NPORT-EX 2 dynamicincomeoppfund.htm PIMCO DYNAMIC INCOME OPPORTUNITIES FUND dynamicincomeoppfund

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund

March 31, 2025 (Unaudited)

 

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

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 148.1% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 32.9%

 

 

 

 

Aligned Data Centers International LP
7.799% due 05/16/2028 «~

$

8,100

$

8,123

Altice France SA

 

 

 

 

8.285% (EUR003M + 5.500%) due 08/15/2028 ~

EUR

99

 

96

9.802% due 08/15/2028 •

$

5,756

 

5,174

Bausch Health Cos., Inc.
TBD% due 09/25/2030

 

6,700

 

6,457

Central Parent, Inc.
7.549% due 07/06/2029 ~

 

15,860

 

13,660

Clover Holdings 2 LLC

 

 

 

 

TBD% due 12/10/2029 ~µ

 

1,808

 

1,781

8.295% due 12/09/2031 •

 

12,900

 

12,779

Clover Holdings SPV III LLC
15.000% due 12/09/2027

 

562

 

574

Comexposium

 

 

 

 

4.969% due 03/28/2026 «•

EUR

21,515

 

27,102

4.969% (EUR012M + 4.000%) due 03/28/2026 «~

 

17,436

 

21,964

CoreWeave Compute Acquisition Co. LLC
TBD% - 10.322% due 05/16/2029 «µ

$

21,900

 

21,998

Databricks, Inc.

 

 

 

 

TBD% due 01/03/2031 «µ

 

852

 

858

TBD% due 01/03/2031 «

 

3,848

 

3,877

Envision Healthcare Corp.
12.277% due 11/03/2028 «

 

31,556

 

32,030

Espai Barca Fondo De Titulizacion
TBD% - 5.000% (Euribor 6MO) due 06/30/2028 «~

EUR

6,882

 

8,655

First Brands Group LLC
9.552% due 03/30/2027 ~

$

2,462

 

2,294

Forward Air Corp.
8.791% due 12/19/2030 ~

 

7,081

 

6,892

Galaxy U.S. Opco, Inc.

 

 

 

 

9.041% - 9.291% due 07/31/2030 ~

 

4,000

 

3,383

9.041% - 9.291% due 07/31/2030

 

4,769

 

4,033

Gateway Casinos & Entertainment Ltd.
10.545% due 12/18/2030

 

34,340

 

34,770

Gray Television, Inc.
9.573% due 06/04/2029 ~

 

2,779

 

2,696

Harp Finco Ltd.
TBD% - 9.956% due 01/30/2032 «

GBP

5,325

 

6,741

iHeartCommunications, Inc.
10.209% due 05/01/2029

$

6,694

 

5,459

Ivanti Software, Inc.
8.817% due 12/01/2027 «~

 

11,054

 

8,543

J&J Ventures Gaming LLC
9.439% due 04/26/2028 «~

 

2,577

 

2,600

Level 3 Financing, Inc.
TBD% due 03/27/2032

 

1,000

 

990

Lifepoint Health, Inc.
8.052% due 05/17/2031 ~

 

7,089

 

6,891

Lumen Technologies, Inc.
6.789% due 04/15/2030 •

 

13,601

 

13,089

MPH Acquisition Holdings LLC

 

 

 

 

8.037% due 12/31/2030

 

286

 

284

9.149% due 12/31/2030

 

2,372

 

1,958

Newfold Digital
7.929% due 02/10/2028 «~

 

5,984

 

4,458

Numericable Group SA
7.432% (US0003M + 2.750%) due 07/31/2025 ~

 

500

 

435

Obol France 3 SAS
8.058% (EUR003M + 5.000%) due 12/31/2028 ~

EUR

6,135

 

6,343

Ocs Group Holdings Ltd.
10.450% due 11/27/2031 ~

GBP

13,000

 

16,782

Peraton Corp.
8.175% due 02/01/2028

$

9,483

 

8,461

Polaris Newco LLC
8.302% due 06/02/2028 ~

 

399

 

383

Poseidon Bidco SASU
7.355% (EUR003M + 5.000%) due 03/13/2030 ~

EUR

3,900

 

2,982

Project Quasar Pledgco SLU
5.642% (EUR001M + 3.250%) due 03/15/2026 «~

 

7,005

 

7,157

Promotora de Informaciones SA
7.964% (EUR003M + 5.220%) due 12/31/2026 ~

 

29,646

 

31,651

Promotora de Informaciones SA (5.714% Cash and 5.000% PIK)
10.714% - 5.714% (EUR003M + 2.970%) due 06/30/2027 ~

 

2,526

 

2,642

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

March 31, 2025 (Unaudited)

 

PURIS LLC
10.049% - 10.055% due 06/30/2031 «

$

4,203

 

4,219

Quantum Bidco Ltd.
10.231% due 01/31/2028

GBP

17,000

 

21,905

Republic of Cote d'lvoire
7.422% (EUR006M + 5.000%) due 03/19/2027 «~

EUR

400

 

435

Republic of Kenya
11.900% (PRIME + 4.400%) due 04/05/2028 «~

$

5,000

 

4,928

SCUR-Alpha 1503 GmbH

 

 

 

 

8.112% (EUR003M + 5.500%) due 03/29/2030 ~

EUR

5,200

 

5,455

9.791% due 03/29/2030 ~

$

7,841

 

7,330

Softbank Vision Fund II
6.000% due 12/23/2025 «•

 

18,445

 

18,277

Spruce Bidco, Inc.

 

 

 

 

TBD% due 01/30/2032 «µ

 

596

 

588

6.000% due 02/02/2032 «

JPY

51,173

 

337

TBD% due 01/30/2032 «

CAD

479

 

328

TBD% due 01/30/2032 «

$

2,643

 

2,610

Steenbok Lux Finco 2 SARL

 

 

 

 

10.000% due 06/30/2026

EUR

11,402

 

2,041

10.000% due 06/30/2026 •

 

56,295

 

21,370

10.000% due 06/30/2026 ~

 

8,669

 

2,583

Subcalidora 2 SARL
8.105% (EUR003M + 5.750%) due 08/14/2029 «~

 

14,400

 

15,649

Syniverse Holdings, Inc.
11.299% due 05/13/2027 •

$

6

 

6

Thames Water Utilities Ltd.
TBD% - 5.475% due 11/28/2025

GBP

2,106

 

2,119

The Stepstone Group MidCo 2 GMBH

 

 

 

 

TBD% due 12/04/2031 ~

EUR

16,400

 

17,688

TBD% due 12/04/2031 ~

$

3,100

 

3,065

Transnet SOC Ltd.
11.558% (JIBA3M + 4.000%) due 03/02/2028 ~

ZAR

89,627

 

4,839

U.S. Renal Care, Inc.
9.439% due 06/20/2028 ~

$

41,287

 

38,612

Unicorn Bay
13.000% due 12/31/2026 «

HKD

112,977

 

14,591

X Corp.
10.949% due 10/26/2029 ~

$

17,000

 

16,915

Total Loan Participations and Assignments (Cost $580,256)

 

 

 

552,935

CORPORATE BONDS & NOTES 31.8%

 

 

 

 

BANKING & FINANCE 8.0%

 

 

 

 

ADLER Real Estate GmbH
3.000% due 04/27/2026 (k)

EUR

15,900

 

16,840

Alamo Re Ltd.

 

 

 

 

12.042% due 06/07/2027 ~

$

550

 

577

15.542% due 06/08/2026 ~

 

250

 

262

Armor Holdco, Inc.
8.500% due 11/15/2029 (k)

 

2,800

 

2,722

Armor RE Ltd.

 

 

 

 

12.792% due 01/07/2032 •

 

250

 

254

14.542% due 05/07/2031 ~

 

250

 

263

Azule Energy Finance PLC
8.125% due 01/23/2030 (k)

 

3,500

 

3,510

Cape Lookout Re Ltd.
12.282% due 04/05/2027 •

 

1,800

 

1,850

Claveau Re Ltd.
21.542% due 07/08/2028 ~

 

2,646

 

860

Corestate Capital Holding SA (10.000% Cash or 11.000% PIK)
10.000% due 12/31/2026 (c)

EUR

349

 

340

Credit Suisse AG AT1 Claim

$

800

 

96

East Lane Re Ltd.
13.542% due 03/31/2026 ~

 

300

 

302

Everglades Re Ltd.

 

 

 

 

14.792% due 05/13/2031 •

 

500

 

528

15.792% due 05/13/2031 •

 

500

 

528

17.042% due 05/13/2027 •

 

500

 

525

Fairfax India Holdings Corp.
5.000% due 02/26/2028 (k)

 

18,350

 

17,113

GN Bondco LLC
9.500% due 10/15/2031 (k)

 

9,095

 

9,106

Greengrove RE Ltd.
12.042% due 04/08/2032 •

 

300

 

301

Hestia Re Ltd.

 

 

 

 

11.042% due 03/13/2032 ~

 

250

 

250

12.542% due 03/13/2032 ~

 

250

 

250

14.362% due 04/22/2025 ~

 

2,347

 

2,218

Integrity RE Ltd.
16.532% due 06/06/2028 ~

 

400

 

403

Integrity Re Ltd.

 

 

 

 

21.292% due 06/08/2026 •

 

900

 

971

27.292% due 06/08/2026 ~

 

900

 

934

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

March 31, 2025 (Unaudited)

 

Integrity RE Ltd.
29.782% due 06/06/2027 ~

 

300

 

299

Kennedy Wilson Europe Real Estate Ltd.
3.250% due 11/12/2025 (k)

EUR

695

 

742

Long Walk Reinsurance Ltd.
14.032% due 01/30/2031 •

$

1,700

 

1,727

Longleaf Pine Re Ltd.
21.792% due 05/27/2031 ~

 

280

 

297

Nature Coast Re Ltd.
14.032% (T-BILL 3MO + 9.750%) due 04/10/2029 ~(b)

 

250

 

250

Polestar Re Ltd.

