trust 7.170% due 04/15/2040 ^~		1,161	844
Lehman XS Trust
1.107% due 05/25/2036 •		1,166	1,039
5.201% due 06/25/2036 þ		747	713
LoanCore Issuer Ltd. 1.835% due 05/15/2036 •		2,700	2,627
Long Beach Mortgage Loan Trust 1.067% due 08/25/2036 •		1,199	553
Man GLG Euro CLO DAC 0.870% due 01/15/2030 •	EUR	800	824
Marathon CLO Ltd. 2.566% due 11/21/2027 •	$	1,511	1,471
Marlette Funding Trust 2.690% due 09/17/2029		494	479
MASTR Asset-Backed Securities Trust 1.447% due 10/25/2035 ^•		68	57
Merrill Lynch Mortgage Investors Trust
1.027% due 09/25/2037 •		23	13
1.067% due 02/25/2037 •		295	105
Morgan Stanley IXIS Real Estate Capital Trust 0.997% due 11/25/2036 •		10	4
New Century Home Equity Loan Trust 1.712% due 02/25/2035 •		119	106
NovaStar Mortgage Funding Trust 1.652% due 01/25/2036 •		2,025	1,910
OCP CLO Ltd.
2.614% due 10/26/2027 •		1,521	1,488
2.631% due 07/15/2027 •		1,260	1,248

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


2.686% due 04/17/2027 •		776	769
Park Place Securities, Inc. 1.417% due 09/25/2035 •		2,303	2,249
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
1.437% due 09/25/2035 •		775	706
1.997% due 10/25/2034 •		3,850	3,493
RAAC Trust 1.287% due 08/25/2036 •		439	425
Renaissance Home Equity Loan Trust 1.707% due 12/25/2032 •		61	55
Residential Asset Securities Corp. Trust 1.177% due 06/25/2036 •		4,405	4,076
Saxon Asset Securities Trust 1.257% due 09/25/2037 •		824	742
Securitized Asset-Backed Receivables LLC Trust
1.007% due 12/25/2036 ^•		294	80
1.097% due 07/25/2036 •		230	115
1.107% due 07/25/2036 •		3,248	1,426
SLM Private Education Loan Trust 2.955% due 06/16/2042 •		542	543
SLM Student Loan Trust
0.000% due 01/25/2024 •	EUR	566	621
0.000% due 06/17/2024 •		174	188
2.344% due 10/25/2064 •	$	2,967	2,810
3.294% due 04/25/2023 •		2,304	2,285
SoFi Professional Loan Program LLC 2.050% due 01/25/2041		282	281
Soundview Home Loan Trust
1.007% due 11/25/2036 •		45	16
1.127% due 07/25/2037 •		1,102	949
1.147% due 06/25/2037 •		1,935	1,450
SpringCastle Funding Asset-Backed Notes 3.200% due 05/27/2036		4,012	3,781
Stanwich Mortgage Loan Co. LLC 3.375% due 08/15/2024 þ		333	333
Structured Asset Securities Corp. Mortgage Loan Trust 3.081% due 04/25/2035 •		172	159
Symphony CLO Ltd. 2.788% due 07/14/2026 •		1,212	1,177
THL Credit Wind River CLO Ltd.
2.701% due 10/15/2027 •		324	319
2.711% due 01/15/2026 •		1,116	1,112
Tralee CLO Ltd. 2.849% due 10/20/2027 •		2,351	2,315
Venture CLO Ltd.
2.651% due 04/15/2027 •		4,425	4,321
2.711% due 07/15/2027 •		2,049	2,011
Voya CLO Ltd. 2.514% due 07/25/2026 •		1,884	1,845
Z Capital Credit Partners CLO Ltd. 2.793% due 07/16/2027 •		3,610	3,518
Total Asset-Backed Securities (Cost $107,095)			102,759
SOVEREIGN ISSUES 4.5%
Argentina Government International Bond
36.575% (BADLARPP + 2.000%) due 04/03/2022 ~	ARS	16,489	125
38.039% (ARLLMONP) due 06/21/2020 ~		105,646	766
42.781% (BADLARPP) due 10/04/2022 ~		300	4
Australia Government International Bond
1.250% due 02/21/2022 (c)	AUD	7,017	4,356
3.000% due 09/20/2025 (c)		11,216	7,913
Canada Government Real Return Bond 4.250% due 12/01/2026	CAD	5,856	5,216
Japan Government International Bond
0.100% due 03/10/2028	JPY	1,199,041	11,146
0.100% due 03/10/2029		1,235,049	11,457
Mexico Government International Bond 7.750% due 05/29/2031	MXN	53,861	2,357
New Zealand Government International Bond
2.000% due 09/20/2025 (c)	NZD	7,003	4,589
3.000% due 09/20/2030 (c)		15,561	11,707
Peru Government International Bond 5.940% due 02/12/2029	PEN	5,300	1,653
Qatar Government International Bond 3.875% due 04/23/2023	$	2,000	2,063
Saudi Government International Bond 4.000% due 04/17/2025		3,170	3,302

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


United Kingdom Gilt 0.125% due 08/10/2048	GBP	4,442		9,626
Total Sovereign Issues (Cost $88,890)				76,280
		SHARES
PREFERRED SECURITIES 0.1%
BANKING & FINANCE 0.1%
Banco Santander S.A. 6.250% due 09/11/2021 •(d)(e)		100,000		100
Bank of America Corp. 5.875% due 03/15/2028 •(d)		1,220,000		1,237
Total Preferred Securities (Cost $1,333)				1,337
SHORT-TERM INSTRUMENTS 0.1%
REPURCHASE AGREEMENTS (f) 0.1%				998
		PRINCIPAL AMOUNT (000s)
ARGENTINA TREASURY BILLS 0.0%
32.393% due 08/28/2020 ~	ARS	7707		71
35.641% due 06/22/2020 ~		3180		37
36.751% due 04/03/2020 ~		16,920		190
53.823% due 05/13/2020 (a)(b)		5,020		37
				335
U.S. TREASURY BILLS 0.0%
0.020% due 06/18/2020 (a)(b)(k)	$	351		351
Total Short-Term Instruments (Cost $1,808)				1,684
Total Investments in Securities (Cost $2,288,314)				2,347,500
		SHARES
INVESTMENTS IN AFFILIATES 1.7%
SHORT-TERM INSTRUMENTS 1.7%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.7%
PIMCO Short-Term Floating NAV Portfolio III		2,962,922		29,099
Total Short-Term Instruments (Cost $29,076)				29,099
Total Investments in Affiliates (Cost $29,076)				29,099
Total Investments 140.6% (Cost $2,317,390)			$	2,376,599
Financial Derivative Instruments (h)(j) (0.0)%(Cost or Premiums, net $(5,677))				(132)
Other Assets and Liabilities, net (40.6)%				(686,092)
Net Assets 100.0%			$	1,690,375

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(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.
~	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)	Zero coupon security.
(b)	Coupon represents a yield to maturity.
(c)	Principal amount of security is adjusted for inflation.
(d)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(e)	Contingent convertible security.
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(f)	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
FICC		0.000%	03/31/2020	04/01/2020	$		998		U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021													$			(1,019)			$		998				$		998
Total Repurchase Agreements																						$			(1,019)			$		998				$		998
SALE-BUYBACK TRANSACTIONS:
Counterparty						Borrowing Rate(1)					Borrowing Date				Maturity Date										Amount Borrowed(1)								Payable for Sale-Buyback Transactions(2)
BCY						1.030%					03/26/2020				04/13/2020						$				(2,253)						$		(2,253)
BPG						0.450					04/01/2020				04/02/2020										(502,811)								(502,811)
						0.700					03/16/2020				04/16/2020										(11,485)								(11,488)
						1.200					03/17/2020				04/17/2020										(26,604)								(26,618)
						1.730					02/11/2020				04/09/2020										(22,873)								(22,928)
						1.740					02/18/2020				04/17/2020										(49,108)								(49,210)
						1.750					02/21/2020				04/03/2020										(9,652)								(9,671)
						1.920					11/18/2019				05/18/2020										(110,546)								(111,344)
						1.950					11/18/2019				05/18/2020										(44,753)								(45,082)
						1.950					12/24/2019				05/18/2020										(1,002)								(1,007)
MSC						1.850					03/19/2020				04/13/2020										(5,778)								(5,781)
TDL						1.680					01/06/2020				04/06/2020										(194,294)								(195,074)
Total Sale-Buyback Transactions																															$		(983,267)
(g)	Securities with an aggregate market value of $970,748 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(464,601) at a weighted average interest rate of 1.787%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(2)	Payable for sale-buyback transactions includes $(516) of deferred price drop.
(h)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
PURCHASED OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description										Strike Price				Expiration Date			# of Contracts			Notional Amount							Cost							Market Value
Call - CBOT U.S. Treasury 10-Year Note June 2020 Futures								$		200.000				05/22/2020			3		$					3		$	3					$		0
Total Purchased Options												$	3			$		0

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
															Variation Margin
Description								Expiration Month				# of Contracts								Notional Amount												Unrealized Appreciation/ (Depreciation)										Asset										Liability
Call Options Strike @ EUR 113.400 on Euro-Schatz June 2020 Futures (1)								05/2020				2,011				$				44							$					32								$		33						$				0
Call Options Strike @ EUR 116.500 on Euro-Schatz June 2020 Futures (1)								05/2020				464								5												2										3										0
Call Options Strike @ EUR 140.500 on Euro-Bobl June 2020 Futures (1)								05/2020				334								11												9										7										0
Euro-Bund 10-Year Bond June Futures								06/2020				428								81,432												(364)										491										(514)
Put Options Strike @ EUR 159.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)								05/2020				309								31												27										0										(17)
U.S. Treasury 2-Year Note June Futures								06/2020				56								12,341												178										0										(2)
U.S. Treasury Ultra Long-Term Bond June Futures								06/2020				459								101,841												7,409										0										(1,492)
																										$					7,293								$		534						$				(2,025)
SHORT FUTURES CONTRACTS
															Variation Margin
Description								Expiration Month				# of Contracts								Notional Amount												Unrealized Appreciation/ (Depreciation)										Asset										Liability
Australia Government 3-Year Note June Futures								06/2020				85				$				(6,123)							$					(32)								$		0						$				(4)
Australia Government 10-Year Bond June Futures								06/2020				46								(4,261)												18										0										(57)
Euro-Bobl June Futures								06/2020				108								(16,105)												87										36										(79)
Euro-BTP Italy Government Bond June Futures								06/2020				17								(2,651)												117										44										0
Euro-Buxl 30-Year Bond June Futures								06/2020				22								(5,093)												191										111										(55)
Euro-OAT France Government 10-Year Bond June Futures								06/2020				4								(738)												14										6										(2)
Euro-Schatz June Futures								06/2020				2,475								(306,242)												(207)										137										(177)
Japan Government 10-Year Bond June Futures								06/2020				17								(24,122)												385										25										(62)
U.S. Treasury 5-Year Note June Futures								06/2020				642								(80,481)												(2,955)										30										0
U.S. Treasury 10-Year Note June Futures								06/2020				1,132								(156,994)												(5,104)										171										(17)
U.S. Treasury 30-Year Bond June Futures								06/2020				595								(106,542)												(8,389)										985										0
United Kingdom Long Gilt June Futures								06/2020				206								(34,847)												(498)										128										(102)
																										$					(16,373)								$		1,673						$				(555)
Total Futures Contracts																	$						(9,080)							$			2,207					$				(2,580)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(2)
															Variation Margin (7)
Reference Entity	Fixed Receive Rate		Payment Frequency		Maturity Date		Implied Credit Spread at March 31, 2020(4)							Notional Amount(5)							Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)								Market Value(6)									Asset								Liability
Daimler AG	1.000%		Quarterly		12/20/2020		0.688			%	EUR			720				$			12			$				(10)						$		2							$		0				$				(1)
General Electric Co.	1.000		Quarterly		12/20/2020		1.362				$			400							(10)							9								(1)									0								0
General Electric Co.	1.000		Quarterly		12/20/2023		1.948							800							(45)							19								(26)									5								0
																			$			(43)			$				18						$		(25)							$		5				$				(1)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(3)
															Variation Margin (7)
Index/Tranches		Fixed (Pay) Rate		Payment Frequency		Maturity Date							Notional Amount(5)								Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)								Market Value(6)									Asset								Liability
CDX.HY-33 5-Year Index		(5.000)%		Quarterly		12/20/2024			$				28,126					$			(1,702)			$				3,369						$		1,667							$		374				$				0
CDX.HY-34 5-Year Index		(5.000)		Quarterly		06/20/2025							8,900								354							186								540									120								0
																		$			(1,348)			$				3,555						$		2,207							$		494				$				0
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
															Variation Margin (7)
Index/Tranches		Fixed Receive Rate		Payment Frequency		Maturity Date							Notional Amount(5)								Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)								Market Value(6)									Asset								Liability
iTraxx Europe Main 32 5-Year Index		1.000%		Quarterly		12/20/2024			EUR				16,600					$			200			$				(156)						$		44							$		0				$				(28)

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


INTEREST RATE SWAPS
							Variation Margin (7)
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-Federal Funds Rate Compounded-OIS	2.000%	Annual	12/15/2047	$	7,800			$		17			$			(2,755)			$		(2,738)				$		236			$			0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS	2.428	Annual	12/20/2047		1,600					4						(745)					(741)						50						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS	2.478	Annual	12/20/2047		3,877					21						(1,867)					(1,846)						123						0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS	2.499	Annual	12/20/2047		1,250					3						(605)					(602)						40						0
Receive	3-Month NZD-BBR	3.250	Semi-Annual	03/21/2028	NZD	11,800					36						(1,386)					(1,350)						0						(45)
Pay	3-Month USD-LIBOR	1.500	Semi-Annual	03/12/2021	$	462,900					657						3,875					4,532						115						0
Receive(8)	3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2021		463,500					(2,285)						(1,753)					(4,038)						0						(118)
Pay	3-Month USD-LIBOR	1.849	Semi-Annual	02/24/2025		14,900					0						972					972						5						0
Receive	3-Month USD-LIBOR	1.404	Semi-Annual	03/12/2025		97,580					(676)						(3,779)					(4,455)						0						(10)
Pay(8)	3-Month USD-LIBOR	1.250	Semi-Annual	06/17/2025		97,600					1,990						1,734					3,724						0						(5)
Receive	3-Month USD-LIBOR	2.250	Semi-Annual	12/11/2049		3,500					(3)						(1,305)					(1,308)						106						0
Receive	3-Month USD-LIBOR	2.000	Semi-Annual	01/15/2050		100					(1)						(29)					(30)						3						0
Receive	3-Month USD-LIBOR	1.625	Semi-Annual	01/16/2050		400					0						(78)					(78)						11						0
Receive	3-Month USD-LIBOR	1.750	Semi-Annual	01/22/2050		700					(4)						(157)					(161)						20						0
Receive	3-Month USD-LIBOR	1.625	Semi-Annual	02/03/2050		1,100					8						(224)					(216)						31						0
Receive	3-Month USD-LIBOR	1.875	Semi-Annual	02/07/2050		200					0						(53)					(53)						6						0
Receive	3-Month USD-LIBOR	2.250	Semi-Annual	03/12/2050		3,200					(9)						(1,177)					(1,186)						98						0
Receive	3-Month USD-LIBOR	2.000	Semi-Annual	03/20/2050		2,050					(45)						(572)					(617)						61						0
Pay	6-Month GBP-LIBOR	0.750	Semi-Annual	03/18/2030	GBP	22,400					(131)						599					468						30						0
Receive(8)	6-Month GBP-LIBOR	1.000	Semi-Annual	06/17/2050		7,900					(313)						(835)					(1,148)						0						(33)
Receive	6-Month JPY-LIBOR	0.300	Semi-Annual	09/20/2027	JPY	400,000					(7)						(83)					(90)						0						(2)
Receive	6-Month JPY-LIBOR	0.300	Semi-Annual	03/20/2028		118,480					(2)						(26)					(28)						0						(1)
Pay	CPTFEMU	1.535	Maturity	03/15/2028	EUR	90					0						10					10						0						0
Pay	CPTFEMU	1.620	Maturity	05/15/2028		4,980					0						616					616						0						0
Pay	CPTFEMU	1.243	Maturity	08/15/2039		2,020					0						165					165						0						(11)
Pay	CPTFEMU	1.946	Maturity	03/15/2048		1,240					4						528					532						0						(27)
Pay	CPTFEMU	1.945	Maturity	11/15/2048		930					0						404					404						0						(16)
Pay	CPTFEMU	1.950	Maturity	11/15/2048		1,600					5						695					700						0						(27)
Pay	CPTFEMU	1.387	Maturity	08/15/2049		990					0						135					135						0						(18)
Pay	CPTFEMU	1.450	Maturity	02/15/2050		1,300					4						207					211						0						(32)
Receive	CPURNSA	2.021	Maturity	11/25/2020	$	8,600					0						(157)					(157)						67						0
Pay	CPURNSA	1.200	Maturity	02/28/2021		18,000					0						366					366						0						(7)
Receive	CPURNSA	1.875	Maturity	03/14/2021		7,700					0						(191)					(191)						0						(4)
Receive	CPURNSA	1.550	Maturity	07/26/2021		7,200					244						(307)					(63)						0						(14)
Receive	CPURNSA	1.432	Maturity	08/06/2021		6,300					0						(153)					(153)						0						(12)
Receive	CPURNSA	1.445	Maturity	09/09/2021		10,900					0						(271)					(271)						0						(21)
Receive	CPURNSA	1.603	Maturity	09/12/2021		5,560					167						(248)					(81)						0						(12)
Receive	CPURNSA	1.580	Maturity	09/20/2021		12,500					0						(353)					(353)						0						(26)
Receive	CPURNSA	1.592	Maturity	09/20/2021		9,700					(2)						(274)					(276)						0						(20)
Receive	CPURNSA	2.069	Maturity	07/15/2022		3,700					0						(177)					(177)						0						(5)
Receive	CPURNSA	2.500	Maturity	07/15/2022		30,300					(2,696)						(1,918)					(4,614)						0						(38)
Receive	CPURNSA	2.210	Maturity	02/05/2023		20,900					0						(1,342)					(1,342)						0						(31)
Receive	CPURNSA	2.263	Maturity	04/27/2023		14,090					(2)						(1,020)					(1,022)						0						(17)
Receive	CPURNSA	2.263	Maturity	05/09/2023		3,250					0						(235)					(235)						0						(4)
Receive	CPURNSA	2.281	Maturity	05/10/2023		4,970					0						(374)					(374)						0						(15)
Pay	CPURNSA	2.379	Maturity	07/09/2028		3,700					(2)						537					535						16						0
Pay	CPURNSA	2.165	Maturity	04/16/2029		18,000					0						2,064					2,064						85						0
Pay	CPURNSA	1.954	Maturity	06/03/2029		6,450					0						593					593						30						0
Pay	CPURNSA	1.998	Maturity	07/25/2029		20,100					0						1,980					1,980						86						0
Pay	CPURNSA	1.760	Maturity	11/04/2029		12,300					(11)						867					856						56						0
Receive	FRCPXTOB	1.000	Maturity	04/15/2020	EUR	950					0						2					2						0						0
Receive	FRCPXTOB	1.160	Maturity	08/15/2020		430					0						(6)					(6)						3						0
Receive	FRCPXTOB	1.345	Maturity	06/15/2021		3,900					0						(126)					(126)						0						(8)
Pay	UKRPI	3.850	Maturity	09/15/2024	GBP	10,900					0						680					680						9						0
Pay	UKRPI	3.438	Maturity	01/15/2030		12,100					0						242					242						8						0
Pay	UKRPI	3.480	Maturity	01/15/2030		8,600					116						116					232						6						0
Pay	UKRPI	3.400	Maturity	06/15/2030		4,400					156						182					338						8						0
Pay	UKRPI	3.325	Maturity	08/15/2030		18,600					132						805					937						14						0
Pay	UKRPI	3.470	Maturity	09/15/2032		16,010					0						1,254					1,254						51						0
Pay	UKRPI	3.500	Maturity	09/15/2033		770					1						71					72						3						0
Pay	UKRPI	3.579	Maturity	10/15/2033		1,390					0						171					171						7						0
Pay	UKRPI	3.572	Maturity	05/15/2034		870					0						90					90						5						0
Receive	UKRPI	3.598	Maturity	09/15/2034		12,260					8						(1,470)					(1,462)						0						(71)
Pay	UKRPI	3.358	Maturity	04/15/2035		2,690					(60)						395					335						19						0
Pay	UKRPI	3.590	Maturity	06/15/2039		820					0						178					178						9						0
Pay	UKRPI	3.600	Maturity	06/15/2039		1,650					(5)						371					366						18						0
								$		(2,681)			$			(5,147)			$		(7,828)			$			1,435			$			(650)
Total Swap Agreements							$		(3,872)			$			(1,730)			$		(5,602)			$		1,934				$			(679)

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


(i)	Securities with an aggregate market value of $12,625 and cash of $5,512 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	Future styled option.
(2)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(5)	The maximum potential amount the Portfolio 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.
(6)	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.
(7)	Unsettled variation margin Liability of $(34) for closed swap agreements is outstanding at period end.
(8)	This instrument has a forward starting effective date.
(j)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
					Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Month		Currency to be Delivered			Currency to be Received		Asset		Liability
BOA		04/2020	BRL	16,679		$	3,208	$	0	$	(2)
		04/2020	GBP	24,622			31,748		1,165		0
		04/2020	$	3,800		BRL	16,679		0		(590)
BPS		04/2020	GBP	588		$	704		0		(26)
		04/2020	JPY	43,700			428		21		0
		04/2020	NZD	27,279			17,242		965		0
		04/2020	$	16,252		EUR	14,582		23		(193)
		04/2020		2,901		GBP	2,462		157		0
		04/2020		3		ILS	12		0		0
BRC		04/2020	JPY	2,551,600		$	23,214		0		(516)
		04/2020	$	28,658		GBP	23,439		456		0
		05/2020	GBP	23,439		$	28,677		0		(457)
BSH		07/2020	$	1,264		BRL	6,372		0		(45)
CBK		04/2020	CAD	8,345		$	6,263		333		0
		04/2020	COP	317,165			93		15		0
		04/2020	EUR	28,998			31,767		0		(215)
		04/2020	GBP	640			745		0		(50)
		04/2020	$	5,918		CAD	8,345		11		0
		04/2020		92		COP	317,165		0		(14)
		04/2020		1,112		EUR	973		0		(39)
		04/2020		1,058		GBP	811		0		(50)
		05/2020	CAD	8,345		$	5,920		0		(12)
		05/2020	PEN	5,663			1,669		22		0
		05/2020	$	5,706		MXN	111,043		0		(1,047)
		06/2020	IDR	125,393,490		$	8,722		1,129		0
		07/2020	BRL	6,372			1,525		306		0
DUB		04/2020		813			156		0		0
		04/2020	$	158		BRL	813		0		(2)
		05/2020	BRL	813		$	158		2		0
GLM		04/2020		17,493			3,902		536		0
		04/2020	RUB	594,528			8,887		1,312		0
		04/2020	$	12,745		AUD	20,921		123		0
		04/2020		3,365		BRL	17,493		2		0
		04/2020		881		EUR	815		18		0
		04/2020		1,161		RUB	71,880		0		(245)
		05/2020	AUD	20,921		$	12,747		0		(124)
		05/2020	$	7		RUB	528		0		0
		06/2020	SGD	51		$	36		0		0
HUS		04/2020	GBP	862			1,016		0		(55)
		04/2020	MXN	168,246			7,381		300		0
		05/2020	GBP	631			781		0		(3)
JPM		06/2020	$	110		MXN	2,098		0		(22)
MYI		04/2020	AUD	20,921		$	13,762		893		0
		04/2020	$	8		ILS	31		0		0
		04/2020		24,037		JPY	2,595,300		99		0
		04/2020		16,405		NZD	27,279		0		(127)
		05/2020	JPY	2,595,300		$	24,089		0		(87)
		05/2020	NZD	27,279			16,400		127		0
		06/2020	$	9,242		IDR	128,321,435		0		(1,471)

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


RYL		06/2020				153							MYR			650							0				(3)
SCX		05/2020		EUR		11,817							$			12,983							0				(67)
UAG		04/2020		RUB		554										7							0				0
		04/2020		$		919							EUR			811							0				(24)
		04/2020				8,422							RUB			535,021							0				(1,605)
Total Forward Foreign Currency Contracts											$				8,015					$		(7,091)
PURCHASED OPTIONS:
INTEREST RATE SWAPTIONS
Counterparty	Description		Floating Rate Index						Pay/Receive Floating Rate			Exercise Rate					Expiration Date				Notional Amount(1)				Cost			Market Value
JPM	Call - OTC 2-Year Interest Rate Swap		3-Month USD-LIBOR						Pay			1.066%					10/02/2020				253,700			$	1,013	$		3,736
OPTIONS ON SECURITIES
Counterparty	Description									Strike Price				Expiration Date							Notional Amount(1)				Cost			Market Value
FAR	Put - OTC Uniform Mortgage-Backed Security, TBA 3.500% due 04/01/2050						$			72.500				04/08/2020							42,400			$	2	$		0
JPM	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 05/01/2050									70.000				05/06/2020							11,100				0			0
																								$	2	$		0
Total Purchased Options											$			1,015				$	3,736
WRITTEN OPTIONS:
CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES
Counterparty	Description							Buy/Sell Protection				Exercise Rate					Expiration Date				Notional Amount(1)				Premiums (Received)			Market Value
BOA	Put - OTC CDX.HY-33 5-Year Index							Sell				102.000%					05/20/2020				6,000			$	(24)	$		(592)
BPS	Call - OTC CDX.IG-33 5-Year Index							Buy				0.475					04/15/2020				4,100				(2)			0
	Put - OTC CDX.IG-33 5-Year Index							Sell				0.700					04/15/2020				4,100				(4)			(74)
	Put - OTC CDX.IG-33 5-Year Index							Sell				0.800					06/17/2020				3,500				(4)			(61)
DUB	Put - OTC CDX.IG-33 5-Year Index							Sell				0.850					06/17/2020				3,700				(4)			(59)
GST	Put - OTC CDX.HY-33 5-Year Index							Sell				102.000					06/17/2020				2,200				(14)			(227)
	Call - OTC CDX.IG-33 5-Year Index							Buy				0.475					04/15/2020				3,900				(2)			0
	Put - OTC CDX.IG-33 5-Year Index							Sell				0.700					04/15/2020				3,900				(3)			(71)
	Put - OTC CDX.IG-33 5-Year Index							Sell				0.800					06/17/2020				5,100				(6)			(89)
	Put - OTC CDX.IG-33 5-Year Index							Sell				2.500					03/17/2021				5,800				(4)			(49)
	Put - OTC iTraxx Europe 32 5-Year Index							Sell				2.500					03/17/2021				4,600				(4)			(77)
MYC	Put - OTC CDX.IG-33 5-Year Index							Sell				0.850					06/17/2020				4,300				(6)			(69)
																								$	(77)	$		(1,368)
INFLATION-CAPPED OPTIONS
Counterparty	Description		Initial Index		Floating Rate												Expiration Date(2)		Notional Amount(1)						Premiums (Received)			Market Value
CBK	Floor - OTC CPURNSA		216.687		Maximum of [(1 + 0.000%)10- (Final Index/Initial Index)] or 0												04/07/2020				32,000			$	(286)	$		0
	Floor - OTC CPURNSA		217.965		Maximum of [(1 + 0.000%)10- (Final Index/Initial Index)] or 0												09/29/2020				4,300				(56)			0
GLM	Cap - OTC CPALEMU		100.152		Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0												06/22/2035				8,600				(391)			(3)
JPM	Cap - OTC CPURNSA		233.916		Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0												04/22/2024				34,300				(250)			0
	Cap - OTC CPURNSA		234.781		Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0												05/16/2024				2,900				(20)			0
	Floor - OTC YOY CPURNSA		238.654		Maximum of [0.000% - (Final Index/Initial Index - 1)] or 0												10/02/2020				14,800				(273)			(120)
																								$	(1,276)	$		(123)
INTEREST RATE SWAPTIONS
Counterparty	Description		Floating Rate Index						Pay/Receive Floating Rate			Exercise Rate					Expiration Date				Notional Amount(1)				Premiums (Received)			Market Value
GLM	Call - OTC 30-Year Interest Rate Swap		6-Month EUR-EURIBOR						Receive			0.000%					08/27/2020				5,000			$	(154)	$		(252)
JPM	Call - OTC 10-Year Interest Rate Swap		3-Month USD-LIBOR						Receive			1.302					10/02/2020				53,300				(1,013)			(3,301)
	Call - OTC 30-Year Interest Rate Swap		6-Month EUR-EURIBOR						Receive			0.000					08/25/2020				3,100				(94)			(155)

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


MYC				Call - OTC 30-Year Interest Rate Swap		6-Month EUR-EURIBOR				Receive							0.000					08/24/2020										6,400										(210)									(318)
																																							$			(1,471)								$	(4,026)
Total Written Options																$			(2,824)								$		(5,517)
SWAP AGREEMENTS:
INTEREST RATE SWAPS
																Swap Agreements, at Value
Counterparty			Pay/ Receive Floating Rate		Floating Rate Index			Fixed Rate			Payment Frequency				Maturity Date									Notional Amount											Premiums Paid/(Received)									Unrealized Appreciation/ (Depreciation)					Asset						Liability
BOA			Pay		CPURNSA			1.570%			Maturity				11/23/2020						$			1,500							$				0						$			(2)			$		0				$		(2)
BRC			Receive		3-Month ILS-TELBOR			0.374			Annual				06/20/2020						ILS			14,310											0									(13)					0						(13)
			Pay		3-Month ILS-TELBOR			1.950			Annual				06/20/2028									3,080											0									94					94						0
DUB			Receive		3-Month ILS-TELBOR			0.414			Annual				06/20/2020									13,800											0									(15)					0						(15)
			Pay		3-Month ILS-TELBOR			2.100			Annual				06/20/2028									2,950											0									101					101						0
GLM			Receive		3-Month ILS-TELBOR			0.370			Annual				06/20/2020									11,170											1									(11)					0						(10)
			Pay		3-Month ILS-TELBOR			1.971			Annual				02/16/2028									5,730											0									153					153						0
			Pay		3-Month ILS-TELBOR			1.883			Annual				03/21/2028									3,500											0									86					86						0
			Pay		3-Month ILS-TELBOR			1.998			Annual				06/20/2028									2,390											0									76					76						0
HUS			Receive		3-Month ILS-TELBOR			0.370			Annual				06/20/2020									8,850											0									(8)					0						(8)
			Pay		3-Month ILS-TELBOR			1.998			Annual				06/20/2028									1,890											0									60					60						0
																														$				1						$			521			$		570				$		(48)
TOTAL RETURN SWAPS ON SECURITIES
																Swap Agreements, at Value
Counterparty			Pay/Receive(3)		Underlying Reference		# of Shares		Financing Rate				Payment Frequency							Maturity Date								Notional Amount								Premiums Paid/(Received)								Unrealized Appreciation/ (Depreciation)					Asset						Liability
BPS			Receive		U.S. Treasury Inflation Protected Securities		N/A		1.940%				Maturity							05/21/2020					$			80,000					$			0					$			(645)			$		0				$		(645)
Total Swap Agreements																$		1						$			(124)				$		570					$			(693)
(k)		Securities with an aggregate market value of $3,422 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)		Notional Amount represents the number of contracts.
(2)		YOY options may have a series of expirations.
(3)		Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory												Level 1											Level 2											Level 3											Fair Value at 03/31/2020
Investments in Securities, at Value
Loan Participations and Assignments												$		0									$			72								$			0								$		72
Corporate Bonds & Notes
	Banking & Finance													0												47,671											0										47,671
	Industrials													0												25,870											0										25,870
	Utilities													0												11,626											0										11,626
Municipal Bonds & Notes
	West Virginia													0												597											0										597
U.S. Government Agencies														0												333,758											0										333,758
U.S. Treasury Obligations														0												1,680,458											0										1,680,458
Non-Agency Mortgage-Backed Securities														0												65,388											0										65,388
Asset-Backed Securities														0												102,759											0										102,759
Sovereign Issues														0												76,280											0										76,280
Preferred Securities
	Banking & Finance													0												1,337											0										1,337
Short-Term Instruments
	Repurchase Agreements													0												998											0										998
	Argentina Treasury Bills													0												335											0										335
	U.S. Treasury Bills													0												351											0										351
												$		0									$			2,347,500								$			0								$		2,347,500
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes											$		29,099									$			0								$			0								$		29,099
Total Investments												$		29,099									$			2,347,500								$			0								$		2,376,599
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared														2,207												1,934											0										4,141

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


Over the counter		0		12,321		0		12,321
	$	2,207	$	14,255	$	0	$	16,462
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(2,580)		(679)		0		(3,259)
Over the counter		0		(13,301)		0		(13,301)
	$	(2,580)	$	(13,980)	$	0	$	(16,560)
Total Financial Derivative Instruments	$	(373)	$	275	$	0	$	(98)
Totals	$	28,726	$	2,347,775	$	0	$	2,376,501

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Schedule of Investments PIMCO Short-Term Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 94.6% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.9%
American Honda Finance Corp. 2.225% (LIBOR03M + 0.850%) due 03/29/2021 «~	$	700	$	681
Toyota Motor Credit Corp.
1.955% (LIBOR03M + 0.580%) due 09/28/2020 «~		2,000		1,970
2.205% (LIBOR03M + 0.830%) due 03/29/2021 «~		1,900		1,851
Total Loan Participations and Assignments (Cost $4,597)				4,502
CORPORATE BONDS & NOTES 56.2%
BANKING & FINANCE 31.0%
ABN AMRO Bank NV 2.208% (US0003M + 0.570%) due 08/27/2021 ~		500		487
AerCap Ireland Capital DAC
4.450% due 12/16/2021		1,600		1,427
4.500% due 05/15/2021		500		459
4.625% due 10/30/2020		400		388
AIA Group Ltd. 1.636% (US0003M + 0.520%) due 09/20/2021 ~		800		795
Air Lease Corp.
2.250% due 01/15/2023		400		335
2.750% due 01/15/2023		700		594
3.500% due 01/15/2022		400		365
Aircastle Ltd.
5.125% due 03/15/2021		1,200		1,192
5.500% due 02/15/2022		300		273
7.625% due 04/15/2020		500		500
Allstate Corp. 2.005% (US0003M + 0.630%) due 03/29/2023 ~		300		284
Ally Financial, Inc. 4.125% due 02/13/2022		500		494
American Tower Corp. 3.375% due 05/15/2024		400		403
Athene Global Funding 3.138% (US0003M + 1.230%) due 07/01/2022 ~		3,900		3,926
AvalonBay Communities, Inc. 2.261% (US0003M + 0.430%) due 01/15/2021 ~		300		295
Aviation Capital Group LLC
2.440% (US0003M + 0.670%) due 07/30/2021 ~		1,500		1,419
2.530% (US0003M + 0.950%) due 06/01/2021 ~		200		191
2.875% due 01/20/2022		800		724
6.750% due 04/06/2021		1,400		1,388
Avolon Holdings Funding Ltd.
2.875% due 02/15/2025		400		311
5.500% due 01/15/2023		300		270
Axis Bank Ltd. 3.250% due 05/21/2020		1,600		1,603
Bangkok Bank PCL 4.800% due 10/18/2020		400		406
Bank of America Corp.
2.104% (US0003M + 0.790%) due 03/05/2024 ~		2,200		2,062
2.999% (US0003M + 1.180%) due 10/21/2022 ~		300		290
Barclays Bank PLC 2.308% (US0003M + 0.460%) due 01/11/2021 ~		1,800		1,764
Barclays PLC
3.072% (US0003M + 1.380%) due 05/16/2024 ~		300		264
3.122% (US0003M + 1.430%) due 02/15/2023 ~		200		188
3.459% (US0003M + 1.625%) due 01/10/2023 ~		1,730		1,664
3.844% (US0003M + 2.110%) due 08/10/2021 ~		800		773
BOC Aviation Ltd.
2.375% due 09/15/2021		700		702
2.750% due 09/18/2022		900		927
2.813% (US0003M + 1.050%) due 05/02/2021 ~		2,700		2,704
Brixmor Operating Partnership LP 2.813% (US0003M + 1.050%) due 02/01/2022 ~		600		590
Citigroup, Inc.
2.603% (US0003M + 1.023%) due 06/01/2024 ~		400		373
2.751% (US0003M + 0.950%) due 07/24/2023 ~		1,200		1,134
2.792% (US0003M + 1.100%) due 05/17/2024 ~		1,100		1,051
3.010% (US0003M + 1.430%) due 09/01/2023 ~		1,700		1,663
CNH Industrial Capital LLC 3.875% due 10/15/2021		400		398

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


Cooperatieve Rabobank UA 2.314% (US0003M + 0.480%) due 01/10/2023 ~	500	474
Credit Suisse AG 2.100% due 11/12/2021	1,000	996
Credit Suisse Group AG 2.024% (US0003M + 1.240%) due 06/12/2024 ~	500	442
Danske Bank A/S
1.844% (US0003M + 1.060%) due 09/12/2023 ~	400	363
2.750% due 09/17/2020	500	496
2.800% due 03/10/2021	1,200	1,199
3.001% due 09/20/2022 •	900	892
DBS Group Holdings Ltd. 2.414% (US0003M + 0.620%) due 07/25/2022 ~	700	698
DNB Bank ASA
2.150% due 12/02/2022	400	395
2.200% (US0003M + 0.620%) due 12/02/2022 ~	300	286
Eksportfinans ASA 2.534% (US0003M + 0.800%) due 11/10/2020 ~	1,000	1,001
First Abu Dhabi Bank PJSC 2.793% (US0003M + 0.950%) due 04/16/2022 ~	1,800	1,732
Ford Motor Credit Co. LLC
2.134% (US0003M + 0.930%) due 09/24/2020 ~	500	475
2.193% (US0003M + 0.430%) due 11/02/2020 ~	300	281
2.343% due 11/02/2020	1,000	965
2.710% (US0003M + 0.810%) due 04/05/2021 ~	2,800	2,590
General Motors Financial Co., Inc.
2.685% (US0003M + 1.310%) due 06/30/2022 ~	1,000	795
2.728% (US0003M + 0.850%) due 04/09/2021 ~	1,900	1,711
2.837% (US0003M + 1.100%) due 11/06/2021 ~	500	458
3.388% (US0003M + 1.550%) due 01/14/2022 ~	1,000	830
3.700% due 11/24/2020	800	792
Goldman Sachs Bank USA 0.994% due 05/24/2021 •	1,000	973
Goldman Sachs Group, Inc. 2.862% (US0003M + 1.170%) due 11/15/2021 ~	2,400	2,353
Goodman U.S. Finance Two LLC 6.000% due 03/22/2022	500	539
Harley-Davidson Financial Services, Inc.
2.520% (US0003M + 0.940%) due 03/02/2021 ~	1,500	1,499
3.550% due 05/21/2021	500	509
HSBC Holdings PLC 2.692% (US0003M + 1.000%) due 05/18/2024 ~	7,058	6,586
Hyundai Capital Services, Inc. 2.625% due 09/29/2020	1,400	1,402
ICICI Bank Ltd.
3.125% due 08/12/2020	600	596
5.750% due 11/16/2020	450	457
ING Groep NV
2.451% (US0003M + 1.000%) due 10/02/2023 ~	400	377
2.525% (US0003M + 1.150%) due 03/29/2022 ~	600	579
International Lease Finance Corp.
4.625% due 04/15/2021	1,000	923
8.250% due 12/15/2020	1,100	1,094
8.625% due 01/15/2022	900	874
JPMorgan Chase & Co.
2.696% (US0003M + 0.890%) due 07/23/2024 ~	400	361
3.031% (US0003M + 1.230%) due 10/24/2023 ~	1,700	1,646
KEB Hana Bank 2.133% (US0003M + 0.700%) due 10/02/2022 ~	800	792
LeasePlan Corp. NV 2.875% due 10/24/2024	500	491
Lloyds Banking Group PLC
1.995% (US0003M + 0.800%) due 06/21/2021 ~	400	390
2.858% due 03/17/2023 •	2,700	2,664
2.907% due 11/07/2023 •	500	500
Mirae Asset Daewoo Co. Ltd. 4.125% due 11/07/2021	300	311
Mitsubishi UFJ Financial Group, Inc.
1.833% (US0003M + 1.060%) due 09/13/2021 ~	1,756	1,730
2.584% (US0003M + 0.790%) due 07/25/2022 ~	3,250	3,111
2.599% (US0003M + 0.920%) due 02/22/2022 ~	1,300	1,173
Mitsubishi UFJ Lease & Finance Co. Ltd.
2.250% due 09/07/2021	500	492
3.406% due 02/28/2022	400	399
Mizuho Financial Group, Inc.
1.623% (US0003M + 0.850%) due 09/13/2023 ~	800	734
1.648% (US0003M + 0.880%) due 09/11/2022 ~	1,750	1,682
2.309% (US0003M + 0.630%) due 05/25/2024 ~	1,000	909
2.553% (US0003M + 0.940%) due 02/28/2022 ~	1,000	963
2.683% (US0003M + 0.840%) due 07/16/2023 ~	1,700	1,614
Morgan Stanley
1.613% (SOFRRATE + 0.700%) due 01/20/2023 ~	2,700	2,521
2.954% (US0003M + 1.220%) due 05/08/2024 ~	1,800	1,727
3.201% (US0003M + 1.400%) due 10/24/2023 ~	200	194
Nationwide Building Society
2.000% due 01/27/2023	400	392

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


3.622% due 04/26/2023 •	500	497
NatWest Markets PLC 2.775% (US0003M + 1.400%) due 09/29/2022 ~	1,300	1,225
Navient Corp.
6.625% due 07/26/2021	300	310
7.250% due 01/25/2022	400	393
Nissan Motor Acceptance Corp.
1.261% (US0003M + 0.520%) due 03/15/2021 ~	1,000	982
1.825% (US0003M + 0.630%) due 09/21/2021 ~	400	389
2.065% due 09/28/2022 •	1,100	1,023
2.738% (US0003M + 0.890%) due 01/13/2022 ~	1,800	1,751
Nomura Holdings, Inc. 2.648% due 01/16/2025	500	490
Nordea Bank Abp 2.553% (US0003M + 0.940%) due 08/30/2023 ~	1,000	994
ORIX Corp. 2.650% due 04/13/2021	3,600	3,575
Park Aerospace Holdings Ltd.
3.625% due 03/15/2021	700	664
5.250% due 08/15/2022	1,000	905
Piper Jaffray Cos.
4.740% due 10/15/2021	200	190
5.200% due 10/15/2023	700	664
PNC Bank N.A. 2.004% (US0003M + 0.325%) due 02/24/2023 ~	4,000	3,772
Qatari Diar Finance QSC 5.000% due 07/21/2020	1,300	1,306
QNB Finance Ltd.
2.763% (US0003M + 1.000%) due 05/02/2022 ~	1,700	1,693
2.875% due 04/29/2020	600	600
2.988% (US0003M + 1.350%) due 05/31/2021 ~	1,500	1,441
3.181% (US0003M + 1.450%) due 08/11/2021 ~	600	604
3.389% (US0003M + 1.570%) due 07/18/2021 ~	400	393
Royal Bank of Scotland Group PLC
2.766% (US0003M + 1.550%) due 06/25/2024 ~	500	453
3.162% (US0003M + 1.470%) due 05/15/2023 ~	4,400	4,181
Santander Holdings USA, Inc. 4.450% due 12/03/2021	400	408
Santander UK Group Holdings PLC 3.373% due 01/05/2024 •	500	504
Santander UK PLC
2.100% due 01/13/2023	1,400	1,359
2.200% (US0003M + 0.620%) due 06/01/2021 ~	2,500	2,332
SBA Tower Trust 2.877% due 07/15/2046	700	698
Sinochem Overseas Capital Co. Ltd. 4.500% due 11/12/2020	1,000	999
Skandinaviska Enskilda Banken AB 1.429% (US0003M + 0.645%) due 12/12/2022 ~	500	464
SL Green Operating Partnership LP 2.672% (US0003M + 0.980%) due 08/16/2021 ~	500	487
SMBC Aviation Capital Finance DAC
2.650% due 07/15/2021	500	496
3.000% due 07/15/2022	2,000	2,017
3.550% due 04/15/2024	1,000	1,069
Springleaf Finance Corp. 7.750% due 10/01/2021	300	302
Standard Chartered PLC 2.096% (US0003M + 1.200%) due 09/10/2022 ~	2,800	2,721
Starwood Property Trust, Inc. 3.625% due 02/01/2021	300	283
State Bank of India 2.850% (US0003M + 0.950%) due 04/06/2020 ~	1,650	1,650
Sumitomo Mitsui Financial Group, Inc.
2.559% (US0003M + 0.740%) due 10/18/2022 ~	500	496
2.618% (US0003M + 0.780%) due 07/12/2022 ~	500	476
Swedbank AB 1.441% (US0003M + 0.700%) due 03/14/2022 ~	600	582
UBS AG 1.579% due 06/08/2020 •	500	498
UBS Group AG 2.903% due 05/23/2023 •	1,000	936
Wells Fargo & Co. 3.007% (US0003M + 1.230%) due 10/31/2023 ~	4,300	4,105
		147,881
INDUSTRIALS 20.9%
AbbVie, Inc.
2.150% due 11/19/2021	1,700	1,694
2.346% (US0003M + 0.650%) due 11/21/2022 ~	1,200	1,123
Altria Group, Inc. 3.490% due 02/14/2022	800	809
Arrow Electronics, Inc. 3.500% due 04/01/2022	600	597

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


BAT Capital Corp.
2.294% due 08/14/2020 •	1,100	1,082
2.572% (US0003M + 0.880%) due 08/15/2022 ~	2,900	2,674
Bayer U.S. Finance LLC
1.751% (US0003M + 1.010%) due 12/15/2023 ~	1,200	1,112
1.846% (US0003M + 0.630%) due 06/25/2021 ~	1,200	1,162
3.500% due 06/25/2021	200	200
BMW Finance NV 2.503% (US0003M + 0.790%) due 08/12/2022 ~	2,200	2,111
BMW U.S. Capital LLC 2.207% (US0003M + 0.500%) due 08/13/2021 ~	1,200	1,154
Broadcom Corp.
2.200% due 01/15/2021	1,480	1,461
3.000% due 01/15/2022	1,000	992
Broadcom, Inc. 3.125% due 04/15/2021	3,700	3,656
Campbell Soup Co. 1.371% (US0003M + 0.630%) due 03/15/2021 ~	515	499
Central Nippon Expressway Co. Ltd.
2.273% due 03/03/2022 •	2,500	2,430
2.291% (US0003M + 0.540%) due 08/04/2020 ~	1,000	993
2.323% (US0003M + 0.560%) due 11/02/2021 ~	2,000	2,010
2.381% due 09/17/2020	800	804
2.662% (US0003M + 0.970%) due 02/16/2021 ~	1,000	992
Centrica PLC 2.216% due 09/25/2020 •	400	400
Charter Communications Operating LLC
3.413% (US0003M + 1.650%) due 02/01/2024 ~	4,400	4,276
3.579% due 07/23/2020	800	798
4.464% due 07/23/2022	500	517
Cigna Corp.
1.493% (US0003M + 0.650%) due 09/17/2021 ~	1,300	1,249
2.721% (US0003M + 0.890%) due 07/15/2023 ~	1,000	930
Cigna Holding Co. 5.125% due 06/15/2020	500	502
Conagra Brands, Inc.
2.378% (US0003M + 0.500%) due 10/09/2020 ~	1,200	1,184
2.552% (US0003M + 0.750%) due 10/22/2020 ~	105	104
3.800% due 10/22/2021	300	303
Constellation Brands, Inc. 2.392% (US0003M + 0.700%) due 11/15/2021 ~	800	754
Continental Airlines Pass-Through Trust 5.500% due 04/29/2022	111	109
Continental Resources, Inc. 5.000% due 09/15/2022	800	497
CVS Health Corp. 1.719% (US0003M + 0.720%) due 03/09/2021 ~	1,000	980
DAE Funding LLC 4.000% due 08/01/2020	300	297
Daimler Finance North America LLC
2.143% (US0003M + 0.430%) due 02/12/2021 ~	500	482
2.411% (US0003M + 0.670%) due 11/05/2021 ~	600	579
2.592% (US0003M + 0.900%) due 02/15/2022 ~	3,000	2,781
3.350% due 05/04/2021	1,200	1,189
Dell International LLC 4.420% due 06/15/2021	3,200	3,235
EMC Corp. 2.650% due 06/01/2020	180	180
Enbridge, Inc. 2.195% (US0003M + 0.500%) due 02/18/2022 ~	3,900	3,626
Equifax, Inc.
2.300% due 06/01/2021	400	389
2.562% (US0003M + 0.870%) due 08/15/2021 ~	950	927
Fortune Brands Home & Security, Inc. 3.000% due 06/15/2020	825	823
GATX Corp. 2.461% (US0003M + 0.720%) due 11/05/2021 ~	1,000	981
General Electric Co. 4.375% due 09/16/2020	1,000	1,001
General Mills, Inc. 6.610% due 10/15/2022	500	502
General Motors Co. 2.542% (US0003M + 0.800%) due 08/07/2020 ~	400	393
Hewlett Packard Enterprise Co. 2.620% (US0003M + 0.720%) due 10/05/2021 ~	1,000	942
Hyundai Capital America
1.604% (US0003M + 0.820%) due 03/12/2021 ~	1,788	1,766
1.689% due 09/18/2020 •	600	597
1.889% (US0003M + 1.000%) due 09/18/2020 ~	400	395
2.375% due 02/10/2023	400	378
2.812% due 07/08/2021 •	400	387
3.750% due 07/08/2021	215	215
Imperial Brands Finance PLC
2.950% due 07/21/2020	1,450	1,447
3.125% due 07/26/2024	1,600	1,567
3.750% due 07/21/2022	1,600	1,601