 

 

 

 

14.792% due 01/07/2028 •

 

600

 

620

17.542% due 01/07/2027 •

 

1,800

 

1,862

Purple Re Ltd.
13.282% due 06/07/2027 •

 

300

 

317

Quercus Re DAC
10.606% due 01/06/2031 ~

EUR

250

 

281

Sanders Re Ltd.
17.292% due 04/09/2029 •

$

4,164

 

4,143

Titanium 2l Bondco SARL
6.250% due 01/14/2031 (k)

EUR

20,125

 

6,798

Torrey Pines Re Ltd.

 

 

 

 

10.282% due 06/07/2032 •

$

400

 

418

11.532% due 06/07/2027 •

 

300

 

315

13.282% due 06/05/2026 •

 

300

 

312

Uniti Group LP

 

 

 

 

6.000% due 01/15/2030 (k)

 

21,202

 

18,377

6.500% due 02/15/2029 (k)

 

26,904

 

24,204

10.500% due 02/15/2028 (k)

 

6,070

 

6,453

Ursa Re Ltd.

 

 

 

 

11.782% due 02/22/2028 ~

 

900

 

910

13.542% due 12/07/2028 •

 

2,000

 

2,120

Veraison Re Ltd.
16.824% due 03/10/2031 •

 

1,600

 

1,703

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(d)

 

22,146

 

0

Winston RE Ltd.

 

 

 

 

14.532% due 02/26/2031 •

 

250

 

265

16.032% due 02/26/2031 •

 

1,400

 

1,469

 

 

 

 

134,885

INDUSTRIALS 20.8%

 

 

 

 

Altice France Holding SA

 

 

 

 

4.000% due 02/15/2028

EUR

2,200

 

723

6.000% due 02/15/2028

$

700

 

206

8.000% due 05/15/2027

EUR

16,900

 

5,591

10.500% due 05/15/2027

$

22,000

 

6,460

Altice France SA

 

 

 

 

3.375% due 01/15/2028

EUR

8,600

 

7,413

4.000% due 07/15/2029

 

100

 

86

4.125% due 01/15/2029

 

100

 

86

4.250% due 10/15/2029

 

100

 

87

5.125% due 01/15/2029

$

800

 

629

5.125% due 07/15/2029

 

6,421

 

5,039

5.500% due 01/15/2028

 

3,800

 

3,041

5.500% due 10/15/2029

 

3,000

 

2,381

5.875% due 02/01/2027

EUR

400

 

386

8.125% due 02/01/2027

$

1,900

 

1,700

ams-OSRAM AG

 

 

 

 

10.500% due 03/30/2029 (k)

EUR

8,400

 

9,182

12.250% due 03/30/2029 (k)

$

7,600

 

7,818

B.C. Ltd.
10.000% due 04/15/2032 (b)

 

2,300

 

2,288

Carvana Co. (14.000% PIK)
14.000% due 06/01/2031 (c)(k)

 

4,785

 

5,236

Central Parent LLC
8.000% due 06/15/2029 (k)

 

5,300

 

4,657

Central Parent, Inc.
7.250% due 06/15/2029 (k)

 

5,200

 

4,506

Cheplapharm Arzneimittel GmbH

 

 

 

 

4.375% due 01/15/2028

EUR

2,400

 

2,371

5.500% due 01/15/2028 (k)

$

7,800

 

6,987

7.500% due 05/15/2030

EUR

2,700

 

2,701

DISH DBS Corp.

 

 

 

 

5.250% due 12/01/2026

$

25,000

 

22,996

5.750% due 12/01/2028

 

13,400

 

11,326

Ecopetrol SA

 

 

 

 

7.750% due 02/01/2032 (k)

 

27,800

 

27,308

8.375% due 01/19/2036 (k)

 

520

 

507

8.875% due 01/13/2033 (k)

 

1,000

 

1,033

ELO SACA
3.250% due 07/23/2027 (k)

EUR

8,100

 

8,328

Incora Intermediate LLC
0.000% due 01/31/2030 «

$

27,341

 

27,341

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

March 31, 2025 (Unaudited)

 

Incora Top Holdco LLC
0.000% due 01/30/2033 ^«(d)(j)

 

20,315

 

29,357

Intelsat Jackson Holdings SA
6.500% due 03/15/2030 (k)

 

19,222

 

18,310

JetBlue Airways Corp.
9.875% due 09/20/2031 (k)

 

6,804

 

6,722

MPH Acquisition Holdings LLC
5.750% due 12/31/2030 (k)

 

7,100

 

5,156

MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK)
11.500% due 12/31/2030 (c)(k)

 

1,950

 

1,696

Newfold Digital Holdings Group, Inc.

 

 

 

 

6.000% due 02/15/2029 «

 

12,400

 

7,440

11.750% due 10/15/2028 «

 

610

 

500

Petroleos Mexicanos

 

 

 

 

6.700% due 02/16/2032 (k)

 

4,206

 

3,699

6.840% due 01/23/2030 (k)

 

2,000

 

1,834

8.750% due 06/02/2029 (k)

 

3,253

 

3,254

Prime Healthcare Services, Inc.
9.375% due 09/01/2029 (k)

 

8,300

 

7,840

ProFrac Holdings LLC
11.538% due 01/23/2029 ~(k)

 

6,148

 

6,363

Rivian Holdings LLC
10.502% due 10/15/2026 ~(k)

 

7,300

 

7,363

Thames Water Utilities Finance PLC

 

 

 

 

0.875% due 01/31/2028

EUR

100

 

79

1.250% due 01/31/2032

 

200

 

157

2.625% due 01/24/2032

GBP

370

 

349

4.375% due 07/03/2034

 

200

 

192

5.125% due 09/28/2037

 

200

 

192

7.750% due 04/30/2044

 

300

 

301

Thames Water Utilities Ltd.
0.000% due 03/22/2027 (g)

 

26

 

27

Times Square Hotel Trust
8.528% due 08/01/2026

$

193

 

194

Turkish Airlines Pass-Through Trust
4.200% due 09/15/2028

 

135

 

131

U.S. Renal Care, Inc.
10.625% due 06/28/2028

 

7,141

 

6,105

Ubisoft Entertainment SA
0.878% due 11/24/2027

EUR

4,400

 

4,307

Vale SA
0.000% due 12/29/2049 ~(i)

BRL

340,000

 

20,444

Venture Global LNG, Inc.

 

 

 

 

9.500% due 02/01/2029 (k)

$

6,414

 

6,882

9.875% due 02/01/2032 (k)

 

3,250

 

3,454

Viridien

 

 

 

 

7.750% due 04/01/2027

EUR

3,800

 

4,189

8.500% due 10/15/2030

 

5,100

 

5,663

10.000% due 10/15/2030

$

4,100

 

4,205

Wayfair LLC
7.750% due 09/15/2030

 

400

 

387

Windstream Services LLC
8.250% due 10/01/2031

 

8,000

 

8,153

Xerox Corp.

 

 

 

 

10.250% due 10/15/2030 (b)

 

1,100

 

1,095

13.500% due 04/15/2031 (b)

 

1,200

 

1,151

Yinson Boronia Production BV
8.947% due 07/31/2042 (k)

 

2,874

 

3,037

YPF SA
8.250% due 01/17/2034

 

1,000

 

991

 

 

 

 

349,632

UTILITIES 3.0%

 

 

 

 

Edison International
6.250% due 03/15/2030

 

500

 

507

Gazprom PJSC Via Gaz Finance PLC
3.000% due 06/29/2027

 

200

 

143

NGD Holdings BV
6.750% due 12/31/2026 (k)

 

851

 

766

Oi SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK)
10.000% due 06/30/2027 (c)(k)

 

31,126

 

26,029

Oi SA (8.500% PIK)
8.500% due 12/31/2028 (c)

 

66,194

 

6,950

Peru LNG SRL
5.375% due 03/22/2030 (k)

 

13,855

 

12,868

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

March 31, 2025 (Unaudited)

 

Yinson Production Financial Services Pte. Ltd.
9.625% due 05/03/2029

 

3,800

 

3,977

 

 

 

 

51,240

Total Corporate Bonds & Notes (Cost $618,557)

 

 

 

535,757

CONVERTIBLE BONDS & NOTES 1.7%

 

 

 

 

BANKING & FINANCE 1.5%

 

 

 

 

Corestate Capital Holding SA (8.000% Cash or 9.000% PIK)
8.000% due 12/31/2026 (c)

EUR

1,787

 

782

PennyMac Corp.
5.500% due 03/15/2026 (k)

$

24,225

 

24,092

 

 

 

 

24,874

INDUSTRIALS 0.2%

 

 

 

 

DISH Network Corp.
3.375% due 08/15/2026

 

3,700

 

3,099

Total Convertible Bonds & Notes (Cost $29,986)

 

 

 

27,973

MUNICIPAL BONDS & NOTES 0.1%

 

 

 

 

WEST VIRGINIA 0.1%

 

 

 

 

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)

 

25,000

 

2,356

Total Municipal Bonds & Notes (Cost $3,860)

 

 

 

2,356

U.S. GOVERNMENT AGENCIES 6.2%

 

 

 

 

Fannie Mae

 

 

 

 

2.500% due 04/25/2049 - 02/25/2050 (a)(k)

 

19,637

 

2,826

3.000% due 12/25/2032 - 01/25/2051 (a)(k)

 

11,148

 

1,739

3.500% due 05/25/2030 (a)(k)

 

2,554

 

117

4.000% due 09/25/2051 (a)(k)

 

21,592

 

4,653

5.000% due 08/25/2043 (a)(k)

 

2,195

 

444

Freddie Mac

 

 

 

 

1.537% due 07/15/2042 •(a)(k)

 

1,515

 

143

1.737% due 03/15/2043 •(a)(k)

 

7,075

 

706

1.737% due 11/15/2047 •(a)