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


Interpublic Group of Cos., Inc. 3.500% due 10/01/2020	400	394
Kraft Heinz Foods Co.
2.304% (US0003M + 0.570%) due 02/10/2021 ~	1,800	1,703
2.554% (US0003M + 0.820%) due 08/10/2022 ~	300	279
3.375% due 06/15/2021	200	200
L3Harris Technologies, Inc. 2.250% (US0003M + 0.480%) due 04/30/2020 ~	1,000	999
Las Vegas Sands Corp.
2.900% due 06/25/2025	400	359
3.500% due 08/18/2026	400	367
Marriott International, Inc. 1.649% (US0003M + 0.650%) due 03/08/2021 ~	300	256
Masco Corp. 3.500% due 04/01/2021	200	200
Mylan NV
3.150% due 06/15/2021	1,400	1,388
3.750% due 12/15/2020	80	80
NXP BV
3.875% due 09/01/2022	500	502
4.125% due 06/01/2021	400	404
4.625% due 06/15/2022	300	311
Occidental Petroleum Corp. 3.142% (US0003M + 1.450%) due 08/15/2022 ~	5,100	3,419
Pacific National Finance Pty. Ltd. 4.625% due 09/23/2020	800	809
Penske Truck Leasing Co. LP
3.200% due 07/15/2020	200	199
3.650% due 07/29/2021	200	203
Pentair Finance SARL 3.625% due 09/15/2020	800	796
Phillips 66 2.247% (US0003M + 0.600%) due 02/26/2021 ~	600	561
Reckitt Benckiser Treasury Services PLC 1.764% (US0003M + 0.560%) due 06/24/2022 ~	800	772
Reynolds American, Inc.
3.250% due 06/12/2020	500	499
4.000% due 06/12/2022	100	101
Sabine Pass Liquefaction LLC
5.625% due 02/01/2021	2,700	2,657
6.250% due 03/15/2022	100	97
Spectra Energy Partners LP 2.014% (US0003M + 0.700%) due 06/05/2020 ~	200	198
Spirit AeroSystems, Inc. 1.541% (US0003M + 0.800%) due 06/15/2021 ~	800	762
Syngenta Finance NV 3.698% due 04/24/2020	2,600	2,595
Textron, Inc. 2.284% (US0003M + 0.550%) due 11/10/2020 ~	600	600
VMware, Inc. 2.950% due 08/21/2022	200	201
Volkswagen Group of America Finance LLC
2.064% (US0003M + 0.860%) due 09/24/2021 ~	2,200	2,015
2.400% due 05/22/2020	1,000	997
2.477% (US0003M + 0.770%) due 11/13/2020 ~	800	790
3.875% due 11/13/2020	700	698
Vulcan Materials Co. 1.341% (US0003M + 0.600%) due 06/15/2020 ~	1,100	1,091
Wabtec Corp. 2.041% (US0003M + 1.050%) due 09/15/2021 ~	900	874
Woodside Finance Ltd. 4.600% due 05/10/2021	1,500	1,490
Woolworths Group Ltd. 4.000% due 09/22/2020	500	506
ZF North America Capital, Inc. 4.000% due 04/29/2020	1,150	1,144
Zimmer Biomet Holdings, Inc. 1.802% (US0003M + 0.750%) due 03/19/2021 ~	1,000	988
Zoetis, Inc. 2.135% (US0003M + 0.440%) due 08/20/2021 ~	400	367
		99,709
SPECIALTY FINANCE 1.1%
CIMIC Group Ltd. 0.000% due 06/24/2020 (b)	4,800	4,764
Lloyds Banking Group PLC
3.870% due 09/02/2020 (b)	400	402
3.870% due 09/02/2021 (b)	400	406
		5,572
UTILITIES 3.2%
AT&T, Inc.
1.964% (US0003M + 1.180%) due 06/12/2024 ~	3,800	3,531
2.594% (US0003M + 0.890%) due 02/15/2023 ~	1,100	1,039

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


2.781% (US0003M + 0.950%) due 07/15/2021 ~	900	885
Duke Energy Corp. 2.204% (US0003M + 0.500%) due 05/14/2021 ~	1,300	1,287
Duquesne Light Holdings, Inc. 6.400% due 09/15/2020	132	135
Exelon Generation Co. LLC 4.000% due 10/01/2020	300	299
IPALCO Enterprises, Inc. 3.450% due 07/15/2020	500	500
Israel Electric Corp. Ltd. 6.875% due 06/21/2023	400	441
Pennsylvania Electric Co. 5.200% due 04/01/2020	300	300
Ras Laffan Liquefied Natural Gas Co. Ltd. 5.298% due 09/30/2020	45	46
Sempra Energy
1.191% (US0003M + 0.450%) due 03/15/2021 ~	1,500	1,478
2.331% (US0003M + 0.500%) due 01/15/2021 ~	250	237
Sinopec Group Overseas Development Ltd. 2.750% due 05/03/2021	500	503
Southern Power Co. 1.666% (US0003M + 0.550%) due 12/20/2020 ~	1,405	1,383
Sprint Corp. 7.250% due 09/15/2021	400	414
Verizon Communications, Inc. 2.792% (US0003M + 1.100%) due 05/15/2025 ~	2,900	2,645
		15,123
Total Corporate Bonds & Notes (Cost $280,012)		268,285
MUNICIPAL BONDS & NOTES 0.6%
CALIFORNIA 0.4%
California State General Obligation Bonds, Series 2017 2.295% (US0001M + 0.780%) due 04/01/2047 ~	1,300	1,311
Orange Unified School District, California Revenue Bonds, Series 2008 2.431% (US0001M) due 05/01/2043 «~(b)	1,000	924
		2,235
LOUISIANA 0.1%
Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 1.992% (US0003M) due 02/15/2036 ~	385	362
UTAH 0.1%
Utah State Board of Regents Revenue Bonds, Series 2011 2.613% (US0003M + 0.850%) due 05/01/2029 ~	320	320
Total Municipal Bonds & Notes (Cost $2,986)		2,917
U.S. GOVERNMENT AGENCIES 8.3%
Fannie Mae
1.067% due 03/25/2034 •	2	2
1.097% due 08/25/2034 •	1	1
1.147% due 02/25/2037 •	36	36
1.297% due 05/25/2042 •	3	3
1.627% due 12/25/2037 •	31	31
1.687% due 12/25/2036 •	4	4
3.253% due 03/01/2044 - 07/01/2044 •	12	11
4.005% due 10/01/2031 •	1	1
Freddie Mac
1.155% due 09/15/2041 •	17	17
1.405% due 02/15/2038 •	26	26
2.500% due 06/25/2034 - 10/25/2048	6,540	6,702
3.166% due 10/25/2044 •	44	44
3.189% due 02/25/2045 •	47	46
3.366% due 07/25/2044 •	17	17
Ginnie Mae
2.212% due 04/20/2062 •	176	175
2.262% due 10/20/2065 •	400	397
2.362% due 02/20/2062 •	153	152
2.462% due 01/20/2066 - 05/20/2066 •	528	523
2.500% due 01/20/2049 - 10/20/2049	3,178	3,287
2.512% due 11/20/2066 •	544	540
2.662% due 01/20/2066 - 03/20/2066 •	1,163	1,162
4.000% due 02/20/2032 •	3	3
NCUA Guaranteed Notes 1.075% due 12/07/2020 •	38	38
Uniform Mortgage-Backed Security
3.000% due 02/01/2050 (c)	5,262	5,526
4.000% due 07/01/2048 - 08/01/2049 (c)	19,066	20,367

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


4.000% due 01/01/2049 - 08/01/2049		415	443
Total U.S. Government Agencies (Cost $38,625)			39,554
U.S. TREASURY OBLIGATIONS 5.6%
U.S. Treasury Inflation Protected Securities (a)
0.250% due 01/15/2025 (e)(g)		2,831	2,858
0.375% due 07/15/2025		5,438	5,550
0.750% due 07/15/2028		15,773	16,891
U.S. Treasury Notes
1.500% due 02/15/2030		1,200	1,294
Total U.S. Treasury Obligations (Cost $25,228)			26,593
NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0%
AREIT Trust
1.685% due 11/14/2035 •		486	451
1.725% due 09/14/2036 •		1,000	863
Atrium Hotel Portfolio Trust 1.655% due 06/15/2035 •		700	582
BAMLL Commercial Mortgage Securities Trust
1.755% due 04/15/2036 •		400	344
1.905% due 03/15/2034 •		400	373
Bancorp Commercial Mortgage Trust
1.605% due 09/15/2035 •		733	655
1.755% due 09/15/2036 •		596	569
Bear Stearns Adjustable Rate Mortgage Trust 4.262% due 01/25/2034 ~		2	2
Bear Stearns ALT-A Trust 3.958% due 09/25/2035 ^~		10	7
Brass PLC 2.392% due 11/16/2066 •		365	357
CD Mortgage Trust 5.648% due 10/15/2048		550	564
Citigroup Mortgage Loan Trust 3.228% due 09/25/2059 þ		286	284
Citigroup Mortgage Loan Trust, Inc. 3.840% due 09/25/2035 •		3	3
Civic Mortgage LLC 4.349% due 11/25/2022 þ		212	211
Commercial Mortgage Trust 1.441% due 03/10/2046 •		24	24
Countrywide Home Loan Reperforming REMIC Trust 1.287% due 06/25/2035 •		6	5
Credit Suisse First Boston Mortgage Securities Corp.
2.383% due 03/25/2032 ~		2	2
3.953% due 06/25/2033 ~		5	4
Credit Suisse Mortgage Capital Certificates 3.549% due 08/26/2058		467	486
Credit Suisse Mortgage Capital Trust
1.455% due 07/15/2032 •		1,000	888
3.319% due 10/27/2059 ~		690	677
3.322% due 10/25/2058 ~		191	199
European Loan Conduit 1.000% due 02/17/2030 •	EUR	1,000	1,056
Finsbury Square PLC 1.457% due 06/16/2069 •	GBP	882	1,060
GPMT Ltd. 1.673% due 11/21/2035 •	$	131	127
GreenPoint Mortgage Funding Trust 1.387% due 06/25/2045 •		16	12
GS Mortgage Securities Corp. Trust 1.405% due 07/15/2032 •		400	380
GS Mortgage Securities Trust 3.648% due 01/10/2047		386	398
GSR Mortgage Loan Trust 4.098% due 09/25/2035 ~		4	4
HarborView Mortgage Loan Trust 1.190% due 05/19/2035 •		18	17
Hawksmoor Mortgages 1.761% due 05/25/2053 •	GBP	3,697	4,519
Holmes Master Issuer PLC
2.191% due 10/15/2054 •	$	514	513
2.251% due 10/15/2054 •		2,805	2,793
HPLY Trust 1.705% due 11/15/2036 •		346	300
Impac CMB Trust 1.587% due 03/25/2035 •		145	129
JPMorgan Chase Commercial Mortgage Securities Trust
1.615% due 06/15/2035 •		485	441
1.705% due 06/15/2032 •		340	326
2.155% due 12/15/2031 •		500	488
Lanark Master Issuer PLC 2.453% due 12/22/2069 •		820	814
Legacy Mortgage Asset Trust 3.000% due 06/25/2059 þ		190	171

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


Mellon Residential Funding Corp. Mortgage Pass-Through Trust 1.145% due 12/15/2030 •		2	2
MF1 Ltd. 2.077% due 12/25/2034 «•		800	716
Mill City Mortgage Loan Trust 2.750% due 08/25/2059 ~		931	926
Morgan Stanley Capital Trust
1.705% due 05/15/2036 •		800	684
5.945% due 06/11/2042 ~		200	209
MortgageIT Trust 1.587% due 02/25/2035 •		128	119
Motel 6 Trust 1.625% due 08/15/2034 •		531	499
New Century Home Equity Loan Trust 2.750% due 11/25/2059 ~		2,653	2,677
New Residential Mortgage Loan Trust
2.750% due 07/25/2059 ~		2,840	2,846
4.500% due 05/25/2058 ~		298	310
Nomura Resecuritization Trust 3.247% due 12/26/2036 •		138	134
Permanent Master Issuer PLC
2.211% due 07/15/2058 •		450	449
2.381% due 07/15/2058 •		400	395
PFP Ltd. 1.675% due 04/14/2036 •		2,000	1,791
Residential Mortgage Securities PLC 1.737% due 09/20/2065 •	GBP	246	304
Ripon Mortgages PLC 1.551% due 08/20/2056 •		705	860
Sequoia Mortgage Trust 2.449% due 02/20/2034 •	$	173	152
Silverstone Master Issuer PLC
1.461% due 01/21/2070 •	GBP	581	711
2.389% due 01/21/2070 •	$	172	169
Structured Asset Mortgage Investments Trust
1.000% due 07/19/2035 •		3	2
1.407% due 05/25/2045 •		22	19
1.410% due 09/19/2032 •		1	1
Towd Point Mortgage Funding
1.611% due 07/20/2045 •	GBP	1,645	2,001
1.911% due 02/20/2054 •		580	700
Towd Point Mortgage Funding PLC 1.724% due 10/20/2051 •		251	303
Trinity Square PLC 1.875% due 07/15/2051 •		138	169
WaMu Mortgage Pass-Through Certificates Trust
2.966% due 02/25/2046 •	$	12	10
2.966% due 08/25/2046 •		13	11
3.166% due 11/25/2042 •		5	4
3.366% due 06/25/2042 •		1	1
Warwick Finance Residential Mortgages PLC 1.522% due 09/21/2049 •	GBP	1,820	2,253
Wells Fargo Commercial Mortgage Trust 1.647% due 12/13/2031 •	$	500	476
Wells Fargo-RBS Commercial Mortgage Trust
1.590% due 12/15/2045 •		622	630
2.000% due 06/15/2045 •		1,200	1,216
Total Non-Agency Mortgage-Backed Securities (Cost $44,752)			42,847
ASSET-BACKED SECURITIES 11.7%
ACE Securities Corp. Home Equity Loan Trust 1.727% due 04/25/2034 •		384	348
Arbor Realty Commercial Real Estate Notes Ltd. 1.855% due 05/15/2037 •		400	357
Arbour CLO DAC 0.870% due 01/15/2030 •	EUR	300	319
Arkansas Student Loan Authority 2.579% due 11/25/2043 •	$	64	64
Barings BDC Static CLO Ltd. 2.851% due 04/15/2027 •		1,777	1,761
Bayview Opportunity Master Fund Trust 3.967% due 03/28/2034 þ		34	34
Bear Stearns Second Lien Trust 2.297% due 01/25/2036 •		1,322	1,319
Chesapeake Funding LLC
1.910% due 08/15/2029		301	300
3.230% due 08/15/2030		643	645
CLNC FL1 Ltd. 2.000% due 08/20/2035 •		1,200	1,118
CNH Capital Canada Receivables Trust 2.103% due 02/15/2022	CAD	293	208
Colony American Finance Ltd. 2.544% due 06/15/2048	$	36	36
Commonbond Student Loan Trust 2.550% due 05/25/2041		162	165

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


Countrywide Asset-Backed Certificates
1.687% due 05/25/2032 •		1	1
2.447% due 10/25/2034 •		829	776
Credit Suisse First Boston Mortgage Securities Corp. 1.687% due 08/25/2032 •		2	2
Dorchester Park CLO DAC 2.719% due 04/20/2028 •		500	489
Dryden Euro CLO BV 0.880% due 01/15/2030 •	EUR	400	424
ECMC Group Student Loan Trust
1.697% due 02/27/2068 •	$	489	467
1.947% due 07/25/2069 •		477	467
Edsouth Indenture LLC 1.677% due 04/25/2039 •		61	59
EFS Volunteer LLC 2.644% due 10/25/2035 •		269	262
Enterprise Fleet Financing LLC 3.140% due 02/20/2024		441	440
Evans Grove CLO Ltd. 2.533% due 05/28/2028 •		1,700	1,652
Figueroa CLO Ltd. 2.731% due 01/15/2027 •		445	443
Finance America Mortgage Loan Trust 1.772% due 08/25/2034 •		224	207
Ford Auto Securitization Trust 2.321% due 10/15/2023	CAD	1,500	1,059
Ford Credit Floorplan Master Owner Trust
1.105% due 10/15/2023 •	$	1,000	937
1.305% due 09/15/2024 •		700	635
Fremont Home Loan Trust 1.682% due 01/25/2035 •		371	352
Gallatin CLO Ltd.
2.869% due 01/21/2028 •		1,200	1,170
2.881% (US0003M + 1.050%) due 07/15/2027 ~		1,291	1,264
GMF Floorplan Owner Revolving Trust 1.025% due 09/15/2022 •		400	383
GoldentTree Loan Management U.S. CLO Ltd. 2.596% due 04/20/2029 •		1,000	947
Greystone Commercial Real Estate Notes Ltd. 1.885% due 09/15/2037 •		500	439
Hertz Fleet Lease Funding LP 3.230% due 05/10/2032		348	348
Legacy Mortgage Asset Trust 3.750% due 04/25/2059 þ		359	351
LoanCore Issuer Ltd. 1.835% due 05/15/2036 •		900	876
Long Beach Mortgage Loan Trust 1.922% due 04/25/2035 •		1,000	948
LP Credit Card ABS Master Trust 3.189% due 08/20/2024 •		741	716
Marlette Funding Trust
3.130% due 07/16/2029		1,133	1,090
3.710% due 12/15/2028		348	339
Master Credit Card Trust 1.414% due 07/21/2024 •		500	467
MASTR Asset-Backed Securities Trust
0.997% due 11/25/2036 •		2	1
1.647% due 09/25/2034 •		214	187
MMAF Equipment Finance LLC 2.920% due 07/12/2021		93	93
Morgan Stanley ABS Capital, Inc. Trust 1.847% due 05/25/2034 •		413	376
Mountain View CLO Ltd.
1.795% due 10/16/2029 •		800	752
2.631% due 10/15/2026 •		659	652
Navient Private Education Loan Trust 2.650% due 12/15/2028		89	90
Navient Private Education Refi Loan Trust 3.030% due 01/15/2043		112	112
Navient Student Loan Trust 3.430% due 12/15/2059		250	251
Nelnet Student Loan Trust
1.647% due 09/27/2038 •		1,944	1,892
1.747% due 08/25/2067 •		1,233	1,191
1.847% due 06/27/2067 •		471	451
Northstar Education Finance, Inc. 1.647% due 12/26/2031 •		35	35
NovaStar Mortgage Funding Trust 1.607% due 01/25/2036 •		400	381
Oaktree CLO 2.997% due 05/13/2029 •		2,900	2,766
OneMain Financial Issuance Trust 2.370% due 09/14/2032		306	301
Oscar U.S. Funding LLC 3.100% due 04/11/2022		299	301

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


Oscar U.S. Funding Trust LLC 3.150% due 08/10/2021		81	81
Palmer Square CLO Ltd. 2.542% due 08/15/2026 •		574	559
Palmer Square Loan Funding Ltd. 2.701% due 10/24/2027 •		856	834
Penarth Master Issuer PLC
1.062% due 09/18/2022 •		500	495
1.152% due 07/18/2023 •		1,200	1,187
PFS Financing Corp. 1.255% due 04/15/2024 •		1,000	951
Prosper Marketplace Issuance Trust 3.350% due 10/15/2024		25	25
Renaissance Home Equity Loan Trust
1.307% due 11/25/2034 •		4	3
1.827% due 08/25/2033 •		3	3
Shackleton CLO Ltd. 2.949% due 10/20/2028 •		2,000	1,905
SLC Student Loan Trust
0.851% due 03/15/2027 •		778	766
1.752% due 05/15/2029 •		665	627
SLM Student Loan Trust
1.211% due 12/15/2027 •		314	312
1.397% due 06/25/2043 •		744	717
1.904% due 01/25/2027 •		280	280
3.294% due 04/25/2023 •		643	639
SMB Private Education Loan Trust 2.155% due 02/17/2032 •		116	116
SoFi Consumer Loan Program LLC
2.500% due 05/26/2026		233	222
2.770% due 05/25/2026		71	70
SoFi Consumer Loan Program Trust
2.900% due 05/25/2028		604	587
3.010% due 04/25/2028		273	265
3.240% due 02/25/2028		443	430
SoFi Professional Loan Program LLC 2.720% due 10/27/2036		119	119
SoFi Professional Loan Program Trust 3.080% due 01/25/2048		182	182
Sound Point CLO Ltd. 2.956% due 01/23/2029 •		1,500	1,458
SpringCastle Funding Asset-Backed Notes 3.200% due 05/27/2036		787	741
Springleaf Funding Trust 2.680% due 07/15/2030		600	576
Stanwich Mortgage Loan Co. LLC 3.375% due 08/15/2024 þ		250	249
THL Credit Wind River CLO Ltd. 2.711% due 01/15/2026 •		587	585
Towd Point Mortgage Trust
1.947% due 05/25/2058 •		712	702
1.947% due 10/25/2059 •		709	695
TPG Real Estate Finance 1.950% due 10/15/2034 •		1,300	1,214
Upstart Securitization Trust
2.684% due 01/21/2030		433	431
2.897% due 09/20/2029		349	324
3.450% due 04/20/2026		25	25
Utah State Board of Regents 1.697% due 01/25/2057 •		1,347	1,333
Venture CDO Ltd. 2.711% due 04/15/2027 •		1,700	1,656
Total Asset-Backed Securities (Cost $57,888)			55,880
SOVEREIGN ISSUES 1.4%
Export-Import Bank of India
2.395% (US0003M + 1.020%) due 03/28/2022 ~(b)		1,000	970
2.696% (US0003M + 1.000%) due 08/21/2022 ~		1,200	1,186
2.750% due 04/01/2020		300	300
2.750% due 08/12/2020		1,100	1,101
Mexico Government International Bond 7.250% due 12/09/2021	MXN	67,000	2,878
Total Sovereign Issues (Cost $7,076)			6,435
SHORT-TERM INSTRUMENTS 0.9%
CERTIFICATES OF DEPOSIT 0.6%
Emirates NBD PJSC 2.850% due 05/04/2020	$	1,200	1,202

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


Sumitomo Mitsui Banking Corp. 2.087% (US0003M + 0.350%) due 11/05/2021 ~	1,900		1,864
			3,066
COMMERCIAL PAPER 0.3%
Syngenta Wilmington 2.250% due 06/05/2020	1,400		1,392
Total Short-Term Instruments (Cost $4,494)			4,458
Total Investments in Securities (Cost $465,658)			451,471
	SHARES
INVESTMENTS IN AFFILIATES 8.5%
SHORT-TERM INSTRUMENTS 8.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.5%
PIMCO Short Asset Portfolio	1,831,242		17,780
PIMCO Short-Term Floating NAV Portfolio III	2,319,224		22,777
Total Short-Term Instruments (Cost $40,935)			40,557
Total Investments in Affiliates (Cost $40,935)			40,557
Total Investments 103.1% (Cost $506,593)		$	492,028
Financial Derivative Instruments (d)(f) 0.4%(Cost or Premiums, net $(794))			1,927
Other Assets and Liabilities, net (3.5)%			(16,673)
Net Assets 100.0%		$	477,282

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(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).
~	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)	Principal amount of security is adjusted for inflation.
(b)	RESTRICTED SECURITIES:
Issuer Description					Coupon			Maturity Date					Acquisition Date											Cost												Market Value						Market Value as Percentage of Net Assets
CIMIC Group Ltd.				0.000			%	06/24/2020					02/26/2020								$			4,761							$					4,764						1.00			%
Export-Import Bank of India				2.395				03/28/2022					12/19/2019											993												970						0.20
Lloyds Banking Group PLC				3.870				09/02/2021					05/22/2018											400												406						0.09
Lloyds Banking Group PLC				3.870				09/02/2020					05/22/2018											400												402						0.08
Orange Unified School District, California Revenue Bonds, Series 2008				2.431				05/01/2043					11/27/2019											996												924						0.19
																				$			7,550							$					7,466						1.56%
BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:
Counterparty			Borrowing Rate(1)						Settlement Date					Maturity Date												Amount Borrowed(1)														Payable for Reverse Repurchase Agreements
MSC			1.000%						03/18/2020					04/17/2020											$	(24,686)											$			(24,696)
Total Reverse Repurchase Agreements																																					$			(24,696)
(c)	Securities with an aggregate market value of $25,893 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(13,530) at a weighted average interest rate of 1.630%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(d)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
									Variation Margin (1)
Description		Expiration Month				# of Contracts					Notional Amount								Unrealized Appreciation/ (Depreciation)														Asset											Liability
3-Month Canada Bankers Acceptance March Futures		03/2021				411				$	72,578					$			597										$				11						$					(4)
Canada Government 10-Year Bond June Futures		06/2020				118					12,337								535														12											(3)
															$			1,132										$				23						$					(7)
SHORT FUTURES CONTRACTS
									Variation Margin (1)
Description		Expiration Month				# of Contracts					Notional Amount								Unrealized Appreciation/ (Depreciation)														Asset											Liability
90-Day Eurodollar December Futures		12/2020				89				$	(22,174)					$			(224)										$				0						$					(35)
U.S. Treasury 5-Year Note June Futures		06/2020				213					(26,702)								(878)														10											0
															$			(1,102)										$				10						$					(35)
Total Futures Contracts										$		30					$					33					$							(42)