 

189

 

28

2.000% due 11/25/2050 - 01/25/2051 (a)(k)

 

17,421

 

1,852

2.668% due 06/25/2057 ~(a)

 

5,421

 

1,018

3.000% due 11/25/2050 - 09/25/2051 (a)(k)

 

40,690

 

6,183

3.500% due 04/25/2041 (a)(k)

 

7,119

 

856

3.904% due 05/25/2057 •(k)

 

18,127

 

7,450

4.000% due 11/25/2048 - 06/25/2051 (a)(k)

 

12,269

 

2,575

4.250% due 09/25/2060 (k)

 

7,396

 

6,988

4.250% due 03/25/2061 ~

 

3,263

 

2,967

4.500% due 12/25/2050 (a)(k)

 

3,790

 

926

9.090% due 02/25/2042 ~(k)

 

1,800

 

1,882

9.090% due 01/25/2051 •(k)

 

1,700

 

1,858

9.840% due 01/25/2034 •(k)

 

4,000

 

4,626

11.440% due 01/25/2042 ~

 

4,800

 

5,113

11.840% due 10/25/2041 •(k)

 

23,500

 

25,027

12.140% due 11/25/2041 •(k)

 

14,300

 

15,356

12.840% due 02/25/2042 ~(k)

 

1,200

 

1,298

13.164% due 09/25/2060 ~

 

4,210

 

3,061

15.265% due 11/25/2060 ~

 

5,461

 

3,883

Total U.S. Government Agencies (Cost $104,136)

 

 

 

103,575

NON-AGENCY MORTGAGE-BACKED SECURITIES 31.1%

 

 

 

 

280 Park Avenue Mortgage Trust
7.449% due 09/15/2034 •(k)

 

4,750

 

4,561

Adjustable Rate Mortgage Trust

 

 

 

 

4.712% due 02/25/2036 •(k)

 

6,028

 

3,869

4.712% due 02/25/2036 •

 

1,008

 

640

Ashford Hospitality Trust

 

 

 

 

6.592% due 04/15/2035 •(k)

 

2,500

 

2,475

7.592% due 04/15/2035 •(k)

 

8,700

 

8,691

Atrium Hotel Portfolio Trust
7.667% due 12/15/2036 •(k)

 

1,111

 

1,042

Banc of America Funding Trust

 

 

 

 

3.503% due 09/26/2036 •(k)

 

4,182

 

3,008

4.675% due 06/26/2036 •(k)

 

2,853

 

2,401

5.750% due 05/26/2036

 

266

 

156

Barclays Commercial Mortgage Securities Trust

 

 

 

 

3.688% due 02/15/2053 ~(k)

 

15,650

 

11,911

8.167% due 07/15/2037 •(k)

 

2,100

 

1,768

Barclays Commercial Real Estate Trust
4.563% due 08/10/2033 •

 

16,650

 

11,369

Bear Stearns Commercial Mortgage Securities Trust
5.566% due 01/12/2045 ~

 

25

 

25

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

March 31, 2025 (Unaudited)

 

Beast Mortgage Trust

 

 

 

 

7.884% due 03/15/2036 •(k)

 

5,750

 

3,433

8.884% due 03/15/2036 ~

 

7,125

 

3,762

Beneria Cowen & Pritzer Collateral Funding Corp.

 

 

 

 

6.926% due 06/15/2038 •(k)

 

10,000

 

4,186

8.072% due 06/15/2038 •(k)

 

5,000

 

1,069

Citigroup Commercial Mortgage Trust

 

 

 

 

3.790% due 12/15/2072 •

 

4,750

 

991

3.790% due 12/15/2072 ~

 

1,500

 

410

Citigroup Mortgage Loan Trust
5.109% due 08/25/2036 ~(k)

 

1,096

 

997

Colony Mortgage Capital Ltd.
7.400% due 11/15/2038 ~(k)

 

15,000

 

13,517

COLT Mortgage Loan Trust
8.019% due 04/25/2068 ~(k)

 

3,288

 

3,309

Commercial Mortgage Trust
6.861% due 06/15/2034 •(k)

 

7,400

 

2,707

Connecticut Avenue Securities Trust

 

 

 

 

9.840% due 12/25/2041 •

 

8,900

 

9,266

10.340% due 10/25/2041 •(k)

 

7,100

 

7,402

Countrywide Alternative Loan Trust
6.250% due 12/25/2036 (k)

 

4,581

 

1,912

Countrywide Home Loan Mortgage Pass-Through Trust
5.835% due 08/25/2035 •(k)

 

2,211

 

1,733

Credit Suisse Mortgage Capital Mortgage-Backed Trust

 

 

 

 

0.000% due 02/25/2067 ~(a)

 

355,946

 

313

0.005% due 02/25/2067 •(a)

 

355,946

 

121

4.000% due 02/25/2067 •(k)

 

23,825

 

18,473

4.002% due 01/25/2060 •(k)

 

8,144

 

6,341

4.065% due 02/25/2067 •

 

9,147

 

1,638

7.744% due 07/15/2032 ~(k)

 

19,982

 

19,946

Credit Suisse Mortgage Capital Trust
0.111% due 07/25/2050 •

 

9,799

 

7,140

CRSNT Commercial Mortgage Trust
7.934% due 04/15/2036 •(k)

 

7,000

 

6,791

Deutsche Mortgage & Asset Receiving Corp.
4.763% due 11/27/2036 •

 

6,250

 

5,962

DOLP Trust

 

 

 

 

0.665% due 05/10/2041 ~(a)(k)

 

309,500

 

9,566

3.704% due 05/10/2041 •(k)

 

32,400

 

21,897

DROP Mortgage Trust
7.183% due 10/15/2043 •

 

5,500

 

4,701

Extended Stay America Trust
8.133% due 07/15/2038 ~(k)

 

16,284

 

16,305

Great Hall Mortgages PLC
8.428% due 06/18/2039 •(k)

GBP

1,940

 

2,477

Greenwood Park CLO Ltd.
0.000% due 04/15/2031 «

$

27,000

 

61

GS Mortgage Securities Corp. Trust
7.166% due 11/15/2032 •(k)

 

10,782

 

10,730

GS Mortgage-Backed Securities Corp. Trust

 

 

 

 

0.000% due 12/25/2060 ~(a)

 

159,666

 

4,667

0.010% due 12/25/2060 ~

 

144

 

138

0.165% due 12/25/2060 ~(a)

 

138,246

 

929

3.970% due 12/25/2060 ~(k)

 

34,468

 

22,945

GSR Mortgage Loan Trust
6.250% due 08/25/2036 (k)

 

4,071

 

1,153

JP Morgan Alternative Loan Trust
4.715% due 03/25/2037 ~(k)

 

10,615

 

9,091

JP Morgan Chase Commercial Mortgage Securities Trust

 

 

 

 

6.183% due 12/15/2036 •

 

1,700

 

170

6.667% due 02/15/2035 •

 

1,234

 

1,183

6.811% due 07/05/2033 •(k)

 

5,012

 

3,832

7.161% due 07/05/2033 •(k)

 

10,000

 

6,648

7.534% due 03/15/2036 ~

 

25,550

 

12,030

8.284% due 03/15/2036 ~(k)

 

9,500

 

3,818

9.284% due 03/15/2036 ~

 

700

 

109

JP Morgan Resecuritization Trust
4.750% due 12/27/2046 •(k)

 

11,089

 

9,219

Mill City Mortgage Loan Trust

 

 

 

 

0.000% due 04/25/2057 •

 

135,206

 

4,157

0.000% due 04/25/2057 ~(a)

 

135,206

 

428

0.000% due 11/25/2058 ~(a)

 

106,313

 

345

0.000% due 11/25/2058 •

 

106,313

 

405

3.968% due 11/25/2058 ~(k)

 

16,205

 

10,668

3.982% due 04/25/2057 ~(k)

 

20,617

 

14,264

Morgan Stanley Capital Trust

 

 

 

 

6.678% due 12/15/2036 •(k)

 

4,294

 

197

6.817% due 11/15/2034 •(k)

 

5,370

 

5,162

7.767% due 11/15/2034 •(k)

 

3,357

 

3,221

Morgan Stanley Re-REMIC Trust
2.892% due 03/26/2037 þ(k)

 

2,546

 

2,615

MRCD Mortgage Trust
2.718% due 12/15/2036 (k)

 

28,715

 

16,886

Myers Park CLO Ltd.
0.000% due 10/20/2030 «

 

13,000

 

163

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

March 31, 2025 (Unaudited)

 

Natixis Commercial Mortgage Securities Trust
3.796% due 11/15/2032 ~

 

2,110

 

1,709

New Orleans Hotel Trust
7.056% due 04/15/2032 ~(k)

 

11,978

 

11,507

New Residential Mortgage Loan Trust
3.990% due 07/25/2059 ~(k)

 

5,000

 

3,603

New York Mortgage Trust
5.250% due 07/25/2062 þ(k)

 

1,989

 

1,980

Residential Accredit Loans, Inc. Trust
4.855% due 06/25/2037 •(k)

 

704

 

621

Residential Asset Securitization Trust
6.500% due 08/25/2036 (k)

 

5,371

 

1,556

SFO Commercial Mortgage Trust

 

 

 

 

7.333% due 05/15/2038 •(k)

 

18,000

 

16,263

8.083% due 05/15/2038 •(k)

 

8,000

 

6,457

Structured Adjustable Rate Mortgage Loan Trust
5.618% due 03/25/2036 •(k)

 

3,765

 

3,685

Trinity Square PLC

 

 

 

 

0.000% due 07/15/2059 (g)(k)

GBP

7,814

 

10,139

6.219% due 07/15/2059 ~(k)

 

10,926

 

14,094

6.569% due 07/15/2059 •(k)

 

4,682

 

5,980

7.569% due 07/15/2059 •(k)

 

4,682

 

5,982

8.319% due 07/15/2059 •(k)