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(2)
																								Variation Margin
Index/Tranches				Fixed (Pay) Rate			Payment Frequency				Maturity Date									Notional Amount(3)									Premiums Paid/ (Received)									Unrealized Appreciation/ (Depreciation)								Market Value(4)							Asset										Liability
CDX.HY-33 5-Year Index				(5.000)%			Quarterly				12/20/2024						$			19,600					$				(1,059)					$				2,221				$				1,162				$			260						$				0
CDX.HY-34 5-Year Index				(5.000)			Quarterly				06/20/2025									6,200									247									129								376							84										0
																									$				(812)					$				2,350				$				1,538				$			344						$				0
INTEREST RATE SWAPS -BASIS SWAPS
																								Variation Margin
Pay Floating Rate Index			Receive Floating Rate Index						Payment Frequency					Maturity Date								Notional Amount							Premiums Paid/ (Received)									Unrealized Appreciation/ (Depreciation)								Market Value							Asset										Liability
3-Month USD-LIBOR(5)			01-Month USD-LIBOR + 0.098%							Quarterly					01/13/2023				$				22,400			$				0					$				(10)				$				(10)				$			0						$				(2)
3-Month USD-LIBOR(5)			01-Month USD-LIBOR + 0.098%							Quarterly					01/13/2023								17,100							0									(7)								(7)							0										(2)
																									$				0					$				(17)				$				(17)				$			0						$				(4)
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-Federal Funds Rate Compounded-OIS				2.300%		Annual					03/01/2022								69,300						$				101					$				(3,179)				$				(3,078)				$			0						$				(5)
Pay		3-Month CAD-Bank Bill				2.500		Semi-Annual					06/19/2029					CAD			3,800										266									74								340							0										(15)
Pay		3-Month USD-LIBOR				1.650		Semi-Annual					12/24/2024					$			3,000										(4)									180								176							0										0
Receive		3-Month USD-LIBOR				2.000		Semi-Annual					12/10/2029								24,400										(295)									(2,860)								(3,155)							126										0
Receive(5)		28-Day MXN-TIIE				6.420		Lunar					12/09/2021					MXN			80,500										0									(38)								(38)							0										(7)
																									$				68					$				(5,823)				$				(5,755)				$			126						$				(27)
Total Swap Agreements																								$			(744)						$				(3,490)				$			(4,234)					$			470					$					(31)
(e)	Securities with an aggregate market value of $654 and cash of $4,010 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	Unsettled variation margin asset of $20 for closed futures is outstanding at period end.
(2)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(3)	The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4)	The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(5)	This instrument has a forward starting effective date.
(f)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
																								Unrealized Appreciation/(Depreciation)
Counterparty					Settlement Month											Currency to be Delivered																Currency to be Received													Asset													Liability
BOA					04/2020							GBP				9,996												$				12,889									$				473											$		0
BPS					04/2020							AUD				7,481																4,972													370													0
					04/2020							CAD				6,999																5,212													249													(10)
					04/2020							EUR				1,701																1,894													18													0
					04/2020							GBP				607																708													0													(46)
					04/2020							JPY				524,800																5,063													182													0
					04/2020							$				498												CAD				679													0													(15)
BRC					04/2020							JPY				276,100												$				2,570													2													0
					04/2020							$				13,064												GBP				10,685													208													0
					04/2020											9,706												JPY				1,066,800													216													0
					05/2020							GBP				10,685												$				13,073													0													(209)
CBK					04/2020							AUD				196																116													0													(5)

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


				04/2020		CAD	2,231									1,674											89						0
				04/2020		GBP	82									107											5						0
				04/2020		JPY	264,800									2,465											2						0
				04/2020		$	14,044							AUD		22,359											0						(292)
				04/2020			4,510							CAD		6,160											0						(133)
HUS				04/2020		MXN	67,030							$		2,941											120						0
MYI				04/2020		AUD	14,676									9,654											627						0
SCX				04/2020			107									63											0						(2)
Total Forward Foreign Currency Contracts											$				2,561							$			(712)
WRITTEN OPTIONS:
CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES
Counterparty			Description					Buy/Sell Protection				Exercise Rate					Expiration Date						Notional Amount(1)						Premiums (Received)					Market Value
BOA			Put - OTC CDX.IG-33 5-Year Index					Sell				0.800%					06/17/2020						7,900					$	(8)			$		(138)
BPS			Call - OTC CDX.IG-33 5-Year Index					Buy				0.475					04/15/2020						2,600						(1)					0
			Put - OTC CDX.IG-33 5-Year Index					Sell				0.700					04/15/2020						2,600						(3)					(47)
			Put - OTC CDX.IG-33 5-Year Index					Sell				0.800					06/17/2020						2,300						(2)					(40)
DUB			Put - OTC CDX.IG-33 5-Year Index					Sell				0.850					06/17/2020						2,200						(3)					(35)
GST			Call - OTC CDX.IG-33 5-Year Index					Buy				0.475					04/15/2020						2,500						(1)					0
			Put - OTC CDX.IG-33 5-Year Index					Sell				0.700					04/15/2020						2,500						(2)					(45)
			Put - OTC CDX.IG-33 5-Year Index					Sell				2.500					01/20/2021						1,800						(1)					(12)
			Put - OTC CDX.IG-33 5-Year Index					Sell				2.500					03/17/2021						1,300						(1)					(11)
MYC			Put - OTC CDX.IG-33 5-Year Index					Sell				0.850					06/17/2020						2,700						(4)					(44)
																												$	(26)			$		(372)
INTEREST RATE SWAPTIONS
Counterparty			Description		Floating Rate Index				Pay/Receive Floating Rate			Exercise Rate					Expiration Date						Notional Amount(1)						Premiums (Received)					Market Value
MYC			Put - OTC 5-Year Interest Rate Swap		3-Month USD-LIBOR				Pay			1.150%					04/03/2020						11,400					$	(24)			$		0
Total Written Options											$		(50)							$	(372)
(g)		Securities with an aggregate market value of $534 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)		Notional Amount represents the number of contracts.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory										Level 1								Level 2						Level 3						Fair Value at 03/31/2020
Investments in Securities, at Value
Loan Participations and Assignments										$	0							$	0					$		4,502				$	4,502
Corporate Bonds & Notes
	Banking & Finance										0								147,881							0					147,881
	Industrials										0								99,709							0					99,709
	Specialty Finance										0								5,572							0					5,572
	Utilities										0								15,123							0					15,123
Municipal Bonds & Notes
	California										0								1,311							924					2,235
	Louisiana										0								362							0					362
	Utah										0								320							0					320
U.S. Government Agencies											0								39,554							0					39,554
U.S. Treasury Obligations											0								26,593							0					26,593
Non-Agency Mortgage-Backed Securities											0								42,131							716					42,847
Asset-Backed Securities											0								55,880							0					55,880
Sovereign Issues											0								6,435							0					6,435
Short-Term Instruments
	Certificates of Deposit										0								3,066							0					3,066
	Commercial Paper										0								1,392							0					1,392
										$	0							$	445,329					$		6,142				$	451,471
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes									$	40,557							$	0					$		0				$	40,557
Total Investments										$	40,557							$	445,329					$		6,142				$	492,028
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared											33								470							0					503
Over the counter											0								2,561							0					2,561
										$	33							$	3,031					$		0				$	3,064
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared											(42)								(31)							0					(73)
Over the counter											0								(1,084)							0					(1,084)

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

March 31, 2020

(Unaudited)


																$		(42)						$			(1,115)				$	0			$			(1,157)
Total Financial Derivative Instruments																$		(9)						$			1,916				$	0			$			1,907
Totals																$		40,548						$			447,245				$	6,142			$			493,935



The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended March 31, 2020:
Category and Subcategory			Beginning Balance at 12/31/2019			Net Purchases				Net Sales/Settlements					Accrued Discounts/ (Premiums)					Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (1)						Transfers into Level 3				Transfers out of Level 3				Ending Balance at 03/31/2020			Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 03/31/2020 (1)
Investments in Securities, at Value
Loan Participations and Assignments			$	4,600		$		0		$			0	$			1		$		0	$				(99)		$		0			$	0			$		4,502	$		(99)
Municipal Bonds & Notes
	California				1,992			0					(1,000)				0				3					(71)				0				0					924			(72)
Non-Agency Mortgage-Backed Securities				0				0					0				0				0					0				716				0					716			0
Totals			$	6,592		$		0		$			(1,000)	$			1		$		3	$				(170)		$		716			$	0			$		6,142	$		(171)
The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:
																		(% Unless Noted Otherwise)

Category and Subcategory							Ending Balance at 03/31/2020				Valuation Technique														Unobservable Inputs											Input Value(s)					Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments							$		4,502			Proxy Pricing													Base Price											97.400 - 98.550					97.924
Municipal Bonds & Notes
	California								924			Proxy Pricing													Base Price											92.495					—
Non-Agency Mortgage-Backed Securities									716			Proxy Pricing													Base Price											89.551					—
Total							$		6,142
(1)		Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2020 may be due to an investment no longer held or categorized as Level 3 at period end.

Schedule of Investments PIMCO Total Return Portfolio

March 31, 2020

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 148.6% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6%
Qatar National Bank SAQ 2.595% (LIBOR03M + 0.900%) due 12/22/2020 «~	$	9,700	$	9,700
State of Qatar
2.571% (LIBOR03M + 0.800%) due 12/21/2020 «~		6,000		5,994
2.721% (LIBOR03M + 0.800%) due 12/21/2020 «~		3,600		3,596
Toyota Motor Credit Corp.
1.955% (LIBOR03M + 0.580%) due 09/28/2020 «~		17,500		17,238
2.205% (LIBOR03M + 0.830%) due 03/29/2021 «~		2,300		2,240
Total Loan Participations and Assignments (Cost $38,991)				38,768
CORPORATE BONDS & NOTES 40.3%
BANKING & FINANCE 22.3%
AerCap Ireland Capital DAC
3.500% due 05/26/2022		4,738		3,954
3.500% due 01/15/2025		700		596
3.950% due 02/01/2022		2,350		2,049
4.450% due 12/16/2021		4,300		3,836
4.500% due 05/15/2021		1,200		1,101
4.875% due 01/16/2024		6,200		5,323
AIG Global Funding 3.350% due 06/25/2021		3,800		3,829
Alexandria Real Estate Equities, Inc.
4.300% due 01/15/2026		11,199		11,576
4.500% due 07/30/2029		4,500		4,721
Ambac LSNI LLC 6.450% due 02/12/2023 •		1,391		1,332
American Express Co.
2.315% (US0003M + 0.620%) due 05/20/2022 ~		16,300		15,637
2.750% due 05/20/2022		6,300		6,437
American Honda Finance Corp. 2.142% (US0003M + 0.450%) due 02/15/2022 ~		2,300		2,210
American Tower Corp.
2.750% due 01/15/2027		13,400		13,001
3.000% due 06/15/2023		1,400		1,404
3.375% due 05/15/2024		5,000		5,032
Aviation Capital Group LLC
3.875% due 05/01/2023 (k)		19,200		17,964
4.125% due 08/01/2025		16,700		14,397
6.750% due 04/06/2021		3,400		3,371
Bank of America Corp.
2.104% (US0003M + 0.790%) due 03/05/2024 ~		9,600		8,996
3.550% due 03/05/2024 •		12,900		13,391
4.125% due 01/22/2024		4,900		5,233
Banque Federative du Credit Mutuel S.A. 2.779% (US0003M + 0.960%) due 07/20/2023 ~		13,400		12,770
Barclays Bank PLC
7.625% due 11/21/2022 (h)		3,600		3,685
10.179% due 06/12/2021		5,700		6,060
Barclays PLC
3.122% (US0003M + 1.430%) due 02/15/2023 ~		1,000		942
3.200% due 08/10/2021		19,100		18,923
3.459% (US0003M + 1.625%) due 01/10/2023 ~		21,700		20,874
3.650% due 03/16/2025		500		494
3.684% due 01/10/2023		2,700		2,709
3.844% (US0003M + 2.110%) due 08/10/2021 ~		33,800		32,653
4.610% due 02/15/2023 •		17,900		18,228
8.000% due 12/15/2020 •(g)(h)	EUR	8,690		9,151
BBVA Bancomer S.A.
6.500% due 03/10/2021	$	1,465		1,476
7.250% due 04/22/2020		1,726		1,719
BBVA USA 2.500% due 08/27/2024		13,300		12,994
BNP Paribas S.A.
3.500% due 03/01/2023		18,000		18,080
4.705% due 01/10/2025 •		14,400		15,028
Boston Properties LP 4.500% due 12/01/2028		13,908		15,328
Brixmor Operating Partnership LP 2.813% (US0003M + 1.050%) due 02/01/2022 ~		4,400		4,327

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


Cantor Fitzgerald LP 6.500% due 06/17/2022		8,200	8,451
Capital One Financial Corp. 3.450% due 04/30/2021		4,800	4,809
Carlyle Finance Subsidiary LLC 3.500% due 09/19/2029		4,900	4,402
Citibank N.A.
2.295% (US0003M + 0.600%) due 05/20/2022 ~		14,100	13,629
2.844% due 05/20/2022 •		10,000	10,021
Citigroup, Inc.
2.603% (US0003M + 1.023%) due 06/01/2024 ~		16,500	15,389
2.700% due 10/27/2022		18,600	18,746
2.750% due 04/25/2022		10,500	10,563
2.876% due 07/24/2023 •		4,500	4,541
Cooperatieve Rabobank UA
5.500% due 06/29/2020 •(g)(h)	EUR	1,100	1,168
6.625% due 06/29/2021 •(g)(h)		1,800	1,905
Credit Suisse AG 6.500% due 08/08/2023 (h)	$	3,800	3,885
Credit Suisse Group AG
2.593% due 09/11/2025 •		15,200	14,467
6.250% due 12/18/2024 •(g)(h)		400	371
7.500% due 12/11/2023 •(g)(h)		1,800	1,744
Credit Suisse Group Funding Guernsey Ltd.
3.450% due 04/16/2021		11,000	11,073
3.800% due 09/15/2022		14,400	14,659
3.800% due 06/09/2023		3,600	3,687
4.109% (US0003M + 2.290%) due 04/16/2021 ~		22,800	22,816
Crown Castle International Corp. 3.150% due 07/15/2023		1,100	1,106
Deutsche Bank AG
2.818% (US0003M + 0.970%) due 07/13/2020 ~		9,100	8,968
3.300% due 11/16/2022		13,800	12,944
3.950% due 02/27/2023		15,415	15,332
3.961% due 11/26/2025 •		25,200	23,348
4.250% due 10/14/2021		11,700	11,138
5.000% due 02/14/2022		9,700	9,573
Diversified Healthcare Trust 4.750% due 02/15/2028		10,600	9,493
EPR Properties 3.750% due 08/15/2029		4,300	3,226
Erste Group Bank AG 8.875% due 10/15/2021 •(g)(h)	EUR	1,800	1,978
European Investment Bank 0.500% due 08/10/2023	AUD	2,600	1,585
Ford Motor Credit Co. LLC
0.000% due 12/01/2021 •	EUR	4,995	4,853
0.017% due 05/14/2021 •		600	622
2.134% (US0003M + 0.930%) due 09/24/2020 ~	$	16,500	15,676
2.343% due 11/02/2020		2,169	2,093
2.728% (US0003M + 0.880%) due 10/12/2021 ~		8,750	8,048
2.927% (US0003M + 1.235%) due 02/15/2023 ~		13,500	10,660
5.014% (US0003M + 3.140%) due 01/07/2022 ~		12,900	10,450
5.596% due 01/07/2022		8,100	7,877
General Motors Financial Co., Inc.
2.450% due 11/06/2020		6,970	6,764
2.685% (US0003M + 1.310%) due 06/30/2022 ~		1,800	1,431
2.728% (US0003M + 0.850%) due 04/09/2021 ~		10,000	9,004
2.778% (US0003M + 0.930%) due 04/13/2020 ~		21,300	21,214
2.837% (US0003M + 1.100%) due 11/06/2021 ~		700	642
3.200% due 07/13/2020		5,585	5,569
3.700% due 11/24/2020		3,586	3,551
GLP Capital LP
5.250% due 06/01/2025		3,200	2,984
5.750% due 06/01/2028		7,900	7,036
Goldman Sachs Group, Inc.
2.557% (US0003M + 0.780%) due 10/31/2022 ~		23,500	22,647
2.862% (US0003M + 1.170%) due 05/15/2026 ~		8,400	7,728
3.200% due 02/23/2023		10,600	10,831
3.500% due 01/23/2025		3,500	3,595
3.750% due 05/22/2025		11,697	12,132
Goodman U.S. Finance Three LLC 3.700% due 03/15/2028		11,200	10,573
GSPA Monetization Trust 6.422% due 10/09/2029		6,488	7,603
Harley-Davidson Financial Services, Inc. 3.550% due 05/21/2021		17,100	17,394
Highwoods Realty LP 4.125% due 03/15/2028		3,600	3,880
HSBC Holdings PLC
1.434% (US0003M + 0.650%) due 09/11/2021 ~		6,100	5,965
3.239% (US0003M + 2.240%) due 03/08/2021 ~		2,500	2,486
3.400% due 03/08/2021		17,900	18,004
3.400% (US0003M + 1.500%) due 01/05/2022 ~		10,000	9,590
6.000% due 09/29/2023 •(g)(h)	EUR	1,700	1,757

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


ING Groep NV
3.150% due 03/29/2022	$	5,200	5,227
4.625% due 01/06/2026		4,700	4,964
6.875% due 04/16/2022 •(g)(h)		200	175
International Lease Finance Corp. 8.250% due 12/15/2020		4,248	4,224
Jackson National Life Global Funding 3.300% due 06/11/2021		18,900	19,354
JPMorgan Chase & Co.
2.776% due 04/25/2023 •		1,900	1,926
3.797% due 07/23/2024 •		16,900	17,712
Kilroy Realty LP 3.050% due 02/15/2030		1,600	1,470
LeasePlan Corp. NV 2.875% due 10/24/2024		8,200	8,049
Lloyds Bank PLC
2.250% due 08/14/2022		10,000	9,975
3.300% due 05/07/2021		15,600	15,607
7.500% due 04/02/2032 þ		15,000	13,553
Lloyds Banking Group PLC
2.858% due 03/17/2023 •		5,000	4,934
3.000% due 01/11/2022		1,700	1,697
7.625% due 06/27/2023 •(g)(h)	GBP	5,200	5,489
Mid-America Apartments LP 2.750% due 03/15/2030	$	5,000	4,642
Mitsubishi UFJ Financial Group, Inc.
2.320% (US0003M + 0.740%) due 03/02/2023 ~		17,800	16,929
3.455% due 03/02/2023		21,300	21,836
Mizuho Financial Group, Inc.
2.226% due 05/25/2026 •		12,300	12,081
3.549% due 03/05/2023		17,800	18,275
Morgan Stanley
2.720% due 07/22/2025 •		3,110	3,154
3.625% due 01/20/2027		6,300	6,676
MPT Operating Partnership LP 2.550% due 12/05/2023	GBP	1,500	1,824
National Australia Bank Ltd. 3.625% due 06/20/2023	$	5,000	5,099
Nationwide Building Society 3.960% due 07/18/2030 •		11,500	11,650
Nissan Motor Acceptance Corp.
1.825% (US0003M + 0.630%) due 09/21/2021 ~		1,100	1,070
3.150% due 03/15/2021		900	887
3.875% due 09/21/2023		7,800	7,791
Oversea-Chinese Banking Corp. Ltd. 2.142% (US0003M + 0.450%) due 05/17/2021 ~		11,600	11,549
Park Aerospace Holdings Ltd.
3.625% due 03/15/2021		1,800	1,707
4.500% due 03/15/2023		4,100	3,563
5.250% due 08/15/2022		11,200	10,134
Physicians Realty LP 4.300% due 03/15/2027		2,250	2,102
Piper Jaffray Cos. 5.200% due 10/15/2023		11,300	10,721
PNC Financial Services Group, Inc. 2.200% due 11/01/2024		3,000	3,114
Prologis LP 3.875% due 09/15/2028		2,600	2,697
Public Storage 3.094% due 09/15/2027		12,000	11,235
QNB Finance Ltd. 3.389% (US0003M + 1.570%) due 07/18/2021 ~		16,800	16,503
Realty Income Corp. 3.000% due 01/15/2027		7,300	6,937
Royal Bank of Scotland Group PLC
2.500% due 03/22/2023	EUR	5,200	5,696
4.519% due 06/25/2024 •	$	2,200	2,218
7.500% due 08/10/2020 •(g)(h)		10,100	9,314
8.625% due 08/15/2021 •(g)(h)		8,900	8,725
Sabra Health Care LP 4.800% due 06/01/2024		1,500	1,525
Santander UK Group Holdings PLC 2.875% due 08/05/2021		7,100	6,992
Service Properties Trust
4.250% due 02/15/2021		6,600	6,277
4.500% due 06/15/2023		4,500	3,384
4.950% due 02/15/2027		13,100	9,954
Simon Property Group LP 2.750% due 06/01/2023		3,400	3,355
Societe Generale S.A.
4.250% due 09/14/2023		16,300	16,723
6.750% due 04/07/2021 •(g)(h)	EUR	700	742
Society of Lloyd's 4.750% due 10/30/2024	GBP	1,700	2,155
Springleaf Finance Corp. 6.125% due 05/15/2022	$	18,400	18,808

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


Standard Chartered PLC
2.744% due 09/10/2022 •		17,000	16,833
3.785% due 05/21/2025 •		11,000	10,872
Synchrony Bank 3.650% due 05/24/2021		17,500	17,288
UBS AG
5.125% due 05/15/2024 (h)		1,700	1,717
7.625% due 08/17/2022 (h)		3,700	3,813
UBS Group AG
4.125% due 09/24/2025		3,800	3,956
4.125% due 04/15/2026		10,300	10,459
5.750% due 02/19/2022 •(g)(h)	EUR	1,400	1,509
6.875% due 03/22/2021 •(g)(h)	$	2,100	2,058
7.000% due 02/19/2025 •(g)(h)		300	291
7.125% due 08/10/2021 •(g)(h)		5,200	5,101
UniCredit SpA
6.572% due 01/14/2022		14,550	14,831
7.830% due 12/04/2023		18,700	19,995
United Overseas Bank Ltd. 3.200% due 04/23/2021		14,400	14,517
Ventas Realty LP 3.250% due 10/15/2026		4,100	3,883
VEREIT Operating Partnership LP 4.625% due 11/01/2025		9,600	9,412
Volkswagen Bank GmbH 0.625% due 09/08/2021	EUR	2,500	2,719
Washington Prime Group LP 6.450% due 08/15/2024 (k)	$	7,000	4,156
Welltower, Inc. 3.100% due 01/15/2030		7,000	6,637
Weyerhaeuser Co. 4.700% due 03/15/2021		600	606
			1,411,560
INDUSTRIALS 14.5%
AbbVie, Inc.
2.600% due 11/21/2024		15,200	15,473
2.900% due 11/06/2022		13,390	13,563
2.950% due 11/21/2026		6,200	6,332
3.375% due 11/14/2021		1,800	1,836
Activision Blizzard, Inc. 2.300% due 09/15/2021		4,500	4,534
Allergan Funding SCS 3.450% due 03/15/2022		1,400	1,455
American Airlines Pass-Through Trust
3.000% due 04/15/2030		7,149	6,769
3.250% due 04/15/2030		3,662	3,331
3.500% due 08/15/2033		6,794	5,712
Arrow Electronics, Inc. 3.500% due 04/01/2022		1,700	1,691
Bacardi Ltd. 4.450% due 05/15/2025		12,600	13,268
Baker Hughes a GE Co. LLC 2.773% due 12/15/2022		7,400	7,053
BAT Capital Corp.
2.764% due 08/15/2022		10,350	10,206
3.222% due 08/15/2024		5,400	5,434
3.557% due 08/15/2027		1,200	1,133
Bayer U.S. Finance LLC
1.751% (US0003M + 1.010%) due 12/15/2023 ~		7,700	7,133
4.250% due 12/15/2025		13,200	13,743
BMW Finance NV 2.250% due 08/12/2022		16,700	16,000
Bristol-Myers Squibb Co. 2.875% due 08/15/2020		2,287	2,295
Broadcom Corp.
2.650% due 01/15/2023		6,700	6,552
3.875% due 01/15/2027		3,600	3,440
Broadcom, Inc.
3.125% due 04/15/2021		7,500	7,410
3.125% due 10/15/2022		16,500	16,359
3.625% due 10/15/2024		17,000	16,718
Campbell Soup Co. 3.650% due 03/15/2023		4,172	4,255
Centene Corp. 5.375% due 06/01/2026		5,000	5,178
CenterPoint Energy Resources Corp. 3.550% due 04/01/2023		8,600	8,743
Central Nippon Expressway Co. Ltd.
2.091% due 09/14/2021		6,700	6,773
2.362% due 05/28/2021		800	810
Charter Communications Operating LLC 4.464% due 07/23/2022		7,600	7,860
Cigna Corp. 3.050% due 11/30/2022		3,550	3,644