 

4,682

 

5,869

9.569% due 07/15/2059 •(k)

 

6,244

 

8,351

10.069% due 07/15/2059 •(k)

 

4,682

 

5,738

10.569% due 07/15/2059 •(k)

 

6,131

 

7,932

VASA Trust

 

 

 

 

7.584% due 07/15/2039 •(k)

$

10,000

 

8,342

8.334% due 07/15/2039 •(k)

 

7,000

 

5,191

Verus Securitization Trust
8.107% due 12/25/2068 ~(k)

 

4,538

 

4,599

Waikiki Beach Hotel Trust

 

 

 

 

6.647% due 12/15/2033 •(k)

 

3,050

 

3,017

7.297% due 12/15/2033 ~(k)

 

5,000

 

4,908

WaMu Mortgage Pass-Through Certificates Trust

 

 

 

 

5.445% due 07/25/2047 •(k)

 

1,852

 

1,547

5.485% due 12/25/2045 •(k)

 

12,278

 

10,679

Wells Fargo Mortgage-Backed Securities Trust
7.424% due 10/25/2036 •(k)

 

182

 

173

Total Non-Agency Mortgage-Backed Securities (Cost $660,559)

 

 

 

523,437

ASSET-BACKED SECURITIES 22.1%

 

 

 

 

AUTOMOBILE ABS OTHER 1.0%

 

 

 

 

Carvana Auto Receivables Trust
0.000% due 01/10/2028 «(g)

 

10

 

900

Exeter Automobile Receivables Trust
0.000% due 12/15/2033 «(g)

 

12

 

914

Flagship Credit Auto Trust
0.000% due 04/17/2028 «(g)

 

10

 

463

Huntington Bank Auto Credit-Linked Notes Trust

 

 

 

 

6.153% due 05/20/2032 (k)

 

1,688

 

1,709

6.944% due 10/20/2032 ~

 

823

 

826

8.344% due 10/20/2032 •

 

905

 

911

11.844% due 10/20/2032 •

 

877

 

883

Santander Bank Auto Credit-Linked Notes

 

 

 

 

6.110% due 06/15/2032 (k)

 

2,120

 

2,144

7.762% due 06/15/2032 (k)

 

1,542

 

1,551

10.171% due 06/15/2032 (k)

 

3,575

 

3,662

13.030% due 06/15/2032

 

3,154

 

3,168

 

 

 

 

17,131

AUTOMOBILE SEQUENTIAL 0.5%

 

 

 

 

CPS Auto Securitization Trust
11.000% due 06/16/2032 «

 

8,000

 

8,018

HOME EQUITY OTHER 12.5%

 

 

 

 

Aames Mortgage Investment Trust
7.135% due 01/25/2035 ~(k)

 

5,000

 

3,804

ACE Securities Corp. Home Equity Loan Trust
4.810% due 08/25/2036 •(k)

 

25,071

 

19,520

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
6.235% due 07/25/2035 •(k)

 

7,500

 

6,334

Argent Securities, Inc. Asset-Backed Pass-Through Certificates
5.125% due 01/25/2036 •(k)

 

21,501

 

21,925

Asset-Backed Securities Corp. Home Equity Loan Trust
4.665% due 05/25/2037 •(k)

 

7,700

 

5,437

Bear Stearns Asset-Backed Securities Trust
5.053% due 01/25/2037 •(k)

 

6,307

 

5,535

BNC Mortgage Loan Trust
5.935% due 11/25/2037 •(k)

 

32,783

 

23,774

Countrywide Asset-Backed Certificates Trust

 

 

 

 

4.810% due 06/25/2037 •(k)

 

5,604

 

4,924

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

March 31, 2025 (Unaudited)

 

4.870% due 02/25/2037 •(k)

 

10,467

 

9,271

Encore Credit Receivables Trust
6.190% due 10/25/2035 •(k)

 

6,232

 

5,633

Fieldstone Mortgage Investment Trust
7.360% due 08/25/2034 •(k)

 

2,638

 

2,052

First NLC Trust
5.455% due 12/25/2035 •(k)

 

10,039

 

8,710

Fremont Home Loan Trust
5.485% due 01/25/2035 •(k)

 

7,115

 

5,673

GSAMP Trust
4.885% due 08/25/2036 •(k)

 

16,749

 

14,041

MASTR Asset-Backed Securities Trust
5.020% due 01/25/2036 •(k)

 

6,280

 

4,823

Morgan Stanley ABS Capital, Inc. Trust
5.545% due 07/25/2035 •(k)

 

10,028

 

7,897

Morgan Stanley Home Equity Loan Trust
5.500% due 05/25/2035 •(k)

 

5,330

 

4,909

New Century Home Equity Loan Trust
5.455% due 06/25/2035 •(k)

 

17,541

 

16,902

Saxon Asset Securities Trust
4.915% due 09/25/2036 •(k)

 

11,235

 

8,540

Soundview Home Loan Trust
5.260% due 12/25/2035 •(k)

 

6,312

 

5,854

Structured Asset Investment Loan Trust
5.410% due 07/25/2035 •(k)

 

10,650

 

8,221

Structured Asset Securities Corp. Mortgage Loan Trust
4.735% due 04/25/2036 •(k)

 

20,092

 

16,932

 

 

 

 

210,711

WHOLE LOAN COLLATERAL 2.7%

 

 

 

 

First Franklin Mortgage Loan Trust

 

 

 

 

4.745% due 10/25/2036 ~(k)

 

6,000

 

4,857

5.365% due 11/25/2035 •(k)

 

8,078

 

7,269

PRET LLC

 

 

 

 

3.721% due 07/25/2051 þ

 

2,673

 

2,648

7.967% due 09/25/2051 þ(k)

 

18,687

 

18,471

Residential Asset Mortgage Products Trust
5.710% due 02/25/2035 •(k)

 

5,312

 

4,533

Securitized Asset-Backed Receivables LLC Trust
4.935% due 03/25/2036 ~(k)

 

1,383

 

857

Specialty Underwriting & Residential Finance Trust
4.735% due 09/25/2037 •(k)

 

21,752

 

7,491

 

 

 

 

46,126

OTHER ABS 5.4%

 

 

 

 

Ayresome CDO Ltd.
7.870% due 12/08/2045 •(k)

 

25,992

 

6,202

College Avenue Student Loans LLC

 

 

 

 

0.000% due 06/25/2054 «(g)(k)

 

11

 

5,804

4.120% due 07/25/2051 (k)

 

874

 

811

6.610% due 06/25/2054 «(k)

 

1,369

 

1,385

8.660% due 06/25/2054 «(k)

 

1,971

 

2,047

Duke Funding High Grade Ltd.

 

 

 

 

0.090% due 08/02/2049 (a)

 

840,370

 

125

0.251% due 08/02/2049 •

 

29,910

 

194

FREED ABS Trust
0.000% due 09/20/2027 «(g)

 

4

 

32

GreenSky Home Improvement Trust
7.330% due 06/25/2059

 

1,100

 

1,132

Greenwood Park CLO Ltd.
0.000% due 04/15/2031 ~(k)

 

27,000

 

5,986

KKR CLO Ltd.
0.000% due 04/20/2034 ~(k)

 

10,000

 

5,540

Madison Park Funding Ltd.
0.000% due 07/27/2047 ~(k)

 

5,600

 

2,139

Marlette Funding Trust
0.000% due 09/16/2030 «(g)

 

38

 

917

Montauk Point CDO Ltd.

 

 

 

 

1.460% due 04/06/2046 •

 

327,058

 

9,242

2.358% due 10/06/2042 •

 

213,556

 

19,480

7.920% due 04/06/2046 •

 

4,400

 

0

Myers Park CLO Ltd.
0.000% due 10/20/2030 «~

 

13,000

 

4,454

Reach ABS Trust
7.750% due 08/16/2032

 

500

 

510

Sierra Madre Funding Ltd.
4.808% due 09/07/2039 •

 

936

 

557

SMB Private Education Loan Trust
0.000% due 02/16/2055 «(g)

 

5

 

4,863

Stream Innovations Trust
6.270% due 07/15/2044

 

377

 

394

Structured Finance Advisors ABS CDO Ltd.
7.500% due 07/02/2037 •(k)

 

41,770

 

5,735

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

March 31, 2025 (Unaudited)

 

Summer Street Ltd.
4.812% due 12/06/2045 •(k)

 

56,060

 

12,780

 

 

 

 

90,329

Total Asset-Backed Securities (Cost $465,531)

 

 

 

372,315

SOVEREIGN ISSUES 6.0%

 

 

 

 

Argentina Government International Bond
3.500% due 07/09/2041 þ(k)

 

5,233

 

3,040

Avenir Issuer Ireland DAC
6.000% due 10/25/2027

 

7,400

 

6,989

Ecuador Government International Bond

 

 

 

 

5.500% due 07/31/2035 þ(k)

 

2,570

 

1,272

6.900% due 07/31/2030 þ(k)

 

2,157

 

1,289

Egypt Government International Bond

 

 

 

 

6.375% due 04/11/2031 (k)

EUR

3,700

 

3,398

21.954% due 03/04/2028

EGP

877,000

 

17,758

El Salvador Government International Bond

 

 

 

 

9.250% due 04/17/2030 (k)

$

5,700

 

5,951

9.650% due 11/21/2054 (k)

 

3,500

 

3,515

Paraguay Government International Bond
6.650% due 03/04/2055

 

200

 

201

Republic of Kenya Government International Bond
9.500% due 03/05/2036

 

1,500

 

1,378

Romania Government International Bond

 

 

 

 

5.250% due 03/10/2030

EUR

4,100

 

4,469

5.875% due 07/11/2032 (b)

 

16,000

 

17,185

6.250% due 09/10/2034

 

15,100

 

16,209

Russia Government International Bond

 

 

 

 

5.100% due 03/28/2035

$

200

 

0

5.625% due 04/04/2042

 

4,200

 

2,940

Turkey Government International Bond

 

 

 

 

44.165% due 09/06/2028 ~

TRY

396,200

 

9,823

45.031% due 05/20/2026 ~

 

600

 

16

45.031% due 08/19/2026 ~

 

400

 

10

45.031% due 05/17/2028 ~

 

79,200

 

1,974

Ukraine Government International Bond

 

 

 

 

0.000% due 02/01/2030 þ(h)

$

271

 

140

0.000% due 02/01/2034 þ(h)

 

1,014

 

403

0.000% due 02/01/2035 þ(h)

 

856

 

475

0.000% due 02/01/2036 þ(h)

 

714

 

394

1.750% due 02/01/2034 þ

 

1,614

 

863

1.750% due 02/01/2035 þ

 

1,738

 

912

1.750% due 02/01/2036 þ

 

1,614

 

835

Total Sovereign Issues (Cost $98,875)

 

 

 

101,439

 

 

SHARES

 

 

COMMON STOCKS 12.4%

 

 

 

 

COMMUNICATION SERVICES 0.6%

 

 

 

 

Oi SA (e)

 

11,034,637

 

1,934

Promotora de Informaciones SA 'A' (e)

 

1,623,357

 

651

Syniverse Holdings, Inc. «(j)

 

8,062,369

 

7,843

 

 

 

 

10,428

CONSUMER STAPLES 0.0%

 

 

 

 

Steinhoff International Holdings NV «(e)(j)

 

115,240,755

 

0

FINANCIALS 2.4%

 

 

 

 

Banca Monte dei Paschi di Siena SpA

 

2,274,000

 

17,955

Corestate Capital Holding SA «(e)(j)

 

632,951

 

0

Intelsat Emergence SA «(j)

 

652,149

 

21,967

MNEQ Holdings, Inc. «(e)(j)

 

8,417

 

38

UBS Group AG

 

5,143

 

156

 

 

 

 

40,116

HEALTH CARE 4.4%

 

 

 

 

Amsurg Equity «(e)(j)

 

1,571,862

 

73,487

INDUSTRIALS 5.0%

 

 

 

 

Clover Holdings, Inc. «(e)(j)

 

27,610

 

470

Incora New Equity «(e)(j)

 

947,048

 

33,844

Market Garden Dogwood LLC «(j)

 

42,000,000

 

44,141

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

March 31, 2025 (Unaudited)

 

NAC Aviation «(e)(j)

 

373,201

 

6,591

 

 

 

 

85,046

Total Common Stocks (Cost $215,098)

 

 

 

209,077

PREFERRED SECURITIES 1.1%

 

 

 

 

BANKING & FINANCE 0.0%

 

 

 

 

ADLER Group SA «

 

3,588,226

 

0

INDUSTRIALS 1.1%

 

 

 

 

Atlas Re Ltd. «

 

140

 

14,000

SVB Financial Trust

 

 

 

 

0.000% due 11/07/2032 (g)

 

51,680

 

1

11.000% due 11/07/2032

 

9,596

 

4,702

 

 

 

 

18,703

Total Preferred Securities (Cost $19,474)

 

 

 

18,703

REAL ESTATE INVESTMENT TRUSTS 1.2%

 

 

 

 

REAL ESTATE 1.2%

 

 

 

 

Annaly Capital Management, Inc.

 

609,500

 

12,379

PennyMac Mortgage Investment Trust

 

556,200

 

8,148

Total Real Estate Investment Trusts (Cost $26,589)

 

 

 

20,527

 

 

PRINCIPAL
AMOUNT
(000s)

 

 

SHORT-TERM INSTRUMENTS 1.5%

 

 

 

 

U.S. TREASURY BILLS 1.5%

 

 

 

 

4.299% due 05/08/2025 - 06/05/2025 (f)(g)(n)

 

24,607

 

24,453

Total Short-Term Instruments (Cost $24,454)

 

 

 

24,453

Total Investments in Securities (Cost $2,847,375)

 

 

 

2,492,547

 

 

SHARES

 

 

INVESTMENTS IN AFFILIATES 6.8%

 

 

 

 

SHORT-TERM INSTRUMENTS 6.8%

 

 

 

 

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.8%

 

 

 

 

PIMCO Short-Term Floating NAV Portfolio III

 

11,825,227

 

115,107

Total Short-Term Instruments (Cost $115,041)

 

 

 

115,107

Total Investments in Affiliates (Cost $115,041)

 

 

 

115,107

Total Investments 154.9% (Cost $2,962,416)

 

 

$

2,607,654

Financial Derivative Instruments (l)(m) (0.5)%(Cost or Premiums, net $28,312)

 

 

 

(8,521)

Other Assets and Liabilities, net (54.4)%

 

 

 

(915,470)

Net Assets 100.0%

 

 

$

1,683,663

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

March 31, 2025 (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).

µ

All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.

~

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

•

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

þ

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

(a)

Security is an Interest Only ("IO") or IO Strip.

(b)

When-issued security.

(c)

Payment in-kind security.

(d)

Security is not accruing income as of the date of this report.

(e)

Security did not produce income within the last twelve months.

(f)

Coupon represents a weighted average yield to maturity.

(g)

Zero coupon security.

(h)

Security becomes interest bearing at a future date.

(i)

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

(j)

RESTRICTED SECURITIES:

Issuer Description

 

 

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets

Amsurg Equity

 

 

11/02/2023 - 11/06/2023

$

65,680

$

73,487

4.37

%

Clover Holdings, Inc.

 

 

06/30/2023 - 12/09/2024

 

414

 

470

0.03

 

Corestate Capital Holding SA

 

 

08/22/2023

 

0

 

0

0.00

 

Incora New Equity

 

 

01/31/2025

 

46,003

 

33,844

2.01

 

Incora Top Holdco LLC0.000% due 01/30/2033

 

 

01/31/2025

 

20,315

 

29,357

1.74

 

Intelsat Emergence SA

 

 

01/29/2021 - 02/23/2024

 

38,680

 

21,967

1.30

 

Market Garden Dogwood LLC

 

 

03/13/2024

 

42,000

 

44,141

2.62

 

MNEQ Holdings, Inc.

 

 

03/16/2023 - 03/29/2023

 

94

 

38

0.00

 

NAC Aviation

 

 

06/01/2022 - 07/27/2022

 

8,750

 

6,591

0.39

 

Steinhoff International Holdings NV

 

 

06/30/2023 - 10/30/2023

 

0

 

0

0.00

 

Syniverse Holdings, Inc.

 

 

05/12/2022 - 11/30/2024

 

7,944

 

7,843

0.47

 

 

 

 

 

$

229,880

$

217,738

12.93%  

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(1)

Settlement Date

Maturity Date

 

Amount
Borrowed(1)

 

Payable for
Reverse
Repurchase
Agreements

BNY

5.460%

02/12/2025

08/12/2025

$

(12,768)

$

(12,861)

 

5.460

02/28/2025

08/28/2025

 

(9,152)

 

(9,196)

 

5.460

03/17/2025

09/15/2025

 

(4,238)

 

(4,247)

BOM

4.770

03/10/2025

04/10/2025

 

(12,294)

 

(12,330)

BOS

4.960

03/13/2025

07/14/2025

 

(1,426)

 

(1,430)

 

5.160

03/13/2025

07/14/2025

 

(1,663)

 

(1,668)

 

5.210

03/13/2025

07/14/2025

 

(2,948)

 

(2,956)

 

5.410

03/13/2025

07/14/2025

 

(1,050)

 

(1,053)

 

5.610

03/13/2025

07/14/2025

 

(2,237)

 

(2,244)

BPS

0.900

03/18/2025

TBD(2)

EUR

(536)

 

(580)

 

2.900

03/14/2025

07/14/2025

 

(14,071)

 

(15,237)

 

4.490

03/11/2025

TBD(2)

$

(4,319)

 

(4,331)

 

4.750

02/03/2025

TBD(2)

 

(3,744)

 

(3,770)

 

4.860

02/13/2025

04/14/2025

 

(10,994)

 

(11,064)

 

4.870

01/29/2025

04/29/2025

 

(10,170)

 

(10,256)

 

4.900

01/24/2025

04/24/2025

 

(5,943)

 

(5,997)

 

4.960

01/09/2025

05/09/2025

 

(8,478)

 

(8,574)

 

5.460

02/14/2025

08/14/2025

 

(4,351)

 

(4,382)

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

March 31, 2025 (Unaudited)

 

 

5.560

02/14/2025

08/14/2025

 

(4,792)

 

(4,825)

 

5.590

01/23/2025

07/22/2025

 

(89,065)

 

(90,001)

 

5.590

02/14/2025

08/14/2025

 

(14,280)

 

(14,381)

 

5.690

01/23/2025

07/22/2025

 

(1,419)

 

(1,434)

 

5.910

10/24/2024

04/22/2025

 

(16,256)

 

(16,678)

BRC

1.000

03/12/2025

TBD(2)

EUR

(754)

 

(816)

 

1.500

03/12/2025

TBD(2)

 

(2,087)

 

(2,258)

 

4.250

03/03/2025

TBD(2)

$

(1,865)

 

(1,871)

 

4.650

03/10/2025

04/09/2025

 

(8,799)

 

(8,824)

 

5.350

01/03/2025

04/03/2025

 

(3,412)

 

(3,457)

 

5.450

03/10/2025

06/10/2025

 

(13,431)

 

(13,476)

 

5.460

02/05/2025

08/04/2025

 

(2,480)

 

(2,500)

 

5.460

03/07/2025

07/07/2025

 

(6,511)

 

(6,535)

 

5.500

03/10/2025

06/10/2025

 

(5,098)

 

(5,115)

 

5.510

02/26/2025

05/27/2025

 

(10,912)

 

(10,969)

 

5.510

03/07/2025

07/07/2025

 

(8,559)

 

(8,592)

 

5.540

01/08/2025

04/08/2025

 