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


Conagra Brands, Inc. 3.800% due 10/22/2021		6,600	6,657
Constellation Brands, Inc. 2.650% due 11/07/2022		3,900	3,732
CVS Health Corp.
2.750% due 12/01/2022		8,511	8,579
3.500% due 07/20/2022		1,619	1,663
4.300% due 03/25/2028		21,300	22,665
Daimler Finance North America LLC
2.143% (US0003M + 0.430%) due 02/12/2021 ~		6,500	6,268
2.550% due 08/15/2022		20,100	19,297
2.591% (US0003M + 0.840%) due 05/04/2023 ~		11,900	10,351
3.700% due 05/04/2023		16,900	16,494
Danone S.A.
2.077% due 11/02/2021		4,300	4,308
3.000% due 06/15/2022		5,960	6,059
Dell International LLC
4.420% due 06/15/2021		13,756	13,908
5.450% due 06/15/2023		12,600	12,946
Delta Air Lines, Inc. 3.400% due 04/19/2021		7,700	7,016
Deutsche Telekom International Finance BV 2.820% due 01/19/2022		16,416	16,313
eBay, Inc. 2.750% due 01/30/2023		3,100	3,044
EMC Corp. 2.650% due 06/01/2020		3,480	3,473
Enbridge, Inc. 2.195% (US0003M + 0.500%) due 02/18/2022 ~		16,000	14,875
ERAC USA Finance LLC 4.500% due 08/16/2021		3,400	3,469
Expedia Group, Inc. 3.250% due 02/15/2030		15,900	13,040
Full House Resorts, Inc.
8.575% due 01/31/2024		3,910	3,751
9.738% due 02/02/2024		329	316
GATX Corp. 4.850% due 06/01/2021		4,500	4,623
General Electric Co.
0.375% due 05/17/2022	EUR	500	529
2.121% (US0003M + 0.380%) due 05/05/2026 ~	$	4,000	3,246
4.650% due 10/17/2021		8,700	8,876
General Mills, Inc. 6.610% due 10/15/2022		10,000	10,048
Glencore Finance Canada Ltd. 4.950% due 11/15/2021		5,400	5,352
Hyundai Capital America 1.689% due 09/18/2020 •		6,000	5,969
IHS Markit Ltd.
4.250% due 05/01/2029		1,390	1,475
5.000% due 11/01/2022		4,900	5,165
Imperial Brands Finance PLC
3.125% due 07/26/2024		16,000	15,674
3.875% due 07/26/2029		8,000	7,532
Japan Tobacco, Inc. 2.000% due 04/13/2021		1,500	1,497
Keurig Dr Pepper, Inc.
2.530% due 11/15/2021		3,600	3,600
3.551% due 05/25/2021		2,300	2,329
4.057% due 05/25/2023		11,100	11,575
Kraft Heinz Foods Co.
2.304% (US0003M + 0.570%) due 02/10/2021 ~		5,027	4,755
2.800% due 07/02/2020		895	888
Marathon Oil Corp. 2.800% due 11/01/2022		8,689	6,659
Marriott International, Inc. 4.150% due 12/01/2023		16,800	15,417
Melco Resorts Finance Ltd. 4.875% due 06/06/2025		2,000	1,857
Microchip Technology, Inc. 3.922% due 06/01/2021		10,105	9,853
Micron Technology, Inc. 4.640% due 02/06/2024		3,200	3,256
MPLX LP
1.899% (US0003M + 0.900%) due 09/09/2021 ~		5,300	5,009
4.000% due 03/15/2028		6,900	6,146
Mylan NV 3.150% due 06/15/2021		5,000	4,956
NetApp, Inc. 3.375% due 06/15/2021		3,000	3,008
Newcrest Finance Pty. Ltd. 4.450% due 11/15/2021		2,300	2,360
NXP BV
3.875% due 09/01/2022		10,500	10,551
4.125% due 06/01/2021		2,500	2,524
4.625% due 06/15/2022		3,900	4,037

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


4.875% due 03/01/2024		6,700	7,166
Occidental Petroleum Corp. 3.142% (US0003M + 1.450%) due 08/15/2022 ~		16,700	11,196
Odebrecht Oil & Gas Finance Ltd. 0.000% due 04/30/2020 (d)(g)		5,001	55
PayPal Holdings, Inc. 2.400% due 10/01/2024		16,700	16,813
Penske Truck Leasing Co. LP 4.250% due 01/17/2023		2,200	2,257
Pernod Ricard S.A.
4.250% due 07/15/2022		300	303
4.450% due 01/15/2022		2,600	2,673
5.750% due 04/07/2021		1,400	1,441
Philip Morris International, Inc. 2.375% due 08/17/2022		200	204
Platin 1426 GmbH 6.875% due 06/15/2023	EUR	11,400	10,561
Reckitt Benckiser Treasury Services PLC 2.375% due 06/24/2022	$	9,600	9,431
Reliance Holding USA, Inc. 4.500% due 10/19/2020		4,600	4,634
Ryder System, Inc. 2.875% due 06/01/2022		11,700	11,743
Sabine Pass Liquefaction LLC 5.625% due 02/01/2021		15,480	15,234
Saudi Arabian Oil Co. 2.750% due 04/16/2022		3,000	2,941
Seven & i Holdings Co. Ltd. 3.350% due 09/17/2021		13,000	13,204
Shire Acquisitions Investments Ireland DAC 2.400% due 09/23/2021		5,500	5,484
Southern Co. 2.350% due 07/01/2021		14,500	14,548
Sprint Spectrum Co. LLC
3.360% due 03/20/2023		525	524
4.738% due 09/20/2029		13,800	14,197
5.152% due 09/20/2029		10,700	11,487
Syngenta Finance NV 3.933% due 04/23/2021		12,100	11,406
Takeda Pharmaceutical Co. Ltd. 4.000% due 11/26/2021		19,600	19,866
Teva Pharmaceutical Finance Netherlands BV
1.250% due 03/31/2023	EUR	2,290	2,243
4.500% due 03/01/2025		11,400	11,574
Toyota Industries Corp. 3.110% due 03/12/2022	$	5,000	5,059
TWDC Enterprises 18 Corp. 2.125% due 09/13/2022		5,000	4,917
VMware, Inc. 2.950% due 08/21/2022		19,933	20,007
Volkswagen Group of America Finance LLC
2.064% (US0003M + 0.860%) due 09/24/2021 ~		5,575	5,107
3.200% due 09/26/2026		16,700	16,100
3.875% due 11/13/2020		14,415	14,370
4.000% due 11/12/2021		12,189	12,065
4.750% due 11/13/2028		15,000	15,373
Wabtec Corp. 2.041% (US0003M + 1.050%) due 09/15/2021 ~		7,390	7,175
Wynn Las Vegas LLC 5.500% due 03/01/2025		18,000	16,874
Zimmer Biomet Holdings, Inc. 2.700% due 04/01/2020		700	700
Zoetis, Inc. 2.135% (US0003M + 0.440%) due 08/20/2021 ~		7,500	6,884
			917,509
SPECIALTY FINANCE 0.0%
Lloyds Banking Group PLC
3.870% due 09/02/2020 (i)		1,400	1,407
3.870% due 09/02/2021 (i)		1,400	1,422
			2,829
UTILITIES 3.5%
AEP Texas, Inc. 2.400% due 10/01/2022		2,200	2,217
AT&T, Inc.
1.964% (US0003M + 1.180%) due 06/12/2024 ~		12,300	11,430
2.330% (US0003M + 0.750%) due 06/01/2021 ~		19,800	19,229
2.781% (US0003M + 0.950%) due 07/15/2021 ~		15,510	15,245
3.400% due 05/15/2025		11,300	11,709
British Telecommunications PLC 4.500% due 12/04/2023		400	420
Duke Energy Corp.
2.400% due 08/15/2022		3,460	3,458

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


3.050% due 08/15/2022	1,300	1,312
Duke Energy Ohio, Inc. 3.650% due 02/01/2029	5,600	5,961
Edison International 3.125% due 11/15/2022	5,000	4,920
Enel Finance International NV
2.875% due 05/25/2022	10,120	9,797
4.250% due 09/14/2023	17,500	17,933
Evergy, Inc. 2.450% due 09/15/2024	17,000	16,710
NextEra Energy Capital Holdings, Inc.
2.399% (US0003M + 0.720%) due 02/25/2022 ~	16,200	15,757
3.200% due 02/25/2022	13,200	13,373
3.300% due 08/15/2022	4,400	4,472
NiSource, Inc. 2.650% due 11/17/2022	4,600	4,646
Odebrecht Drilling Norbe Ltd. 6.350% due 12/01/2021 ^	2,100	1,783
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK) 7.350% due 12/01/2026 ^(c)	8,761	2,879
Odebrecht Offshore Drilling Finance Ltd. 6.720% due 12/01/2022 ^	881	709
Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK) 7.720% due 12/01/2026 ^(c)	4,346	543
Petrobras Global Finance BV 6.125% due 01/17/2022	4,347	4,373
Plains All American Pipeline LP 5.000% due 02/01/2021	1,700	1,659
Sempra Energy 1.191% (US0003M + 0.450%) due 03/15/2021 ~	21,300	20,993
Verizon Communications, Inc. 3.376% due 02/15/2025	27,614	29,674
		221,202
Total Corporate Bonds & Notes (Cost $2,623,571)		2,553,100
MUNICIPAL BONDS & NOTES 0.2%
ILLINOIS 0.1%
Chicago, Illinois General Obligation Bonds, Series 2015 7.750% due 01/01/2042	1,367	1,557
Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020
2.857% due 01/01/2031	5,000	5,248
3.007% due 01/01/2033	2,000	2,127
		8,932
IOWA 0.0%
Iowa Tobacco Settlement Authority Revenue Bonds, Series 2005 6.500% due 06/01/2023	865	865
TEXAS 0.1%
Texas Public Finance Authority Revenue Notes, Series 2014 8.250% due 07/01/2024	3,440	3,383
Total Municipal Bonds & Notes (Cost $12,642)		13,180
U.S. GOVERNMENT AGENCIES 65.1%
Fannie Mae
1.197% due 05/25/2037 •	34	34
1.297% due 03/25/2044 •	414	411
1.357% due 09/25/2035 •	268	266
1.397% due 06/25/2049 •	29,067	28,903
1.687% due 12/25/2036 - 07/25/2037 •	538	531
1.965% due 06/25/2055 •	2,486	2,475
2.105% due 09/25/2046 •	2,096	2,109
2.310% due 08/01/2022	4,448	4,569
2.326% due 08/25/2055 ~(a)	10,944	614
2.670% due 08/01/2022	687	709
2.870% due 09/01/2027	6,400	7,078
3.160% due 06/01/2029	6,500	7,381
3.253% due 06/01/2043 - 07/01/2044 •	599	590
3.330% due 11/01/2021	1,174	1,204
3.453% due 09/01/2040 •	2	2
3.575% due 04/01/2035 •	523	527
3.700% due 01/01/2025 •	1	1
3.840% due 08/01/2035 •	195	198
3.858% due 10/01/2032 •	112	115
3.958% due 05/25/2035 ~	63	66
4.005% due 11/01/2035 •	16	17
4.090% due 09/01/2035 •	17	17
4.132% due 09/01/2039 •	15	16
4.146% due 12/01/2036 •	118	122
4.162% due 08/01/2035 •	23	23

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


4.230% due 05/01/2038 •	5,947	6,029
5.000% due 04/25/2033	356	405
5.020% due 09/01/2034 •	52	55
7.000% due 04/25/2023 - 06/01/2032	138	154
Fannie Mae, TBA 3.000% due 06/01/2040	145,520	152,074
Freddie Mac
1.155% due 11/15/2030 •	2	2
1.205% due 09/15/2030 •	3	3
1.236% due 08/25/2022 ~(a)	49,238	1,212
1.425% due 05/15/2037 •	409	412
3.189% due 02/25/2045 •	111	109
3.500% due 02/01/2048 - 10/01/2048	54,504	57,794
4.000% due 04/01/2029 - 12/01/2048	62,291	66,613
4.500% due 03/01/2029 - 09/01/2041	1,520	1,644
5.500% due 10/01/2034 - 07/01/2038	1,422	1,615
6.000% due 02/01/2033 - 05/01/2040	2,695	3,100
6.500% due 04/15/2029 - 10/01/2037	25	28
7.000% due 06/15/2023	67	71
7.500% due 07/15/2030 - 03/01/2032	30	36
8.500% due 08/01/2024	1	1
Ginnie Mae
1.881% due 10/20/2043 •	9,901	9,873
2.112% due 08/20/2066 •	341	341
2.262% due 07/20/2065 - 08/20/2065 •	23,938	23,561
2.312% due 07/20/2063 •	2,062	2,060
2.432% due 10/20/2066 •	10,393	10,285
2.462% due 06/20/2066 •	5,731	5,679
2.492% due 08/20/2066 •	15,778	15,651
2.662% due 01/20/2066 •	3,999	3,995
3.000% due 03/15/2045 - 08/15/2045	7,268	7,709
3.125% due 10/20/2029 - 11/20/2029 •	31	33
3.250% due 07/20/2030 •	2	2
3.487% due 06/20/2067 •	575	575
3.500% due 12/20/2049 - 01/20/2050	95,772	101,271
3.629% due 04/20/2067 •	11,740	11,729
3.875% (H15T1Y + 1.500%) due 04/20/2026 ~	13	14
3.875% due 05/20/2030 •	1	1
4.000% due 02/20/2027 - 02/20/2032 •	85	88
4.000% due 10/20/2044 - 06/20/2048	46,358	49,949
4.500% due 04/20/2048 - 01/20/2049	81,639	87,293
4.943% due 09/20/2066 ~	19,129	20,760
5.000% due 08/20/2048 - 07/20/2049	88,318	94,767
6.000% due 12/15/2038 - 11/15/2039	20	22
Ginnie Mae, TBA
3.000% due 06/01/2040 - 05/01/2050	31,600	33,375
3.500% due 04/01/2050 - 05/01/2050	114,200	120,272
4.000% due 04/01/2050 - 05/01/2050	787,900	837,455
4.500% due 04/01/2050 - 05/01/2050	166,900	177,186
5.000% due 04/01/2050 - 05/01/2050	137,200	145,947
Small Business Administration
5.130% due 09/01/2023	3	3
6.290% due 01/01/2021	2	2
Uniform Mortgage-Backed Security
3.000% due 09/01/2020 - 06/01/2030	40,833	43,135
3.500% due 04/01/2045 - 03/01/2048	12,797	13,663
4.000% due 01/01/2026 - 01/01/2049	136,525	146,272
4.500% due 08/01/2023 - 09/01/2045	16,075	17,513
5.000% due 06/01/2025 - 08/01/2044	4,784	5,272
5.500% due 05/01/2022 - 07/01/2041	12,370	13,959
6.000% due 09/01/2021 - 01/01/2039	3,951	4,491
6.500% due 11/01/2034	23	25
Uniform Mortgage-Backed Security, TBA
2.500% due 04/01/2050 - 06/01/2050	332,200	343,463
3.000% due 04/01/2050 - 05/01/2050	420,780	440,742
3.500% due 04/01/2035 - 05/01/2050	557,995	589,966
4.000% due 04/01/2050 - 05/01/2050	351,270	375,048
5.500% due 04/01/2050	13,000	14,237
6.000% due 04/01/2050	5,000	5,538
Total U.S. Government Agencies (Cost $4,033,991)		4,122,557
U.S. TREASURY OBLIGATIONS 20.4%
U.S. Treasury Bonds
2.000% due 02/15/2050 (o)	47,000	54,614
2.500% due 02/15/2045 (k)(o)	9,800	12,242
2.750% due 11/15/2042 (k)	8,300	10,725
2.875% due 08/15/2045 (o)	10,000	13,374
2.875% due 05/15/2049	31,900	43,572
3.000% due 05/15/2042 (k)	4,300	5,774
3.000% due 11/15/2044 (k)	155,300	210,298
3.000% due 05/15/2045	41,000	55,782
3.125% due 11/15/2041 (k)	20,500	28,002
3.125% due 02/15/2043 (k)(o)	7,600	10,397
3.125% due 08/15/2044	35,700	49,226
3.375% due 05/15/2044 (k)	63,300	90,514

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


3.625% due 02/15/2044 (o)		22,400	33,150
3.750% due 08/15/2041 (k)(o)		27,700	41,158
U.S. Treasury Inflation Protected Securities (f)
0.125% due 04/15/2021 (m)		53,872	52,778
0.125% due 04/15/2022 (m)(o)		19,303	19,030
0.125% due 07/15/2022 (m)		11,217	11,111
0.125% due 07/15/2026		6,779	6,845
0.250% due 07/15/2029		19,865	20,652
0.375% due 07/15/2025		10,986	11,211
0.375% due 01/15/2027 (m)		36,626	37,520
0.375% due 07/15/2027 (m)		12,443	12,811
0.625% due 04/15/2023 (m)		6,438	6,488
0.625% due 01/15/2024 (m)(o)		8,180	8,317
0.625% due 01/15/2026		49,393	51,044
0.750% due 07/15/2028 (k)		99,336	106,378
0.750% due 02/15/2042		27,168	30,450
0.750% due 02/15/2045		6,353	7,269
0.875% due 01/15/2029 (k)		97,515	106,072
0.875% due 02/15/2047 (m)		16,028	19,094
1.000% due 02/15/2046 (o)		5,443	6,619
1.000% due 02/15/2048		9,622	11,863
1.000% due 02/15/2049		6,560	8,168
1.375% due 02/15/2044 (m)		20,254	26,006
U.S. Treasury Notes
1.750% due 09/30/2022 (k)(m)(o)		20,665	21,445
1.750% due 06/30/2024 (k)(m)(o)		47,400	50,207
Total U.S. Treasury Obligations (Cost $1,192,944)			1,290,206
NON-AGENCY MORTGAGE-BACKED SECURITIES 8.5%
Alba PLC 0.683% due 03/17/2039 •	GBP	9,953	11,622
American Home Mortgage Investment Trust
3.533% due 02/25/2045 •	$	233	226
6.700% due 06/25/2036 þ		11,860	3,491
Banc of America Funding Trust
4.411% due 05/25/2035 ~		241	227
5.000% due 07/26/2036		17,320	2,736
6.000% due 03/25/2037 ^		2,636	2,213
Banc of America Mortgage Trust
5.213% due 05/25/2033 ~		249	230
6.500% due 10/25/2031		47	49
BCAP LLC Trust
1.157% due 05/25/2047 •		2,660	2,221
4.844% due 03/26/2037 þ		455	442
Bear Stearns Adjustable Rate Mortgage Trust
2.781% due 11/25/2030 ~		1	1
3.755% due 02/25/2033 ~		11	9
3.840% due 02/25/2036 •		39	37
3.948% due 11/25/2034 ~		974	869
3.954% due 04/25/2034 ~		391	342
4.002% due 02/25/2033 ~		5	5
4.016% due 04/25/2033 ~		42	40
4.033% due 01/25/2035 ~		87	75
4.103% due 01/25/2034 ~		186	180
4.321% due 07/25/2034 ~		290	241
4.375% due 01/25/2035 ~		199	166
Bear Stearns ALT-A Trust
3.882% due 05/25/2035 ~		1,004	909
3.958% due 09/25/2035 ^~		619	460
4.055% due 05/25/2036 ^~		1,841	1,173
Bear Stearns Structured Products, Inc. Trust
2.207% due 12/26/2046 ^~		936	779
3.726% due 01/26/2036 ^~		1,312	1,058
Business Mortgage Finance PLC 2.756% due 02/15/2041 •	GBP	2,220	2,710
CFCRE Commercial Mortgage Trust 3.644% due 12/10/2054	$	7,037	7,474
Chase Mortgage Finance Trust 3.564% due 01/25/2036 ^~		1,684	1,362
Citigroup Mortgage Loan Trust
3.258% due 04/25/2066 ~		6,059	6,016
4.380% due 10/25/2035 •		89	80
5.500% due 12/25/2035		2,950	2,210
Citigroup Mortgage Loan Trust, Inc.
3.843% due 05/25/2035 ~		409	380
4.550% due 09/25/2035 •		4,164	3,877
Countrywide Alternative Loan Trust
0.963% due 09/20/2046 •		5,005	4,142
1.137% due 09/25/2046 ^•		12,994	10,963
1.147% due 05/25/2036 •		1,069	798
1.947% due 08/25/2035 ^•		3,279	1,656
6.000% due 03/25/2035		13,052	11,572
6.000% due 02/25/2037 ^		7,331	4,583
Countrywide Home Loan Mortgage Pass-Through Trust
3.711% due 02/20/2036 ^•		179	141

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


3.744% due 02/20/2035 ~		486	452
3.826% due 11/25/2034 ~		735	665
Credit Suisse First Boston Mortgage Securities Corp. 5.219% due 06/25/2032 ~		14	13
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
1.097% due 03/25/2037 ^•		4,063	3,256
1.447% due 02/25/2035 •		220	201
Eurosail PLC
0.656% due 03/13/2045 •	GBP	1,375	1,635
0.666% due 03/13/2045 •		4,123	4,969
First Horizon Alternative Mortgage Securities Trust 3.466% due 08/25/2035 ^~	$	2,290	1,881
First Horizon Mortgage Pass-Through Trust 4.052% due 10/25/2035 ^~		1,621	1,464
Great Hall Mortgages PLC 1.019% due 06/18/2039 •		2,954	2,765
GS Mortgage Securities Corp. Trust
2.856% due 05/10/2034		10,700	10,528
3.203% due 02/10/2029		5,500	5,490
3.980% due 02/10/2029		17,150	17,086
GS Mortgage Securities Trust
3.120% due 05/10/2050		13,200	13,580
3.602% due 10/10/2049 ~		3,037	2,888
GSR Mortgage Loan Trust
4.098% due 09/25/2035 ~		1,116	1,057
4.124% due 11/25/2035 ~		294	262
HarborView Mortgage Loan Trust
1.190% due 05/19/2035 •		241	225
2.250% due 10/19/2035 •		2,081	1,566
3.767% due 12/19/2035 ^~		2,184	1,444
4.293% due 07/19/2035 ^~		853	730
Hawksmoor Mortgages 1.761% due 05/25/2053 •	GBP	58,983	72,088
Hilton USA Trust 2.828% due 11/05/2035	$	14,400	13,896
IndyMac Adjustable Rate Mortgage Trust 3.528% due 01/25/2032 ~		1	0
IndyMac Mortgage Loan Trust
1.117% due 01/25/2037 ^•		2,264	2,055
3.552% due 06/25/2036 ~		5,964	4,448
JPMorgan Chase Commercial Mortgage Securities Trust 1.705% due 06/15/2032 •		17,189	16,441
JPMorgan Mortgage Trust
3.884% due 06/25/2035 ~		200	185
3.974% due 12/26/2037 ~		11,816	9,631
4.119% due 10/25/2036 ^~		2,497	2,026
4.123% due 08/25/2034 ~		1,469	1,273
5.750% due 01/25/2036 ^		433	294
Landmark Mortgage Securities PLC 0.980% due 04/17/2044 •	GBP	17,713	19,160
MASTR Adjustable Rate Mortgages Trust 2.706% due 01/25/2047 ^•	$	2,395	3,679
Merrill Lynch Mortgage Investors Trust 3.551% due 04/25/2035 ~		1,843	1,621
Morgan Stanley Bank of America Merrill Lynch Trust
3.069% due 02/15/2048		3,004	3,085
3.557% due 12/15/2047		7,200	7,546
Morgan Stanley Mortgage Loan Trust 3.879% due 07/25/2035 ^~		2,227	1,852
MortgageIT Trust 1.567% due 12/25/2035 •		1,950	1,805
MSSG Trust 3.397% due 09/13/2039		17,400	16,723
Nomura Resecuritization Trust 2.304% due 11/26/2036 •		10,266	7,591
Prime Mortgage Trust
1.347% due 02/25/2034 •		55	50
1.447% due 02/25/2035 •		2,482	2,240
RBSSP Resecuritization Trust 3.743% due 12/25/2035 ~		4,594	4,535
Residential Accredit Loans, Inc. Trust
1.047% due 05/25/2037 •		7,520	6,139
2.347% due 08/25/2036 ^•		1,972	1,848
4.557% due 12/25/2035 ^~		359	289
6.000% due 09/25/2036		787	663
6.500% due 09/25/2036 ^		5,438	3,701
Residential Asset Securitization Trust 1.397% due 10/25/2035 •		1,409	945
Residential Funding Mortgage Securities, Inc. Trust 6.000% due 06/25/2037 ^		2,061	1,877
Structured Adjustable Rate Mortgage Loan Trust 1.147% due 04/25/2047 •		1,549	1,251
Structured Asset Mortgage Investments Trust
1.000% due 07/19/2035 •		1,057	944
1.410% due 09/19/2032 •		13	12

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


SunTrust Adjustable Rate Mortgage Loan Trust 3.969% due 02/25/2037 ^~		1,611	1,350
Tharaldson Hotel Portfolio Trust 1.755% due 11/11/2034 •		7,939	7,615
Thornburg Mortgage Securities Trust
2.187% due 06/25/2047 ^•		7,990	6,217
2.237% due 03/25/2037 ^•		1,085	881
Towd Point Mortgage Funding 1.611% due 07/20/2045 •	GBP	56,116	68,260
Towd Point Mortgage Funding PLC 1.724% due 10/20/2051 •		32,669	39,418
Wachovia Mortgage Loan Trust LLC 4.180% due 05/20/2036 ^~	$	1,684	1,548
WaMu Mortgage Pass-Through Certificates Trust
1.237% due 10/25/2045 •		229	210
1.447% due 02/25/2045 •		8,614	8,098
3.430% due 05/25/2037 ^~		3,002	2,373
3.523% due 12/25/2036 ^~		279	232
3.983% due 07/25/2037 ^~		1,998	1,586
Warwick Finance Residential Mortgages PLC
0.000% due 12/21/2049 (d)	GBP	0	745
1.322% due 12/21/2049 •		19,142	23,510
2.022% due 12/21/2049 •		2,259	2,771
2.522% due 12/21/2049 •		1,179	1,448
3.022% due 12/21/2049 •		674	827
3.522% due 12/21/2049 •		674	815
Total Non-Agency Mortgage-Backed Securities (Cost $564,541)			537,719
ASSET-BACKED SECURITIES 10.5%
Accredited Mortgage Loan Trust 1.207% due 09/25/2036 •	$	6,218	5,812
Allegro CLO Ltd. 2.990% due 01/30/2026 •		432	432
Ally Master Owner Trust 1.025% due 07/15/2022 •		19,600	19,228
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates 1.417% due 11/25/2035 •		8,352	7,908
Argent Securities Trust
1.097% due 07/25/2036 •		18,033	6,710
1.137% due 03/25/2036 •		6,057	3,859
Atrium Corp. 2.632% due 04/22/2027 •		16,000	15,769
Avery Point CLO Ltd. 2.894% due 04/25/2026 •		3,852	3,846
Bear Stearns Asset-Backed Securities Trust
1.097% due 11/25/2036 •		7,987	6,933
1.107% due 08/25/2036 •		1,078	1,243
2.072% due 02/25/2035 •		5,585	5,461
California Street CLO Ltd. 2.861% due 10/15/2025 •		9,098	9,023
CARDS Trust 3.047% due 04/17/2023		16,900	16,850
Cent CLO Ltd. 2.901% due 10/15/2026 •		16,800	16,475
Chesapeake Funding LLC 3.230% due 08/15/2030		8,815	8,841
Citigroup Mortgage Loan Trust
1.567% due 12/25/2035 •		38	38
6.750% due 05/25/2036 þ		3,745	2,423
Countrywide Asset-Backed Certificates
1.087% due 06/25/2047 ^•		2,907	2,359
1.097% due 07/25/2036 ^•		423	424
1.097% due 01/25/2037 •		80	80
1.117% due 06/25/2037 •		568	568
1.177% due 05/25/2037 •		7,400	6,160
1.347% due 06/25/2036 •		6,600	6,183
1.697% due 05/25/2034 •		1,452	1,418
Countrywide Asset-Backed Certificates Trust 1.747% due 08/25/2047 •		1,174	1,111
Credit-Based Asset Servicing & Securitization Trust 1.007% due 11/25/2036 •		373	188
EMC Mortgage Loan Trust 1.687% due 05/25/2040 •		109	99
Evergreen Credit Card Trust 1.900% due 09/15/2024		20,300	20,075
Figueroa CLO Ltd. 2.731% due 01/15/2027 •		7,470	7,450
First Franklin Mortgage Loan Trust 1.682% due 09/25/2035 •		355	354
Ford Credit Floorplan Master Owner Trust
0.985% due 05/15/2023 •		28,800	28,068
2.840% due 03/15/2024		16,200	16,062
Fremont Home Loan Trust
1.007% due 01/25/2037 •		72	33
1.357% due 11/25/2035 •		8,100	6,009

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


GSAA Home Equity Trust 5.995% due 03/25/2046 ^~	8,285	4,528
GSAMP Trust 1.037% due 06/25/2036 •	3,937	2,328
Halcyon Loan Advisors Funding Ltd. 2.902% due 10/22/2025 •	7,177	7,170
Home Equity Loan Trust 1.177% due 04/25/2037 •	17,802	15,978
Jamestown CLO Ltd. 2.624% due 07/25/2027 •	5,204	5,076
JMP Credit Advisors CLO Ltd. 2.686% due 01/17/2028 •	20,800	20,400
JPMorgan Mortgage Acquisition Corp.
1.337% due 05/25/2035 •	4,500	4,330
1.357% due 10/25/2035 ^•	7,200	6,567
JPMorgan Mortgage Acquisition Trust 1.207% due 03/25/2037 •	1,900	1,731
Lehman XS Trust 1.127% due 06/25/2036 •	1,940	1,572
LMREC, Inc. 1.909% due 02/22/2032 •	644	629
LoanCore Issuer Ltd. 1.835% due 05/15/2028 •	16,700	15,777
Long Beach Mortgage Loan Trust 3.947% due 11/25/2032 •	4	4
LP Credit Card ABS Master Trust 3.189% due 08/20/2024 •	17,352	16,768
MASTR Asset-Backed Securities Trust
1.187% due 03/25/2036 •	5,344	3,801
1.527% due 12/25/2035 •	3,768	3,628
MidOcean Credit CLO 2.631% due 04/15/2027 •	3,947	3,878
Monarch Grove CLO 2.674% due 01/25/2028 •	10,600	10,281
Morgan Stanley ABS Capital, Inc. Trust
1.097% due 07/25/2036 •	7,426	3,501
1.197% due 08/25/2036 •	13,663	7,401
Mountain Hawk CLO Ltd. 3.019% due 04/18/2025 •	4,195	4,181
NovaStar Mortgage Funding Trust 1.187% due 11/25/2036 •	2,991	1,188
OCP CLO Ltd. 2.631% due 07/15/2027 •	7,308	7,236
OneMain Direct Auto Receivables Trust 3.430% due 12/16/2024	16,800	16,750
Option One Mortgage Loan Trust
1.087% due 03/25/2037 •	5,849	4,680
1.167% due 05/25/2037 •	11,004	6,955
Option One Mortgage Loan Trust Asset-Backed Certificates 1.407% due 11/25/2035 •	13,900	12,315
Palmer Square CLO Ltd. 2.542% due 08/15/2026 •	7,692	7,494
Palmer Square Loan Funding Ltd. 2.789% due 04/20/2027 •	13,342	13,067
RAAC Trust 1.287% due 02/25/2036 •	803	786
Renaissance Home Equity Loan Trust 5.285% due 01/25/2037 þ	12,719	5,602
Residential Asset Mortgage Products Trust 1.627% due 04/25/2035 •	7,300	6,954
Residential Asset Securities Corp. Trust
1.187% due 09/25/2036 •	6,228	6,042
1.197% due 04/25/2037 •	2,546	2,492
1.347% due 02/25/2036 •	6,500	6,132
1.607% due 12/25/2035 •	4,173	3,200
1.817% due 05/25/2035 •	193	193
Securitized Asset-Backed Receivables LLC Trust 1.077% due 05/25/2037 ^•	1,110	845
SG Mortgage Securities Trust 1.217% due 02/25/2036 •	2,503	1,516
SLM Student Loan Trust
1.211% due 12/15/2027 •	6,823	6,767
1.291% due 12/15/2025 •	9,858	9,748
SMB Private Education Loan Trust 1.055% due 03/16/2026 •	725	724
SoFi Consumer Loan Program Trust 3.010% due 04/25/2028	8,854	8,600
SoFi Professional Loan Program Trust 2.640% due 08/25/2047	4,520	4,496
Soundview Home Loan Trust
1.057% due 02/25/2037 •	1,801	529
1.847% due 10/25/2037 •	18,723	14,200
Specialty Underwriting & Residential Finance Trust 1.097% due 11/25/2037 •	15,849	10,565
Starwood Commercial Mortgage Trust 1.785% due 07/15/2038 •	14,500	13,417

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


Structured Asset Securities Corp. Mortgage Loan Trust 1.397% due 05/25/2037 •		6,600	5,927
Sudbury Mill CLO Ltd.
2.986% due 01/17/2026 •		5,312	5,304
3.006% due 01/17/2026 •		5,312	5,305
Telos CLO Ltd. 3.106% due 01/17/2027 •		6,354	6,302
Towd Point Mortgage Trust 2.900% due 10/25/2059 ~		40,179	39,359
Tralee CLO Ltd. 2.929% due 10/20/2028 •		15,100	14,545
VB-S1 Issuer LLC 6.901% due 06/15/2046		2,400	2,398
Venture CLO Ltd.
2.651% due 04/15/2027 •		9,816	9,586
2.681% due 01/15/2028 •		9,700	9,476
Volkswagen Auto Loan Enhanced Trust 3.050% due 08/20/2021		3,845	3,847
Voya CLO Ltd. 2.514% due 07/25/2026 •		3,479	3,407
WaMu Asset-Backed Certificates WaMu Trust 1.197% due 04/25/2037 •		6,154	2,756
Wells Fargo Home Equity Asset-Backed Securities Trust 1.832% due 11/25/2035 •		263	263
Westlake Automobile Receivables Trust 2.980% due 01/18/2022		1,896	1,894
Zais CLO Ltd. 2.981% due 04/15/2028 •		17,700	17,254
Total Asset-Backed Securities (Cost $674,264)			667,137
SOVEREIGN ISSUES 2.6%
Argentina Government International Bond 38.039% (ARLLMONP) due 06/21/2020 ~	ARS	1,860	13
Israel Government International Bond 2.750% due 07/03/2030 (b)	$	17,900	17,900
Ivory Coast Government International Bond 5.875% due 10/17/2031	EUR	6,200	5,888
Korea International Bond 2.000% due 06/19/2024	$	1,200	1,232
Provincia de Buenos Aires 37.463% (BADLARPP + 3.750%) due 04/12/2025 ~	ARS	35,575	209
Qatar Government International Bond
3.375% due 03/14/2024	$	12,500	12,759
3.875% due 04/23/2023		18,100	18,666
4.000% due 03/14/2029		4,000	4,294
Spain Government International Bond
0.600% due 10/31/2029 (k)	EUR	34,300	37,748
1.400% due 07/30/2028		6,800	8,027
1.450% due 04/30/2029 (k)		31,300	37,126
1.850% due 07/30/2035		4,800	5,915
2.700% due 10/31/2048 (k)		10,300	14,465
Total Sovereign Issues (Cost $167,871)			164,242
		SHARES
PREFERRED SECURITIES 0.1%
BANKING & FINANCE 0.1%
Banco Bilbao Vizcaya Argentaria S.A. 8.875% due 04/14/2021 •(g)(h)		2,800,000	3,025
Total Preferred Securities (Cost $3,319)			3,025
		PRINCIPAL AMOUNT (000s)
SHORT-TERM INSTRUMENTS 0.3%
CERTIFICATES OF DEPOSIT 0.3%
Lloyds Bank Corporate Markets PLC 1.704% (US0003M + 0.500%) due 09/24/2020 ~	$	16,500	16,490
REPURCHASE AGREEMENTS (j) 0.0%			2,867
ARGENTINA TREASURY BILLS 0.0%
32.393% due 08/28/2020 ~	ARS	12,824	119

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


53.823% due 05/13/2020 (d)(e)		970		7
				126
U.S. TREASURY BILLS 0.0%
1.056% due 04/28/2020 (d)(e)(o)	$	292		292
Total Short-Term Instruments (Cost $19,829)				19,775
Total Investments in Securities (Cost $9,331,963)				9,409,709
		SHARES
INVESTMENTS IN AFFILIATES 10.3%
SHORT-TERM INSTRUMENTS 10.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.3%
PIMCO Short Asset Portfolio		38,877,756		377,464
PIMCO Short-Term Floating NAV Portfolio III		27,980,087		274,793
Total Short-Term Instruments (Cost $663,551)				652,257
Total Investments in Affiliates (Cost $663,551)				652,257
Total Investments 158.9% (Cost $9,995,514)			$	10,061,966
Financial Derivative Instruments (l)(n) 0.4%(Cost or Premiums, net $(2,832))				24,471
Other Assets and Liabilities, net (59.3)%				(3,755,409)
Net Assets 100.0%			$	6,331,028

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(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).
~	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)	Zero coupon security.
(e)	Coupon represents a yield to maturity.
(f)	Principal amount of security is adjusted for inflation.
(g)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(h)	Contingent convertible security.
(i)	RESTRICTED SECURITIES:
Issuer Description									Coupon		Maturity Date			Acquisition Date					Cost												Market Value								Market Value as Percentage of Net Assets
Lloyds Banking Group PLC								3.870		%	09/02/2021			05/22/2018			$		1,400								$				1,422								0.02			%
Lloyds Banking Group PLC								3.870			09/02/2020			05/22/2018					1,400												1,407								0.02
																$		2,800								$				2,829								0.04%
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(j)	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
FICC		0.000%	03/31/2020	04/01/2020	$		2,867					U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2021								$			(2,929)					$				2,867				$				2,867
Total Repurchase Agreements																					$			(2,929)					$				2,867				$				2,867
REVERSE REPURCHASE AGREEMENTS:
Counterparty						Borrowing Rate(1)							Settlement Date		Maturity Date										Amount Borrowed(1)										Payable for Reverse Repurchase Agreements
BOS						1.730%							02/21/2020		04/20/2020					$					(7,728)									$	(7,743)
BPS						(0.470)							02/27/2020		05/27/2020					EUR					(45,695)										(50,374)
						(0.430)							02/27/2020		05/27/2020										(33,985)										(37,467)
BRC						0.250							03/25/2020		TBD(2)					$					(1,862)										(1,862)
BSN						1.690							01/10/2020		04/09/2020										(96,974)										(97,347)
						1.690							01/13/2020		04/13/2020										(230,144)										(230,998)
DEU						0.920							03/12/2020		04/13/2020										(20,059)										(20,069)
GRE						1.020							03/12/2020		04/13/2020										(24,728)										(24,742)
RCY						0.940							03/11/2020		04/09/2020										(19,370)										(19,381)
RDR						1.100							03/17/2020		TBD(2)										(11,272)										(11,277)
Total Reverse Repurchase Agreements																																		$	(501,260)

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


SHORT SALES:
Description						Coupon						Maturity Date						Principal Amount										Proceeds											Payable for Short Sales
U.S. Government Agencies (19.7)%
Ginnie Mae, TBA						3.500%						05/01/2050			$							114,200					$							(119,824)				$			(120,252)
Uniform Mortgage-Backed Security, TBA						2.500						04/01/2050										10,000												(10,233)							(10,363)
Uniform Mortgage-Backed Security, TBA						2.500						05/01/2050										50,000												(51,777)							(51,737)
Uniform Mortgage-Backed Security, TBA						3.500						05/01/2050										249,000												(262,368)							(263,371)
Uniform Mortgage-Backed Security, TBA						4.000						04/01/2050										319,870												(341,035)							(341,554)
Uniform Mortgage-Backed Security, TBA						4.000						05/01/2050										321,400												(342,780)							(343,088)
Uniform Mortgage-Backed Security, TBA						4.500						05/01/2050										107,700												(113,278)							(115,862)
Total Short Sales (19.7)%																											$							(1,241,295)				$			(1,246,227)
(k)	Securities with an aggregate market value of $524,249 and cash of $3,598 have been pledged as collateral under the terms of master agreements as of March 31, 2020.
(1)	The average amount of borrowings outstanding during the period ended March 31, 2020 was $(676,434) at a weighted average interest rate of 1.425%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(2)	Open maturity reverse repurchase agreement.
(l)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
PURCHASED OPTIONS:
OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS
Description					Strike Price								Expiration Date	# of Contracts												Notional Amount						Cost												Market Value
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures				$	113.000								05/22/2020	9,203											$	9,203					$	79								$				360
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures					113.250								05/22/2020	495												495						4												19
Put - CBOT U.S. Treasury 5-Year Note June 2020 Futures					113.500								05/22/2020	652												652						6												25
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures					119.500								05/22/2020	410												410						4												19
Put - CBOT U.S. Treasury 10-Year Note June 2020 Futures					122.000								05/22/2020	267												267						2												13
Put - CBOT U.S. Treasury Ultra Long-Term Bond June 2020 Futures					141.000								05/22/2020	276														276				2												0
Total Purchased Options						$			97								$						436
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
						Variation Margin (2)
Description		Expiration Month	# of Contracts							Notional Amount											Unrealized Appreciation/ (Depreciation)															Asset										Liability
Call Options Strike @ EUR 113.500 on Euro-Schatz June 2020 Futures (1)		05/2020	269				$			6						$					4									$						5							$			0
Euro-BTP Italy Government Bond June Futures		06/2020	3,258							483,726											(18,788)															0										(7,004)
Euro-Bund 10-Year Bond June Futures		06/2020	247							46,995											(237)															283										(297)
Euro-Buxl 30-Year Bond June Futures		06/2020	62							14,353											(544)															156										(312)
Put Options Strike @ EUR 106.000 on Euro-BTP Italy Government Bond June 2020 Futures (1)		05/2020	190							2											0															0										0
Put Options Strike @ EUR 155.000 on Euro-Bund 10-Year Bond June 2020 Futures (1)		05/2020	579							32											25															0										(19)
U.S. Treasury 5-Year Note June Futures		06/2020	8,387							1,051,389											33,871															0										(393)
U.S. Treasury 10-Year Note June Futures		06/2020	2,600							360,588											4,123															0										(366)
U.S. Treasury Ultra Long-Term Bond June Futures		06/2020	921							204,347											23,778															0										(2,993)
															$					42,232									$						444							$			(11,384)
SHORT FUTURES CONTRACTS
						Variation Margin (2)
Description		Expiration Month	# of Contracts							Notional Amount											Unrealized Appreciation/ (Depreciation)															Asset										Liability
3-Month Euribor December Futures		12/2020	158				$			(43,745)						$					65									$						4							$			(2)
3-Month Euribor September Futures		09/2020	158							(43,739)											103															2										0
Euro-Bobl June Futures		06/2020	1,009							(150,465)											854															334										(367)
Euro-Schatz June Futures		06/2020	1,708							(211,338)											417															94										(123)
															$					1,439									$						434							$			(492)
Total Futures Contracts								$			43,671								$					878									$				(11,876)

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(3)
																			Variation Margin
Reference Entity		Fixed Receive Rate		Payment Frequency			Maturity Date			Implied Credit Spread at March 31, 2020(4)								Notional Amount(5)					Premiums Paid/ (Received)						Unrealized Appreciation/ (Depreciation)						Market Value(6)						Asset						Liability
General Electric Co.		1.000%		Quarterly			12/20/2023			1.948			%		$			6,100		$			(428)			$			226			$			(202)			$			35			$			0
General Electric Co.		1.000		Quarterly			06/20/2024			2.039								5,400					(66)						(155)						(221)						39						0
General Electric Co.		1.000		Quarterly			12/20/2024			2.153								5,000					(78)						(174)						(252)						36						0
Morgan Stanley		1.000		Quarterly			12/20/2020			0.784								12,100					201						(178)						23						10						0
Rolls-Royce PLC		1.000		Quarterly			06/20/2024			4.014					EUR			14,400					25						(1,848)						(1,823)						0						(384)
Tesco PLC		1.000		Quarterly			06/20/2022			0.423								15,000					(732)						952						220						13						0
																					$			(1,078)			$			(1,177)			$			(2,255)			$			133			$			(384)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(3)
																			Variation Margin
Index/Tranches			Fixed Receive Rate			Payment Frequency			Maturity Date							Notional Amount(5)							Premiums Paid/ (Received)						Unrealized Appreciation/ (Depreciation)						Market Value(6)						Asset						Liability
CDX.IG-31 5-Year Index			1.000%			Quarterly			12/20/2023			$				21,700				$			183			$			(142)			$			41			$			0			$			(39)
CDX.IG-32 5-Year Index			1.000			Quarterly			06/20/2024							1,900							41						(42)						(1)						0						(4)
CDX.IG-33 5-Year Index			1.000			Quarterly			12/20/2024							88,800							1,862						(2,151)						(289)						0						(259)
CDX.IG-34 5-Year Index			1.000			Quarterly			06/20/2025							55,200							(939)						570						(369)						0						(167)
																				$			1,147			$			(1,765)			$			(618)			$			0			$			(469)
INTEREST RATE SWAPS
																			Variation Margin
Pay/ Receive Floating Rate	Floating Rate Index				Fixed Rate			Payment Frequency			Maturity Date						Notional Amount								Premiums Paid/ (Received)						Unrealized Appreciation/ (Depreciation)						Market Value						Asset						Liability
Pay	3-Month CAD-Bank Bill				1.270%			Semi-Annual			03/03/2022			CAD			112,600					$			115			$			625			$			740			$			7			$			0
Pay	3-Month CAD-Bank Bill				1.235			Semi-Annual			03/04/2025						25,600								28						213						241						0						(36)
Pay	3-Month USD-LIBOR				2.800			Semi-Annual			08/22/2023			$			66,200								(1,486)						6,808						5,322						56						0
Receive	6-Month GBP-LIBOR				0.750			Semi-Annual			03/18/2050			GBP			28,100								684						(2,252)						(1,568)						0						(99)
Receive(7)	6-Month GBP-LIBOR				1.000			Semi-Annual			06/17/2050						37,500								690						(6,139)						(5,449)						0						(158)
Receive	6-Month JPY-LIBOR				0.300			Semi-Annual			03/18/2026			JPY			33,110,000								(1,930)						(4,462)						(6,392)						0						(218)
Receive	6-Month JPY-LIBOR				0.300			Semi-Annual			03/18/2026						11,160,000								(639)						(1,515)						(2,154)						0						(41)
Pay	6-Month JPY-LIBOR				0.095			Semi-Annual			09/13/2026						4,100,000								0						(137)						(137)						17						0
Pay	6-Month JPY-LIBOR				0.092			Semi-Annual			09/13/2026						2,050,000								0						(65)						(65)						9						0
Pay	6-Month JPY-LIBOR				0.068			Semi-Annual			09/18/2026						3,410,000								0						(60)						(60)						14						0
Pay	6-Month JPY-LIBOR				0.062			Semi-Annual			09/18/2026						5,460,000								(3)						(74)						(77)						23						0
Pay	6-Month JPY-LIBOR				0.064			Semi-Annual			09/19/2026						2,050,000								0						(34)						(34)						9						0
Pay	6-Month JPY-LIBOR				0.063			Semi-Annual			09/19/2026						2,050,000								0						(33)						(33)						9						0
Pay	6-Month JPY-LIBOR				0.087			Semi-Annual			09/20/2026						1,025,000								0						(32)						(32)						4						0
Pay	6-Month JPY-LIBOR				0.097			Semi-Annual			09/24/2026						2,495,000								3						(97)						(94)						11						0
Receive	6-Month JPY-LIBOR				0.300			Semi-Annual			09/20/2027						7,200,000								(375)						(1,242)						(1,617)						0						(42)
Receive	6-Month JPY-LIBOR				0.300			Semi-Annual			03/20/2028						1,700,000								118						(514)						(396)						0						(11)
Pay	6-Month JPY-LIBOR				0.380			Semi-Annual			06/18/2028						17,350,000								663						4,650						5,313						128						0
Receive	6-Month JPY-LIBOR				0.399			Semi-Annual			06/18/2028						2,750,000								(2)						(882)						(884)						0						(20)
Receive	6-Month JPY-LIBOR				0.450			Semi-Annual			03/20/2029						2,870,000								(212)						(860)						(1,072)						0						(27)
Pay	6-Month JPY-LIBOR				0.036			Semi-Annual			03/10/2038						1,012,000								0						(134)						(134)						33						0
Pay	6-Month JPY-LIBOR				0.040			Semi-Annual			03/10/2038						1,012,000								0						(127)						(127)						33						0
Receive	6-Month JPY-LIBOR				0.750			Semi-Annual			03/20/2038						6,502,000								184						(7,043)						(6,859)						0						(216)
Receive	6-Month JPY-LIBOR				0.800			Semi-Annual			10/22/2038						690,000								0						(828)						(828)						0						(24)
Receive	6-Month JPY-LIBOR				0.705			Semi-Annual			10/31/2038						2,050,000								131						(2,246)						(2,115)						0						(71)
Receive	6-Month JPY-LIBOR				0.785			Semi-Annual			11/12/2038						1,050,000								4						(1,233)						(1,229)						0						(37)
Receive	6-Month JPY-LIBOR				0.750			Semi-Annual			12/20/2038						5,544,600								294						(6,424)						(6,130)						0						(197)
Pay	6-Month JPY-LIBOR				0.122			Semi-Annual			08/22/2039						4,060,000								366						(402)						(36)						149						0
Pay	6-Month JPY-LIBOR				0.123			Semi-Annual			08/22/2039						2,680,000								71						(93)						(22)						98						0
Pay	6-Month JPY-LIBOR				0.103			Semi-Annual			08/28/2039						660,000								0						(28)						(28)						24						0
Pay	6-Month JPY-LIBOR				1.000			Semi-Annual			03/21/2048						690,000								1,686						(213)						1,473						44						0
Pay	28-Day MXN-TIIE				8.075			Lunar			08/26/2020			MXN			2,293,300								(1,332)						2,125						793						47						0
Pay	28-Day MXN-TIIE				8.700			Lunar			11/02/2020						1,954,600								(113)						1,452						1,339						59						0
Pay	28-Day MXN-TIIE				8.735			Lunar			11/06/2020						154,800								0						110						110						5						0
Pay	28-Day MXN-TIIE				8.720			Lunar			11/13/2020						50,600								(3)						42						39						2						0
Receive	28-Day MXN-TIIE				8.683			Lunar			11/27/2020						1,384,600								0						(1,070)						(1,070)						0						(48)