(2,525)

 

(2,557)

 

5.540

01/21/2025

04/22/2025

 

(1,238)

 

(1,251)

 

5.560

02/05/2025

08/04/2025

 

(14,149)

 

(14,269)

 

5.560

03/07/2025

07/07/2025

 

(32,461)

 

(32,586)

 

5.560

03/21/2025

07/18/2025

 

(3,143)

 

(3,149)

 

5.560

03/24/2025

07/22/2025

 

(7,775)

 

(7,785)

 

5.610

01/10/2025

05/09/2025

 

(5,597)

 

(5,667)

 

5.610

03/07/2025

07/07/2025

 

(10,672)

 

(10,713)

BYR

4.840

01/21/2025

04/21/2025

 

(6,658)

 

(6,720)

 

4.860

01/21/2025

04/21/2025

 

(22,510)

 

(22,721)

 

4.860

02/19/2025

05/20/2025

 

(11,704)

 

(11,768)

 

4.860

02/20/2025

05/20/2025

 

(5,672)

 

(5,703)

 

4.860

03/07/2025

09/05/2025

 

(28,552)

 

(28,648)

 

4.860

03/31/2025

04/21/2025

 

(5,409)

 

(5,409)

CDC

4.810

01/27/2025

04/28/2025

 

(276)

 

(278)

 

4.860

03/18/2025

07/16/2025

 

(6,074)

 

(6,086)

 

5.410

03/10/2025

07/08/2025

 

(2,800)

 

(2,809)

DBL

4.650

03/12/2025

TBD(2)

 

(8,460)

 

(8,482)

 

4.650

03/24/2025

TBD(2)

 

(3,175)

 

(3,178)

 

4.700

03/12/2025

TBD(2)

 

(4,568)

 

(4,580)

 

4.980

02/10/2025

05/12/2025

GBP

(9,843)

 

(12,801)

 

5.070

02/10/2025

05/12/2025

 

(4,140)

 

(5,385)

 

5.107

03/14/2025

05/09/2025

$

(7,907)

 

(7,927)

 

5.190

02/10/2025

05/12/2025

GBP

(3,970)

 

(5,164)

 

5.315

03/21/2025

05/16/2025

$

(3,962)

 

(3,968)

 

5.515

03/21/2025

05/16/2025

 

(2,406)

 

(2,410)

 

5.609

03/17/2025

05/16/2025

 

(1,027)

 

(1,029)

 

5.759

03/17/2025

05/16/2025

 

(1,988)

 

(1,993)

 

5.809

03/17/2025

05/16/2025

 

(7,777)

 

(7,796)

 

5.859

03/17/2025

05/16/2025

 

(19,636)

 

(19,684)

 

5.939

03/17/2025

05/16/2025

 

(2,300)

 

(2,306)

GLM

5.220

09/27/2024

06/24/2025

 

(550)

 

(565)

 

5.563

10/29/2024

07/29/2025

 

(2,227)

 

(2,280)

 

5.663

10/29/2024

07/29/2025

 

(13,318)

 

(13,641)

IND

4.770

03/06/2025

06/04/2025

 

(901)

 

(905)

JML

4.950

03/21/2025

05/09/2025

 

(1,099)

 

(1,100)

MBC

1.500

03/21/2025

TBD(2)

EUR

(569)

 

(615)

MEI

2.950

03/14/2025

07/14/2025

 

(5,641)

 

(6,108)

MSB

5.060

03/19/2025

06/19/2025

GBP

(3,415)

 

(4,419)

 

5.090

03/19/2025

06/19/2025

 

(3,196)

 

(4,136)

 

5.120

03/19/2025

06/19/2025

 

(1,387)

 

(1,795)

 

5.190

03/19/2025

06/19/2025

 

(5,190)

 

(6,717)

 

5.340

03/19/2025

06/19/2025

 

(3,399)

 

(4,399)

 

5.460

12/09/2024

06/09/2025

$

(10,747)

 

(10,934)

 

5.460

02/03/2025

08/04/2025

 

(3,005)

 

(3,031)

 

5.510

02/03/2025

08/04/2025

 

(3,333)

 

(3,362)

 

5.510

03/21/2025

09/17/2025

 

(28,369)

 

(28,416)

 

5.540

03/19/2025

06/19/2025

GBP

(4,165)

 

(5,390)

 

5.560

03/21/2025

09/17/2025

$

(5,946)

 

(5,956)

 

5.660

12/09/2024

06/09/2025

 

(1,826)

 

(1,858)

MYI

2.200

03/12/2025

TBD(2)

EUR

(876)

 

(948)

MZF

5.330

03/12/2025

09/12/2025

$

(10,673)

 

(10,704)

 

5.530

03/12/2025

09/12/2025

 

(7,407)

 

(7,430)

NOM

4.650

12/20/2024

TBD(2)

 

(1,131)

 

(1,146)

 

4.680

12/20/2024

TBD(2)

 

(1,521)

 

(1,541)

RCY

4.830

03/07/2025

04/07/2025

 

(6,907)

 

(6,931)

RTA

4.930

03/11/2025

07/10/2025

 

(6,470)

 

(6,489)

 

5.030

03/11/2025

07/10/2025

 

(8,376)

 

(8,401)

 

5.120

03/11/2025

07/10/2025

 

(15,550)

 

(15,596)

 

5.400

03/04/2025

09/04/2025

 

(6,841)

 

(6,870)

 

5.400

03/14/2025

07/14/2025

 

(13,034)

 

(13,069)

 

5.430

03/11/2025

07/10/2025

 

(3,101)

 

(3,111)

 

5.480

03/11/2025

07/10/2025

 

(12,467)

 

(12,507)

 

5.500

03/04/2025

09/04/2025

 

(13,284)

 

(13,341)

 

5.500

03/11/2025

07/10/2025

 

(15,598)

 

(15,648)

 

5.510

03/11/2025

07/10/2025

 

(3,970)

 

(3,983)

 

5.550

03/11/2025

05/09/2025

 

(19,678)

 

(19,741)

 

5.720

01/09/2025

05/09/2025

 

(1,957)

 

(1,981)

 

5.800

02/14/2025

06/13/2025

 

(3,900)

 

(3,928)

SBI

5.347

01/23/2025

07/25/2025

 

(3,358)

 

(3,392)

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

March 31, 2025 (Unaudited)

 

SOG

4.600

12/20/2024

TBD(2)

 

(7,640)

 

(7,740)

 

4.610

12/20/2024

TBD(2)

 

(390)

 

(395)

 

4.810

01/08/2025

04/08/2025

 

(2,660)

 

(2,690)

 

4.810

01/09/2025

04/09/2025

 

(733)

 

(741)

 

4.830

03/18/2025

06/18/2025

 

(1,954)

 

(1,958)

 

5.460

01/23/2025

07/23/2025

 

(3,707)

 

(3,745)

 

5.460

03/13/2025

09/12/2025

 

(8,387)

 

(8,411)

UBS

2.630

03/12/2025

TBD(2)

EUR

(965)

 

(1,045)

 

2.650

03/12/2025

TBD(2)

 

(3,004)

 

(3,253)

 

4.850

01/03/2025

04/03/2025

$

(771)

 

(780)

 

5.450

01/23/2025

04/23/2025

 

(9,586)

 

(9,684)

WFS

4.960

03/17/2025

05/19/2025

 

(8,082)

 

(8,099)

Total Reverse Repurchase Agreements

 

 

 

 

 

$

(869,655)

(k)

Securities with an aggregate market value of $1,123,156 and cash of $10,450 have been pledged as collateral under the terms of master agreements as of March 31, 2025.

(1)

The average amount of borrowings outstanding during the period ended March 31, 2025 was $(973,205) at a weighted average interest rate of 5.796%. 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

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

 

Variation Margin

Description

 

 

 

Expiration
Month

 

# of
Contracts

 

Notional
Amount

 

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

3-Month SOFR Active Contract December Futures

03/2026

 

38

$

(9,156)

 

$

140

$

0

$

0

3-Month SOFR Active Contract June Futures

09/2025

 

88

 

(21,102)

 

 

244

 

3

 

0

3-Month SOFR Active Contract March Futures

06/2025

 

94

 

(22,487)

 

 

254

 

1

 

0

3-Month SOFR Active Contract March Futures

06/2026

 

36

 

(8,685)

 

 

119

 

0

 

0

3-Month SOFR Active Contract September Futures

12/2025

 

29

 

(6,974)

 

 

120

 

0

 

0

Total Futures Contracts

 

$

877

$

4

$

0

SWAP AGREEMENTS:

INTEREST RATE SWAPS

 

Variation Margin

Pay/
Receive
Floating Rate

Floating Rate Index

Fixed Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value

 

Asset

 

Liability

Pay

1-Day GBP-SONIO Compounded-OIS

3.500%

Annual

03/19/2030

GBP

25,100

$

(685)

$

(59)

$

(744)

$

110

$

0

Receive

1-Day GBP-SONIO Compounded-OIS

0.750

Annual

09/21/2052

 

9,800

 

286

 

7,375

 

7,661

 

0

 

(92)

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2026

$

58,100

 

289

 

(424)

 

(135)

 

5

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2027

 

673,000

 

5,966

 

(5,835)

 

131

 

110

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2028

 

53,800

 

769

 

(680)

 

89

 

23

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

06/20/2029

 

49,800

 

(924)

 

1,169

 

245

 

0

 

(34)

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2029

 

159,500

 

2,399

 

(2,031)

 

368

 

146

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2034

 

48,600

 

1,057

 

(1,190)

 

(133)

 

150

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Annual

06/15/2052

 

40,100

 

9,900

 

5,178

 

15,078

 

0

 

(209)

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Annual

12/21/2052

 

27,100

 

6,527

 

3,250

 

9,777

 

0

 

(143)

Receive

1-Day USD-SOFR Compounded-OIS

3.500

Annual

12/21/2052

 

81,300

 

(245)

 

5,017

 

4,772

 

0

 

(567)

Pay(1)

6-Month EUR-EURIBOR

2.250

Annual

09/17/2030

EUR

46,690

 

(551)

 

150

 

(401)

 

103

 

0

Receive

6-Month EUR-EURIBOR

0.250

Annual

09/21/2032

 

50,200

 

4,740

 

3,689

 

8,429

 

0

 

(134)

Receive

6-Month EUR-EURIBOR

1.750

Annual

03/15/2033

 

5,700

 

448

 

(87)

 

361

 

0

 

(18)

Receive(1)

6-Month EUR-EURIBOR

0.830

Annual

12/09/2052

 

29,900

 

182

 

2,488

 

2,670

 

0

 

(15)

Total Swap Agreements

$

30,158

$

18,010

$

48,168

$

647

$

(1,212)

Cash of $25,690 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

(1)

This instrument has a forward starting effective date.

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

March 31, 2025 (Unaudited)

 

(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

04/2025

JPY

50,534

$

343

$

7

$

0

 

04/2025

$

1,723

EUR

1,638

 

48

 

0

 

05/2025

HKD

106,506

$

13,709

 

4

 

0

 

05/2025

$

1,350

TRY

52,664

 

0

 

(58)

BPS

04/2025

EUR

240,869

$

252,682

 

12

 

(7,782)

 

04/2025

IDR

298,201

 

18

 

0

 

0

 

04/2025

$

45

IDR

739,105

 

0

 

(1)

 

04/2025

 

62

JPY

9,396

 

0

 

0

 

04/2025

 

224

TRY

8,528

 

1

 

0

 

05/2025

JPY

9,365

$

62

 

0

 

0

 

05/2025

$

4,348

EUR

4,009

 

0

 

(6)

 

05/2025

 

18

IDR

298,597

 

0

 

0

 

05/2029

KWD

518

$

1,780

 

32

 

0

 

07/2029

 

78

 

270

 

5

 

0

BRC

04/2025

EUR

3,405

 

3,671

 

0

 

(11)

 

04/2025

TRY

6,240

 

156

 

0

 

(4)

 

04/2025

$

23,884

EUR

21,942

 

0

 

(158)

 

04/2025

 

5,719

TRY

219,051

 

13

 

(65)

 

04/2025

 

824

ZAR

15,187

 

4

 

0

 

05/2025

EUR

1,319

$

1,431

 

2

 

0

 

05/2025

JPY

3,104

 

21

 

0

 

0

 

05/2025

TRY

67,717

 

1,739

 

44

 

0

 

05/2025

$

4,118

TRY

160,994

 

0

 

(95)

 

06/2025

TRY

185,184

$

4,413

 

1

 

(19)

 

06/2025

$

12,675

TRY

501,537

 

0

 

(674)

BSH

04/2025

 

157

JPY

23,522

 

0

 

0

 

05/2025

JPY

23,443

$

157

 

0

 

0

CBK

04/2025

EUR

1,901

 

2,054

 

0

 

(1)

 

04/2025

IDR

376,616

 

23

 

0

 

0

 

04/2025

$

2,164

EUR

1,991

 

0

 

(11)

 

04/2025

 

23

IDR

376,616

 

0

 

0

 

05/2025

 

18

 

297,839

 

0

 

0

CIB

04/2025

 

2,514

GBP

1,996

 

65

 

0

DUB

04/2025

GBP

5,325

$

6,892

 

14

 

0

 

04/2025

$

3,647

EUR

3,477

 

112

 

0

 

04/2025

 

32

IDR

538,669

 

0

 

0

FAR

04/2025

CHF

90

$

101

 

0

 

(1)

 

04/2025

EUR

4,546

 

4,775

 

0

 

(141)

 

04/2025

ZAR

229

 

12

 

0

 

0

GLM

04/2025

IDR

228,452

 

14

 

0

 

0

 

04/2025

TRY

3,060

 

76

 

0

 

(2)

 

04/2025

$

122

TRY

4,807

 

1

 

0

 

05/2025

 

14

IDR

228,658

 

0

 

0

MYI

04/2025

EUR

7,814

$

8,480

 

31

 

0

 

04/2025

GBP

48,183

 

61,058

 

1

 

(1,184)

 

04/2025

$

247,525

EUR

229,487

 

620

 

0

 

04/2025

ZAR

103,527

$

5,663

 

23

 

0

 

05/2025

EUR

229,487

 

247,927

 

0

 

(620)

SCX

04/2025

$

96

JPY

14,504

 

0

 

0

 

05/2025

JPY

14,455

$

96

 

0

 

0

SSB

04/2025

$

66,615

GBP

51,512

 

0

 

(74)

 

05/2025

CHF

90

$

102

 

0

 

0

 

05/2025

GBP

51,512

 

66,610

 

73

 

0

UAG

04/2025

$

40

TRY

1,634

 

2

 

0

Total Forward Foreign Currency Contracts

$

1,115

$

(10,907)

SWAP AGREEMENTS:

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

 

Swap Agreements, at Value(4)

Counterparty

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
March 31, 2025(2)

 

Notional
Amount(3)

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BRC

Egypt Government International Bond

1.000%

Quarterly

12/20/2028

5.447%

$

6,200

$

(1,070)

$

208

$

0

$

(862)

 

Egypt Government International Bond

1.000

Quarterly

06/20/2029

5.662

 

1,900

 

(405)

 

99

 

0

 

(306)

MYC

Petroleos Mexicanos

1.000

Quarterly

12/20/2028

4.280

 

1,900

 

(371)

 

172

 

0

 

(199)

 

 

 

 

 

 

 

$

(1,846)

$

479

$

0

$

(1,367)

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

March 31, 2025 (Unaudited)

 

TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS

 

Swap Agreements, at Value

Counterparty

Pay/
Receive

Underlying Reference

Financing Rate

Payment
Frequency

Maturity
Date

Notional
Amount

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BPS

Pay

AP Core Holdings II, LLC

0.000%

Monthly

09/01/2027

 

30

$

0

$

(64)

$

0

$

(64)

BPS

Pay

Syniverse Holdings, Inc.

0.000%

Monthly

05/13/2027

 

3,979

 

0

 

3,263

 

3,263

 

0

 

 

 

 

 

 

 

$

0

$

3,199

$

3,263

$

(64)

Total Swap Agreements

$

(1,846)

$

3,678

$

3,263

$

(1,431)

(n)

Securities with an aggregate market value of $7,518 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

(1)

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

(2)

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

(3)

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

(4)

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2025

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

332,028

$

220,907

$

552,935

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

134,885

 

0

 

134,885

 

 

Industrials

 

0

 

284,994

 

64,638

 

349,632

 

 

Utilities

 

0

 

51,240

 

0

 

51,240

 

Convertible Bonds & Notes

 

Banking & Finance

 

0

 

24,874

 

0

 

24,874

 

 

Industrials

 

0

 

3,099

 

0

 

3,099

 

Municipal Bonds & Notes

 

West Virginia

 

0

 

2,356

 

0

 

2,356

 

U.S. Government Agencies

 

0

 

103,575

 

0

 

103,575

 

Non-Agency Mortgage-Backed Securities

 

0

 

523,213

 

224

 

523,437

 

Asset-Backed Securities

 

Automobile ABS Other

 

0

 

14,854

 

2,277

 

17,131

 

 

Automobile Sequential

 

0

 

0

 

8,018

 

8,018

 

 

Home Equity Other

 

0

 

210,711

 

0

 

210,711

 

 

Whole Loan Collateral

 

0

 

46,126

 

0

 

46,126

 

 

Other ABS

 

0

 

70,827

 

19,502

 

90,329

 

Sovereign Issues

 

0

 

101,439

 

0

 

101,439

 

Common Stocks

 

Communication Services

 

2,585

 

0

 

7,843

 

10,428

 

 

Financials

 

18,111

 

0

 

22,005

 

40,116

 

 

Health Care

 

0

 

0

 

73,487

 

73,487

 

 

Industrials

 

0

 

0

 

85,046

 

85,046

 

Preferred Securities

 

Industrials

 

0

 

4,703

 

14,000

 

18,703

 

Real Estate Investment Trusts

 

Real Estate

 

20,527

 

0

 

0

 

20,527

 

Short-Term Instruments

 

U.S. Treasury Bills

 

0

 

24,453

 

0

 

24,453

 

 

$

41,223

$

1,933,377

$

517,947

$

2,492,547

 

Investments in Affiliates, at Value

Short-Term Instruments

 

Central Funds Used for Cash Management Purposes

$

115,107

$

0

$

0

$

115,107

 

Total Investments

$

156,330

$

1,933,377

$

517,947

$

2,607,654

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

 

0

 

651

 

0

 

651

 

Over the counter

 

0

 

4,378

 

0

 

4,378

 

 

$

0

$

5,029

$

0

$

5,029

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

 

0

 

(1,212)

 

0

 

(1,212)

 

Over the counter

 

0

 

(12,338)

 

0

 

(12,338)

 

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

March 31, 2025 (Unaudited)

 

 

$

0

$

(13,550)

$

0

$

(13,550)

 

Total Financial Derivative Instruments

$

0

$

(8,521)

$

0

$

(8,521)

 

Totals

$

156,330

$

1,924,856

$

517,947

$

2,599,133

 

 

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

Category and Subcategory

Beginning
Balance
at 06/30/2024

Net
Purchases

Net
Sales/Settlements

Accrued
Discounts/
(Premiums)

Realized
Gain/(Loss)

Net Change in
Unrealized
Appreciation/
(Depreciation) (1)

Transfers into
Level 3

Transfers out
of Level 3

Ending
Balance
at 03/31/2025

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
03/31/2025 (1)

Investments in Securities, at Value

Loan Participations and Assignments

$

171,394

$

78,690

$

(102,328)