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


Receive		28-Day MXN-TIIE		8.855	Lunar		12/03/2020		2,757,900						51						(2,383)							(2,332)					0							(99)
											$			(1,007)				$		(24,597)				$			(25,604)			$		781					$		(1,344)
Total Swap Agreements										$		(938)					$		(27,539)				$		(28,477)				$		914				$			(2,197)
(m)	Securities with an aggregate market value of $85,121 and cash of $18,071 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2020.
(1)	Future styled option.
(2)	Unsettled variation margin liability of $(330) for closed futures is outstanding at period end.
(3)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.
(4)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.
(5)	The maximum potential amount the Portfolio 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.
(6)	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.
(7)	This instrument has a forward starting effective date.
(n)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
										Unrealized Appreciation/(Depreciation)
Counterparty			Settlement Month					Currency to be Delivered								Currency to be Received										Asset										Liability
BOA			04/2020			BRL		166,415					$			32,011						$				0								$		(16)
			04/2020			ILS		1,659								456										0										(13)
			04/2020			$		35,116					BRL			166,415										0										(3,089)
			04/2020					21,539					GBP			16,704										0										(790)
			05/2020			EUR		74,430					$			82,910										970										(284)
			05/2020			JPY		1,858,200								17,797										482										0
			05/2020			$		36,571					EUR			33,814										858										(74)
			06/2020					366					KRW			433,985										0										(9)
BPS			04/2020			BRL		48,608					$			10,791										1,436										0
			04/2020			CAD		1,449								1,082										52										0
			04/2020			MXN		938,632								48,739										9,285										0
			04/2020			$		18,072					AUD			27,191										0										(1,347)
			04/2020					9,350					BRL			48,608										5										0
			04/2020					13,806					CAD			18,504										0										(658)
			05/2020			NOK		1,090					$			118										13										0
			05/2020			$		2,997					EUR			2,773										66										0
			05/2020					3,774					JPY			414,200										85										0
			06/2020			INR		14,380					$			199										12										0
BRC			04/2020			GBP		16,705								20,424										0										(325)
			05/2020			$		20,437					GBP			16,704										326										0
BSH			04/2020			BRL		683,700					$			161,223										29,648										(5)
			04/2020			$		143,290					BRL			683,700										0										(11,711)
CBK			04/2020			AUD		40,109					$			26,598										1,927										0
			04/2020			BRL		75,034								16,504										2,071										0
			04/2020			MXN		79								4										1										0
			04/2020			$		8,294					AUD			13,463										0										(13)
			04/2020					11,143					BRL			57,548										4										(75)
			05/2020			EUR		7,648					$			8,311										0										(138)
			05/2020			GBP		145,509								187,742										6,848										0
			05/2020			JPY		5,460,600								49,757										0										(1,126)
			05/2020			$		9,973					GBP			8,109										171										(62)
			05/2020					141,507					JPY			15,421,300										2,421										(229)
DUB			04/2020			BRL		1,394					$			272										4										0
			04/2020			$		268					BRL			1,394										0										0
			05/2020					271								1,394										0										(4)
GLM			04/2020			BRL		216,238					$			42,466										869										(18)
			04/2020			$		50,132					BRL			233,723										0										(5,156)
			05/2020			EUR		4,414					$			4,845										0										(32)
			05/2020			GBP		4,338								5,063										0										(330)
			05/2020			$		2,385					EUR			2,201										46										0
			05/2020					89,982					GBP			73,446										1,325										0
			06/2020			TWD		737,551					$			24,745										79										0
HUS			04/2020			BRL		53,729								11,983										1,643										0
			04/2020			$		10,335					BRL			53,729										5										0
			04/2020					59,997					MXN			1,218,886										0										(8,747)
			05/2020			EUR		2,951					$			3,294										34										0
			05/2020			GBP		51,478								66,228										2,232										0
			05/2020			$		134,770					EUR			120,672										654										(2,115)
			05/2020					47,463					GBP			37,267										0										(1,134)

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


			05/2020						2,143								JPY			230,600												6								0
			06/2020			CNH			278,502								$			39,689												458								0
			06/2020			$			40,050								CNH			280,501												0								(537)
JPM			04/2020			BRL			66,462								$			15,506												2,715								0
			04/2020			CAD			11,826											8,828												425								0
			04/2020			$			12,784								BRL			66,462												6								0
			04/2020						467								TRY			2,904												0								(30)
			05/2020			EUR			58,508								$			63,990												0								(645)
			05/2020			$			1,248								JPY			130,600												0								(31)
MYI			04/2020			AUD			2,912								$			1,916												124								0
			04/2020			BRL			111,830											21,511												0								(11)
			04/2020			$			23,624								BRL			111,830												0								(2,102)
			05/2020			EUR			83,712								$			91,890												0								(589)
			06/2020			THB			32,948											1,056												52								0
RBC			05/2020			$			1,701								JPY			181,100												0								(13)
SCX			04/2020			CAD			28,825								$			21,591												1,109								0
SOG			05/2020			GBP			148,443											193,198												8,656								0
SSB			04/2020			BRL			296,842											67,688												10,560								0
UAG			04/2020						9,297											2,064												275								0
			04/2020			$			1,788								BRL			9,297												1								0
			04/2020						14,117								CAD			18,940												0								(659)
			05/2020			EUR			3,550								$			3,963												41								0
			05/2020			JPY			9,167,100											82,741												0								(2,680)
Total Forward Foreign Currency Contracts												$							88,000										$		(44,797)
WRITTEN OPTIONS:
CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES
Counterparty		Description								Buy/Sell Protection				Exercise Rate							Expiration Date							Notional Amount(1)							Premiums (Received)						Market Value
BOA		Put - OTC CDX.IG-33 5-Year Index								Sell				0.800%							06/17/2020							11,800					$		(12)				$		(206)
BPS		Call - OTC CDX.IG-33 5-Year Index								Buy				0.475							04/15/2020							9,500							(5)						0
		Put - OTC CDX.IG-33 5-Year Index								Sell				0.700							04/15/2020							9,500							(10)						(173)
DUB		Put - OTC CDX.IG-33 5-Year Index								Sell				0.850							06/17/2020							6,300							(7)						(101)
GST		Call - OTC CDX.IG-33 5-Year Index								Buy				0.475							04/15/2020							7,100							(3)						0
		Put - OTC CDX.IG-33 5-Year Index								Sell				0.700							04/15/2020							7,100							(6)						(129)
		Put - OTC CDX.IG-33 5-Year Index								Sell				0.800							06/17/2020							14,300							(18)						(250)
MYC		Put - OTC CDX.IG-33 5-Year Index								Sell				0.850							06/17/2020							9,400							(12)						(151)
																																	$		(73)				$		(1,010)
FOREIGN CURRENCY OPTIONS
Counterparty		Description																Strike Price					Expiration Date					Notional Amount(1)							Premiums (Received)						Market Value
CBK		Call - OTC USD versus RUB											RUB					68.500					04/30/2020					16,400					$		(158)				$		(2,045)
MYI		Call - OTC USD versus RUB																71.020					05/07/2020					11,900							(120)						(1,143)
																																	$		(278)				$		(3,188)
INFLATION-CAPPED OPTIONS
Counterparty		Description		Initial Index				Floating Rate													Expiration Date					Notional Amount(1)									Premiums (Received)						Market Value
CBK		Floor - OTC CPURNSA		216.687				Maximum of [(1 + 0.000%)10- (Final Index/Initial Index)] or 0													04/07/2020							31,400					$		(280)				$		0
		Floor - OTC CPURNSA		217.965				Maximum of [(1 + 0.000%)10- (Final Index/Initial Index)] or 0													09/29/2020							14,500							(187)						0
DUB		Floor - OTC CPURNSA		218.011				Maximum of [0.000% - (Final Index/Initial Index - 1)] or 0													10/13/2020							15,400							(151)						0
																																	$		(618)				$		0
Total Written Options												$				(969)									$			(4,198)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION(2)
												Swap Agreements, at Value (5)
Counterparty	Reference Entity				Fixed Receive Rate		Payment Frequency				Maturity Date				Implied Credit Spread at March 31, 2020(3)									Notional Amount(4)						Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)		Asset					Liability
BRC	Italy Government International Bond				1.000%		Quarterly				06/20/2024				1.149%							$		8,300			$			(221)				$		173	$	0				$	(48)
GST	Russia Government International Bond				1.000		Quarterly				12/20/2024				1.825									14,800						95						(641)		0					(546)
	South Africa Government International Bond				1.000		Quarterly				06/20/2024				3.864									15,900						(680)						(1,067)		0					(1,747)
JPM	Russia Government International Bond				1.000		Quarterly				12/20/2024				1.825									300						1						(12)		0					(11)

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


			South Africa Government International Bond	1.000	Quarterly		12/20/2023					3.757								100					(5)							(4)							0				(9)
																						$			(810)				$			(1,551)				$			0		$		(2,361)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
											Swap Agreements, at Value (5)
Counterparty			Index/Tranches			Fixed Receive Rate		Payment Frequency						Maturity Date				Notional Amount(4)						Premiums Paid/(Received)							Unrealized Appreciation/ (Depreciation)							Asset				Liability
DUB			CMBX.NA.AAA.6 Index			0.500%		Monthly						05/11/2063	$			9,776			$			(212)				$			214				$			2		$		0
Total Swap Agreements											$		(1,022)				$			(1,337)			$			2				$			(2,361)
(o)		Securities with an aggregate market value of $24,484 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2020.
(1)		Notional Amount represents the number of contracts.
(2)		If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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 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 Portfolio 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.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Portfolio's assets and liabilities:

Category and Subcategory									Level 1							Level 2									Level 3									Fair Value at 03/31/2020
Investments in Securities, at Value
Loan Participations and Assignments									$	0						$			0						$		38,768							$			38,768
Corporate Bonds & Notes
	Banking & Finance									0									1,411,560								0										1,411,560
	Industrials									0									917,509								0										917,509
	Specialty Finance									0									2,829								0										2,829
	Utilities									0									221,202								0										221,202
Municipal Bonds & Notes
	Illinois									0									8,932								0										8,932
	Iowa									0									865								0										865
	Texas									0									3,383								0										3,383
U.S. Government Agencies										0									4,122,557								0										4,122,557
U.S. Treasury Obligations										0									1,290,206								0										1,290,206
Non-Agency Mortgage-Backed Securities										0									537,719								0										537,719
Asset-Backed Securities										0									667,137								0										667,137
Sovereign Issues										17,900									146,342								0										164,242
Preferred Securities
	Banking & Finance									0									3,025								0										3,025
Short-Term Instruments
	Certificates of Deposit									0									16,490								0										16,490
	Repurchase Agreements									0									2,867								0										2,867
	Argentina Treasury Bills									0									126								0										126
	U.S. Treasury Bills									0									292								0										292
									$	17,900						$			9,353,041						$		38,768							$			9,409,709
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes								$	652,257						$			0						$		0							$			652,257
Total Investments									$	670,157						$			9,353,041						$		38,768							$			10,061,966
Short Sales, at Value - Liabilities
U.S. Government Agencies									$	0						$			(1,246,227)						$		0							$			(1,246,227)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared										878									1,350								0										2,228
Over the counter										0									88,002								0										88,002
									$	878						$			89,352						$		0							$			90,230
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared										(11,876)									(2,197)								0										(14,073)
Over the counter										0									(51,356)								0										(51,356)
									$	(11,876)						$			(53,553)						$		0							$			(65,429)

Schedule of Investments PIMCO Total Return Portfolio (Cont.)

March 31, 2020

(Unaudited)


Total Financial Derivative Instruments	$	(10,998)	$	35,799	$	0	$	24,801
Totals	$	659,159	$	8,142,613	$	38,768	$	8,840,540

There were no significant transfers into or out of Level 3 during the period ended March 31, 2020.

Notes to Financial Statements

1. BASIS FOR CONSOLIDATION

PIMCO Cayman Commodity Portfolio I and II, Ltd. (each a “Commodity Subsidiary”), the Cayman Islands exempted companies, were incorporated as wholly owned subsidiaries acting as investment vehicles for the PIMCO CommodityRealReturn® Strategy Portfolio and PIMCO Global Managed Asset Allocation Portfolio (“Commodity Portfolios”) respectively in order to effect certain investments for the Commodity Portfolios consistent with each Commodity Portfolio’s investment objectives and policies as specified in their respective prospectus and statement of additional information. Each Commodity Portfolio’s investment portfolio has been consolidated and includes the portfolio holdings of the Commodity Portfolio and its respective Commodity Subsidiary. The consolidated financial statements include the accounts of the Commodity Portfolios and their respective Commodity Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Commodity Portfolios and their respective Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary with the intent that each Commodity Portfolio will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association of each Commodity Subsidiary, shares issued by each Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of each of the Commodity Subsidiaries and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of each of the Commodity Subsidiaries. See the table below for details regarding the structure, incorporation and relationship as of period end of each Commodity Subsidiary to its respective Commodity Portfolio.


		Date of	Subscription	% of Portfolio
Portfolio Name	Subsidiary	Incorporation	Agreement	Net Assets
PIMCO CommodityRealReturn® Strategy Portfolio	PIMCO Cayman Commodity Portfolio I, Ltd.	07/21/2006	08/01/2006	17.8%
PIMCO Global Managed Asset Allocation Portfolio	PIMCO Cayman Commodity Portfolio II, Ltd.	11/21/2008	01/14/2009	7.9%

2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

On each day that the New York Stock Exchange (“NYSE”) is open, Portfolio 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 Portfolios 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. Each Portfolio reserves the right to change the time as of which its respective NAV is calculated if the Portfolio closes earlier, or as permitted by the U.S. Securities and Exchange Commission (“SEC”).

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Portfolios' approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Portfolios 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. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Pacific Investment Management Company LLC (the “Adviser”) to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. The Portfolio's investments in open-end management investment companies, other than exchange-traded funds ("ETFs"), are valued at 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 based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Portfolio may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Portfolio may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, 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 Trust is not open for business, which may result in a Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

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

Notes to Financial Statements (Cont.)

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of the Portfolio'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 Trust is not open for business. As a result, to the extent that a Portfolio 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 Portfolio's next calculated NAV.

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

When a Portfolio (or, in each instance in this paragraph, as applicable, an Underlying PIMCO Fund or Acquired Fund) uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Portfolio 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 Portfolio may differ from the value that would be realized if the securities were sold. The Portfolios' use of fair valuation may also help to deter “stale price arbitrage” as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in each Portfolio's prospectus.

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

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

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

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

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Services (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). 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 Portfolio.

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 Portfolio'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 Portfolio.

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

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

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

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

Notes to Financial Statements (Cont.)

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

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

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.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

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

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser 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 Adviser 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.

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

3. FEDERAL INCOME TAX MATTERS

Each Portfolio 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 Portfolio 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 Adviser has reviewed the Portfolios' tax positions for all open tax years. As of March 31, 2020, the Portfolios 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 Portfolios file U.S. federal, state, and local tax returns as required. The Portfolios' 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.

The Portfolios may gain exposure to the commodities markets primarily through investments in swap agreements, futures and options. The Portfolios may also gain exposure indirectly to commodity markets by investing in the Commodity Subsidiary, which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Portfolio must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service (IRS) has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a Portfolio is not qualifying income under Subchapter M of the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary, that provides commodity-linked exposure through its investments, will be qualifying income. Based on the reasoning in such rulings, a Portfolio will continue to seek to gain exposure to the commodity markets primarily through investments in the Commodity Subsidiary and perhaps through commodity-linked notes.

Notes to Financial Statements (Cont.)

It should be noted, however, that the IRS currently has ceased the issuance of such rulings. In addition, the IRS also issued a revenue procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the 1940 Act.

The IRS issued in September 2016 proposed regulations that would have generally treated the Portfolio’s income inclusion (under Subpart F of the Code) with respect to the Commodity Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Commodity Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the 1940 Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to a Portfolio is treated as qualifying dividends; and (iii) that income inclusion by a Portfolio of its Commodity Subsidiary’s earnings would be treated as other qualifying income if derived with respect to the Portfolio’s business of investing in stock, securities, or currencies.

There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifying income. Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives, and the Portfolio's investments in the Commodity Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Portfolio's taxable income or any distributions made by the Portfolio or result in the inability of the Portfolio to operate as described in its prospectus.

If, during a taxable year, the Commodity Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Portfolio as a deductible amount for income tax purposes. In the event the Commodity Subsidiary's taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Portfolio as ordinary income for Federal income tax purposes.

Shares of the Portfolios currently are sold to segregated asset accounts (“Separate Accounts”) of insurance companies that fund variable annuity contracts and variable life insurance policies (“Variable Contracts”). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

4. INVESTMENTS IN AFFILIATES

The Portfolios listed below may invest substantially all or significant portion of their assets in Institutional Class Shares or, as applicable, Class M shares of PIMCO Funds, PIMCO Equity Series and PIMCO ETF Trust, affiliated open-end investment companies. The Underlying PIMCO Funds are considered to be affiliated with the Portfolio. The Portfolio may also invest in PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. 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 Portfolio. A copy of each Acquired Fund’s shareholder report is available at the SEC’s website at www.sec.gov, and a copy of each affiliate fund’s shareholder report is available on the Funds’ website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio’s transactions in and earnings from investments in the Underlying PIMCO Funds or Central Funds for the period ended March 31, 2020 (amounts in thousands†):

PIMCO All Asset Portfolio


Underlying PIMCO Funds		Market Value 12/31/2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 03/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO CommoditiesPLUS® Strategy Fund	$	30,718	$	15,443	$	(477)	$	(17)	$	(13,710)	$	31,957	$	117	$	0
PIMCO CommodityRealReturn Strategy Fund®		6,947		22		(288)		(161)		(1,785)		4,735		20		0
PIMCO Dynamic Bond Fund		6,794		49		(346)		(11)		(382)		6,104		49		0
PIMCO Emerging Markets Bond Fund		0		4,952		0		0		69		5,021		8		0
PIMCO Emerging Markets Currency and Short-Term Investments Fund		79,977		1,678		(15,504)		(4,626)		(6,821)		54,704		647		0
PIMCO Emerging Markets Local Currency and Bond Fund		17,409		1,476		(2,080)		(605)		(3,932)		12,268		223		0
PIMCO Extended Duration Fund		28,654		189		(9,668)		2,460		5,048		26,683		171		0
PIMCO Government Money Market Fund		3,785		34,727		(34,625)		0		0		3,887		6		0
PIMCO High Yield Fund		0		2,416		0		0		9		2,425		0		0
PIMCO High Yield Spectrum Fund		6,741		88		(6,756)		626		(699)		0		13		0
PIMCO Income Fund		32,020		5,443		(9,234)		216		(3,377)		25,068		456		0
PIMCO Investment Grade Credit Bond Fund		11,636		119		(6,083)		1		(804)		4,869		104		0
PIMCO Long Duration Total Return Fund		6,742		35		(6,992)		62		153		0		46		0

Notes to Financial Statements (Cont.)


PIMCO Long-Term Real Return Fund		43,063		1,972		(5,703)		341		3,167		42,840		116		0
PIMCO Long-Term U.S. Government Fund		11,739		52		(13,673)		2,908		(1,026)		0		66		0
PIMCO Low Duration Fund		19,481		12,140		(12,137)		(15)		(143)		19,326		143		0
PIMCO Mortgage Opportunities and Bond Fund		5,550		45		(322)		(6)		(227)		5,040		44		0
PIMCO RAE Emerging Markets Fund		79,274		8,576		(5,286)		(363)		(26,761)		55,440		0		0
PIMCO RAE Fundamental Advantage PLUS Fund		63,094		3,123		(9,587)		(1,367)		(6,775)		48,488		0		0
PIMCO RAE International Fund		0		7,757		0		0		116		7,873		0		0
PIMCO RAE Low Volatility PLUS EMG Fund		19,616		0		(18,655)		(439)		(522)		0		0		0
PIMCO RAE Low Volatility PLUS International Fund		13,237		0		(13,266)		(224)		253		0		0		0
PIMCO RAE PLUS EMG Fund		71,677		7,463		(4,851)		(289)		(26,370)		47,630		0		0
PIMCO RAE PLUS International Fund		8,235		10,252		(173)		(6)		(3,616)		14,692		0		0
PIMCO RAE PLUS Small Fund		0		2,251		0		0		(48)		2,203		0		0
PIMCO RAE US Small Fund		0		3,400		0		0		40		3,440		0		0
PIMCO RAE Worldwide Long/Short PLUS Fund		46,193		1,829		(1,038)		(118)		(8,493)		38,373		0		0
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		12,385		1,516		0		0		(4,068)		9,833		0		0
PIMCO Real Return Fund		12,570		2,051		(3,105)		(103)		50		11,463		43		0
PIMCO RealEstateRealReturn Strategy Fund		18,362		5,417		(713)		51		(4,921)		18,196		0		0
PIMCO Senior Floating Rate Fund		0		1,464		0		0		15		1,479		0		0
PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged)		19,207		5,033		(692)		(106)		(5,927)		17,515		336		0
PIMCO StocksPLUS® International Fund (Unhedged)		0		10,939		0		0		(931)		10,008		0		0
PIMCO Total Return Fund		12,109		8,201		(5,202)		28		166		15,302		100		0
PIMCO TRENDS Managed Futures Strategy Fund		6,812		0		(382)		8		464		6,902		0		0
Totals	$	694,027	$	160,118	$	(186,838)	$	(1,755)	$	(111,788)	$	553,764	$	2,708	$	0

PIMCO All Asset All Authority Portfolio


Underlying PIMCO Funds		Market Value 12/31/2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 03/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO CommoditiesPLUS® Strategy Fund	$	612	$	349	$	(28)	$	(5)	$	(275)	$	653	$	2	$	0
PIMCO CommodityRealReturn Strategy Fund®		114		115		(31)		(7)		(34)		157		0		0
PIMCO Dynamic Bond Fund		134		9		(17)		(1)		(7)		118		1		0
PIMCO Emerging Markets Bond Fund		0		74		0		0		1		75		0		0

Notes to Financial Statements (Cont.)