$

681

$

1,806

$

17,379

$

53,285

$

0

$

220,907

$

557

Corporate Bonds & Notes

 

Banking & Finance

 

21,785

 

0

 

(22,648)

 

0

 

230

 

633

 

0

 

0

 

0

 

0

 

Industrials

 

76,380

 

48,261

 

(66,317)

 

(137)

 

(20,831)

 

19,842

 

7,440

 

0

 

64,638

 

8,936

Non-Agency Mortgage-Backed Securities

 

277

 

0

 

(2)

 

1

 

0

 

104

 

0

 

(156)

 

224

 

101

Asset-Backed Securities

Automobile ABS Other

 

3,877

 

0

 

0

 

0

 

0

 

(1,600)

 

0

 

0

 

2,277

 

(1,600)

Automobile Sequential

 

0

 

8,000

 

0

 

0

 

0

 

18

 

0

 

0

 

8,018

 

18

Other ABS

 

18,890

 

0

 

(123)

 

252

 

0

 

(2,555)

 

3,432

 

(394)

 

19,502

 

(2,572)

Common Stocks

 

Communication Services(2)

 

7,254

 

474

 

0

 

0

 

0

 

115

 

0

 

0

 

7,843

 

115

 

Financials

 

24,255

 

94

 

0

 

0

 

0

 

(2,344)

 

0

 

0

 

22,005

 

(2,344)

 

Health Care

 

77,814

 

0

 

0

 

0

 

0

 

(4,327)

 

0

 

0

 

73,487

 

(4,327)

 

Industrials(3)

 

48,498

 

46,417

 

0

 

0

 

0

 

(9,869)

 

0

 

0

 

85,046

 

(9,869)

Preferred Securities

 

Industrials

 

0

 

14,000

 

0

 

0

 

0

 

0

 

0

 

0

 

14,000

 

0

Totals

$

450,424

$

195,936

$

(191,418)

$

797

$

(18,795)

$

17,396

$

64,157

$

(550)

$

517,947

$

(10,985)


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 03/31/2025

Valuation Technique

Unobservable Inputs

 

Input Value(s)

Weighted Average

Investments in Securities, at Value

Loan Participations and Assignments

$

69,235

Discounted Cash Flow

Discount Rate

 

6.862 - 9.830

8.436

 

 

7,157

Discounted Cash Flow / Indicative Market Quotation

Discount Rate / Broker Quote

 

7.261/90.000

—

 

 

34,698

Indicative Market Quotation

Broker Quote

 

74.500 - 100.500

94.735

 

 

8,543

Other Valuation Techniques(4)

-

 

-

—

 

 

15,443

Recent Transaction

Purchase Price

 

98.000 - 99.000

98.970

 

 

85,831

Third Party Vendor

Broker Quote

 

100.750 - 116.500

110.034

Corporate Bonds & Notes

 

Industrials

 

56,698

Comparable Companies / Discounted Cash Flow

Revenue Multiple/Discount Rate

X/
%

0.900/10.000

—

 

 

 

7,940

Indicative Market Quotation

Broker Quote

 

60.000 - 82.000

61.386

Non-Agency Mortgage-Backed Securities

 

224

Discounted Cash Flow

Discount Rate

 

28.000 - 39.500

36.361

Asset-Backed Securities

 

Automobile ABS Other

 

2,277

Discounted Cash Flow

Discount Rate

 

16.000

—

 

Automobile Sequential

 

8,018

Proxy pricing

Base Price

 

100.000

—

 

Other ABS

 

19,502

Discounted Cash Flow

Discount Rate

 

6.456 - 39.500

17.457

Common Stocks

 

Communication Services

 

7,843

Discounted Cash Flow

Discount Rate

 

13.210

—

 

Financials

 

21,967

Comparable Companies

EBITDA Multiple

X

4.660

—

 

 

 

38

Indicative Market Quotation

Broker Quote

$

4.500

—

 

Health Care

 

73,487

Comparable Companies

EBITDA Multiple

X

14.000

—

 

Industrials

 

470

Comparable Companies

EBITDA Multiple

X

11.000

—

 

 

 

33,844

Comparable Companies / Discounted Cash Flow

Revenue Multiple/Discount Rate

X/
%

0.900/10.000

—

 

 

 

6,591

Indicative Market Quotation

Broker Quote

 

17.000

—

 

 

 

44,141

Sum Of The Parts

Discount Rate/Mortality Assumption

 

15.323/2015 ANB VBT Mortality Table

—

Preferred Securities

 

Industrials

 

14,000

Other Valuation Techniques(4)

-

 

-

—

Total

$

517,947

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

March 31, 2025 (Unaudited)

 

(1)

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

(2)

Sector type updated from Industrials to Communication since prior fiscal year end.

(3)

Sector type updated from Financials to Industrials since prior fiscal year end.

(4)

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

 

​

Notes to Financial Statements

 

1. BASIS FOR CONSOLIDATION

Each of the Funds' subsidiaries was formed as a wholly owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies in effect from time to time. Each Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its subsidiaries. Accordingly, the consolidated financial statements include the accounts of each Fund and its subsidiaries. All inter-company transactions and balances have been eliminated. This structure was established so that certain investments could be held by a separate legal entity from the Fund. See the table below for details regarding the structure, incorporation and relationship as of period end of the subsidiaries.

 

Subsidiary

 

Date of Formation

Subsidiary % of Consolidated Fund Net Assets†

PDOLS I LLC

 

01/15/2021

0.0%

RLM 4365 LLC

 

01/15/2021

0.0%

 

† A zero balance may reflect actual amounts rounding to less than 0.01%.

 

2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

 

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

 

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC (“PIMCO”) to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

 

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

 

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund’s NAV will be calculated based on the NAVs of such investments.

 

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

 

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

 

 

Notes to Financial Statements (Cont.)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(c) Valuation Techniques and the Fair Value Hierarchy

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction,

 

Notes to Financial Statements (Cont.)

 

financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

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

 

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

 

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

 

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

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

 

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

The Sum-of-the-Parts model is typically used when an investment or subject company has two or more separate and distinct assets that would each require its own valuation methodology, typically an income or market approach. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

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

 

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

 

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

 

3. FEDERAL INCOME TAX MATTERS

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

 

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

 

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of March 31, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

 

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

 

4. INVESTMENTS IN AFFILIATES

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A copy of each affiliate fund’s shareholder report is available at the U.S Securities and Exchange Commission (“SEC”) website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The table below shows the Fund's transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands†):

Notes to Financial Statements (Cont.)

 

Investment in PIMCO Short-Term Floating NAV Portfolio III

 

 

Market Value
06/30/2024

 

Purchases at
Cost

 

Proceeds from
Sales

 

Net
Realized
Gain (Loss)

 

Change in
Unrealized
Appreciation
(Depreciation)

 

Market Value
03/31/2025

 

Dividend
Income(1)

 

Realized Net
Capital
Gain
Distributions(1)

$

138,654

$

696,499

$

(720,100)

$

42

$

12

$

115,107

$

6,646

$

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.

    

 

​

Glossary: (abbreviations that may be used in the preceding statements)       (Unaudited)
                     
Counterparty Abbreviations:                
BNY   Bank of New York Mellon   DBL   Deutsche Bank AG London   MZF   Mizuho Securities USA LLC
BOA   Bank of America N.A.   DUB   Deutsche Bank AG   NOM   Nomura Securities International, Inc.
BOM   Bank of Montreal   FAR   Wells Fargo Bank National Association   RCY   Royal Bank of Canada
BOS   BofA Securities, Inc.   GLM   Goldman Sachs Bank USA   RTA   RBC (Barbados) Trading Bank Corp.
BPS   BNP Paribas S.A.   IND   Crédit Agricole Corporate and Investment Bank
S.A.		   SBI   Citigroup Global Markets Ltd.
BRC   Barclays Bank PLC   JML   JP Morgan Securities Plc   SCX   Standard Chartered Bank, London
                     
BSH   Banco Santander S.A. - New York Branch   MBC   HSBC Bank Plc   SOG   Societe Generale Paris
BYR   The Bank of Nova Scotia - Toronto   MEI   Merrill Lynch International   SSB   State Street Bank and Trust Co.
CBK   Citibank N.A.   MSB   Morgan Stanley Bank, N.A   UAG   UBS AG Stamford
CDC   Natixis Securities Americas LLC   MYC   Morgan Stanley Capital Services LLC   UBS   UBS Securities LLC
CIB   Canadian Imperial Bank of Commerce   MYI   Morgan Stanley & Co. International PLC   WFS   Wells Fargo Securities, LLC
                     
Currency Abbreviations:                
BRL   Brazilian Real   GBP   British Pound   KWD   Kuwaiti Dinar
CAD   Canadian Dollar   HKD   Hong Kong Dollar   TRY   Turkish New Lira
CHF   Swiss Franc   IDR   Indonesian Rupiah   USD (or $)   United States Dollar
EGP   Egyptian Pound   JPY   Japanese Yen   ZAR   South African Rand
EUR   Euro                
                     
Index/Spread Abbreviations:                
EUR001M   1 Month EUR Swap Rate   EUR012M   12 Month EUR Swap Rate   SOFR   Secured Overnight Financing Rate
EUR003M   3 Month EUR Swap Rate   JIBA3M   3 Month JIBAR rate   SONIO   Sterling Overnight Interbank Average Rate
EUR006M   6 Month EUR Swap Rate   PRIME   Daily US Prime Rate   US0003M   ICE 3-Month USD LIBOR
                     
Other  Abbreviations:                
ABS   Asset-Backed Security   EURIBOR   Euro Interbank Offered Rate   REMIC   Real Estate Mortgage Investment Conduit
CDO   Collateralized Debt Obligation   OIS   Overnight Index Swap   TBD   To-Be-Determined
CLO   Collateralized Loan Obligation   PIK   Payment-in-Kind   TBD%   Interest rate to be determined when loan
settles or at the time of funding
DAC   Designated Activity Company