PIMCO Emerging Markets Currency and Short-Term Investments Fund	1,421	59	(294)	(59)	(143)	984	12	0
PIMCO Emerging Markets Local Currency and Bond Fund	326	38	(52)	(5)	(77)	230	4	0
PIMCO Extended Duration Fund	402	11	(170)	33	75	351	2	0
PIMCO Government Money Market Fund	123	1,514	(1,576)	0	0	61	0	0
PIMCO High Yield Fund	0	39	0	0	0	39	0	0
PIMCO High Yield Spectrum Fund	114	3	(115)	13	(15)	0	0	0
PIMCO Income Fund	572	211	(319)	(12)	(32)	420	7	0
PIMCO Investment Grade Credit Bond Fund	173	9	(94)	(2)	(12)	74	2	0
PIMCO Long Duration Total Return Fund	99	2	(104)	6	(3)	0	1	0
PIMCO Long-Term Real Return Fund	660	48	(119)	(3)	50	636	2	0
PIMCO Long-Term U.S. Government Fund	123	1	(142)	25	(7)	0	1	0
PIMCO Low Duration Fund	355	374	(341)	(3)	(2)	383	3	0
PIMCO Mortgage Opportunities and Bond Fund	83	3	(8)	0	(3)	75	1	0
PIMCO RAE Emerging Markets Fund	1,430	186	(69)	(6)	(501)	1,040	0	0
PIMCO RAE Fundamental Advantage PLUS Fund	952	49	(184)	(28)	(96)	693	0	0
PIMCO RAE International Fund	0	170	0	0	4	174	0	0
PIMCO RAE Low Volatility PLUS EMG Fund	421	0	(400)	(8)	(13)	0	0	0
PIMCO RAE Low Volatility PLUS International Fund	385	0	(386)	12	(11)	0	0	0
PIMCO RAE PLUS EMG Fund	1,266	143	(108)	3	(469)	835	0	0
PIMCO RAE PLUS International Fund	367	311	(4)	0	(168)	506	0	0
PIMCO RAE PLUS Small Fund	0	148	0	0	(20)	128	0	0
PIMCO RAE US Small Fund	222	150	(3)	0	(98)	271	0	0
PIMCO RAE Worldwide Long/Short PLUS Fund	793	57	(56)	(14)	(135)	645	0	0
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	410	58	0	0	(137)	331	0	0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	162	0	(18)	2	(36)	110	0	0
PIMCO Real Return Fund	151	56	(102)	(5)	1	101	0	0
PIMCO RealEstateRealReturn Strategy Fund	455	117	(75)	(7)	(113)	377	0	0
PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged)	385	170	(4)	0	(118)	433	7	0
PIMCO StocksPLUS® International Fund (Unhedged)	0	196	(5)	(2)	(22)	167	0	0
PIMCO StocksPLUS® Short Fund	2,683	148	(1,612)	(458)	846	1,607	0	0
PIMCO Total Return Fund	173	299	(176)	(3)	4	297	2	0

Notes to Financial Statements (Cont.)


PIMCO TRENDS Managed Futures Strategy Fund		0		174		(21)		0		0		153		0		0
Totals	$	15,566	$	5,291	$	(6,633)	$	(534)	$	(1,566)	$	12,124	$	47	$	0

PIMCO Balanced Allocation Portfolio


Underlying PIMCO Funds		Market Value 12/31/2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 03/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Income Fund	$	4,416	$	61	$	0	$	0	$	(400)	$	4,077	$	61	$	0
PIMCO Short-Term Floating NAV Portfolio III		23,359		5,371		(11,300)		6		(113)		17,323		72		0
Totals	$	27,775	$	5,432	$	(11,300)	$	6	$	(513)	$	21,400	$	133	$	0

PIMCO Global Diversified Allocation Portfolio


Underlying PIMCO Funds		Market Value 12/31/2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 03/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Bond Fund	$	27,414	$	5,420	$	(2,293)	$	14	$	(4,281)	$	26,274	$	346	$	0
PIMCO Global Advantage® Strategy Bond Fund		41,768		646		(5,004)		(150)		(2,427)		34,833		244		0
PIMCO Income Fund		49,807		2,711		(4,250)		(126)		(4,516)		43,626		698		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		34,065		183		(7,557)		(162)		(532)		25,997		153		0
PIMCO Investment Grade Credit Bond Fund		53,920		558		(7,553)		88		(3,359)		43,654		492		0
PIMCO RAE International Fund		47,438		10,544		0		0		(15,241)		42,741		0		0
PIMCO RAE PLUS EMG Fund		24,542		39,847		0		0		(19,932)		44,457		0		0
PIMCO RAE PLUS Small Fund		46,138		18,993		0		0		(21,850)		43,281		0		0
PIMCO Real Return Fund		55,324		208		(12,655)		(19)		317		43,175		160		0
PIMCO Short-Term Fund		166,138		1,089		(32,741)		(439)		(3,569)		130,478		730		0
PIMCO Short-Term Floating NAV Portfolio III		72,875		139,535		(132,700)		(258)		(410)		79,042		335		0
PIMCO StocksPLUS® Fund		44,209		11,578		(1,420)		(12)		(11,606)		42,749		449		0
PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged)		48,712		8,393		(107)		(2)		(13,345)		43,651		752		0
PIMCO StocksPLUS® International Fund (Unhedged)		91,091		23,349		0		0		(27,492)		86,948		0		0
PIMCO Total Return Fund IV		168,881		1,431		(39,992)		783		(331)		130,772		951		0
Totals	$	972,322	$	264,485	$	(246,272)	$	(283)	$	(128,574)	$	861,678	$	5,310	$	0

PIMCO Global Managed Asset Allocation Portfolio


Underlying PIMCO Funds		Market Value 12/31/2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 03/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Mortgage Opportunities and Bond Fund	$	90,572	$	737	$	0	$	0	$	(3,951)	$	87,358	$	729	$	0
PIMCO Short-Term Floating NAV Portfolio III		112,748		251,966		(194,300)		(458)		(644)		169,312		667		0
Totals	$	203,320	$	252,703	$	(194,300)	$	(458)	$	(4,595)	$	256,670	$	1,396	$	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.

The Portfolio 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 and rules thereunder. 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 Portfolio. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended March 31, 2020 (amounts in thousands†):

Investments in PIMCO Short Asset Portfolio


Portfolio Name		Market Value 12/31/2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 03/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)

PIMCO Global Bond Opportunities Portfolio (Unhedged)	$	6,955	$	38	$	0	$	0	$	(173)	$	6,820	$	38	$	0
PIMCO Global Core Bond (Hedged) Portfolio		4,190		23		0		0		(104)		4,109		23		0
PIMCO International Bond Portfolio (U.S. Dollar-Hedged)		28,888		157		(3,500)		(34)		(610)		24,901		156		0
PIMCO International Bond Portfolio (Unhedged)		14		0		0		0		0		14		0		0
PIMCO Long-Term U.S. Government Portfolio		12,047		67		(1)		0		(300)		11,813		67		0
PIMCO Low Duration Portfolio		212,514		1,027		(86,400)		(381)		(2,667)		124,093		1,027		0
PIMCO Short-Term Portfolio		5,114		13,043		0		0		(377)		17,780		42		0
PIMCO Total Return Portfolio		384,921		2,131		0		0		(9,588)		377,464		2,131		0

Investments in PIMCO Short-Term Floating NAV Portfolio III


Portfolio Name		Market Value 12/31/2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 03/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO CommodityRealReturn® Strategy Portfolio	$	6,714	$	15,802	$	(20,000)	$	(7)	$	0	$	2,509	$	2	$	0
PIMCO Dynamic Bond Portfolio		1,711		21,328		(21,401)		(2)		0		1,636		28		0
PIMCO Emerging Markets Bond Portfolio		9,204		56,672		(39,300)		(59)		(114)		26,403		72		0
PIMCO Global Bond Opportunities Portfolio (Unhedged)		2,317		16,210		(16,401)		2		3		2,131		10		0
PIMCO Global Core Bond (Hedged) Portfolio		404		7,301		(7,100)		(1)		1		605		2		0
PIMCO High Yield Portfolio		53,790		145,993		(153,900)		(73)		(270)		45,540		193		0
PIMCO Income Portfolio		6,237		26,812		(32,400)		(10)		(1)		638		11		0
PIMCO International Bond Portfolio (U.S. Dollar-Hedged)		5,797		20,505		(24,380)		(7)		(1)		1,914		5		0
PIMCO International Bond Portfolio (Unhedged)		310		2,502		(2,700)		(1)		(1)		110		2		0
PIMCO Long-Term U.S. Government Portfolio		15,017		300,251		(315,200)		(36)		(1)		31		51		0
PIMCO Low Duration Portfolio		22,939		503,018		(181,000)		(243)		(1,472)		343,242		518		0
PIMCO Real Return Portfolio		33,991		489,178		(494,001)		(91)		22		29,099		78		0

Notes to Financial Statements (Cont.)


PIMCO Short-Term Portfolio	13,127	139,574	(129,800)	(117)	(7)	22,777	74	0
PIMCO Total Return Portfolio	189,532	932,603	(847,600)	(52)	310	274,793	402	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.

5. SUBSEQUENT EVENTS

On November 5, 2019, the Board approved a proposal to reorganize the PIMCO All Asset All Authority Portfolio (the “Target Portfolio”) with and into the PIMCO All Asset Portfolio (the “Acquiring Portfolio”). The Reorganization does not require shareholder approval. Under the Reorganization: (1) the assets of the Target Portfolio will be transferred to the Acquiring Portfolio in exchange solely for shares of the Acquiring Portfolio and the assumption of the Target Portfolio's liabilities; and (2) the shares of the Acquiring Portfolio received by the Target Portfolio will be distributed by the Target Portfolio to its shareholders in complete liquidation of the Target Portfolio and in cancellation of all of the Target Portfolio's shares. The reorganization is expected to occur on June 1, 2020.

There were no other subsequent events identified that require recognition or disclosure.

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

Counterparty Abbreviations:
AZD	Australia and New Zealand Banking Group	FICC	Fixed Income Clearing Corporation	NGF	Nomura Global Financial Products, Inc.
BCY	Barclays Capital, Inc.	FOB	Credit Suisse Securities (USA) LLC	RBC	Royal Bank of Canada
BOA	Bank of America N.A.	GLM	Goldman Sachs Bank USA	RCY	Royal Bank of Canada
BOS	BofA Securities, Inc.	GRE	NatWest Markets Securities Inc.	RDR	RBC Capital Markets LLC
BPG	BNP Paribas Securities Corp.	GST	Goldman Sachs International	RYL	NatWest Markets Plc
BPS	BNP Paribas S.A.	HUS	HSBC Bank USA N.A.	SAL	Citigroup Global Markets, Inc.
BRC	Barclays Bank PLC	IND	Crédit Agricole Corporate and Investment Bank S.A.	SCX	Standard Chartered Bank, London
BSH	Banco Santander S.A. - New York Branch	JML	JP Morgan Securities Plc	SGY	Societe Generale, NY
BSN	The Bank of Nova Scotia - Toronto	JPM	JP Morgan Chase Bank N.A.	SOG	Societe Generale Paris
CBK	Citibank N.A.	JPS	J.P. Morgan Securities LLC	SSB	State Street Bank and Trust Co.
CFR	Credit Suisse Securities (Europe) Ltd.	MAC	Macquarie Bank Limited	TDL	Toronto Dominion Bank London
CIB	Canadian Imperial Bank of Commerce	MBC	HSBC Bank Plc	TDM	TD Securities (USA) LLC
DEU	Deutsche Bank Securities, Inc.	MEI	Merrill Lynch International	TOR	The Toronto-Dominion Bank
DUB	Deutsche Bank AG	MSC	Morgan Stanley & Co. LLC.	UAG	UBS AG Stamford
FAR	Wells Fargo Bank National Association	MYC	Morgan Stanley Capital Services LLC	UBS	UBS Securities LLC
FBF	Credit Suisse International	MYI	Morgan Stanley & Co. International PLC

Currency Abbreviations:
ARS	Argentine Peso	GBP	British Pound	NZD	New Zealand Dollar
AUD	Australian Dollar	GHS	Ghanaian Cedi	PEN	Peruvian New Sol
BRL	Brazilian Real	HKD	Hong Kong Dollar	PHP	Philippine Peso
CAD	Canadian Dollar	HUF	Hungarian Forint	PLN	Polish Zloty
CHF	Swiss Franc	IDR	Indonesian Rupiah	RON	Romanian New Leu
CLP	Chilean Peso	ILS	Israeli Shekel	RUB	Russian Ruble
CNH	Chinese Renminbi (Offshore)	INR	Indian Rupee	SEK	Swedish Krona
CNY	Chinese Renminbi (Mainland)	JPY	Japanese Yen	SGD	Singapore Dollar
COP	Colombian Peso	KRW	South Korean Won	THB	Thai Baht
CZK	Czech Koruna	MXN	Mexican Peso	TRY	Turkish New Lira
DKK	Danish Krone	MYR	Malaysian Ringgit	TWD	Taiwanese Dollar
DOP	Dominican Peso	NGN	Nigerian Naira	USD (or $)	United States Dollar
EGP	Egyptian Pound	NOK	Norwegian Krone	ZAR	South African Rand
EUR	Euro

Exchange Abbreviations:
CBOE	Chicago Board Options Exchange	FTSE	Financial Times Stock Exchange	NYMEX	New York Mercantile Exchange
CBOT	Chicago Board of Trade	KCBT	Kansas City Board of Trade	OTC	Over the Counter
CME	Chicago Mercantile Exchange	MSE	Montreal Stock Exchange

Index/Spread Abbreviations:
ABX.HE	Asset-Backed Securities Index - Home Equity	CPURNSA	Consumer Price All Urban Non-Seasonally Adjusted Index	MEHDUB	Magellan East Houston WTI Crude Oil vs. Dubai Crude Oil
ARLLMONP	Argentina Blended Policy Rate	DAX	Deutscher Aktien Index 30	MEHMID	Magellan East Houston WTI Crude Oil vs. WTI Midland Crude Oil
BADLARPP	Argentina Badlar Floating Rate Notes	DWRTFT	Dow Jones Wilshire REIT Total Return Index	NAPHTHACO	Naphtha (Platts) Crude Oil
BBSW3M	3 Month Bank Bill Swap Rate	EAFE	Europe, Australasia, and Far East Stock Index	OMX	Stockholm 30 Index
BCOMF1TC	Bloomberg Commodity Index 1-Month Forward Total Return	EBOBFUEL	Argus Eurobob Oxy Gasoline	PIMCODB	PIMCO Custom Commodity Basket
BCOMTR	Bloomberg Commodity Index Total Return	EUR003M	3 Month EUR Swap Rate	PRIME	Daily US Prime Rate
BP0003M	3 Month GBP-LIBOR	EURMARGIN	European Refined Margin	RAFI	Research Affiliates Fundamental Index
BRENT	Brent Crude	EUROBOBCO	Margin Eurobob Gasoline vs. Brent	RBCAECOT	Custom Commodity Forward Index
CAC	Cotation Assistée en Continu	FRCPXTOB	France Consumer Price ex-Tobacco Index	RUONIA	Ruble Overnight Index Average
CDOR01	1 Month CDN Swap Rate	FTSE/MIB	Borsa Italiana's 40 Most Liquid/Capitalized Italian Shares Equity Index	S&P 500	Standard & Poor's 500 Index
CDOR03	3 month CDN Swap Rate	GOLDLNPM	London Gold Market Fixing Ltd. PM	SLVRLND	London Silver Market Fixing Ltd.
CDX.EM	Credit Derivatives Index - Emerging Markets	H15T1Y	1 Year US Treasury Yield Curve Constant Maturity Rate	SOFRRATE	Secured Overnight Financing Rate
CDX.HY	Credit Derivatives Index - High Yield	HOBR	Heating Oil Brent Crude	SONIO	Sterling Overnight Interbank Average Rate
CDX.IG	Credit Derivatives Index - Investment Grade	IBEX 35	Spanish Continuous Exchange Index	SPI 200	Australian Equity Futures Index
CIXBSTR3	Custom Commodity Index	JMABDEWE	J.P. Morgan Custom Commodity Index	TOPIX	Tokyo Price Index
CMBX	Commercial Mortgage-Backed Index	JMABFNC2	J.P. Morgan Custom Commodity Index	UKRPI	United Kingdom Retail Prices Index
CMDSKEWLS	CBEO SKEW Index is an index derived from the price of S&P 500 tail risk	JMABFNJ2	J.P. Morgan Custom Commodity Index	ULSD	Ultra-Low Sulfur Diesel
CNREPOFIX	China Fixing Repo Rates 7-Day	LIBOR03M	3 Month USD-LIBOR	US0001M	1 Month USD Swap Rate
CPALEMU	Euro Area All Items Non-Seasonally Adjusted Index	LLSDUB	Light Louisiana Sweet Crude Oil vs. Calendar Dubai	US0003M	3 Month USD Swap Rate
CPTFEMU	Eurozone HICP ex-Tobacco Index	MEHCO	Magellan East Houston WTI Crude Oil Options

Municipal Bond or Agency Abbreviations:
NPFGC	National Public Finance Guarantee Corp.

Other Abbreviations:
ABS	Asset-Backed Security	JIBAR	Johannesburg Interbank Agreed Rate	PRIBOR	Prague Interbank Offered Rate
ALT	Alternate Loan Trust	JSC	Joint Stock Company	RBOB	Reformulated Blendstock for Oxygenate Blending
BABs	Build America Bonds	KORIBOR	Korea Interbank Offered Rate	REMIC	Real Estate Mortgage Investment Conduit
BBR	Bank Bill Rate	LIBOR	London Interbank Offered Rate	STIBOR	Stockholm Interbank Offered Rate
BBSW	Bank Bill Swap Reference Rate	Lunar	Monthly payment based on 28-day periods. One year consists of 13 periods.	TBA	To-Be-Announced
BTP	Buoni del Tesoro Poliennali	MSCI	Morgan Stanley Capital International	TBD	To-Be-Determined
CDI	Brazil Interbank Deposit Rate	NCUA	National Credit Union Administration	TBD%	Interest rate to be determined when loan settles or at the time of funding
CDO	Collateralized Debt Obligation	NIBOR	Norwegian Interbank Offered Rate	TELBOR	Tel Aviv Inter-Bank Offered Rate
CHILIBOR	Chile Interbank Offered Rate	OAT	Obligations Assimilables du Trésor	TIIE	Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate"
CLO	Collateralized Loan Obligation	OIS	Overnight Index Swap	WIBOR	Warsaw Interbank Offered Rate
DAC	Designated Activity Company	oz.	Ounce	WTI	West Texas Intermediate
EURIBOR	Euro Interbank Offered Rate	PIK	Payment-in-Kind	YOY	Year-Over-Year


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY)
			MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 0.0% ¤
SHORT-TERM INSTRUMENTS 0.0%
REPURCHASE AGREEMENTS (b) 0.0%		$	324
Total Short-Term Instruments (Cost $324)			324
Total Investments in Securities (Cost $324)			324
	SHARES
INVESTMENTS IN AFFILIATES 98.9%
MUTUAL FUNDS (a) 89.8%
PIMCO Emerging Markets Bond Fund	2,855,851		26,274
PIMCO Global Advantage® Strategy Bond Fund	3,320,620		34,833
PIMCO Income Fund	3,980,430		43,626
PIMCO International Bond Fund (U.S. Dollar-Hedged)	2,487,769		25,997
PIMCO Investment Grade Credit Bond Fund	4,296,617		43,654
PIMCO RAE International Fund	6,011,352		42,741
PIMCO RAE PLUS EMG Fund	6,528,211		44,457
PIMCO RAE PLUS Small Fund	6,547,839		43,281
PIMCO Real Return Fund	3,824,156		43,175
PIMCO Short-Term Fund	13,748,976		130,478
PIMCO StocksPLUS® Fund	5,323,697		42,749
PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged)	7,398,488		43,651
PIMCO StocksPLUS® International Fund (Unhedged)	19,279,031		86,948
PIMCO Total Return Fund IV	12,052,711		130,772
Total Mutual Funds (Cost $866,654)			782,636
SHORT-TERM INSTRUMENTS 9.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1%
PIMCO Short-Term Floating NAV Portfolio III	8,048,260		79,042
Total Short-Term Instruments (Cost $79,402)			79,042
Total Investments in Affiliates (Cost $946,056)			861,678
Total Investments 98.9% (Cost $946,380)		$	862,002
Financial Derivative Instruments (c) 0.6%(Cost or Premiums, net $2,031)			5,348
Other Assets and Liabilities, net 0.5%			4,190
Net Assets 100.0%		$	871,540


Commercial Mortgage Trust
3.140% due 10/10/2036	1,700	1,713
3.815% due 04/10/2033 ~	500	483
Countrywide Alternative Loan Trust 1.157% due 05/25/2035 •	33	27
Countrywide Home Loan Mortgage Pass-Through Trust 1.587% due 03/25/2035 •	53	41
Credit Suisse First Boston Mortgage Securities Corp. 3.914% due 11/25/2032 ~	3	2
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates 3.800% due 07/25/2033 ~	6	6
DBWF Mortgage Trust 3.791% due 12/10/2036	2,100	2,132
GS Mortgage Securities Trust 3.805% due 10/10/2035 ~	500	488
HarborView Mortgage Loan Trust
0.880% due 03/19/2037 •	34	30
1.190% due 05/19/2035 •	24	23
3.957% due 07/19/2035 ^~	4	3
Hilton USA Trust 3.719% due 11/05/2038	900	858
Impac CMB Trust 4.866% due 09/25/2034 þ	119	123
JPMorgan Chase Commercial Mortgage Securities Trust
2.155% due 12/15/2031 •	800	781
2.798% due 10/05/2031	1,700	1,499
JPMorgan Mortgage Trust
1.847% due 12/25/2049 •	289	279
3.983% due 07/25/2035 ~	55	51
Morgan Stanley Bank of America Merrill Lynch Trust 3.514% due 12/15/2049	1,800	1,906
Morgan Stanley Capital Trust 4.418% due 07/11/2040 ~	600	625
Motel 6 Trust 1.625% due 08/15/2034 •	425	399
Natixis Commercial Mortgage Securities Trust 3.885% due 08/15/2038	500	501
New Century Home Equity Loan Trust 2.750% due 11/25/2059 ~	786	793
Residential Accredit Loans, Inc. Trust 6.000% due 06/25/2036 ^	38	33
Residential Funding Mortgage Securities, Inc. Trust 6.500% due 03/25/2032	3	3
Sequoia Mortgage Trust 1.123% due 07/20/2033 •	37	31
Structured Adjustable Rate Mortgage Loan Trust 1.167% due 05/25/2037 •	62	53
Structured Asset Mortgage Investments Trust
1.410% due 09/19/2032 •	25	23
1.590% due 10/19/2033 •	14	12
VNDO Trust 3.805% due 01/10/2035	1,900	2,035
WaMu Mortgage Pass-Through Certificates Trust
2.484% due 10/25/2046 •	41	33
2.966% due 08/25/2046 •	129	114
3.366% due 08/25/2042 •	1	1
Washington Mutual Mortgage Pass-Through Certificates Trust
2.970% due 05/25/2033 ~	5	4
Wells Fargo Commercial Mortgage Trust 2.933% due 11/15/2059	900	930
Worldwide Plaza Trust 3.526% due 11/10/2036	300	299
Total Non-Agency Mortgage-Backed Securities (Cost $23,523)		22,943
ASSET-BACKED SECURITIES 0.7%
Bear Stearns Asset-Backed Securities Trust 1.947% due 11/25/2042 •	30	28
ECMC Group Student Loan Trust 1.697% due 02/27/2068 •	210	200
JPMorgan Mortgage Acquisition Corp. 1.427% due 12/25/2035 •	1,100	1,027
LA Arena Funding LLC 7.656% due 12/15/2026	11	11
MASTR Asset-Backed Securities Trust 1.772% due 10/25/2034 •	647	607
OneMain Direct Auto Receivables Trust 3.430% due 12/16/2024	1,500	1,496
Renaissance Home Equity Loan Trust 1.827% due 08/25/2033 •	3	2
SLM Student Loan Trust
2.394% due 10/25/2029 •	300	293
3.294% due 04/25/2023 •	171	169


Towd Point Mortgage Trust 2.900% due 10/25/2059 ~	281		275
Total Asset-Backed Securities (Cost $4,245)			4,108
SHORT-TERM INSTRUMENTS 0.2%
REPURCHASE AGREEMENTS (d) 0.2%			872
Total Short-Term Instruments (Cost $872)			872
Total Investments in Securities (Cost $712,619)			854,675
	SHARES
INVESTMENTS IN AFFILIATES 2.1%
SHORT-TERM INSTRUMENTS 2.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.1%
PIMCO Short Asset Portfolio	1,216,724		11,813
PIMCO Short-Term Floating NAV Portfolio III	3,097		31
Total Short-Term Instruments (Cost $12,219)			11,844
Total Investments in Affiliates (Cost $12,219)			11,844
Total Investments 153.9% (Cost $724,838)		$	866,519
Financial Derivative Instruments (f)(h) 0.2%(Cost or Premiums, net $51)			1,209
Other Assets and Liabilities, net (54.1)%			(304,860)
Net Assets 100.0%		$	562,868